Texas Oil and Gas Production Decreased in the 1Q
Kunal Patel, Dallas Federal Reserve, joins The Crude Life to breakdown the recent Energy Survey. This quarter’s survey also includes for the first time a set of questions regarding price expectations for oil and natural gas over six-month, one-year, two-year and five-year horizons.
According to Patel, activity in the oil and gas sector was relatively unchanged in the first quarter of 2024, as documented in the survey in regards to oil and gas executives responding to the Dallas Fed Energy Survey.
The business activity index, the survey’s broadest measure of conditions energy firms in the Eleventh District face, was 2.0 in the first quarter, suggesting little to no growth during the quarter. The index was essentially unchanged from last quarter.
Oil and gas production decreased in the first quarter, according to executives at exploration and production (E&P) firms. The oil production index moved down from 5.3 in the fourth quarter to -4.1 in the first quarter, suggesting a small decline in production. Meanwhile, the natural gas production index turned negative, falling sharply from 17.9 to -17.0.
Costs increased at a slightly faster pace for both oilfield services and E&P firms. Among oilfield services firms, the input cost index increased from 21.3 to 31.2. Among E&P firms, the finding and development costs index was relatively unchanged at 24.2. Meanwhile, the lease operating expenses index increased from 22.6 to 33.7.
Juno Jones Work Boots: Empowering Women
As women increasingly enter trades, especially industries such as oil and gas where physical demands and safety are paramount, the quest for the perfect pair of work boots can rival the challenges of the job itself. Securing functional, safe footwear designed specifically for women’s feet, capable of enduring long hours and harsh environments, can prove to be a daunting task. This is where Juno Jones Work Boots step in: A brand that transcends mere footwear, serving as a symbol of empowerment for women in traditionally male populated fields.
Established by Emily Soloby, whose expertise spans women’s advocacy law, transportation and a passion for shoemaking, Juno Jones Work Boots emerged in 2020. Soloby’s inspiration for launching Juno Jones comes from her firsthand experiences in the transportation industry.
“Our trucking company placed a premium on safety, yet I struggled to find safety footwear that combined proper fit with aesthetics,” Soloby recounts. Confronted with the challenge of securing work boots that not only fit comfortably and looked stylish, but also provided genuine protection, Soloby recognized that there was a glaring gap in the market and began researching and speaking with other women across different industries who also voiced their concerns on the limited access to work boots that could protect them.
Through research and educating herself on the hazards women are exposed to in industry, Soloby has designed a work boot which focuses on addressing the ergonomic and safety needs of women in physically demanding environments like oil and gas fields.
EMERGING ENERGY: Using Technology in the Carbon Capture Process
Technology is crucial in enhancing carbon sequestration, ensuring that harmful greenhouse gases are captured directly from the atmosphere and industrial processes. With carbon capture technologies evolving rapidly, they now offer a promising avenue for mitigating climate change. These technologies are essential in extracting CO2 from power plant emissions and other industrial outputs before they can contribute to global warming.
Recent advancements have propelled the efficiency and effectiveness of these technologies, allowing for a greater volume of CO2 to be securely captured. Continuous innovation in this field is critical to achieving large-scale carbon sequestration and reducing human activities’ overall carbon footprint.
CCUS encompasses technologies that capture CO2 emissions from global oil and gas facilities or directly from the atmosphere. Once captured, the CO2 is compressed and transported to be injected into underground CO2 storage formations. These processes are integral for emissions reductions, particularly in sectors where reducing carbon emissions is challenging, such as when fuel is burned in industrial facilities or for power generation.
SHARE YOUR SUSTAINABLE STORY: LSU Mechanical Engineering Makes Big Strides in Non-Metal Battery Development
As the world continues to grow and embrace the concept of alternative energy, many pioneering the industry still act as modern-day wildcatters with their crusade to develop clean energy sources and perfect their development and implementation. While battery power has stepped up to the proverbial plate as a viable form of power, others seek to improve upon its limitations, including life span, performance and development methodology.
