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Oil price remain high, Europe shifts away from Russian supply, LASPE Scholarship Golf Tournament and SJV Bakersfield WRM were successful!

NOTE - This Message is from June 2022. A New Message will be published in October.

Dear Colleagues,

Just like last month, the military invasion of Ukraine which began at the end of February continues and crude oil prices remain around $100, with many common indices north of $100. This trend is not likely to end, with ExxonMobil writing off billions on the Sakhalin-1 project.

Europe continues to shift away from Russian natural gas imports, but European LNG terminals are reaching their capacity, but additional terminals and LNG handling facilities are expected. Increased investment will be necessary for both LNG terminals and gas pipelines throughout Europe. The UK has helped offset lost demand with LNG Terminals connected to mainland Europe, Algeria will provide more gas to Italy through their Trans-Mediterranean Pipeline, later this year Ukraine will get connected to the GIPL (Gas Interconnection Poland–Lithuania) through a connection to Slovakia, and Europe’s LNG leader, Spain, will open an idled and never used LNG terminal to provide more flexibility if further flow reductions are seen from Russian pipelines. All this continues to be a good signal for US LNG exporters who have little unsold LNG futures leaving room for continued American production and export.

The 2022 LA Basin SPE Scholarship Golf Tournament was held a couple of weeks ago at Los Serranos Golf & Country Club. We want to thank those companies who sponsored and purchased foursomes, the money raised at these tournaments allows us to continue giving scholarships even though we have not met in person for much too long. We also want to say thank you to all the volunteers who came out to help the check-in run so smoothly. Please see the additional recap from Dr. Ted Frankiewicz, who served as the Golf Chair this year.

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