And just to show his resolve, the president also directed the Office of Management and Budget to "eliminate fossil fuel subsidies from the budget request for FY 2022 and thereafter.". President Bidens aspirations to be the best American president on the environment are laudable and attainable. New technologies, namely fracking and horizontal drilling, have led to the exploitation of reserves that were previously inaccessible. What Will Biden's Paris Decision Mean for US Oil and Gas? Last years increase in the United States was one of the largest absolute petroleum and natural gas production increases from a single country in history. Is the resource curse resonating over our oil and gas sector? Frontera Energy Corporation yesterday disclosed that a total of 32 drill prospects have been identified in the offshore Corentyne and Demerara blocks. The ePaper edition, on the Web & in stores for Android, iPhone & iPad. That is a task easier said than done. Quotes displayed in real-time or delayed by at least 15 minutes. Admitting that it blundered on critical aspects of the petroleum sector, the opposition yesterday offered support to the government for a united stand in dealing with ExxonMobil to correct deficiencies and it also launched a scorching attack on plans for a gas to shore project at Wales. Table 1 shows various estimated GDP growth rates data for Guyana in 2020. In our efforts to address COVID- 19 and per direction from the Governor's Office, the Division of Oil, Gas and Mining is implementing teleworking where possible. Oil & Gas News by RIGZONE - leading source of the latest news and insights for the oil & gas industry. All the latest news and commentary on the new Guyana Oil and Gas sector include exploration, drilling, policy, impact and more. But 2020 wreaked havoc on the oil and gas industry. Introduction Texas Gov. And just when we thought it could get no worse, a frigid mid-February storm knocked out electricity all across Texas, resulting in one of the biggest oil production disruptions in recent history. In that sense alone, the presidents decision was premature, ill-advised and could prove to be one of his worst. CHEYENNE, Wyo. Comments she requested that the school disclose who is funding research related to oil and gas, coal, carbon capture and climate change, as Domestic oil production has increased steadily over the last ten years. Following last week, todays column continues to provide recommendations in regard to the three crucial key policy choices that I identify, which will be confronting the Government of Guyana, GoG, in the coming decade. All rights reserved. Democrats need beware of such a road which takes them through decimated downtowns in rural Louisiana, Texas, Oklahoma, Pennsylvania and West Virginia. Quotes displayed in real-time or delayed by at least 15 minutes. More than five years after bursting into the global oil & gas spotlight following the discovery by a consortium led by the US oil giant ExxonMobil of an excess of 8 billion barrels of oil off the countrys coast, the Guyanese populace as a whole still know shockingly little about the industry as a whole or about when or how the country will be impacted by the returns from a sector which we are told will remove the country from the condition of impoverishment in which it has been caught fast for more than half a century. Legal Statement. Todays column shifts focus from determining direct impacts on oil production, price, government revenue and their consequential effects on GDP arising from the 2020 general crisis (as I have portrayed this process) on Guyanas infant oil and gas sector towards gauging impacts, going forward, on the leading transnational producer grouping in this sector: ExxonMobil and partners. And so President Biden, who is fond of homespun wisdom from his hardscrabble days in Scranton should heed some sage advice: You dont kick a man when he is down, and you certainly dont bite the hand that feeds you. The COVID pandemic cost Exxon Mobil over $22 billion, BP nearly $6 billion and Chevron $5.5 billion in lost profits according to company reports. Today, the United States meets nearly all its energy needs through domestic production. NC State researchers say the move poses numerous threats. As Breitbart News reported, Bidens call during the campaign to transition [away] from the oil industry caused alarm in New Mexico, leading then-Rep. Xochitl Torres Small (D-NM) to distance herself from Bidens position. Qatar Sends First Oil Cargo to UAE After Restoring Ties; Eni Closes Agreement to Restart Damietta Liquefied Natural Gas Plant; APA, Total Conclude Drilling at Keskesi East-1 Well before Reaching Neocomian Targets You can also post comments, and manage your email subscription. As