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Companies announce investment in major Alaska oil project

ANCHORAGE, Alaska (AP) — Two oil and gas companies have announced plans to invest $2.6 billion into developing a major oil field on Alaska’s North Slope. Australia-based Santos and Spain-based Repsol made the announcement, which was lauded by state political leaders, the Anchorage Daily News reported. Santos has a 51% stake in the Pikka project, … Read more

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US natgas up 3% to 14-yr high on output drop, soaring global prices

Natural Gas

August 17, 2022 U.S. natural gas futures climbed about 3% to a fresh 14-year high on Wednesday on a drop in daily output, hotter than normal weather on the West Coast and in Texas, and near record global prices. That U.S. price increase came despite forecasts for less hot weather and lower air conditioning demand … Read more

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U.S. court vacates decision to block federal oil, gas leasing pause

New Mexico Drilling

August 17, 2022 A U.S. circuit judge on Wednesday vacated a lower court’s decision to block the Biden administration’s pause on new oil and gas leasing on federal land and waters – a key piece of the president’s climate change strategy – and sent the case back to that court for further proceedings. The judge, … Read more

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Biden Signed the Climate Law. Now the Bureaucrats’ Hard Slog Begins.

Aug 17, 2022 (Bloomberg) President Joe Biden’s signing of the Inflation Reduction Act on Tuesday caps nearly two years of efforts to pass sweeping climate legislation. But the real work is just getting started. For federal regulators, the moment Biden signed the bill was effectively the starting gun for a race to write new policies to implement its clean energy tax credits, … Read more

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California Seeks More Time to Overhaul Rooftop – Solar Subsidy

  (Bloomberg) A California agency is seeking more time to determine how to reform a solar-incentive program that’s helped rooftop solar flourish in the state.A draft proposal before the California Public Utilities Commission would extend the deadline by a year to Aug. 27, 2023, according to a filing. The commission is attempting to overhaul an incentive program … Read more

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OPEC Chief Sees High Risk of Oil Squeeze Amid Bullish Demand

opec haitham al ghais 1200x810

Aug 17, 2022 (Bloomberg) Global oil markets face a high risk of a supply squeeze this year as demand remains resilient and spare production capacity dwindles, the new head of OPEC said. Fears over slowing consumption in China and the wider world — which have pushed crude prices 16% lower this month — have been … Read more

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Biden Signs $437 Billion Tax-Climate Bill in a Long-Sought Democratic Win

(Bloomberg) President Joe Biden signed a sweeping tax, climate and health-care measure into law on Tuesday, sealing a major legislative victory ahead of the November midterm elections.“With this law, the American people won and the special interests lost,” Biden said at the White House. “It’s about delivering progress and prosperity to American families.” The measure, known … Read more

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Shell to shut Gulf of Mexico crude pipes for 2 weeks in September

FILE PHOTO: Representative Steve Scalise (R-LA) views BP's Thunder Horse Oil Platform in the Gulf of Mexico, from the air, 150 miles from the Louisiana coast in this May 11, 2017 handout photo obtained by Reuters June 26, 2017. Chris Bond/Handout via REUTERS

A view shows a board with the logo of Shell at the company’s fuel station in Saint Petersburg, Russia May 6, 2022. REUTERS/Anton Vaganov HOUSTON, Aug 16 (Reuters) – Shell (SHEL.L) on Tuesday said it plans to shut for two weeks in September a key crude oil pipeline in Gulf of Mexico that supplies oil to Louisiana … Read more

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Analysis: Oil prices turn more volatile as investors exit the market

NEW YORK/LONDON, Aug 17 (Reuters) – Traders and fund managers have left crude oil markets in recent months, dropping activity to a seven-year low amid the worst global energy crisis in decades as investors become unwilling to deal with persistently high volatility. The exodus of participants, especially hedge funds and speculators, has made daily price … Read more

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Oil slips to six-month low as recession fears weigh

Summary API report shows crude, fuel stocks fell last week – sources EU, U.S. studying Iran’s response to nuclear proposal Coming up: EIA supply report, 1430 GMT LONDON, Aug 17 (Reuters) – Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken … Read more

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More U.S. sour crude heads to Germany to replace Russia oil

A second shipment of crude from a U.S. Gulf of Mexico offshore field has sailed for Germany, according to vessel tracking data and trade sources on Tuesday, as European refiners test potential replacements for Russian oil. Europe is aiming to cut 90% of its Russian oil imports by the end of this year. Refiners are … Read more

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Laredo Petroleum Announces Divestiture of Howard County Non-Operated Properties for $110 Million

