Posted in conferences, energy policy, Norway, tagged Elon Musk, energy security, ONS 2022, Zelenskyy on August 23, 2022| Leave a Comment »
Energy security will be a featured topic at the conference. Note the lineup for the Zelenskyy session:
President Zelenskyy will be introduced by the Norwegian Prime Minister Jonas Gahr Støre, and will be followed on stage by Elon Musk, Ben Van Beurden (CEO, Shell), Patrick Pouyanné (CEO, TotalEnergies) and Anders Opedal (CEO, Equinor) among others.
ONS 2022
Posted in climate, energy policy, tagged China, coal on August 23, 2022| Leave a Comment »
China also has boosted annual coal production by 490 million tonnes since last year, enough to meet demand from Germany and Russia combined, the coal mine safety bureau said this month, describing coal as “still our country’s most important source of power”.
The country has continued to develop new coal-fired plants, with construction on the second phase of the Zheneng Liuheng coal-fired power station in eastern China’s Zhejiang province beginning at the start of this month. New coal-fired power construction was at its highest since 2016 last year.
Reuters
Posted in energy policy, natural gas, Offshore Energy - General, pipelines, tagged Cyprus, EastMed pipeline, Eni, Israel on August 23, 2022| Leave a Comment »
Eni announces another deepwater gas discovery:
The challenge is getting the 100+ trillion cubic feet of gas to European markets. The East Med Poseidon Gas Pipeline (map below) makes the most sense, but the current US administration inexplicably opposes this project. Other options include LNG via Egypt, a pipeline to Turkey, and a floating LNG facility.
Posted in CCS, energy policy, Gulf of Mexico, Offshore Energy - General, tagged BOEM, CCS, DOI, Inflation Reduction Act, Lease Sale 257 on August 22, 2022| 1 Comment »
Contrary to some media reports and industry comments, the Inflation Reduction Act does NOT require the Department of the Interior (DOI) to award leases to the high bidder on each Sale 257 tract. The legislation requires DOI to accept the highest valid bid for each tract.
As BOE has previously explained, the 94 carbon sequestration bids were clearly not valid, and leases should not be awarded. These bids accounted for 30.5% of the entire sale in terms of the number of tracts receiving bids. (More on the CCS bids.)
There is also the matter of fair market value. Only 9 of the 214 (non-CCS) tracts received more than one bid and none received more than 2 bids. DOI/BOEM may determine that some of the bids did not pass the fair market value test. Are such bids “valid” under the terms of the IRA legislation? Note that 7 of the 93 high bids submitted at the previous sale (Lease Sale 256, November 2020) were rejected on fair market value grounds. All 7 were single bid tracts.
Lastly, there is the unresolved matter of the decision by Judge Contreras to vacate Sale 257. While the legislation seems to clearly supersede that decision, who knows what might happen next on the litigation front.
Posted in climate, energy policy, Gulf of Mexico, Offshore Energy - General, tagged flaring, Inflation Reduction Act, Lease Sale 257, offshore oil, Offshore Wind on August 15, 2022| Leave a Comment »
Posted in climate, energy policy, Offshore Energy - General, tagged Amendments, Congressman Roy, Inflation Reduction Act on August 11, 2022| Leave a Comment »
They are listed here. This one is the most entertaining 😀
AMENDMENT TO SENATE AMENDMENT TO H.R. 5376
OFFERED BY MR. ROY OF TEXAS
Strike line 1, page 1, and all that follows.
Posted in energy policy, tagged IER, oil boom value, savings analysis on August 9, 2022| Leave a Comment »
This interesting IER analysis of the US oil boom follows the methodology used by the White House to justify the unprecedented SPR withdrawals.
The bottom line is a $2/gallon savings to consumers totaling more than $2 trillion. As is the case with natural gas, most of the production boom is attributable to operations on private lands, without which we would be in deep economic trouble.
Posted in energy policy, gas, natural gas, Offshore Energy - General, tagged Marcellus Shale, offshore gas, shale gas revolution on August 9, 2022| Leave a Comment »
Where would we, and the world, be today without the shale gas revolution? 12.5 years after posting about this amazing success story, I’m still waiting for the national celebration!
For a reminder about the environmental advantages of natural gas in general, and nonassociated offshore gas in particular, see this post.
Posted in energy policy, tagged depletion, milestones, Strategic Petroleum Reserve on August 8, 2022| Leave a Comment »
| 7/30/2021 | 621.3 million bbls |
| 7/29/2022 | 469.9 million bbls |
Posted in energy policy, Offshore Energy - General, tagged claims, disputes, oil and gas, South China Sea on August 8, 2022| Leave a Comment »
The dashed red line outlines China’s claim. Needless to say, Brunei, Indonesia, Malaysia, the Philippines, Taiwan, and Vietnam differ with China’s creative interpretation.
In recent years, satellite imagery has shown China’s increased efforts to reclaim land in the South China Sea by physically increasing the size of islands or creating new islands altogether. In addition to piling sand onto existing reefs, China has constructed ports, military installations, and airstrips—particularly in the Paracel and Spratly Islands, where it has twenty and seven outposts, respectively.
Global Conflict Tracker
Never mind that Beijing’s claims are fundamentally incompatible with established international law on maritime boundaries, the United Nations Convention on the Law of the Sea, which China has ratified and by which it professes to abide. Never mind, as well, that the claims have been ruled fraudulent by an international tribunal in The Hague.
ForeignPolicy.com
Bud's Offshore Energy (BOE) 