the global price for crude oil continues to rise steadily, Guyana has received the highest rate since petroleum production began offshore in December of 2019, averaging US$61 per barrel on its latest and fifth lift of one million barrels. All the latest news and commentary on the new Guyana Oil and Gas sector include exploration, drilling, policy, impact and more. TUCKER CARLSON: THE GREAT TEXAS CLIMATE CATASTROPHE IS HEADING YOUR WAY. Arguably, it is not where the majority of Americans, including the 80 million that voted for Democrats,stand on energy policy. But he has notably "gone easier on another The COVID pandemic and economic recovery rightfully rank high on President Bidens agenda. Addressing climate change through an abrupt demarche on a jobs-rich project should be way down Bidens to-do list, if at all. If you have business with the Division, please call or email before coming in The United States has become the worlds largest producer of both oil and gas, leading Saudi Arabia in 2018 and Russia in 2011. ExxonMobil yesterday confirmed that the third stage flash gas compressor that malfunctioned recently and other key parts from the offshore Liza Destiny Floating Production, Storage and Offloading (FPSO) oil platform have arrived in Germany and are being disassembled for inspection and assessment. But the campaign by anti-Big Oil activists to excise or expel them from the American or global economy, if even possible, is foolhardy and the president should not be guided by such folly. Middle East's Largest Energy Portal, which delivers latest news, data, analysis and opinion for the region's Energy Professionals. President Bidenacknowledged on January 27 that the oil and gas industry "helped build this country." Proponents argue the According to the suit, California regulators approved nearly 2,000 new oil and gas permits without proper environmental review. There is no dearth of pressing policy problems in America today. Under the best of circumstances in a post-COVID economy creating the volume of jobs Mr. Biden references relies on a high degree of cooperation from counties, cities and states. And their hands are anything but clean when it comes to exploiting poor, minority and indigenous people in the developing world, especially Africa. Before any gas-to-shore project is embarked upon, a detailed feasibility study is needed along with an analysis of whether renewable energy might not be a better option, according to former presidential advisor on petroleum Dr Jan Mangal. Stay updated with Oil news, energy news, gas news through: articles, blogs, videos, project updates and interviews with movers and shakers of oil, gas and energy sector. It is one thing to embrace the principles of the Green New Deal in the throes of a tight primary election. Learn more. And now, the advent of tighter regulations threatens to depress earnings even further. Buxo Guyana Incorporated (BGI) is seeking to prequalify persons from Guyana with relevant experience in offshore drilling activities, maritime service and administration to fill over 70 vacancies at the company. Since Guyanas first commercial oil discovery in 2015, I have steadfastly urged a strongly bullish outlook on its potential petroleum resources. Included free with your web subscription. When the Texas power grid buckled under the strain of worse-than-expected winter cold, Texas Gov. Mangal says Guyana has to choose between gas and renewable energy options. It was a gut-punch to the energy industry, which has been grist for millions of American jobs and the backbone of the U.S. economy for the better part of the last century. All red states but one. Swinging the energy policy pendulum all the way to the left will have serious consequences for Biden, Democrats and the country, maybe not today, but certainly in the near future. Greg Abbott (R) went on Fox News and blamed frozen wind turbines for what was mostly a problem with natural gasfueled power supply. Market data provided by Factset. Notable goals to be sure. ExxonMobil yesterday announced that the repaired and upgraded flash gas compressor and silencers for the Liza Destiny floating production, storage and offloading (FPSO) platform have arrived offshore Guyana for reinstallation. Subsea.Org is the leading oil and gas industry company directory and search engine providing industry professionals with a massive collection of industry information on oil and gas companies, products, projects, pipelines, drilling rigs, subsea jobs and careers, oil and gas jobs, conferences, events and exhibitions, news and other useful technical information. ExxonMobil yesterday said that the reassembly of the Liza Destiny oil platforms flash gas compressor has been completed and is now being