WorldOil WTI crude nears Brent valuation as U.S. oil demand accelerates As little as 18 months ago, it would have been unthinkable, but transformation of oil markets post-pandemic is already having ramifications on crude pricing and international trading patterns. Equinor extends Heimdal gas center’s North Sea service contract to 2023 New wells at Valemon will extend profitable operations at Heimdal, which is processing gas from Valemon. The Heimdal partners have now decided to extend operations at Heimdal to 2023. Oil prices sink as rising U.S. dollar pushes investors out of commodities Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors. Shale operators’ strict financial discipline is finally paying off After years of booms and busts that produced astronomical losses along with a whole lot of oil, the shale industry seems to have found a sweet spot, poised to hit a record of more than $30 billion of free cash generated in 2021. DNV and Keppel Offshore and Marine ink deal to develop hydrogen projects in Singapore The aim of the collaboration is to explore safe implementation of potential new technologies, working jointly with relevant governmental agencies to promote the introduction of hydrogen as an energy source in the Singapore market to support the country’s decarbonization goals. Suncor Energy and Terra Nova partners agree to short-term project funding Co-owners of the Terra Nova FPSO facility and associated Terra Nova Field have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision this fall. Saudis warn an oil price surge could follow reduced global crude exploration A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. API wants Biden to reduce reliance on foreign oil imports with lease ban blocked "Now is the time for the administration to put an end to this ‘import more oil’ policy that threatens American jobs and deprives state and local communities of much-needed revenue, all while likely increasing emissions and the risks of climate change," the American Petroleum Institute said in a statement. NOIA calls for immediate resumption of Gulf of Mexico oil lease sales "The Department of the Interior is required by law to expeditiously develop America’s energy resources, and this includes the obligation to schedule and hold offshore oil and gas lease sales," said National Ocean Industries Association President Erik Milito. Lundin Energy targets carbon-neutral oil from Johan Sverdrup Lundin Energy is starting with the Johan Sverdrup field offshore Norway because the direct emissions from the project are already about 40 times lower than the world average, largely because its offshore facilities are powered by electricity. Biden’s oil lease ban lifted by federal judge In a victory for 13 states that filed a legal challenge in Louisiana, U.S. District Judge Terry Doughty granted a preliminary injunction blocking President Joe Biden’s Jan. 27 executive order banning new oil and gas leases on public lands while litigation continues.