Proceeds To Support Equity and Debt Repurchase Programs TULSA, OK, Aug. 17, 2022 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) today announced the signing of a purchase and sale agreement to divest certain non-operated properties in Howard County for $110 million, subject to customary closing price adjustments. The transaction is … Read more

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WATCH: Liquids (or Gas) Fast Loop Probe Advantages

Insight Analytical Logo

The Insight Analytical Liquid Fast Loop probe design exploits modern technologies including CFD (Computational Fluid Dynamics) and metal 3D printing to produce an optimized solution for creating closed-loop flow in analytical fast loops, without the need for additional pumps or venting the process fluid after analysis. 1. Close Couple Analyzer NIR Raman 2. Fast Loop … Read more

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Barclays cuts oil price forecasts for 2022, 2023

oil drop 2022 1200x810

August 16, 2022 Barclays on Tuesday lowered its Brent price forecasts by $8 per barrel to $103 per barrel for 2022 and 2023, citing a large, expected surplus over the near term primarily due to Russian supplies. “The recent move lower in prices is primarily a timing issue, as resilient Russian supplies before the EU … Read more

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U.S. natgas futures jump 5% on record global prices, drop in U.S. output

natural gas stove 1200x810

August 16, 2022 U.S. natural gas futures jumped about 5% to a 10-week high on Tuesday on record global gas prices, a drop in daily U.S. output, a heat wave in California and forecasts for more hot weather and higher air conditioning demand in late August than previously expected. That U.S. price increase came despite … Read more

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NATURAL GAS SERVICES GROUP ANNOUNCES SECOND QUARTER 2022 RESULTS

  Natural Gas Services Group, Inc. Reports Second Quarter 2022 Financial and Operating Results Second Quarter 2022 Highlights Rental revenue of $18.1 million, an increase of 16% when compared to the second quarter of 2021 and 6% when compared to the first quarter of 2022. Net loss of $70,000 ($0.01 loss per basic and diluted … Read more

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Laredo Oil, Inc. Announces Acquisition of Additional Mineral Rights

August 15, 2022 09:30 ET | Source: Laredo Oil, Inc. AUSTIN, Texas, Aug. 15, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Laredo Oil, Inc. (OTC Pink Sheets: LRDC) (“Laredo Oil”), an oil exploration and production company, today announces that its wholly owned subsidiary, Lustre Oil Company, LLC, continues to acquire mineral rights in certain northeastern Montana core … Read more

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Guzman Energy Recognized Among America’s Fastest-Growing Companies on the 2022 Inc. 5000 Annual List

Guzman Energy Ranks No. 1,152 Among America’s 5000 Fastest-Growing Private Companies and in Top 30 Energy Companies Denver, Aug. 16, 2022 (GLOBE NEWSWIRE) — Today, Inc. revealed that Guzman Energy is No. 1,152 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. The list represents a one-of-a-kind look at … Read more

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Even With Biggest-Ever Climate Bill, US Lags China’s Green Spending

joe manchin & chuck schumer 1200x810

Aug 15, 2022 (Bloomberg) The historic US climate deal that has now passed both chambers of Congress is being touted as one of the most ambitious decarbonization commitments made by any government to date. Is it? Many countries have passed climate regulations and invested in green infrastructure, but the scale of the Inflation Reduction Act has few parallels. The bill devotes $374 billion to … Read more

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Oil Pares Losses as Market Mulls Iran Supply, Weak Economies

Aug 16, 2022 (Bloomberg) Oil recovered from early losses with the market weighing expectations of an increase in Iranian production and worsening prospects for global growth. West Texas Intermediate rebounded over $90 a barrel and is up for the day. Although talks between Iran and European Union negotiators indicated progress toward a renewed nuclear deal yesterday, … Read more

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Russia’s Gazprom warns European gas prices could climb a further 60%

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW, Aug 16 (Reuters) – Russian state gas company Gazprom (GAZP.MM) said on Tuesday that European gas prices could spike by 60% to more than $4,000 per 1,000 cubic metres this winter, as the company’s own export and production … Read more

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Oil industry gears up to tap U.S. climate bill for carbon capture projects

Aug 15 (Reuters) – Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Carbon capture and storage hubs that take gases from chemical, power and gas … Read more

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Explainer: Why Europe faces climbing energy bills

Natural Gas Terminal

Summary Wholesale gas prices up 350% year-on-year High prices expected to continue this year and next Rising wholesale energy costs are passed on to consumers Aug 15 – A global surge in wholesale power and gas prices means households across Europe face much higher energy bills this year and beyond, with the region’s most vulnerable … Read more

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BP Is Exiting Its Mexican Oil Assets in Shift Toward Renewables

