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Posts Tagged ‘Putin’

Putin on the Nord Stream sabotage

Posted in accidents, energy policy, natural gas, pipelines, Russia, Uncategorized, tagged , , , on February 8, 2024| Leave a Comment »

Here is the entire interview. The Nord Stream sabotage discussion begins just after the 1:11 mark.

Putin suggests that people consider who had an interest in sabotaging the pipelines and who had the capability. He also asks why Germany isn’t allowing gas to flow through the one Nord Stream line that wasn’t damaged. 

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US offshore leasing – time for action

Posted in energy policy, Gulf of Mexico, Offshore Energy - General, tagged , , , , on February 28, 2022| Leave a Comment »

Since well before the Putin crisis, this independent blog has been expressing concerns about sustaining US offshore oil and gas production without new leases and increased exploration (more here). Now that concerns about domestic production and energy security are heightened (understatement of the year!), let’s review where the leasing program stands:

  • 466 days have elapsed since the last oil and gas lease sale (Nov. 19, 2020), with no future sales in sight.
  • There had been 182 sales in the previous 66 years of the US offshore oil and gas program, an average of 2.76 per year. Never before (since 1953) has a year transpired without a lease sale.
  • Currently, there are only 2016 active US OCS leases and 506 producing leases, the fewest in at least 40 years (recent history charted below).
  • Despite favorable geology beneath the deepwater Gulf of Mexico and advanced exploration and well completion technology, US offshore oil production (1.713 million bopd per the latest EIA data – Dec. 2021) is down 16% from the August 2019 peak of 2.044 million BOPD. Gulf oil production is thus the lowest since 2018 (except during hurricane shutdowns).
  • New projects and higher ultimate recoveries from producing reservoirs could increase total offshore production by 10-20% over the next few years, but sharp declines will follow without new leases and increased exploration.

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Blackstone will no longer invest in oil and gas E&P.

Posted in energy policy, natural gas, tagged , , , , , , on February 24, 2022| Leave a Comment »

Bad decision by Blackstone; worse timing. Putin and OPEC must be pleased.

Blackstone Inc., once a major player in shale patches, is telling clients its private equity arm will no longer invest in the exploration and production of oil and gas, according to people with knowledge of the talks. The firm’s next energy fund won’t back those upstream investments — a first for the strategy.

Bloomberg

Meanwhile:

As the United States continues to tie its hands with regard to the transportation of natural gas, a fuel that has actually led to a large decrease in CO2 emissions over coal, Russia and China reached an agreement under which Russia will supply 100 million tons of coal to China so that China can continue to open up new coal-fired power plants

Forbes

Embargo Russia, not US producers!

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