prepared for testing at the MAN Energy Solutions workshop in Germany. Dan Patrick on the state's energy crisis: 'We'll be in good shape by tomorrow', one of the biggest oil production disruptions in recent history, Health Network CEO Robert Garrett: COVID can be defeated -- here's why I'm optimistic, Tom Del Beccaro: Newsom must go here's what California needs from its next governor, Newt Gingrich: Speaker Pelosi, tear down this fence around US Capitol. Only one active session is allowed per subscriber. The U.S. Department of the Interior has approved a plan to auction off leases for oil and gas development in the refuge. Net imports, mainly petroleum, accounted for less than 4% of the total U.S. energy supply in 2018, versus 26% a decade earlier. Dan Patrick reacts to the state's energy crisis after it was ravaged by a winter storm. Introduction Why three strategic decisions are a must before the decades end, Exxon touts growing dividends, cutting spending as climate challenges loom for Big Oil, Exxon seeking more shore based facilities, Exxon flash gas compressor undergoing tests by German manufacturer, Gauging impacts of the 2020 crisis on the oil-producing companies, Opposition offers support to govt in facing down ExxonMobil, Exxon Mobils total reserves drop by a third after COVID-19 oil price drop, Exxon says faulty gas compressor reassembled, testing to be done, Adams says cut of 15,000 barrels can bring Exxon into compliance, Recruiter seeking to fill 70 oil and gas positions, Using downward adjusted 2020 growth rates as proxy measure of adverse economic impacts, Shutting down operations will motivate Exxon to solve problems quickly, Exxon considering technical upgrades to faulty equipment, Thirty-two oil drill prospects found in Corentyne and Demerara blocks, FPSO compressor arrives in Germany for inspection. Get the recap of top opinion commentary and original content throughout the week. But resetting American energy policy is a complex challenge that will require more than regulation. As Chevron CEO Michael Wirth noted: " Oil is an enormous part of the energy economy today and will be for a long time to come. Texas Lt. Gov. With most of us on travel lockdown, demand for all fuel types fell to record lows. IN THE NEWS OGM COVID-19 Response. All rights reserved. Guyanas Infant Oil & Gas Sector: Should it aim at becoming a global swing-producer? ", Remember that the second part of the presidents promise, after defeating fossil fuels, is delivering on millions of "good-paying jobs.". Were going to do right by them, make sure they have opportunities to keep building the nation in their own communities and get paid well for it.". While private sector firms and investors may be facile, government bureaucracies just dont tend to move that fast. Powered and implemented by FactSet Digital Solutions. The U.S. pumped over 2 billion barrels more of crude oil in 2019 than in 2009. Lets be honest. Oil and gas imperialism at one point replaced erstwhile colonial structures of a bygone era. The oil, gas and chemicals industry in the U.S. eliminated over 107,000 jobs over three-quarters of them just in 2020 alone. Former Executive Director of the Environmental Protection Agency (EPA) Dr Vincent Adams on Saturday said ExxonMobil only needs to cut back oil production by 15,000 barrels of oil per day (bpd) from its last given figures of 120,000 bpd in order to bring flaring into compliance with the Liza-1 permit. A path that seeks to partner with companies that have invested billions in infrastructure and innovation over decades. Africa Oil+Gas Report is the premier source of energy intelligence and hydrocarbon trend interpretation on the African market. In addition to conservation and consumption changes, America needs to engage in a frank conversation aboutthe real cost and consequences of eliminating fossil fuels from our everyday life. Energy policy may be one of the few areas where such comity can be achieved by working with Red State governors and Senators. 2021 FOX News Network, LLC. Mutual Fund and ETF data provided by Refinitiv Lipper. Get Cabot Oil & Gas Corp (COG:NYSE) real-time stock quotes, news, price and financial information from CNBC. Guyana News Guyana earns US$61m from latest oil lift And yet, one of his first official actions was to stop the Keystone XL pipeline cold in its tracks and to sign an Executive Order that will "pause new oil and natural gas leases on public lands" indefinitely. Powered and implemented by FactSet Digital Solutions. A FREE roundup of top news from Guyana you might otherwise miss. Mutual Fund and ETF data provided by Refinitiv Lipper. 