BP Gas Station

Aug 15, 2022 (Bloomberg) BP Plc is seeking to get rid of its oil assets in Mexico amid a shift in its business strategy toward renewable energy and a challenging political climate in the energy sector in the country. Since winning three exploration contracts in partnerships with France’s TotalEnergies SE, Equinor ASA, Qatar Petroleum and Hokchi … Read more

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Developers add less than half of planned U.S. solar capacity in first half of 2022 – EIA

Power plant developers in the United States added less than half of the planned solar photovoltaic capacity in the half first of 2022, the U.S. Energy Information Administration said on Thursday. Over the first six months of 2022, 4.2 gigawatts (GW) of the planned capacity came online, the statistical arm of the Department of Energy … Read more

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Commentary: 20 myths about fossil fuels, refuted – Alex Epstein

alex epstein 400x270 head shot

In Fossil Future I refute literally hundreds of myths about fossil fuels. Here are 20 myths that 11,000,000 people heard on Joe Rogan’s podcast this year. By Alex Epstein In my book Fossil Future, I refute literally hundreds of myths about fossil fuels. Here are 20 myths that 11,000,000 people heard on Joe Rogan’s podcast this year from … Read more

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Oil output in Permian to rise to record high in September

Permian Basin Oil Pumpjacks

Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 79,000 barrels per day (bpd) to a record 5.408 million bpd in September, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday. Total output in the major U.S. shale oil basins … Read more

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Norway’s Climate Choice: Old Oil, Gas Fields Switch to Green Power or Close Early

FILE PHOTO: A logo of Equinor, formerly known as Statoil, is seen at the company's headquarters in Fornebu, Norway May 21, 2018. REUTERS/Nerijus Adomaitis

OSLO, Aug 15 (Reuters) – Norway will have to phase out some of its old oil and gas fields prematurely to achieve its 2030 climate goals, unless it can use carbon-free power on more offshore platforms to cut their emissions, the country’s Climate Minister Espen Barth Eide said. Norway, western Europe’s largest petroleum producer, aims … Read more

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U.S. natgas futures down 3% on rising output, lower demand

Natural Gas Flame

U.S. natural gas futures fell about 3% on Monday on rising supplies and forecasts for cooler weather and lower air conditioning demand over the next two weeks than previously expected. Also weighing on gas prices was a 5% drop in oil futures and the ongoing outage at the Freeport liquefied natural gas (LNG) export plant … Read more

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Train Your Front Line Worker On Digital To Boost Your Success – Geoffrey Cann

Geoffrey Cann

By Geoffrey Cann The front line worker in oil and gas has been overlooked in the drive to bring digital innovation to the industry. We need to fix that. The Digital Elite It’s pretty easy to get smart about the role and impact of digital innovation in energy when you work in an office tower, … Read more

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Oil Extends Losses as Traders Weigh China Outlook, Iran Supply

Oil extended losses at the start of the week as traders weighed concerns about Chinese demand and the prospect for more Iranian supply. West Texas Intermediate dropped near $88 a barrel, falling as much as 4.3%, with markets selling off as China’s surprise cut in key interest rates boosts support for an economy hit by virus lockdowns … Read more

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Why Charging a Car Needs to Be as Easy as Filling Up With Gas

Aug 15, 2022 (Bloomberg) Anders Hove is a world-renowned energy expert with a mild obsession about charging electric vehicles. Whether in his former home of Beijing or on trips in Europe or the US, the senior research fellow at the Oxford Institute of Energy Studies enjoys getting behind the wheel of a battery-powered car to test what … Read more

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Solar Panels Piling Up at US Border on Xinjiang Forced Labor Law

Solar panel

Aug 14, 2022 (Bloomberg) Solar equipment is piling up at the US border in an indication the passage of a law targeting forced labor in China’s Xinjiang region is having a major impact on trade flows. Modules with capacity of more than three gigawatts have been held by US customs since June, Roth Capital analysts including … Read more

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Kimmeridge builds stake in California Resources to push for changes-sources

An offshore oil platform is seen in Huntington Beach, California

Aug 15 (Reuters) – Kimmeridge Energy Management Company LLC has amassed a stake in California Resources Corp (CRC.N) and is pushing the oil and gas producer to make changes that include selling some acreage to real estate developers, people familiar with the matter said. The energy-focused activist investment firm owns more than 3 million shares in California … Read more

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COLUMN: OPEC, IEA oil demand views converging, optimistic over risks

