#oil production

[supplyside]

BP Valhall Flank West, North Sea

[hezigler]

How Joe Biden 'broke OPEC' and rewrote the rules for oil trading.

[fenrislorsrai]

ProPublica and Capital & Main reporters visited dozens of Remnant wells and tank batteries — facilities used for oil storage and early stages of processing — scattered across this rural stretch of New Mexico. Multiple sites emitted explosive levels of methane, with one leak clocked at 10 times the concentration at which the gas can explode. Several wells belched sour hydrogen sulfide at concentrations that maxed out the gas detector, registering levels three times as high as what is “immediately dangerous to life or health,” according to the National Institute for Occupational Safety and Health. Oil Conservation Division inspectors hadn’t visited some of the wells since 2017, according to agency records. - - - Based on the per-well cleanup costs Fuge’s agency submitted to the federal government, the wells belonging to Remnant and a related company could cost the state $67 million if they are orphaned. The companies have only set aside about $1.5 million in bonds across three state and federal agencies. Under current New Mexico rules, companies only need to put up a single bond worth a maximum of $250,000 — no matter how many wells they have — with the Oil Conservation Division. The failed reform bill would’ve increased that cap to $10 million. The division can request additional bonds to cover the increased risk from idle wells, but when it asked Remnant and a related company for about $3 million, the operators put up less than a tenth of that and kept pumping oil. Weak bonding rules and an unwillingness to take on the industry have created similar shortfalls across the nation. The Pennsylvania General Assembly in the 1990s, for example, forced the state’s oil regulators to hand back money that oil companies had set aside to plug wells drilled prior to 1985, which numbered in the tens of thousands of wells. Oklahoma allows oil companies that prove they’re worth at least $50,000 — about the price of one of the ubiquitous pickup trucks cruising the oil fields — to set aside no money to plug their wells. And Kansas gives companies, no matter how many wells they own, the option of paying a flat $100 annual fee instead of setting aside a bond, as long as they have not committed recent infractions. Seven out of eight companies in the state take this route, leaving an average of less than $13 in bonds for each of the state’s 150,000 unplugged wells. The state’s estimated cleanup costs — which experts said may be low — would mean the state faces about a $1 billion shortfall between the bonds and plugging costs. “Regulations that may have worked well enough in the past have left the public and the industry ill-prepared for this last phase of life for millions of old wells,” Purvis, the petroleum reservoir engineer, said. “Left unchanged, current regulations and practices will continue to accrue liabilities that will ultimately fall on taxpayers.” All told, oil drillers have set aside only $2.7 billion in bonds with the 15 states that account for nearly all the country’s oil and gas production and $204 million with the Bureau of Land Management, the main federal oil regulator. The expected cost to plug and clean up wells in those states is $151.3 billion. ProPublica and Capital & Main obtained and analyzed more than a thousand pages of states’ applications for funding to plug orphan wells as part of the Biden administration’s Infrastructure Investment and Jobs Act. The documents reveal for the first time states’ own estimates of the cleanup costs in a way that allows states to be compared. “You can give us probably the entire infrastructure act funding — $4.7 billion — and we'd probably spend that in Pennsylvania,” Kurt Klapkowski, head of the commonwealth’s Office of Oil and Gas Management, told a national meeting of regulators in October.

You should read the whole article for exactly how companies get out of paying to cap wells. Which is basically bankruptcy... and then sometimes selling the remaining producing wells to themselves to continue producing, but without that pesky cleanup for the ones tapped out. there's also a breakdown of different states and their liabilities.

The main issue with the leaking wells is methane, which aside from being potentially explosive, is also a much more potent greenhouse gas than CO2.

[workersolidarity]

🏭 OPEC ANNOUNCES FURTHER OIL PRODUCTION CUTS OF 2.2 MILLION BARRELS PER DAY

The OPEC Secretariat, on Thursday November 30th, noted the announcement of several OPEC countries of additional voluntary cuts amounting to a total of 2.2 million barrels a day, aimed at "supporting the stability and balance of oil markets."

Production cuts were calculated from the 2024 required production level as set on June 4th, 2023, and are in addition to the voluntary cuts announced in April and extended through the end of 2024.

Production cuts are being announced by the following countries:

🇸🇦 Saudi Arabia: 1'000 thousand barrels per day

🇮🇶 Iraq: 223 thousand barrels per day

🇦🇪 United Arab Emirates: 163 thousand barrels per day

🇰🇼 Kuwait: 135 thousand barrels per day

🇰🇿 Kazakhstan: 82 thousand barrels per day

🇩🇿 Algeria: 51 thousand barrels per day

🇴🇲 Oman: 42 thousand barrels per day

Starting January 1st until the end of March 2024. Afterwards, these voluntary cuts will be returned gradually, subject to market conditions.

The above amounts will be in addition to those announced by the Russian Federation of 500 thousand barrels per day for the same period, which will be made from the average export levels of the months May and June of 2023, and will consist of 300 thousand barrels per day of crude oil and 200 thousand barrels per day of refined products.

#source

@WorkerSolidarityNews

[the-psudo]

These charts are based on data from the Energy Information Agency (EIA), the government agency that the oil and gas industry relies on to provide accurate measures of US and international energy production, imports, exports, and other data. The EIA provides US oil production data compiled monthly since 1920 or compiled weekly since 1983. Both data sets are included in the above charts.

