I met him when he was a freshman at Penn State (1968). He was wise beyond his years. The rest is history. RIP Franco.
Perhaps most fitting is that the indelible image of him reaching down to make that catch, to save the day, is symbolic of a big man reaching down to lift others he could help.
Legendary Steelers RB Franco Harris, author of the “Immaculate Reception” – one of the greatest plays in NFL history – has passed away at the age of 72.
A 4-time Super Bowl champion, Hall of Fame player and revered individual by so many.
“There is no evidence at this point that Russia was behind the sabotage,” said one European official, echoing the assessment of 23 diplomatic and intelligence officials in nine countries interviewed in recent weeks.
In October, the President announced a plan to replenish the SPR using updated authorities that allow for fixed-price purchases of crude oil. Relative to conventional purchase contracts that expose producers to volatile crude prices, this new approach, when used at scale, can give producers the assurance to make investments today, knowing that the price they receive when they sell to the SPR will be locked in place. Today’s notice will pilot this new approach by starting with a purchase of up to 3 million barrels of crude oil.
Note that these pilot deliveries will not begin until Feb. 2023 and will total < 3 million barrels. The reserve is 349 million bbls below capacity, and 216 million bbls have been withdrawn this year.
Lars Herbst analyzed GoM permitting and drilling activity from 2011 to 2021. His data and observations are summarized below.
Shelf (shallow water) exploratory drilling is at historic low levels with only a single exploration well drilled in both 2020 and 2021. That trend appears to have continued into 2022, as only one shelf exploration well (drilled by Contango) has been spudded YTD.
2021 also saw a significant drop in deep water development wells.
Over the time period examined, deep water development is led by deepwater exploration. The same cannot be said for the development of shallow water leases where prospects are more mature and data are more available.
The only shelf well drilled in 2021 (Walter Oil and Gas) was in relatively deeper water (566 feet). That well was drilled with a deepwater semisubmersible (the Valaris 8503). This is the shallowest water depth for a GoM semisubmersible drilling operation in recent history. The rig had a modified DP/moored configuration with explosive disconnects on the mooring lines so the rig could move off location if needed during an emergency disconnect scenario. That mooring disconnect would also let the rig evade hurricanes without the need for anchor handling vessels.
The 2012 spike in deepwater permit approvals is the result of the Macondo drilling moratorium backlog.
GOM OCS New Drilling Well Permits and Well Spuds 2011-2021
Year
New Shallow Water Drilling Well Permits Approved
Shallow Water Expl.; New Well Spuds
Shallow Water Dev.; New Well Spuds
New Deep Water Drilling; Well Permits Approved
Deep Water Exp.; New Well Spuds
Deep Water Dev.; New Well Spuds
2011
71
15
54
38
32
6
2012
67
17
47
112
59
32
2013
72
28
34
57
55
18
2014
65
16
52
68
52
20
2015
12
1
15
69
57
14
2016
10
2
7
65
48
14
2017
13
3
9
52
44
9
2018
18
4
13
65
41
24
2019
25
3
17
62
38
23
2020
10
1
6
54
36
17
2021
18
1
7
34
29
5
TOTAL
381
90
261
676
491
182
Note: Only includes new wells not sidetrack or bypass boreholes.
§ 328-a provides that no fossil fuel industry member, as that term is defined in the bill, shall knowingly or recklessly create or contribute to a condition that endangers the safety or health of the public by
extracting, storing, transporting, refining, importing, reporting, producing, manufacturing, distributing. compounding, marketing, or sale of a "qualified product".
328-b declares that a violation of the new article that results in any harm shall be deemed climate negligence regardless of when the underlying conduct occurred.
328-c prohibits governmental enforcement. (i.e. prohibits govt intervention on behalf of the accused company)
328-d provides that any person, firm, corporation, or association that has been damaged as a result of a fossil fuel industry member's acts or omissions in violation of this article shall be entitled to bring an
action for recovery of damages.
This non-attorney suspects that the legislation might conflict with the Commerce Clause of the US Constitution (Article 1, Section 8, Clause 3), which gives Congress the power “to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.” New York produces little oil, gas, or coal, so the legislation would largely affect operations that are conducted in other states, on Federal lands, or in foreign countries.
As we approach the end of 2022, I’m still waiting for:
Nord Stream Pipelines sabotage report(s): Will Denmark, Germany, and Sweden publish reports? Will the responsible parties be identified? I surely hope this wasn’t a US/UK operation.
Huntington Beach Pipeline Spill investigation report: >14 months since the spill and still no report. What vessel(s) struck the pipeline? The pipeline operator seems to have had minimal responsibility but has been vilified. How will the vessel owner(s) be penalized?
Offshore Incident Statistics (BSEE): Still no data for 2021 or 2022. The previous OCS safety regulator (MMS) updated these tables at the end of each quarter.
BSEE/Coast Guard investigation reports for two 2020 GoM occupational fatalities that have yet to be documented. Also waiting for the reports on a 1/24/2021 fatality, a 5/15/2021 explosion and fatality, and a 3/25/2022 fatality. Lives were lost. When will we find out what happened and why?
This rather arrogant and condescending policy makes neither good business sense nor good social sense (unless you support energy poverty), but I’m sure the executive team is proud. That said, they do seem to have left themselves with a fair amount of wiggle room.
In line with the policy, we will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure when the primary use is in conjunction with new fields.
We will continue to provide finance or advisory services to energy sector clients at the corporate level, where clients’ transition plans are consistent with our 2030 portfolio-level targets and net zero by 2050 commitment.