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US rule would limit methane leaks from public lands drilling

WASHINGTON --The Interior Department on Monday proposed rules to limit methane leaks from oil and gas drilling on public lands, the latest action by the Biden administration to crack down on emissions of methane, a potent greenhouse gas that contributes significantly to global warming.The proposal by Interior's Bureau of Land Management would tighten limits on gas flaring on federal land and require energy companies to better detect methane leaks that add to planet-warming greenhouse gas pollution.The actions follow a more comprehensive methane-reduction plan announced by President Joe Biden earlier this month. The Nov. 11 proposal, announced as Biden attended a global climate conference in Egypt, targets the oil and gas industry for its role in global warming even as the president has...

Published on 12/8/2022 (54 days ago) Oil/Gas

 

Changes in federal oil and gas rules coming to Montana in 2023, upping royalties and squeezing noncompetitive sales

A makeover of federal oil and gas leasing rules, including an end to noncompetitive sales, will take root in Montana next year with an expectation that legally required quarterly lease sales resume.The Bureau of Land Management recently issued guidance for how leases will be handled under new laws created by the Inflation Reduction Act. One issue key for Montana will be an end to noncompetitive leases, the kind that go off at bargain-basement prices and often yield no production. BLM is also increasing royalty rates to 16.67%, identical to the Montana rate. The previous federal royalty rate was 12.5%.The new law also requires that renewable energy leases be part of the quarterly sale regimen.For years, conservation groups have called for an end to noncompetitive leases, which come about...

Published on 11/30/2022 (63 days ago) Oil/Gas

 

U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2020

EIA.govThe price effects of the economic slowdown following the COVID-19 pandemic contributed to reductions in U.S. petroleum and natural gas reserves in 2020. Proved reserves of crude oil and lease condensate decreased by 9 billion barrels in 2020, a decline of 19%, and proved reserves of natural gas decreased by just over 22 trillion cubic feet (Tcf), a decline of 4% (Table 1).The COVID-19 pandemic had significant effects on the reserves we report in this paper. On March 11, 2020, the World Health Organization characterized the COVID-19 outbreak as a pandemic, and on March 13, 2020, President Trump declared a national emergency in the United States. Many states imposed mandatory lockdowns and issued stay-at-home orders, and in addition to travel restrictions, people also voluntarily...

Published on 10/26/2022 (97 days ago) Oil/Gas

 

U.S. Has World’s Largest Oil Reserves

OilPrice.comThe U.S. holds more oil reserves than anyone else in the world, including Saudi Arabia, Russia, and Venezuela.That conclusion comes from a new independent estimate from Rystad Energy, a Norwegian consultancy. Rystad estimates that the U.S. holds 264 billion barrels of oil, more than half of which is located in shale. That total exceeds the 256 billion barrels found in Russia, and the 212 billion barrels located in Saudi Arabia.The findings are surprising, and go against conventional wisdom that Saudi Arabia and Venezuela hold the world’s largest oil reserves. The U.S. Energy Information Administration, for example, pegs Venezuela’s oil reserves at 298 billion barrels, the largest in the world. Rystad Energy says that these are inflated estimates because much of those reserves...

Published on 10/26/2022 (97 days ago) Oil/Gas

 

Houston, We Have an Energy Problem

Real Clear PoliticsPresident Biden’s return from Saudi Arabia with a nearly empty gas can underscores what we already knew: This administration’s energy policy is not only flailing, but incoherent. The president’s genuflection in Jeddah would have been humiliating even if it had been successful. He felt compelled to visit the very regime he called a “pariah,” to fist bump the man our intelligence agencies say ordered the murder of journalist Jamal Khashoggi, to plead with the kingdom for more oil production.All Biden got was a small increase. He’s had no luck at all acquiring more from America’s enemies, Venezuela and Iran. He’s trying hard for a very good reason. With American production deliberately stifled and Russian production sanctioned, energy supplies are tight worldwide and prices...

Published on 8/8/2022 (176 days ago) Oil/Gas

 

More than 20 Republican-led states sue Biden for canceling the Keystone XL pipeline (VOX)

In a last-ditch attempt to revive the Keystone XL pipeline, 21 states led by attorneys general from Texas and Montana have sued President Joe Biden, alleging he overstepped his presidential authority in canceling the pipeline.The lawsuit, which also names several of Biden’s Cabinet officials, argues the power to revoke Keystone XL lies with the states. In their complaint, filed March 17, Texas Attorney General Ken Paxton and Montana Attorney General Austin Knudsen allege Biden “lacks the power to enact his ‘ambitious plan’ to reshape the economy in defiance of Congress’s unwillingness to do so.”Read the Full Article At: VOX...

Published on 7/20/2022 (195 days ago) Oil/Gas

 

Biden Cancels Keystone XL Pipeline Permit (IER)

President Joseph R. Biden canceled the Keystone XL pipeline permit on his first day in office, despite the pipeline being completed at the border, the greenhouse gas emissions from the pipeline’s operation becoming carbon-free by 2023, the Canadian government supporting the pipeline, the technology advances that have resulted in a decline in greenhouse gas emissions per barrel of oil sands by 30 percent since 1990, the thousands of jobs that will be lost, and the less safe and more expensive movement by rail and truck that will be used to bring the Canadian oil into the United States instead. To make the $8 billion project more palatable for the Biden administration, Keystone XL’s owner TC Energy announced an array of initiatives to accompany the pipeline’s construction.Read the Full...

Published on 7/20/2022 (195 days ago) Oil/Gas

 

Biden administration cancels Alaska oil and gas lease sale (CBS News)

The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. The decision, which halts the potential to drill for oil in over 1 million acres in the Cook Inlet in Alaska, comes at a challenging political moment, when gas prices are hitting painful new highs.In a statement shared first with CBS News, the Department of the Interior cited a "lack of industry interest in leasing in the area" for the decision to "not move forward" with the Cook Inlet lease sale. The department also halted two leases under consideration for the Gulf of Mexico region because of "conflicting court rulings that impacted work on these proposed lease sales."Read the Full Article At: CBSNews.com...

Published on 7/20/2022 (195 days ago) Oil/Gas

 

5 big questions about the new Biden plan for offshore oil and gas leases (msn.com)

Just before the July 4 holiday, the federal agency that manages offshore energy development proposed a five-year plan for as many as 11 and as few as zero new oil and gas sites in the Gulf of Mexico and off Alaska’s coast.The proposal would clear the way for up to 10 new oil and gas lease sales in the Gulf and one in federal waters of Cook Inlet  — a significant decrease from the 47 lease sales proposed under a 2018 Trump administration draft plan.Read the Full Article At: MSN.com...

Published on 7/20/2022 (195 days ago) Oil/Gas

 

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