U.S. clean energy jobs rose 3.9 percent from 2021 to 2022, with every state posting growth to outpace the overall increase in energy employment, the Department reported Wednesday of Energy (DOE). Jobs aligned with a net-zero future totaled three million last year, increasing by more than 114,000 from 2021 and accounting for 40 percent of total energy jobs by 2022, according to the “Report of DOE’s “U.S. Energy and Jobs 2023.” In electric power generation, the solar and wind segments emerged as the main generators of jobs with more than 346,000 and nearly 126,000 people employed, respectively. “Clean energy electricity…
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The European Union may have to rely on sanctions to deal with rising imports of Russian liquefied natural gas to comply with its ban on all fossil fuel shipments from Moscow by 2027, according to a leading think tank. An outright embargo on flows from Russia’s Yamal LNG plant has so far been politically unpalatable in Brussels, but the EU has several avenues to curb imports, including using its new mechanism to coordinate purchases fuel sets, Brussels-based Bruegel analysts said in a report. report Other options include soft sanctions that discourage new purchases but do not break existing supply contracts,…
Oil edged higher in a choppy session as traders weighed the outlook for central bank interest rates against positive signs from the world’s biggest economy. US data on Thursday showed a resilient economy and labor market, indicating potentially strong demand for crude oil. But the reports also raise the likelihood that the Federal Reserve will continue to raise interest rates. Fed Chairman Jerome Powell has added to the price glut by saying at least two interest rate hikes are likely to be needed this year to keep inflation down. Benchmark US crude is on track for its first consecutive quarterly…
Wood Mackenzie has announced that TotalEnergies was named the most admired explorer in the upstream industry and received the Discovery of the Year award in the 15th annual Wood Mackenzie Exploration Survey. The survey gathers views from across the exploration industry and asks respondents to identify which explorer, other than their own company, they most admire, Wood Mackenzie noted in a statement sent to Rigzone. TotalEnergies received the Discovery of the Year award for Venus in Namibia, in partnership with QatarEnergy, Impact Oil & Gas and NAMCOR, Wood Mackenzie noted in the statement. “For the third time in our industry-leading…
In a statement sent to Rigzone on Wednesday afternoon, Saipem revealed that it has been awarded two new contracts worth about one billion dollars. The contracts include an engineering, procurement, construction and installation (EPCI) agreement for offshore activities in the Middle East awarded by Saudi Aramco under an existing long-term agreement (LTA) between the companies, and an agreement for the development of underwater drones. in Brazil with Petrobras, Saipem emphasized. The scope of work under Aramco’s agreement includes the engineering, procurement, construction and installation of five subsea platforms and associated pipelines, flowlines and cables in the Marjan field, offshore Saudi…
A new Biden administration plan to ensure oil companies have enough money set aside to clean up old offshore rigs is being touted as a potential blow to domestic energy production, as well as dozens of independent companies that they extract crude oil from the Gulf of Mexico. The proposed rule advanced by the Interior Department’s Office of Ocean Energy Management marks the latest attempt to ensure taxpayers aren’t stuck paying more than $40 billion in estimated decommissioning costs, until all if current and past owners file for bankruptcy protection. The federal government has struggled for years to establish financial…
Executives from 151 oil and gas companies have forecast where the West Texas Intermediate (WTI) price will end up this year as part of the Dallas Fed’s latest energy survey. When asked in the second quarter survey what they expected the price of WTI crude oil to be at the end of 2023, the average response in the survey was $77.48 per barrel. The poll’s low forecast was $60 per barrel, while the high forecast was $100 per barrel. The price of WTI during the survey was $69.89 per barrel, the survey noted. In the Dallas Fed’s first-quarter energy survey,…
Hess Midstream LP has said it is increasing shareholder returns by buying back $100 million of Class B units in its sponsor companies. A definitive agreement has been entered into for the repurchase of more than 3.35 million shares by Hess Corp.’s subsidiary Hess Midstream Operations LP. and Global Infrastructure Partners, Hess Midstream LP said in a news release Tuesday. “We continue to execute a unique and differentiated financial strategy, prioritizing the consistent and continued return of capital to shareholders,” Hess Midstream LP Chief Financial Officer Jonathan Stein said in the announcement. “The unit repurchase transaction is expected to provide…
Chad Spencer, CEO of Houston-based Hazeltine Executive Search Partners (HESP), a member of the Sanford Rose Associates Network, described which companies “tended to thrive and actively recruit in low oil and gas price environments.” in a statement sent to Rigzone. . Integrated oil businesses are one example, Spencer said, calling them “a beacon of resilience.” “Integrated oil companies, with their diversified operations spanning exploration, production, refining and marketing, have consistently shown resilience in tough times,” Spencer told Rigzone. “While cost-cutting measures may be implemented, these companies often prioritize strategic procurement in areas such as research and development, refining and technological…
The Fiscal Responsibility Act (FRA) revived the Mountain Valley Pipeline’s (MVP) prospects for completion this year, but prospects for new projects to carry large-scale natural gas to the Northeast beyond MVP have not changed What has changed, however, is how Appalachian producers focused on natural gas are responding to pipeline constraints and lower prices. Gone are the days of drilling with abandon, crushing supply prices and assuming the necessary pipeline capacity will eventually be built. Instead, producers have shown a willingness to slow drilling activity, delay completions and choke short-term producing wells to manage their inventory during periods of lower…