Posts Tagged ‘oil and gas’

The Minister is optimistic about the prospects for production offshore Barbados:

“I don’t want to go and give news now before it is ready to be given, but let us say the prospectivity is highly regarded,” he told a local academic forum in the Eastern Caribbean tourism paradise.

He also sends a message to “keep it in the ground” crowd.

 “Let’s be frank: All of the oil producers of the world, including Canada, speak the language of climate change and putting a stop to that, which is now being done by small entities or like those of us in Barbados who are contemplating finding natural gas, but the reality is, none of them is saying ‘I will not continue to produce the oil that I produce’ or ‘I’m shutting down all my wells,’” he said. “The Americans are not going to tell you that that’s what’s going to happen in Texas. The British, for all their partnership value, will not tell you that the North Sea will not be full of Brent crude. They’re not going to do that because they intend to produce for the next 50 years. Nobody is coming forward to say we are prepared to pay you to keep the natural gas and the oil in the ground.”

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… this New York state legislation is perfect.

NY State Senate Bill S9612 (proposed)

§ 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.

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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.


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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.


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While 93% of GoM oil and 76% of the natural gas is now produced on deepwater leases, successful operations on the shallow waters of the shelf continue 75 years after the first OCS platform was installed. Three of our compliance honor roll companies, Arena, Cantium, and Walter, have successful shelf operations. Arena and Walter are top ten gas producers and top twenty oil producers. Cantium also has solid production numbers and along with Arena is the leading 2022 development well driller on the shelf (see chart below). Other shelf operators like Cox Operating LLC are significant shelf producers.

Without much hype, shelf operators continue to find and extract oil and gas from beneath the shallow waters of the GoM. The 1700 shelf platforms that remain provide energy for our economy and important hardbottom substrate for marine life. Keep it going! Only 25 more years until the 100th anniversary! 😀

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Printed Metal Table Tops - Don't Mess With Texas

UN Secretary General Guterres to Texas:  “Texas must end its reliance on oil and gas production to remain prosperous in the era of climate change.

Gov. Abbott responds:

Texas to United Nations: Pound Sand

The world is reeling from spiraling fuel costs caused by premature over-reliance on renewable energy.

High fuel costs punish middle class families & stoke the supply chain crisis.

Texas oil & gas is needed right now.

Greg Abbott tweet

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