/PRNewswire / -- A coalition of America's oil and natural gas producers today released the findings of a major research initiative, which concludes enacting new federal regulations - especially related to hydraulic fracturing - could have disastrous economic consequences and increase our dependence on foreign oil.
Project BRIEF - Bringing Real Information on Energy Forward - covers the history and progress of effective state regulation of energy development, the proper role of the federal government and the economic consequences of changes to existing regulatory frameworks. To highlight these findings and educate the public, the coalition also launched a new website: www.EnergyInDepth.org.
"Project BRIEF's scope is unprecedented, and its findings are stark," said Lee Fuller of the Independent Petroleum Association of America, one of the coalition organizers which represents the 5,000 smaller, independent producers that drill 90 percent of America's wells. "Implementing new federal regulations that threaten domestic energy production and increase costs - without creating any additional environmental benefits - is the wrong policy course for the country."
America's natural gas and oil producers provide massive contributions to our economy, and play a critical role in ensuring America's energy needs are met. Saddling them with new, unnecessary and ineffective regulations could put them out of business, destroy jobs and increase our dependence on foreign energy. That's especially true if Congress moves forward with plans to target hydraulic fracturing, a safe and common production technology that renders possible the efficient extraction of energy resources from shale rock.
Key Findings of Project BRIEF:
-- 1.2 million Americans are directly employed by domestic oil and natural gas producers
-- In 2007, the industry invested a record $226 billion in domestic exploration and production, and paid landowners $30 billion in royalties
-- Potential new regulations now circling around Washington could:
-- Force the closure of more than half of America's oil wells and a third
of our gas wells
-- Cost the federal government $4 billion in revenue; state treasuries
would lose $785 million
-- Slash domestic oil production by 183,000 barrels per day; natural gas
by 245 billion cubic feet per year
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Showing posts with label production. Show all posts
Showing posts with label production. Show all posts
Wednesday, May 6, 2009
Monday, February 2, 2009
John W. Rich, Jr: OPEC Plot Could Siphon 15-20% of Stimulus Dollars to Offshore Oil Suppliers' Bank Accounts
/PRNewswire-USNewswire/ -- Congress's trillion dollar economic stimulus plan fails to address one of the primary threats to our future economic stability: OPEC's plan to push oil prices up which will siphon hundreds of millions of stimulus dollars to the offshore oil producers, according to John W. Rich, Jr., a leader in the waste coals to liquid transportation fuels field.
"Just recently, OPEC announced plans to cut production by 4.2 million barrels a day and has stated its goal is to get oil prices back to $75 per barrel. If OPEC succeeds in getting oil prices back up, that could mean that more than 15 or 20% of the new stimulus dollars would simply be exported to foreign oil producers' bank accounts which will further diminish, not stimulate, our economy," said John W. Rich, Jr. "Congress should not ignore the problem with OPEC and prepare a stimulus bill that could essentially be a direct deposit of billions of dollars into foreign oil suppliers' pockets."
Oil spiked to $147 per barrel last summer, driving gas prices to nearly $5 per gallon and crippling our economy. If OPEC succeeds in driving the $30 per barrel price ($300 million per day) of a month ago to $75 per barrel, that would mean the U.S. would be exporting another $450 million per day for a total of $750 million per day to the offshore oil suppliers.
John W. Rich, Jr. has been a leader in the energy sector for decades and he is the CEO of WMPI PTY, LLC in Gilberton, PA. For over a decade his company has been leading the drive to build a waste coal to liquid transportation fuels industry in the United States. Rich is proposing utilizing new technology for the gasification of existing waste coal intermingled with traditional biomass feedstock to produce an abundant supply of domestic liquid transportation fuels that will displace the foreign oil we are importing.
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"Just recently, OPEC announced plans to cut production by 4.2 million barrels a day and has stated its goal is to get oil prices back to $75 per barrel. If OPEC succeeds in getting oil prices back up, that could mean that more than 15 or 20% of the new stimulus dollars would simply be exported to foreign oil producers' bank accounts which will further diminish, not stimulate, our economy," said John W. Rich, Jr. "Congress should not ignore the problem with OPEC and prepare a stimulus bill that could essentially be a direct deposit of billions of dollars into foreign oil suppliers' pockets."