So, in summary, US oil production grew sharply starting in 2011, peaked and began to fall in 2015, bottomed out and started to recover by Oct 2016, recovered by 2018, reached an all-time peak by Feb 2020, then crashed again until Jun 2020, and has recovered ever since back to nearly the all-time peak once again.

For those that love to assign the US President all credit for oil production, there are serious upturns under Obama (2011-2016), Trump (2017-2019), and Biden (2021-present) and serious downturns under Obama (2015-6) and Trump (2020). Make of that what you will.

[mokshalifestyleinternational]

ORGANIC WORMWOOD HYDROSOL

Organic Worm Wood Hydrosol is beneficial in the treatment of skin allergies and infections. It contains antimicrobial and antibacterial chemicals that can help prevent skin allergies caused by various microorganisms, as well as rashes, itching, boils, and sweat irritation. It also provides a protective layer on the skin, limiting microbial activity. It is most suited to treating microbiological and dry skin conditions such as Eczema and Psoriasis. Wormwood Hydrosol has a calming effect on the neurological system, promoting relaxation and making the mind calmer. It also reduces stress, which is a key impediment to proper sleep, and promotes insomnia. Better and more restful sleep stems from increased relaxation and less tension. It is a potent pesticide with a strong odor that repels bugs, mosquitoes, and insects.

[indizombie]

In Venezuela, the lack of electricity and fuel is among the main challenges faced by the country’s population, according to local economists. The Venezuelan Association of Electrical, Mechanical and Related Professionals (AVIEM) noted that over the last 20 years, “Venezuela was a fully electrified country (97% coverage) and had a robust system that was an example in Latin America. Now, it lives dealing with an electrical system in operational collapse, deteriorated, difficult to recover”, according to recent information from the German broadcaster DW. Venezuelan economist Daniel Cardenas, professor of macroeconomics at the Central University of Venezuela (UCV) and the Metropolitan University of Caracas, tells BBC News Brasil that oil production between 2021 and 2022 increased from 300,000 barrels per day to around 700,000 barrels per day. However, this number is nothing compared to production in the 1990s, when the country produced more than 3 million barrels a day.

‘Why Venezuela will grow 12% in 2022 after 10 years of decline’, Goa Spotlight

[notayesmanseconomics]

UK GDP returns to growth in August

This morning has brought us the latest official news on the UK economy and it is better news. Monthly real gross domestic product (GDP) is estimated to have grown by 0.2% in August 2024, after showing no growth in July 2024 (unrevised from last publication). So the UK economy returned to growth in August after June and July were both 0%. That is consistent with the various business surveys that…

[factcheckdotorg]

Biden's Numbers, October 2023 Update

Today we take a look at the most recent statistical measures of how the U.S. has changed since President Biden took office.

[imkeepinit]

Trump calls on Russia and Saudi Arabia to cut oil production

[morganablenewsmedia]

Oil Theft to End Soon, Vows CDS, Christopher Musa

Oil Theft to End Soon, Vows CDS, Christopher Musa As joint security operation seeks to end the menace He assures the public that oil theft in the region deterring the Nation’s economic growth and expansion, will be laid to rest in three months. Chief Of Defense Staff, General Christopher Musa This assurance came after the Federal Government has ordered the security operatives to curb the illegal…

[ennovance]

World’s largest oil company @aramco bets on the enduring power of petrol

Saudi Aramco says combustion engines will be around for ‘very, very long time’ after Horse Powertrain investment

Saudi Aramco last year bought US lubricant brand Valvoline for $2.65bn, and all engines produced by Horse will have their “first fill” with Valvoline products. 

https://www.ft.com/content/a3019ce4-be91-4dc8-83c5-489f18bf56cf #chemicals #esg #oott #energysecurity

@bp_plc raises forecasts for oil and gas demand as clean energy switch slows

https://www.ft.com/content/38d03e16-6954-4589-aae1-94af7fbef23f

[millennialskin]

Skin Changes During Pregnancy: A Millennial's Guide

Pregnancy is a remarkable journey that brings a myriad of changes, not just to your life but to your skin as well. For millennials navigating the path of motherhood, understanding these transformations can help in embracing and caring for your evolving skin. Moreover, the old wives’ tale suggesting that the gender of your baby influences these skin changes adds an intriguing layer to the…

[head-post]

Iran signed major deals to develop six oil fields

Iran signed an agreement to develop six oil fields in the south and west, a week after signing $20 billion worth of contracts to boost pressure in the colossal South Pars gas field, according to bne IntelliNews.

The oil deals with local private companies worth more than $13 billion in investments are aimed at boosting Iran’s 3.45 million barrels per day (bpd) crude production. They were signed in Tehran during a ceremony attended by First Vice President Mohammad Mokhber and Oil Minister Javad Owji.

The oil fields include Azadegan and Masjed Soleyman in southern Khuzestan province, Azar in western Ilam province, as well as Sumar, Saman, and Delavaran in western Kermanshah province. Owji stated that the contracts would add another 400,000 barrels to Iran’s daily oil production. The project includes drilling 357 new oil wells. It is expected to create 60,000 direct and indirect jobs in the oil-rich province.

Azadegan, the tenth largest oil field in the world, is estimated to contain about 32 billion barrels of crude oil worth $2.6 trillion. Under normal circumstances, only 6% of its oil reserves can be extracted there.

Without advanced technology, 94% of the giant oil field’s reserves will forever remain unexploited deep underground. China’s leading oil company China National Petroleum Corp (CNPC) initially took over to increase pressure on the inefficient field, but abandoned the project.

Read more HERE