An economic analysis by Texas Oil and Gas Association (TXOGA) Chief Economist Dean Foreman shows increased employment and wages in the state’s oil and natural gas industry . Data from the U.S. Census Bureau and the Texas Workforce Commission show that direct employment in the Texas oil and natural gas industry increased 8.1 percent year-over-year (y/y ) from 445,222 jobs in the first quarter of 2022 to 482,557 jobs in the first quarter. quarter of 2023, TXOGA noted in its press release. TXOGA added that industry wages also increased significantly, increasing by 22.0 percent annually from approximately $16 billion in…
Author: Automotivedealernews.com
Norway’s Ministry of Petroleum and Energy revealed that it has received applications from 25 companies for the 2023 Predefined Area Awards (APA) licensing round. In a statement posted on its website, the ministry said it does not publish the total number of applications “for competition reasons”. The applicants included A/S Norske Shell, ConocoPhillips Skandinavia AS, Equinor Energy AS, TotalEnergies EP Norge AS and Harbor Energy Norge AS, the ministry revealed. A full list of applicants can be seen below, as described on the ministry’s website. A/S Norwegian Shell Aker BP ASA I grant AS ConocoPhillips Scandinavia AS DNO Norge AS …
Hurricane Idalia has knocked out power to hundreds of thousands of customers, grounded more than 800 flights and triggered flooding along the Florida coast, far from where it made landfall as a Category 3 storm early wednesday Idalia’s maximum sustained winds dropped to 110 miles (177 kilometers) per hour about an hour after landfall near Keaton Beach, Florida, the U.S. National Hurricane Center said in a 9 a.m. advisory, New York time. Earlier, its winds had reached 130 mph, making it a Category 4 storm on the five-step Saffir-Simpson scale, before downgrading to a Category 3 by the time it…
Rosneft PJSC CEO Igor Sechin said intermittent cuts in Russia’s oil production are holding back the development of the country’s biggest crude producer. “Rosneft has been limiting crude oil production in one way or another since 2017, which prevents the company from fully releasing its potential,” Sechin said in a statement on Wednesday after the release of the company’s operating results. The CEO is one of Russia’s most powerful businessmen and a close ally of President Vladimir Putin. Still, Rosneft is committed to the current production cuts, implemented as part of Russia’s cooperation with OPEC. The oil giant cut its…
Hurricane Idalia in the Gulf of Mexico is getting stronger, according to the US National Hurricane Center (NHC). As of 5 a.m. EDT on Aug. 30, the hurricane had maximum sustained winds of 130 miles per hour, the NHC site showed. As of 4:00 a.m. EDT, the hurricane’s maximum sustained winds were 125 mph, as of 2:00 a.m. EDT, Idalia’s maximum sustained winds were 120 mph, and as of as of 11:00 p.m. EDT on August 29, its maximum sustained winds were 110 mph. the sketched place. “Catastrophic storm surge inundation impacts of 12 to 16 feet above ground level…
Shell PLC has announced the delivery of the first gas from its Timi field platform in Malaysia, designed to produce up to 50,000 barrels of oil equivalent per day. Production is brought through a new 49.7-mile pipeline to the Shell-operated F23 production facility, the British energy giant said. Shell, whose Sarawak Shell Berhad operates the Timi field development project through a 75 percent stake in production sharing contract SK318, touted the rig as a testament to its push for a production less emissions. “Timi features Shell’s first wellhead platform in Malaysia powered by a hybrid solar and wind power system,”…
Equinor ASA has acquired a 25 percent stake in a 140,000 gross acre North American carbon capture and storage (CCS) project. “Bayou Bend is positioned to be one of the largest CCS solutions in the United States for industrial emitters, with nearly 140,000 gross acres of pore space for permanent CO2. [carbon dioxide] sequestration and gross potential storage resources of more than one billion metric tons,” the Norwegian company said in a press release. The area consists of 100,000 acres in Chambers and Jefferson counties and about 40,000 in the towns of Beaumont and Port Arthur. The project is operated…
Hurricane Idalia will intensify into an “extremely dangerous” major storm, bringing life-threatening winds and flooding as it tracks north toward Florida’s Gulf Coast. Idalia is expected to make landfall Wednesday over a wide geographic area that includes Tampa, the National Hurricane Center said in an update at 5 a.m. ET. Its center was about 85 miles (135 kilometers) north of the western tip of Cuba, with maximum sustained winds of 75 miles per hour. It is expected to move through the eastern Gulf of Mexico on Tuesday and cross northern Florida before approaching the Carolina coast on Thursday. If it…
The global push to reduce methane emissions from natural gas-related operations (from production wells to end users) and certify gas as “responsibly processed” has been accelerating and expanding. It now appears possible that within the next two to three years most gas produced in the US will be certified as responsibly sourced gas, or RSG, and that a large number of gas buyers—power generators, industrialists, exporters of LNG and local distribution companies. (LDC) among themselves: they will buy RSG, or at least move towards doing so. In addition, an RSG market is being developed (a handful of trading platforms have…
Oil rose, boosted by stocks in a choppy session, as traders weighed additional supplies from Russia against fresh Chinese economic stimulus. West Texas Intermediate rose above $81 a barrel, trading up more than 2% amid low summer trading volumes. Flows of seaborne crude from Russia soared to an eight-week high, curbing gains driven by rising equities and a move by China’s biggest banks to cut interest rates. Physical markets continue to show signs of tension. Inventories at the key storage hub in Cushing, Okla., have declined to their lowest level since January, and refined products are also trading at steep…