190,358 BOPD shut-in as of 12:30 p.m. ET today. Presumably, most of the shut-in production is associated with the major deepwater platforms mentioned in our previous post. Given the projected storm track, these shut-ins should be brief.
Posted in Gulf of Mexico, hurricanes, Offshore Energy - General | Tagged BSEE, Gulf of Mexico, Hurricane Ian, shut-in production | Leave a Comment »
Based on current forecasts, Ian’s impact to Gulf of Mexico production facilities should be minimal. However, BP has shut-in Na Kika and Thunder Horse and Chevron has shut-in Petronius and Blind Faith given their more easterly locations.
Posted in Gulf of Mexico, hurricanes, Offshore Energy - General | Tagged Blind Faith, Gulf of Mexico production, Hurricane Ian, Na Kika, Petronius, Thunder Horse | Leave a Comment »
Attorney General Anil Nandlall today said that Guyana is closer to securing a Council of Legal Education-recognised law school.
Stabroek Times
Posted in Guyana | Tagged Guyana, law school, oil wealth | 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, Offshore Energy - General | Tagged Adriatic, Giorgia Meloni, Italy, offshore gas | Leave a Comment »
Sept 22 (Reuters) – Talos Energy Inc (TALO.N) said on Thursday it will buy EnVen Energy Corp, a private producer in the deepwater U.S. Gulf of Mexico, in a $1.1 billion deal including debt.
As the data below demonstrate, this is a significant merger from a regional perspective. In 2021, the combined company would have been the sixth largest GoM producer of both oil and gas. The two companies are operating 105 platforms, and their 8 deepwater (>1000′) platforms are 14% of the GoM total. Their compliance records, while not at Honor Roll levels, are better than the GoM average based on INCs/inspection. Some major decommissioning projects loom (see the second table below), and the extent to which the merged company is financially prepared for these obligations is unknown. Particularly noteworthy is the Cognac platform, which was the world’s first platform installed in >1000′ of water.
| EnVen | Talos | |
| 2021 Oil (MMbbls) | 9.6 | 17.5 |
| GoM oil rank | 13 | 7 |
| 2022 Gas (Bcf) | 12.6 | 34.8 |
| GoM gas rank | 16 | 9 |
| 2021/2022 well starts | 8 | 8 |
| platforms: total | 14 | 91 |
| platforms >1000′ | 4 | 4 |
| BSEE inspections | 37 | 176 |
| 2022 INCs (W, CSI, FSI) | 12/4/1 | 38/23/10 |
| INCs/inspection | 0.46 | 0.40 |
Decommissioning obligations of note:
| Platform | owner | type | water depth (ft) | installed |
| Amberjack | Talos | fixed | 1100 | 1991 |
| VK 989 | Talos | fixed | 1290 | 1994 |
| Ram Powell | Talos | TLP | 3216 | 1997 |
| GC 18 | Talos | fixed | 750 | 1986 |
| Cognac | EnVen | fixed | 1023 | 1978 |
| Lobster | EnVen | fixed | 775 | 1994 |
| Brutus | EnVen | TLP | 2900 | 2001 |
| Prince | EnVen | TLP | 1500 | 2001 |
Posted in decommissioning, energy, Gulf of Mexico, Offshore Energy - General | Tagged Cognac, Deepwater, EnVen, Gulf of Mexico, merger, Talos | Leave a Comment »
The first 20 minutes of this video are highly recommended.
Posted in Uncategorized | Tagged Cajun music | 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 energy policy, Gulf of Mexico, Offshore Energy - General | Tagged BOEM, CCS, Exxon, Lease Sale 257 | 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 climate, energy policy | Tagged climate, Jamie Dimon, JPMorgan | 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 SPR milestones, Strategic Petroleum Reserve | 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:
Posted in energy policy | Tagged Amin Nasser, Aramco, energy realities, OPEC, Rystad | Leave a Comment »