Oil spiked to $147 per barrel last summer, driving gas prices to nearly $5 per gallon and crippling our economy. If OPEC succeeds in driving the $30 per barrel price ($300 million per day) of a month ago to $75 per barrel, that would mean the U.S. would be exporting another $450 million per day for a total of $750 million per day to the offshore oil suppliers.
John W. Rich, Jr. has been a leader in the energy sector for decades and he is the CEO of WMPI PTY, LLC in Gilberton, PA. For over a decade his company has been leading the drive to build a waste coal to liquid transportation fuels industry in the United States. Rich is proposing utilizing new technology for the gasification of existing waste coal intermingled with traditional biomass feedstock to produce an abundant supply of domestic liquid transportation fuels that will displace the foreign oil we are importing.
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Thursday, December 18, 2008
OPEC Attempts Shock Therapy for Declining Demand: Abraham Energy Report
/PRNewswire-USNewswire/ -- The Abraham Energy Report today issued a special analysis to subscribers of OPEC's decision Wednesday to cut production by 4.2 million barrels per day.
A special Web-only bulletin from the Abraham Energy Report (AbrahamEnergyReport.com) advises subscribers that "the cut is the largest the organization has attempted at one time in its history to date" and that the "agreement was swift with little apparent dissention."
The recent collapse in oil prices by almost $100 per barrel is a symptom of the slowing economy. "Global oil demand is now certain to shrink in 2008 for the first time in 25 years, and a consensus is developing around the notion that demand will fall next year as well," the Report said.
The Report also noted OPEC had to take action. "After some months of relative inaction, OPEC now appears to be racing ahead once again in an attempt to catch up with a declining market. But bringing supply and demand into better balance next year will still prove to be tricky, especially in the first half of 2009 when demand could be its weakest. In addition to the uncertain global economic outlook, the big wild cards in this deck now appear to be the size of the growing inventory overhang, the degree of OPEC compliance with the agreed cuts, and the uncertain outlook for non-OPEC supplies."
The Report also discussed the question of compliance by OPEC members. "If the latest round of cuts succeeds in shocking the market and nudging prices upward, revenues will improve and possibly make compliance an easier pill to swallow. On the other hand, higher prices could prove to be a strong temptation to produce more, and lead to quota busting. This will be especially true for Venezuela, Iran, Nigeria and Ecuador, as well as Russia, who are all facing difficult political choices at home.
"As a result, it's possible that we could see a considerable amount of seesawing in prices and OPEC output over the course of next year. OPEC also has to be wary of the world's fragile economic condition. Some in OPEC view the drop in oil prices as their contribution to economic recovery, and some may be better prepared and able to live with relatively low prices for a year or two.
"OPEC may have some limited success in preventing prices from falling much further, but it seems doubtful that they will succeed in raising prices to $75 per barrel anytime soon. Sustained higher prices may only be possible when the global economy shows definite signs of recovery and renewed growth," the Report concludes.
The Abraham Energy Report's analysis by Contributing Editor John Brodman is available on its Web site at AbrahamEnergyReport.com.
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A special Web-only bulletin from the Abraham Energy Report (AbrahamEnergyReport.com) advises subscribers that "the cut is the largest the organization has attempted at one time in its history to date" and that the "agreement was swift with little apparent dissention."
The recent collapse in oil prices by almost $100 per barrel is a symptom of the slowing economy. "Global oil demand is now certain to shrink in 2008 for the first time in 25 years, and a consensus is developing around the notion that demand will fall next year as well," the Report said.
The Report also noted OPEC had to take action. "After some months of relative inaction, OPEC now appears to be racing ahead once again in an attempt to catch up with a declining market. But bringing supply and demand into better balance next year will still prove to be tricky, especially in the first half of 2009 when demand could be its weakest. In addition to the uncertain global economic outlook, the big wild cards in this deck now appear to be the size of the growing inventory overhang, the degree of OPEC compliance with the agreed cuts, and the uncertain outlook for non-OPEC supplies."