LAUNCESTON, Australia, Aug 15 (Reuters) – The forecast for global crude oil demand was raised by the International Energy Agency (IEA) and lowered by OPEC in reports last week, but the apparent differing views actually masked an increasing convergence between the consumer and producer groups. The market take on last week’s separate reports was largely … Read more

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Aramco Profit Surges to Another Record on Bumper Oil Market

Aug 14, 2022 (Bloomberg) Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Aramco followed big oil rivals reporting a surge in profits. Net income rose to $48.4 billion in the second quarter, up from $25.5 billion a year earlier, the state-controlled company said on … Read more

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Granholm Sees US Gasoline Prices Dropping Further, With Caveat

jennifer granholm whitehouse 2 1200x810

(Bloomberg) Energy Secretary Jennifer Granholm said US gasoline prices should fall further after dropping to less than $4 a gallon for the first time since March.“We hope that that’s true but, again, it can be impacted by what’s happening globally,” Granholm said on CNN’s “State of the Union” on Sunday.Prices in the fourth quarter are expected to average … Read more

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World Embraces Dirtier Fuels as Gas Hits Exorbitant Heights

Aug 14, 2022 (Bloomberg) With high natural gas prices showing no signs of abating and supplies becoming harder to obtain, cheaper and dirtier alternatives to the fuel are looking increasingly tempting for energy-hungry buyers. Liquefied natural gas prices in Asia are now at about $50 per million British thermal units. On an energy-equivalent basis, gas was … Read more

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Russia Unplugs Foes, Rewards Friends in Latest Market Reboot

putin sanctions linkedin 1200x810

(Bloomberg) Nearly six months after Russia was evicted from much of global finance over the invasion of Ukraine, it’s going it alone by devising a two-tier system severed from adversaries. The plan emerging from central bank proposals and a gradual unwinding of local restrictions will focus on mobilizing capital at home while catering to jurisdictions it … Read more

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What is Asset Management and Why it is Essential to Successful Businesses

dereader featured logo 400x270

DeReader allows you to store and share information with anyone no matter the distance. This mobile and desktop app offers a complete solution to on-site fieldwork and more. Eliminate paperwork from your life. Connect your physical assets to any accompanying documentation. Share it with anyone, anywhere. LEARN MORE What is Asset Management? Whether you own a … Read more

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How Connected Gas Detection Devices Reduce Total Cost of Ownership (TCO)

featured logo blackline safety 400x270

Evaluating the hard and soft costs for oil and gas operations. As a safety or operations manager in oil and gas, determining the best safety solution for your organization’s up-, mid-, or downstream operations is crucial. Reviewing the various features and benefits can be challenging enough, but when it comes to the bottom line, evaluating … Read more

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U.S. oil & gas rig count falls for second week in a row – Baker Hughes

rig worker sunset 3 1200x810

Aug 12 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs for a second week in a row as the rig count, an early indicator of future output, has been slow to grow with oil production only seen recovering from pandemic-related cuts next year. The U.S. oil and … Read more

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Inactive Investment: Opportunities for Methane Reduction at Inactive Well Sites

Clear Rush Co Feature Logo 400x270

Across the North America, millions of abandoned, inactive, or shut-in oil and gas well have been left behind from former operations. These uncapped, idle oil wells are estimated to be leaking millions of kilograms of heat-trapping methane emissions into the atmosphere and environment each year. Methane is a powerful greenhouse gas (GHG) that is linked … Read more

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House Sends Biden Landmark Tax, Climate, Health Bill to Sign

(Bloomberg) House Democrats delivered the final votes needed to send President Joe Biden a slimmed-down version of his tax, climate and drug price agenda, overcoming a year of infighting and giving themselves a cornerstone achievement to campaign on for the November congressional election.The legislation passed the House Friday on a party line 220-207 vote. Biden tweeted that he … Read more

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The 10 Celebrities with the Largest Carbon Footprint from Flying – ENERGYminute

energyminute logo 400x270 july 2021

by Aaron Foyer Courtesy of ENERGYminute   See more articles and infographics from ENERGYminute HERE Disclaimer from Yard: This list is not conclusive to the biggest offenders, but the biggest offenders according to the data as presented on the CelebrityJets Twitter page. It is also aware this data is based on these celebrities’ planes and whilst there is … Read more

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Feature: Individual Action is ‘Walking the Talk’ on Reducing Overall Carbon Footprint

carbon footprint jet 1200x810

(Bloomberg) It’s been nearly two decades since the oil giant BP released a calculator to help consumers figure out all the ways carbon was creeping into their lives, from commuting to work to buying food. The PR campaign was wildly successful: It popularized the very idea of an individual “carbon footprint.” The 2000s were a big time for climate accountability. That’s when Hurricane … Read more

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