Shell CEO says EV Charging Stations in China are Hot, Predicts ‘Robust’ Oil and Gas Demand
British energy giant Shell is boosting its oil and gas production to book profits in the near term. It’s also building out electric vehicle charging stations across Asia.
Shell CEO Wael Sawan doesn’t know where oil and gas demand is going to be in 10 to 15 years, he told CNBC’s “Squawk Box” on Wednesday. “To be honest, anyone who knows that will be making a lot of money at the moment. The reality is, we don’t know,” Sawan told CNBC.
But in the short and medium term, Shell sees “very robust” demand for oil and gas, Sawan told CNBC. “And we have been very clear, we will be committed to our oil and gas businesses for a long time to come,” Sawan added.
Also, Shell will invest $10 billion to $15 billion between 2023 and 2025 on low-carbon energy technologies, including biofuels, hydrogen, electric vehicle charging and carbon capture. Shell earned more than $42 billion in profit in 2022.
Federal oil and gas sales withdrawn in Montana
A slate of Montana parcels proposed for a federal oil and gas lease sale in September has been shelved following public concern that new lease laws were being ignored.
The Bureau of Land Management at May’s end pulled the parcels after environmental groups pointed out that leasing laws rewritten in 2022 weren’t being followed in many cases. The bureau prescribed sales terms in internal memos last November but didn’t follow through.
“I think there were seven internal memorandums that BLM issued, BLM national, in the weeks following the passage of the Inflation Reduction Act, basically saying ‘here is how the BLM is going to work with the provisions in IRA until we get rulemaking. Here are the policies and procedures that we’re going to have (district offices) follow,’” said Aubrey Bertram, attorney for Wild Montana, which was among several groups weighing in on the sale.
Court Filing Says MVP Construction to Restart by End of June
On June 8, the West Virginia Dept. of Environmental Protection issued a renewed Section 401 water quality certification for the 303-mile Mountain Valley Pipeline (MVP) project.
In a court filing by MVP that shoves the news in the faces of the corrupt Democrat three-judge panel of the U.S. Court of Appeals for the Fourth Circuit, the judges are told as soon as the U.S. Army Corps of Engineers issues a Section 404 water permit (deadline is June 24), construction will resume to finish up the final 6% of the MVP project. And there’s not a darned thing the 4th Circuit can do to stop it.
Sweet victory. Sweet justice.
RRC commissioners have approved the agency’s Oil and Gas Monitoring Plan for Fiscal Year 2024 which continues to build on the agency’s strong record of stewardship of protecting the environment and residents, a Wednesday press release detailed.
The new plan includes goals to accurately demonstrate the Commission ’s oil and gas monitoring and enforcement activities and to strategically use the oil and gas monitoring and enforcement resources. It focuses on developing a framework to describe the totality of oil and gas monitoring and enforcement efforts, beyond inspections and remediation work the agency does, which would include the extensive work that is done involving technical permit monitoring and administrative compliance enforcement.
The RRC’s well plugging program, which has exceeded goals set by the Legislature for six straight years, will continue its prioritization system to extend its successful work plugging orphaned oil and gas wells throughout the state with state funds. This fiscal year the RRC utilized federal grants to add to the number of wells that were plugged. The agency has submitted comments on draft federal guidance on another set of grants that could be utilized next fiscal year.
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Industry Connections, MT Pulls Leases, RRC Adds Rules and Shell Sees Brighter Days for Oil