The Report also discussed the question of compliance by OPEC members. "If the latest round of cuts succeeds in shocking the market and nudging prices upward, revenues will improve and possibly make compliance an easier pill to swallow. On the other hand, higher prices could prove to be a strong temptation to produce more, and lead to quota busting. This will be especially true for Venezuela, Iran, Nigeria and Ecuador, as well as Russia, who are all facing difficult political choices at home.
"As a result, it's possible that we could see a considerable amount of seesawing in prices and OPEC output over the course of next year. OPEC also has to be wary of the world's fragile economic condition. Some in OPEC view the drop in oil prices as their contribution to economic recovery, and some may be better prepared and able to live with relatively low prices for a year or two.
"OPEC may have some limited success in preventing prices from falling much further, but it seems doubtful that they will succeed in raising prices to $75 per barrel anytime soon. Sustained higher prices may only be possible when the global economy shows definite signs of recovery and renewed growth," the Report concludes.
The Abraham Energy Report's analysis by Contributing Editor John Brodman is available on its Web site at AbrahamEnergyReport.com.
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Thursday, November 13, 2008
Chevron Announces First Oil From Blind Faith Field in Gulf of Mexico
(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today announced that it has started crude oil production from its Blind Faith Field in the deepwater Gulf of Mexico. First oil from Blind Faith was achieved on Nov. 11, 2008. Daily production is expected to ramp up to approximately 65,000 barrels of crude oil and 55 million cubic feet of natural gas over the next three months.
Blind Faith utilizes a deep-draft semisubmersible hull located about 160 miles (250 kilometers) southeast of New Orleans, La., on Mississippi Canyon block 650. Chevron’s deepest offshore production facility, Blind Faith is located in 6,500 feet (1,981 meters) of water, and with subsea systems located in 7,000 feet (2,134 meters) of water in Mississippi Canyon blocks 695 and 696.
“Blind Faith is one of several major near-term upstream projects that will allow us to grow our reserves and production,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron. “It is another demonstration of how Chevron is leading the industry in the selection and execution of major capital projects.”
Gary Luquette, president, Chevron North America Exploration and Production, said, “First oil from Blind Faith is another milestone in Chevron’s efforts to tap the vast deepwater energy resources in the Gulf of Mexico. Chevron is the largest leaseholder in the Gulf of Mexico, where we have a robust program of exploration and production activities, especially in the deep water.”
Steve Thurston, vice president, Deepwater Exploration and Projects, Chevron North America Exploration and Production, added, “The Blind Faith team delivered a world-class project that will bring on new supplies to help the nation meet its energy needs.”
The Blind Faith discovery well was drilled in June 2001 and encountered more than 200 feet (61 meters) of net pay in Miocene sands at depths of 20,900 feet (6,370 meters) to 24,300 feet (7,407 meters). A successful appraisal well was drilled in 2004. The field has an estimated gross resource potential exceeding 100 million barrels of oil-equivalent. Chevron holds a 75 percent working interest in Blind Faith and is the operator, and Anadarko Petroleum Corporation (NYSE:APC) holds the remaining 25 percent working interest.
Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. The company’s success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercializes the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking statements about Chevron's activities in U.S. Gulf of Mexico. Words such as "anticipates," "expects," "projects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward- looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for and supply of crude oil and natural gas; selection and successful execution of development plans; actions of competitors; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on the scope of the company's operations; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest or severe weather; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as "resources," "gross resource potential, " "oil-equivalent resources," "oil in place," "potentially recoverable volumes," "recoverable reserves," and "recoverable oil," among others, may be used in this press release or other public disclosures that are not permitted to be used in filings with the SEC.
