Fixing leaks at 30 super-emitting oil and natural gas facilities in the Permian Basin could immediately eliminate 110,000 short tons of methane emissions annually and prevent $26 million per year in wasted gas, according to a report from the Environmental Defense Fund and Carbon Mapper. "The magnitude of emissions coming from a handful of methane sources in one of the top oil and gas producing regions illustrates the opportunity to make significant near-term progress toward the stated methane reduction goals of the US, other countries and companies around the world," said Carbon Mapper CEO Riley Duren.
Oilfield service majors Halliburton and Schlumberger swung back to profitability in 2021, reporting profits of $1.5 billion and $1.9 billion, respectively, for the full year, while Baker Hughes trimmed losses to $330 million, compared with $15.8 billion in 2020. "Despite the expected slowdown in the pace of growth, we believe that continuing broader macro recovery will translate into rising energy demand in 2022 with oil demand likely recovering to pre pandemic levels by the end of the year," said Baker Hughes CEO Lorenzo Simonelli.
A Texas Independent Producers and Royalty Owners Association analysis shows that from November to December, 3,000 jobs were added to the state's upstream sector, for a total of 188,700 -- increasing for the eighth consecutive month.
The total tonnage that moved through the Port of Corpus Christi in Texas increased 4.7% year over year to a record 184.4 million short tons in 2021, driven by 81.2% growth in liquefied natural gas shipments to 17.3 million short tons, the port said. Crude oil exports from the port also rose slightly from 2020 levels to a record 1.76 million barrels per day on average.
The US produced 77.14 quadrillion British thermal units of fossil fuels in 2021, up 2% from 2020, and volumes are on track to hit a fresh record in 2023 as the upward momentum is sustained, according to the Energy Information Administration. US dry gas, crude oil and natural gas plant liquids production is expected to increase by 2%, 5% and 4%, respectively, in 2023, after anticipated gains of 3%, 6% and 9% in 2022.
The House Oversight Committee is calling board members of ExxonMobil, Chevron, Shell and BP to testify at a Feb. 8 hearing, the second appearance the industry is set to make before the panel as part of an investigation into its public information campaign about climate change. "One of the reasons we want the board of directors to testify is we want to ensure that they and the companies are being accurate about the climate pledges and they're actually taking action consistent with those pledges," said US Rep. Ro Khanna, D-Calif., chair of the panel's environment subcommittee.
Feed gas flows to Venture Global's Calcasieu Pass liquefied natural gas export facility in Louisiana have jumped to 88 million cubic feet per day on Friday, up from roughly 38 MMcf/d the week before, Refinitiv data show, signaling that first LNG production could begin soon. The facility is expected to begin commercial operations later this year.
The US oil and natural gas rig count edged up by three to 604 last week, as drillers idled one oil rig and added four gas rigs, Baker Hughes reported. However, as the backlog of drilled but uncompleted wells is consumed, "rig activity across the five largest U.S. oil plays would need to increase by (about) 12 weekly over next eight weeks to reach a sustainable plateau to hold current oil volumes in 2022," analysts at Mizuho said.
The increasing number of satellites and their new technologies are providing detailed data and images from volcanic eruptions, including the explosive Jan. 15 outburst of the Hunga Tonga-Hunga Ha'apai volcano off Tonga's coast in the southern Pacific, researchers say. The satellites help scientists observe activity such as the scale of eruptions in remote areas, the spread of volcanic ash and changes in terrain.
Oil production in Argentina last month reached the highest level since October 2012 as output jumped in the Vaca Muerta shale formation, officials said. The country produced 559,000 barrels of oil per day and 129 million cubic meters of natural gas per day in December.