Tellurian has finalized an agreement to supply 3.3 million short tons of liquefied natural gas per year for 10 years from its proposed Driftwood LNG export plant in Louisiana to Royal Dutch Shell. Tellurian now has offtake commitments for 9.9 million of the 10.1 million short tons per year the first phase of the project is expected to produce, which allows it to focus next on financing the project.
The Texas Alliance of Energy Producers' Texas Petro Index was 147.2 in June, up from 143.1 in May and marking the third consecutive month of growth, portending a potential upturn in upstream activity in the state. The rig count increased from 205 in May 2020 to 219 in June, crude oil production averaged 4.82 million bpd during the month, while direct upstream employment climbed back above 160,000.
North American natural gas pipeline operators attending this month's LDC Gas Forums Northeast event in Boston gave updates on their hydrogen efforts and detailed plans to blend the fuel into existing gas pipeline systems. Williams plans to pursue hydrogen development at a nearly 100,000-acre property in Wyoming and this month received a grant from the Wyoming Energy Authority to this end, while Enbridge is studying the potential impact on customers of injecting hydrogen into gas infrastructure.
EQT's natural gas production will remain relatively unchanged over the next three to four years as it sharpens its focusing on value creation by producing greener gas, EQT CEO Toby Rice told analysts. The company is doubling down on emissions reduction technology and responsibly sourced gas to prepare for a lower-carbon future.
The fuel demand recovery driven by reopening economies helped refiners Valero Energy and PBF beat analyst expectations for second-quarter results, with Valero posting an adjusted profit of 48 cents per share, while PBF reported an adjusted loss of $1.26 per share. "We expect, as demand incrementally improves, that we could see additional crude supply enter the market which could directionally shift current headwinds to tailwinds in the commodities market," said PBF CEO Tom Nimbley.
The Securities and Exchange Commission is preparing a proposal that would require public companies to disclose climate change risk when reporting to investors. Chair Gary Gensler says he expects the proposal to be presented before year-end. "Investors today are asking for that ability to compare companies with each other," Gensler says. "Generally, I believe it's with mandatory disclosures that investors can benefit from that consistency and comparability."
The ransomware attack on Colonial Pipeline that led to gasoline shortages across the East Coast is the type of event the Biden administration wants to avoid with a more coordinated cybersecurity defense of crucial infrastructure. The effort includes developing performance goals and voluntary, sector-specific public-private partnerships, such as a partnership piloted in April among electricity utilities.
A return to pre-pandemic US oil production levels could be years away as shale operators continue to rein in spending and production growth, despite a more than 50% rise in oil prices so far this year, said oil producer Hess Corp. "Shale will not be growing at the level that it was growing at in the last five years ... it's going to be hard to get to pre-COVID levels of 13 million barrels a day probably for the next three or four years," said Hess CEO John Hess.
API-U is offering live virtual instructor-led classes designed to help you get more out of API Spec Q1, 9th Ed. and API Spec Q2. New courses are added on a regular basis in time zones across the globe. Visit the API-U Calendar and select Virtual Live Training from the location list to view all virtual course options, or search upcoming course dates by topic or training provider. To learn more about individual API-U approved training providers, visit the API-U Trainer Directory.
2021 API Cybersecurity Conference, Nov. 9-10, The Woodlands, Texas
The 16th Annual API Cybersecurity Conference & Expo and discover methods for thwarting the bad guys, what the scene looks like over the horizon and how the latest technologies can help you counter cyber espionage, address cyber warfare, and make your cyber efforts secure. Learn more.