Good morning, this is the Oil Patch. We're the energy wizard that helps you on your quest to Mount Hydrocarbons and back again.

Here's what the Oilman has for you today:

• Nord Stream, Not Dead Yet

• Saudi Arabia and UAE Spar Over Production Levels

• ExxonMobil Wants to Wildcat for Gas Reserves in Bangladesh

• Tweet of the Day

ExxonMobil Wildcatting in Bangladesh

Bangladesh's upstream industry is struggling, but ExxonMobil could swoop in to save the day!

If it can unlock the multi-trillion cubic feet of gas reserves in the Bay of Bengal, that is.

Bangladesh's E&P sector is in the dumps

Most international players to pack up and leave. But ExxonMobil has the technical know-how and big bucks to tackle the job. They've even had initial chats with Petrobangla, the state-owned oil and gas company, about an exploration round.

ExxonMobil has its sights set on Bangladesh's deep-water open blocks and onshore acreage, and their proposal is being mulled over by the powers that be.

If it all goes according to plan, they'll start with some 2D and 3D seismic acquisition and evaluation, followed by wildcatting.

Bangladesh has been feeling a bit left out since Myanmar and India hit the jackpot with giant gas deposits

To make offshore exploration and production more alluring, Bangladesh is revamping the PSC terms to offer higher prices for exploited gas.

They're also teaming up with Norwegian survey contractor TGS, along with SLB and Petrobangla, for a multi-client 2D seismic campaign.

Could ExxonMobil replicate its success offshore Guyana in Bangladesh's deep-water blocks?

We won't ever know unless Petrobangla accepts the proposal.

Saudi Arabia and UAE Spar Over Production Levels

Saudi Arabia and the United Arab Emirates, two of the largest oil producers globally, are at each other's throats over energy issues.

Under OPEC rules, the UAE has to pump much less than it could, resulting in lower oil revenue.

So, the UAE is now considering leaving OPEC, which would shake the cartel's power in the oil market.

The UAE wants to pump more oil, but the Saudis are like, "Nah" 

The Emiratis have been pushing to produce more oil in line with the United States' desires, but the Saudis are not happy about it.

Last year, when OPEC+ reduced oil production to boost crude prices, the UAE publicly supported the move but privately opposed it.

Gulf energy officials reveal that the UAE has been privately nudging OPEC+ to let it pump more oil since then.

UAE not ready to break up with OPEC

Despite media reports claims, the UAE has no plans to leave OPEC, sources say, dismissing media reports that had earlier suggested otherwise.

The WSJ's report led to oil prices dropping by up to $2 a barrel, as analysts raised concerns that this might affect the production cut deal that OPEC has in place with Russia and other non-member countries.

However, the sources with knowledge of the matter denied the report, saying that the UAE's departure from OPEC was "definitely not on the table."

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Nord Stream, Not Dead Yet

Gazprom claims that it's possible to fix the ruptured Nord Stream lines, but Moscow doubts that relations with the West will improve enough to require them.

As a result, stakeholders are considering what to do next.

Maybe conserve the pipes to prevent further corrosion from seawater?

Berlin froze the project

...just days before Moscow sent its armed forces into Ukraine on Feb. 24 last year.

Nord Stream 1 had been under maintenance for some time, and Nord Stream 2 was completed in September 2021, but Germany refused to certify it.

Investigations into who blew up the pipelines remain inconclusive.

• Putin suggested using the undamaged Nord Stream 2 link to sell gas to EU

• Germany declined (seemed obvious didn't it?)

• Poland stopped buying Russian gas

US to the Energy Rescue

The US is raking it in as Europe has been offsetting a large percentage of its Russian supplies with seaborne liquefied natural gas from the US.

Putin is hoping that if US LNG becomes more expensive, Europe may return to buying gas from Russia.

Moscow intends to establish a gas hub in Turkey to replace the Baltic route, indicating that they don't want to rely on the West as an energy partner anymore.

However, Putin would love to keep the Nord Stream pipeline up-and-running with the possibility of selling gas to Europe – but that seems an unlikely scenario given the war in Ukraine.

Putin must be a glass half full kind of guy.

Around the Digital Patch

🛢️ Petrobras courting legal risks. See what we did there?🛢️ Norwegian LNG plant shut down for leak.🛢️ Biden working on 'green' LNG.

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