Posted in climate, energy policy, tagged BlackRock, Jeff Landry, John Schroder, Louisiana on October 6, 2022| Leave a Comment »
Louisiana treasurer John Schroder said Wednesday he would pull $794 million of state money from BlackRock Inc. funds.
“Your blatantly anti-fossil fuel policies would destroy Louisiana’s economy,” Mr. Schroder wrote.
WSJ
Here is the pertinent guidance from Louisiana Attorney General Jeff Landry:
Posted in climate, energy policy, Gulf of Mexico, Offshore Energy - General, tagged 5 year leasing plan, OCSLA, OPEC on October 6, 2022| Leave a Comment »
Planned obsolescence, as justification for the minimalist leasing program (see below), is neither prudent nor consistent with the OCS Lands Act.
“The long-term nature of OCS oil and gas development, such that production on a lease can continue for decades makes consideration of future climate pathways relevant to the Secretary’s determinations with respect to how the OCS leasing program best meets the Nation’s energy needs.“
5 Year Leasing Program, p.3
Basing offshore leasing decisions on “future climate pathways” is a high risk strategy that may be inconsistent with the recent SCOTUS decision in West Virginia vs. EPA. A planned or phased shutdown of the offshore oil and gas program would dramatically increase economic and security risks, and has not been authorized by legislation.
Posted in energy policy, tagged decrease, oil production, OPEC+ on October 5, 2022| Leave a Comment »
Posted in energy policy, tagged dubious milestones, SPR depletion, Strategic Petroleum Reserve on October 5, 2022| Leave a Comment »
Posted in accidents, energy policy, pipelines, tagged German Navy, NordStream, pipeline leaks, Russia on September 29, 2022| Leave a Comment »
Germany’s navy is contributing to the investigation into the Nord Stream 1 and 2 gas pipeline leaks, said Defence Minister Christine Lambrecht, who added that the situation must be clarified and those responsible must be identified quickly.
Reuters
Russia’s FSB security service is investigating the damage sustained by the Nord Stream gas pipelines under the Baltic Sea as “international terrorism”, the Interfax news agency cited the general prosecutor’s office as saying on Wednesday.
Reuters
Meanwhile, “the U.S. is supporting efforts to investigate,” whatever that means.
Here is Al Jazeera’s summary video:
Posted in energy policy, Offshore Energy - General, tagged Adriatic, Giorgia Meloni, Italy, offshore gas on September 26, 2022| Leave a Comment »
Meloni at the rally said Italy should exploit gas resources in the Adriatic Sea and not just look to buy gas from countries like Algeria, as Draghi has done, to wean Italians from supplies from Russia, given that country’s war against Ukraine.
AP
Posted in energy policy, Gulf of Mexico, Offshore Energy - General, tagged BOEM, CCS, Exxon, Lease Sale 257 on September 22, 2022| Leave a Comment »
Which bid was rejected? BOEM announced that 307 of the 308 high bids were accepted. One bid was rejected on fair market value grounds. The unsuccessful bid is not specified on the Sale 257 web page.
When can we expect a statement from Exxon on their intentions for the 94 blocks they acquired? Those 94 blocks (31% of the entire sale) are the elephant in the room, yet we have heard nothing from the company. Given Exxon’s apparent interest in using these leases for CCS purposes, and the tax credits and Federal funding associated with CCS projects (as per the Infrastructure Bill and Inflation Reduction Act), clarification regarding Exxon’s intentions would seem to be appropriate.
Posted in climate, energy policy, tagged climate, Jamie Dimon, JPMorgan on September 21, 2022| Leave a Comment »
Rep. Rashiba Tlaib: “Does your bank have a policy against funding new oil and gas products?” (I assume her script said “projects,” and that she misread it. She also butchered “Celsius,” a word that should be very familiar to such a climate expert.)
Jamie Dimon: “Absolutely not and that would be the road to Hell for America.”
Posted in energy policy, tagged SPR milestones, Strategic Petroleum Reserve on September 21, 2022| Leave a Comment »
WASHINGTON, D.C.— The U.S. Department of Energy’s (DOE) Office of Petroleum Reserves today announced a Notice of Sale of up to 10 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in November 2022.
DOE
Posted in energy policy, tagged Amin Nasser, Aramco, energy realities, OPEC, Rystad on September 21, 2022| Leave a Comment »
Per Offshore-Energy.biz, comments by Aramco President and CEO, Amin H. Nasser, at the Schlumberger Digital Forum:
“When you shame oil and gas investors, dismantle oil- and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right. Instead, as this crisis has shown, the plan was just a chain of sandcastles that waves of reality have washed away.”
“the warning signs in global energy policies were flashing red for almost a decade,” adding that investments in oil and gas decreased from $700 billion to a little over $300 billion, which is more than 50 per cent between 2014 and 2021.
“this is the moment to increase oil and gas investments, especially capacity development.”
Aramco is working to increase its oil production capacity to 13 million barrels per day by 2027 and grow its gas production by more than half through 2030.
Meanwhile, Rystad reports a further reduction in global oil and gas licensing, with help from the US govt:
Bud's Offshore Energy (BOE) 