Battery use knows minimal limitations. Batteries already claim responsibility for enabling portable computers, smartphones and the increasingly electric automobile. Since their power generation comes from lithium-ion batteries, the demand for lithium has increased in parallel to that for battery power. However, lithium battery power carries some baggage that consequently negates the spirit of clean and alternate energy.
Known as “white gold,” lithium is an alkali metal found in excessive quantities in certain countries. The mining process is plagued with safety concerns and can negatively impact the environment. To combat those factors, an associate professor from the mechanical engineering department of Louisiana State University (LSU) has used a grant to develop a replacement for the lithium battery. Associate Professor Ying Wang and her team of mechanical engineering students are working on a battery that is not only constructed of non-metal components but is also rechargeable.
TODAY IN ENERGY NEWS BRIEFS
US Unveils Next Steps in its 2024–2029 Gulf of Mexico Oil & Gas Leasing Program
The final program for 2024-2029 offshore oil and gas leasing in the Gulf of Mexico comes with the lowest number of lease sales in U.S. history, encompassing a maximum of three potential oil and gas lease sales – 262, 263, and 264 – slated for 2025, 2027, and 2029, respectively.
These three proposed lease sales are said to be the minimum number that would enable the Interior Department to continue to expand its offshore wind leasing program through 2030 in compliance with the Inflation Reduction Act (IRA). The plan entails zero oil and gas lease sales in the Atlantic, Pacific, and Alaskan waters.
Based on the 2024–2029 National Outer Continental Shelf oil and gas leasing program, the first proposed sale, Lease Sale 262, is tentatively scheduled for 2025. In October 2023, BOEM published a call for information and nominations on the GOM area identified in the 2024–2029 National OCS program.
PetroChina to Build Up Its LNG Fleet and Expand Global Trade
China National Petroleum Corp., the country’s biggest natural gas supplier, will expand its fleet of ships that carry the fuel as it looks to enhance its role as a global gas trader.
CNPC’s trading arm, PetroChina International Co., plans to increase the number of liquefied natural gas tankers it has available to 25 by 2030, Wang Haiyan, the firm’s deputy general manager, said.
JPMorgan CEO Says LNG Projects Delayed Mainly for Political Reasons
Trade is realpolitik, and the recent cancellation of future liquified natural gas (LNG) projects is a good example of this fact.
That’s what Jamie Dimon, JPMorgan Chase & Co.’s Chairman and Chief Executive Officer, said in a recent letter to the company’s shareholders, which was posted on the company’s website.
“The projects were delayed mainly for political reasons, to pacify those who believe that gas is bad and that oil and gas projects should simply be stopped,” he added.
“This is not only wrong but also enormously naïve. One of the best ways to reduce CO2 for the next few decades is to use gas to replace coal,” he continued.
In the letter, Dimon stated that, “when oil and gas prices skyrocketed last winter, nations around the world - wealthy and very climate-conscious nations like France, Germany and the Netherlands, as well as lower-income nations like Indonesia, the Philippines, and Vietnam that could not afford the higher cost - started to turn back to their coal plants”.
Can Depleted Oil and Gas Reservoirs Become Hydrogen Vaults?
Researchers at Sandia National Laboratories are exploring a novel solution for storing hydrogen, a clean-burning fuel with the potential to revolutionize the energy sector. Their sights are set on a familiar target: depleted oil and natural gas reservoirs.
Hydrogen offers a compelling proposition. It can be generated from renewable sources like solar and wind power through electrolysis, splitting water molecules into hydrogen and oxygen. This clean fuel can then be used to generate electricity, power heavy industries, and fuel vehicles equipped with hydrogen fuel cells – all without releasing harmful greenhouse gasses during operation.
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Today In Energy: Empowering Women, Emerging Energies and Hydrogen Fuel