** Exploratory drilling began this week for an offshore oil well just 150 miles from South Florida, prompting a warning from 18 members of Congress, including the entire South Florida delegation, of the potential for “severe, even catastrophic, impact” if a spill occurs according to the South Florida Sun Sentinel.
** Midland, Texas based Ring Energy, Inc. announced the results of its fall 2020 redetermination of its $1 billion senior revolving credit facility . The borrowing base was set at $350 million, or approximately 6.7% lower than its previous borrowing base of $375 million.
** Texas Sen. Ted Cruz is urging Secretary of State Mike Pompeo and President Donald Trump to formally submit the Paris climate accord to the Senate for a vote reported POLITICO. Trump withdrew from that accord in November, making the U.S. the only country in the world out of the climate pact.
** China has lifted restrictions on foreign investments in all energy sectors, including fossil fuels, new energy sources, and electricity generation excluding nuclear power, the country’s State Council Information Office said in a white paper published on Monday according to OilPrice.com.
** The Flint City Council in Michigan on Tuesday signed off on its portion of a $641 million settlement with residents of the poor, majority-Black city who were exposed to lead-tainted water.
** Reuters reported Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).
** BP Plc BP and its partner Reliance Industries Ltd (“RIL”) announced the beginning of natural gas production from the ultra-deep-water gas field — R Cluster — in block KG D6 along the east coast of India according to Zacks Equity Research.
** Clean Energy Fuels expanded a partnership this week with Total SE . A 50/50 joint venture will be created to develop carbon-negative renewable natural gas production facilities reported Benzinga. The deal with Total, who is the company’s largest shareholder, also includes funding for building additional downstream RNG fueling infrastructure.
** China’s pipeline network behemoth PipeChina inked a $6.3 billion asset purchase in the latest step to bolster the nation’s energy security and break down market barriers. It purchased 60% of Kunlun Energy’s Beijing natural gas pipeline and 75% of the Dalian LNG according to Bloomberg.
** South Korea-based LG Electronics Inc and automotive supplier Magna International Inc are launching a $1 billion joint venture that will make key components for electric cars, the companies announced on Wednesday reported Reuters.
** Prime Minister Justin Trudeau’s government rejected a plan by China’s Shandong Gold Mining Co. to acquire a gold miner that operates in the Canadian Arctic, potentially inflaming a diplomatic feud reported Bloomberg.