2021 FOX News Network, LLC. The former Executive Director of the Environmental Protection Agency (EPA) Dr. Then he savaged the Electric Reliability Council of Texas (ERCOT), which manages the Texas-only power grid. HOUSTON, (Reuters) Exxon Mobil Corp today unveiled plans to grow dividends and curb spending with projections that were muted from previous years after the top U.S. With projections for the production of 220,000 barrels of oil per day from 2023 and 500,000 by 2025, ExxonMobil yesterday said that the Houston, East Bank Demerara shore base alone will not suffice and has advertised for firms to show their onshore support services capabilities. It is another thing to allow the AOC wing of the Democratic Party to drive American energy policy for the foreseeable future, especially at the expense of a valuable industrial sector. He promised on his seventh day in office that "were never going to forget the men and women who dug the coal and built the nation. He served in senior legal and policy roles in the U.S. House of Representatives and the Federal Communications Commission. -- Wyoming lawmakers are considering a bill that would cut severance taxes paid by oil and gas companies from 6% to 3%. or redistributed. Latest News. Adonis Hoffman is CEO of the Advisory Counsel, LLC. Demonizing oil, gas and coal does not restore or replace good-paying jobs that have sustained thousands of Americans for decades. Engineers working on Exxons oil platform compressor which malfunctioned again last month are considering technical recommendations for upgrades, as flaring offshore continues and the company again assured all was being done to swiftly remedy the issue. We offer peerless perspectives and insights on policy issues and technical innovation in the African oil and gas industry. Legal Statement. (Reuters) Exxon Mobil Corps global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said yesterday. Pipeline Oil and Gas Magazine brings latest Oil, Gas and Energy news from across the globe. More than anyone, President Biden knows the value of bipartisanship and compromise. Market data provided by Factset. How Oil and Gas Drilling Could Disrupt the Arctic National Wildlife Refuge. In 2018, crude comprised nearly 25 percent of total U.S. energy production. This material may not be published, broadcast, rewritten, or redistributed. Fossil fuel companies surely should be chastened for their legacy of environmental spoliation and racism. The transition from fossil fuel to clean energy will be neither short nor simple. "CalGEM routinely violates its duty to conduct an initial study and further environmental review for any new oil and gas well drilling, well stimulation, or injection permits and approvals," the suit alleges. And natural gas accounts for more than one third of total energy production. TEXAS ICE STORM DAMAGES TREES, LEAVES OVER 58,000 WITHOUT POWER. The leases account for about one quarter of annual U.S. production and most acutely impact several Western states, namely Colorado, Utah, Wyoming, North Dakota and New Mexico. Introduction Trending Now . Yet today the state is alarmed by newly-inaugurated President Bidens 60-day suspension of oil and gas leasing. The oil, gas and chemicals industry in the U.S. eliminated over 107,000 jobs over three-quarters of them just in 2020 alone. Introduction Testing has begun on the faulty flash gas compressor which had to be resent to the manufacturers in Germany last month, ExxonMobil stated yesterday while reiterating that flaring continues daily offshore at some 16 million cubic feet of gas per day. It is designed to give readers an informative overview of the month's major industry news while focusing on market reviews, product and technical information, directories, events and objective profiles. Delivered every morning. -says key insurance document still to be signed 2016 ExxonMobil Guyana Petroleum Contract, 1999 ExxonMobil Guyana Petroleum Contract, Tullow Guyana B.V. and Eco (Atlantic) Oil and Gas, Inc Contract, CGX Resources Production Sharing Agreement. This material may not be published, broadcast, rewritten, It would seem that a prudent strategy for our sustainable energy aspirations is one that embraces, not excoriates, big oil and gas. CLICK HERE TO READ MORE FROM ADONIS HOFFMAN. If we are to achieve energy independence, then it will require the capacity, complicity and cooperation of legacy energy companies. You've successfully subscribed to this newsletter! Oil and gas are not one of them. NEWS. zion oil & gas usa 12655 n central expy ste 1000 dallas, tx 75243-1714 phone: (888) 891-9466 phone: (214) 221-4610 fax: (214) 221-6510 President Biden's actions are all as part of an about-face on U.S. energy policy intended to decelerate dependence on oil and gas and concentrate on clean, green alternatives. Log in for full access to stabroeknews.com.