Exclusive: Colombia Pinpoints at Least 21 Suspended Oil and Gas Contracts for Assistance
Colombia's government is preparing to help energy companies revive at least 21 suspended oil and gas contracts with a $38 million initiative aimed at solving security and community relations problems, the National Hydrocarbons Agency (ANH) told Reuters.
The leftist government of President Gustavo Petro has made weaning Colombia away from its reliance on hydrocarbons a key policy, urging companies to develop already-awarded blocks, despite industry demands for new licensing rounds.
China’s Cnooc Plans Offshore Oil, Gas Exploration in Tanzania
China’s Cnooc Ltd. is planning offshore oil and gas exploration with state-owned Tanzania Petroleum Development Corp. as the East African nation seeks to boost the development of its natural resources.
The joint work will be conducted in deep-sea blocks 4/1B and 4/1C held by TPDC, according to Tanzanian Energy Minister January Makamba. The acreage is located near large gas fields discovered by a consortium of international energy companies led by Equinor ASA, Shell Plc and Exxon Mobil Corp. that plan to build a $42 billion liquefied natural gas terminal.
Banks told by Net-Zero Watchdog to End New Oil, Gas Financing
Banks will have to immediately stop providing capital market services that help finance new fossil fuel projects if they want their net-zero plans approved, according to long-awaited consultation papers by the leading verification organisation.
For financial institutions to have credible net-zero targets, “they must first avoid making the problem worse”, according to the Science Based Targets initiative (SBTi), which is backed by the United Nations.
That means they must “immediately stop any activities that support the development of new fossil fuel assets that enhance the stock of carbon emitting sources and create carbon lock-in”.
The finance industry’s capital allocation is nowhere near what is needed to limit global warming to the critical threshold of 1.5 deg C, with capital market operations a particular point of contention.
Disagreement inside the industry has for months blocked efforts to reach an agreement on how to calculate the carbon footprints of bond and equity underwriting businesses.
SBTi has verified more than 2,000 net-zero commitments across industries, and the standards it sets are already guiding investors.
$4.7B spent by Denver Company in Two Sales to Enter Booming Permian Basin
A Denver-based oil and gas company entered the Permian Basin through almost $5 billion in two transactions for lands and assets in the Delaware and Midland sub-basins.
Civitas Resources announced Tuesday it bought $4.7 billion in Permian Basin assets in both the Delaware Basin to the west – straddling the New Mexico-Texas border – and the eastern Midland Basin in West Texas.
In the Delaware Basin, Civitas said it agreed to purchase about $2.45 billion worth of assets from Tap Rock Resources, about 30,000 acres in Eddy and Lea counties with an average production of about 59,000 barrels of oil equivalent per day (boe/d) at about 52 percent oil.
OP/ED: Solar Energy Reliance Will Leave New York Shivering in Dark
On June 18, 2023 the Syracuse Post Standard published a commentary, Five Reasons New Yorkers Should Embrace a Solar Energy Future by Richard Perez, Ph.D.
According to the introduction “This essay aims to clarify common misunderstandings about solar energy and demonstrate its potential to provide an abundant, reliable, affordable and environmentally friendly energy future for New York”. This post explains why I disagree with just about everything in the essay.
The only reason that New York is pushing solar as part of the energy future of New York is the Climate Leadership & Community Protection Act(Climate Act). I have been following the Climate Act since it was first proposed, submitted comments on the Climate Act implementation plan, and have written over 300 articles about New York’s net-zero transition.
I have devoted a lot of time to the Climate Act because I believe the ambitions for a zero-emissions economy embodied in the Climate Act outstrip available renewable technology such that the net-zero transition will do more harm than good.
The opinions expressed in this post do not reflect the position of any of my previous employers or any other company I have been associated with, these comments are mine alone.
The Crude Life Daily Radio News & Lifestyle Update
Bailey Midkiff, Performance Pulsation Control, Inc, work with major oil and gas companies (Upstream, Midstream, and Downstream) to diagnose positive displacement pump issues and provide solutions.
Midkiff talks about how utilizing Performance Pulsation Control’s breadth of pulsation dampening equipment and engineering expertise has opened new opportunities into other areas of the marketplace.
He also shares a quick introduction into WIC’s new technology for recycling wind turbines.
Performance Pulsation Control specializes in the design and manufacture of Pulsation Control Devices. Our expert engineers provide custom solutions for Oil & Gas, Well Service, Chemical Plant, Refinery, Water Treatment and a variety of Industrial Applications.
Performance Pulsation Control operates more than 100,000 square feet of manufacturing facilities between Dallas and Odessa, which allows full control of the quality of their products.
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Colombia Suspends Oil while China Adds, Wind Energy Recycling and a New Net Zero Watchdog Group Emerges