Hundreds of Old Oil and Gas Wells in Johnson and Miami Counties Need Capping
Oil and gas wells that are in some cases over a century old, abandoned and emitting methane, are targeted for being plugged up as part of a comprehensive federal investment in infrastructure that may eventually include 378 wells in Johnson and Miami counties.
U.S. Department of the Interior Secretary Deb Haaland and Democratic U.S. Rep. Sharice Davids toured some of those wells this week in Johnson County, as part of an effort to call attention to President Joe Biden’s economic priorities.
Haaland, Davids and Susan Duffy, chair of the Kansas Corporation Commission, stopped at the Virginia Sue Field of Dreams near 183rd Street and Pflumm Road in Bucyrus to visit three of those sites on Monday.
Kansas has already received $25 million to plug wells and is eligible to receive another $25 million in federal grants in another round of funding, Haaland said.
Qatar Expects Record Volume of LNG Offtake Signings this Year
Qatar this year will sign record volumes of long-term liquefied natural gas (LNG) offtake contracts, the country's energy minister said on Tuesday at a conference in Vancouver.
About 40% of new global LNG output will come from Qatar by 2029, said Minister of Energy Saad al-Kaabi at the LNG 2023 conference. The country last year approved expansion projects that will boost its LNG output by 64% to 126 million tons per year by 2027.
"Some people say by 2050 you do not need gas anymore. I say you need more gas. You need gas as a baseline to support wind and solar since the sun does not shine all the time and the wind does not blow all the time," said al-Kaabi.
Demand for the super cooled gas sky rocketed following Russia's invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe.
Oil Companies Strive For Profits As They Prepare For A Greener Future
Despite supporting a green transition through the development of renewable energy operations and the use of decarbonization technologies, the majority of oil majors have no plans to phase out oil and gas any time soon.
An increasing number of oil and gas producers are now expanding their portfolios to include renewable energy operations, from wind and solar power to green hydrogen. But this doesn’t mean they’re giving up on the energy sources that brought them all their wealth.
Energy firms around the globe are going full throttle on their oil and gas plans to ensure they continue profiting from fossil fuels while the global demand remains high. Instead of shifting to renewable alternatives, they are driving both their fossil fuel and green alternative businesses, while also investing heavily in decarbonization technologies to respond to pressure from governments and international organizations.
An International Energy Agency (IEA) forecast suggests that oil demand will fall by around 75 percent by 2050, from 2020 levels.
Oil prices are therefore expected to decrease to around $35 a barrel in 2030 and $25 a barrel in 2050. But instead of this prediction dissuading oil majors from investing in new operations, it seems to be spurring them on. Oil and gas companies around the world are unwilling to miss out on any potential oil and gas revenues, particularly while global demand continues to remain high.
This has led several oil majors to accelerate production to ensure their output is high before demand eventually wanes. Further, the Russian invasion of Ukraine and subsequent sanctions on Russian energy has led many countries around the globe to seek alternative sources.
There was a severe oil and gas shortage last year, driving up the price of these fossil fuels.
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Oil and Gas Proved Reserves Held by Public Companies Fell Slightly in 2022
International proved crude oil and natural gas reserves held by 187 publicly traded global exploration and production (E&P) companies declined by 5.6 billion barrels of oil equivalent (BOE) in 2022, or 2%, according to data from the companies’ annual financial reports. In 2020, proved reserves held by these public companies had dropped by 9% due primarily to the economic effects of the COVID-19 pandemic, but in 2021, proved reserves increased by 9% from 2020.
Proved reserves are estimated volumes of hydrocarbon resources that an analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions. Company assessments of their proved reserves of crude oil and natural gas change from year to year because of revisions to existing reserves resulting from price changes, extensions and discoveries of new resources, purchases and sales of proved reserves, and production.
The decline in these companies’ proved reserves in 2022 was driven primarily by sales of producing properties in response to Russia’s full-scale invasion of Ukraine. In 2022, some large oil companies, including bp and TotalEnergies, divested from Russia. Those divestments, categorized as sales of property in the data, reduced total proved reserves reported by these E&P companies by 12.0 billion BOE in 2022.
In 2022, additions to these companies’ proved reserves of 16.2 billion BOE, producing property purchases of 8.2 billion BOE, and upward revisions of 2.8 billion BOE were not enough to cover the larger decreases in proved reserves from the combination of more property sales than usual and normal production.
We analyzed the published financial reports of 187 domestic and international companies provided to the U.S. Securities and Exchange Commission and collected by Evaluate Energy. Our conclusions do not represent the entire global E&P sector because the data do not include private companies, which do not publish financial reports. We estimate the 187 companies in this analysis accounted for about half of the petroleum production by non-OPEC companies in 2022. The top 20 companies accounted for more than two-thirds of the 231 billion BOE in proved oil and natural gas reserves held at the end of 2022.
Data source: Evaluate Energy
You can find further analysis of global trends in our annual Financial Review. In December, we will issue our annual U.S. crude oil and natural gas proved reserves report. This report provides a more detailed analysis of proved reserves located in the United States and includes a larger sample of both publicly traded and privately owned U.S. producers.
EVENT ALERT: The Crude Life’s founder Jason Spiess will be the guest co-host with Steve Bakken on Talk of the Town. Special guest include Curtis Shuck, chairman of the Well Done Foundation and Dennis Lindahl, Economic Development for the Bakken Oilfield.
On September 18, 2023 The Crude Life will host it’s Fourth Annual Podcast Party at the Energy Exposition being held in Jackson Hole, Wyoming. This year, three energy producing state governors will be joining us.
The Energy Exposition has educated tens of thousands of people in Gillette, Wyoming; Billings, Montana, and Loveland, Colorado, over the last 20 years on procedures, technology, safety, environmental practices, and equipment used in the oil and gas industry.
Exhibitors and Symposiasts represent a wide range of services, including but not limited to, exploration, production, downstream, and all phases of support to the oil and gas industry.
Energy Producing states Alaska Governor Mike Dunleavy, Oklahoma Governor Kevin Stitt and Wyoming Governor Mark Gordon will be attending this year’s expo and kick-off party.
To reserve Exhibit Space contact
Austin Jennings
239-898-3923
austin@energyexposition.com
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The Earth’s Champion Johnny Green (taking pic) is Cleanin’ and Johnny Greenin’ across America engaging with All Walks of Life.
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The Crude Life Daily Radio News & Lifestyle Update
Jim Willis, founder of the Marcellus Drilling News, gives an update on the Shell Ethane Cracker plant in Beaver County, PA.
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Capping Orphan Oil Wells, Shell's Cracker Plant, Qatar Expects Record Year, Public Proved Resources Down