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Blind Faith utilizes a deep-draft semisubmersible hull located about 160 miles (250 kilometers) southeast of New Orleans, La., on Mississippi Canyon block 650. Chevron’s deepest offshore production facility, Blind Faith is located in 6,500 feet (1,981 meters) of water, and with subsea systems located in 7,000 feet (2,134 meters) of water in Mississippi Canyon blocks 695 and 696.
“Blind Faith is one of several major near-term upstream projects that will allow us to grow our reserves and production,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron. “It is another demonstration of how Chevron is leading the industry in the selection and execution of major capital projects.”
Gary Luquette, president, Chevron North America Exploration and Production, said, “First oil from Blind Faith is another milestone in Chevron’s efforts to tap the vast deepwater energy resources in the Gulf of Mexico. Chevron is the largest leaseholder in the Gulf of Mexico, where we have a robust program of exploration and production activities, especially in the deep water.”
Steve Thurston, vice president, Deepwater Exploration and Projects, Chevron North America Exploration and Production, added, “The Blind Faith team delivered a world-class project that will bring on new supplies to help the nation meet its energy needs.”
The Blind Faith discovery well was drilled in June 2001 and encountered more than 200 feet (61 meters) of net pay in Miocene sands at depths of 20,900 feet (6,370 meters) to 24,300 feet (7,407 meters). A successful appraisal well was drilled in 2004. The field has an estimated gross resource potential exceeding 100 million barrels of oil-equivalent. Chevron holds a 75 percent working interest in Blind Faith and is the operator, and Anadarko Petroleum Corporation (NYSE:APC) holds the remaining 25 percent working interest.
Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. The company’s success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercializes the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.
Some of the items discussed in this press release are forward-looking statements about Chevron's activities in U.S. Gulf of Mexico. Words such as "anticipates," "expects," "projects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward- looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for and supply of crude oil and natural gas; selection and successful execution of development plans; actions of competitors; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on the scope of the company's operations; the potential disruption or interruption of project activities due to war, accidents, political events, civil unrest or severe weather; and general economic and political conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
U.S. Securities and Exchange Commission (SEC) rules permit oil and gas companies to disclose only proved reserves in their filings with the SEC. Certain terms, such as "resources," "gross resource potential, " "oil-equivalent resources," "oil in place," "potentially recoverable volumes," "recoverable reserves," and "recoverable oil," among others, may be used in this press release or other public disclosures that are not permitted to be used in filings with the SEC.
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Tuesday, September 30, 2008
Colonial Pipeline Returns to Pre-Hurricane Delivery Rates
BUSINESS WIRE --Colonial Pipeline yesterday achieved the same flow-rates for gasoline deliveries as the pipeline managed before Hurricanes Gustav and Ike hit the Gulf Coast refining region earlier this month.
After each of the hurricanes, Colonial’s pipeline quickly returned to full capability. However, supply shortages nonetheless occurred as a result of damage and shutdowns suffered by Louisiana and Texas oil refineries impacted by the hurricanes.
The refineries’ reduced output has resulted in market shortages and gas lines in many markets served by pipeline systems in the Southeast. Colonial is making every effort to support its shippers as they try to restore market stability.
The Colonial Pipeline system begins in Houston and crosses the South and East before terminating at the New York harbor. Colonial is a common carrier, meaning it does not own the fuels it transports but delivers them at the direction of its customers.
Deliveries within specific, local markets are determined by the terminal operators Colonial serves.
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After each of the hurricanes, Colonial’s pipeline quickly returned to full capability. However, supply shortages nonetheless occurred as a result of damage and shutdowns suffered by Louisiana and Texas oil refineries impacted by the hurricanes.
The refineries’ reduced output has resulted in market shortages and gas lines in many markets served by pipeline systems in the Southeast. Colonial is making every effort to support its shippers as they try to restore market stability.
The Colonial Pipeline system begins in Houston and crosses the South and East before terminating at the New York harbor. Colonial is a common carrier, meaning it does not own the fuels it transports but delivers them at the direction of its customers.
Deliveries within specific, local markets are determined by the terminal operators Colonial serves.
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