U.S. LNG Exports to Europe on Track to Surpass Biden Promise
When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with skepticism.After all, the U.S. LNG industry was already hitting its export limits and the global market is dominated by long-term contracts that can dictate where exported gas would go for 20years at a time.It turns out, however, that Biden's promise may have been…
From the Science Lab: Clean Energy Projects that Could Impact Maritime
As part of a $175M grant for 68 novel clean energy technology projects from the U.S. Department of Energy, these four offer promise in helping the maritime industry meet its decarbonization goals.Makai Ocean Engineering – Waimanalo, HIRemotely Installed Anchorages for Floating Offshore Wind and Other Offshore Renewables Cost Reduction -$849,951The Makai Ocean Engineering (Makai) team will develop novel mooring and anchoring methods to reduce the costs of offshore renewable energy.
"Early Bird" Registration for 2021 Maritime Risk Symposium ends soon
The University of Houston’s College of Technology will host the 12th Annual Maritime Risk Symposium (MRS 2021), in collaboration with the National Academy of Sciences, from November 2-4, 2021, at the at the University of Houston’s Student Center-South.The Maritime Risk Symposium is an annual three-day conference in which government and maritime industry leaders, port representatives, researchers, and solution providers convene to examine current and emerging threats to maritime security.
Registration opens for the 2021 Maritime Risk Symposium in Houston
The University of Houston’s College of Technology will host the 12th Annual Maritime Risk Symposium (MRS 2021), in collaboration with the National Academy of Sciences, from November 2-4, 2021, at the at the University of Houston’s Student Center-South.The Maritime Risk Symposium is an annual three-day conference in which government and maritime industry leaders, port representatives, researchers, and solution providers convene to examine current and emerging threats to maritime security.
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash, which has left U.S. crude prices down 50% since January, put him and tens of thousands of oil service veterans out of work.
Exxon Resumes Seismic Survey in Guyana
Exxon Mobil Corp has resumed seismic exploration for oil and gas off of the coast of Guyana after halting work in December due to a run-in with the Venezuelan navy, a Guyanese government official said on Tuesday.Vessels have been able to travel unimpeded since the incident, said Minister of Business Dominic Gaskin in an interview at Rice University in Houston where he addressed a group of business executives."That was a one-off on Dec. 22 and we haven't heard any reports of a recurrence," Gaskin said.
As Oil Prices Surge, US Eyes Growing Labor Shortage
Finding roughnecks remains a challenge for oil drillers as rising crude prices increase demand for their services, oilfield executives said on Thursday at a conference in Houston.Oilfield service suppliers cut tens of thousands of workers following the 2014 oil-price collapse, and skilled employees have moved to other industries or are no longer interested. A worker shortage is helping drive up service costs for oil producers, especially in the hottest shale fields."Recruitment and staffing is a big challenge.
Firms Complain of Contaminated Crude Lifted From U.S. SPR
Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by Reuters. Problems with crude quality would make the U.S. Strategic Petroleum Reserve (SPR) less useful in an emergency because refiners would need to spend time and money removing contamination before producing fuel. The reserve is the world's largest government stockpile, currently holding 665 million barrels.
Ecuador to Offer Oil Block Terms in January
Ecuador will offer oil exploration and production blocks in January under new contract terms that it expects will attract more interest and allow the OPEC-member country to compete with its neighbors for foreign investment, the oil minister said. The new terms will allow producers to be paid in oil and enable them to export or sell the barrels to local refineries, said Carlos Perez at a conference at Rice University in Houston on Friday. "Ecuador needs to be able to compete now that Brazil and Colombia have changed their contract terms to encourage foreign investment," he said.
U.S. Midwest Refiners Profit as Harvey Hits Rivals
U.S. refiners in the Midwest will be among the biggest winners after Hurricane Harvey dealt a blow to their competitors on the U.S. Gulf Coast. Refiners such as PBF Energy and HollyFrontier that are not hit by Harvey are on course for their best quarter in two years amid fears of fuel shortages that helped push profit margins for making gasoline up as much as 21 percent on Monday <RBc1-CLc1>. The U.S. refining industry enjoyed strong margins in recent weeks and the fallout from the hurricane is likely to extend the bullish run for weeks.
Morgan Stanley Focuses on Smaller, Smarter Trades
Nancy King, global head of commodities trading at Morgan Stanley, has spent the last few years remodeling what used to be one of the most profitable units on Wall Street, by downsizing and focusing on smaller, smart trades for customers instead of the big, risky bets it used to make on its own account. The shift in strategy, which has cut the size of Morgan Stanley's commodities business by roughly two thirds, was largely forced on the bank by post-financial crisis regulations that banned banks from using their own money on potentially risky speculation…
Stokes & Spiehler Announces Management Promotions
Petroleum engineering and consulting firm Stokes & Spiehler has made several promotions to its management team, the company’s president Bruce Jordan, P.E. announced. Blair LeBlanc, P.E., has been named Vice President – Offshore Operations; Russ Bellard, P.E., has been named Vice President – Onshore Operations; Tony Shell has been named Vice President – Sales & Marketing; and Donnie Busscher has been named Engineering Manager. LeBlanc is a Registered Professional Engineer.
Former Delta fuel executive, Wife Banned by CME
CME Group on Monday banned a former Delta Air Lines fuel trading executive for using his wife's accounts to "front-run" the airline's hedging positions - trades that netted him a profit of more than $3 million. Jon Ruggles was banned by the financial exchange operator, along with his wife, Ivonne for the front running, a practice in which an order is executed for personal gain using advance knowledge of pending orders from a company or clients. The two could not immediately be reached for comment.
U.S. Oil & Gas Lenders Demand Liquidity Floors
Banks are increasingly requiring U.S. oil and gas companies to maintain minimum levels of liquidity, an unusual step that could help reduce the risk of being exposed to companies struggling to maintain operations and repay debt. One of the energy companies hardest-hit by so-called minimum liquidity covenants is Chesapeake Energy Corp, according to a Reuters review of regulatory filings. Chesapeake must maintain $500 million in cash and other assets that can be easily converted to cash at all times, even as it posts losses and could be faced with nearly $1 billion in collateral calls.
LNG & Crude Oil: Dissimilar Trading Markets
Should the liquefied natural gas (LNG) market become much more like crude oil, with deep and liquid futures contracts coupled with unrestricted trade between producers, buyers and traders? The answer is yes it should, but that is unlikely to happen as there are enough significant differences to make it extremely difficult for LNG to tread closely in oil's footsteps. In a recent column (LNG producers need to go downstream to build industry), I argued that the LNG industry would find it hard to undertake a new wave of expansion if it persists with its current model.
School Students Win Offshore Challenge Prize at UH
Today, a team of eight students from West Side High School in Houston emerged victorious from the first annual High School Offshore and Technology Stars Challenge, which was co-hosted by the Bureau of Safety and Environmental Enforcement (BSEE) and the Ocean Energy Safety Institute (OESI) at the University of Houston. Other participating schools include Energy Institute High School, Charles H. Milby High School and Young Women’s Preparatory Academy. BSEE Director Brian Salerno welcomed the students to the Technology Challenge…
Mansion Sales, Discount Dining: Oil Woes hit Houston's Rich
Prices for mansions in Houston's swankiest neighborhood have tumbled in lock step with crude prices. The Houston Opera has offered free season tickets to patrons who lost their jobs in the oil bust. A fancy restaurant offers cut-price dinners. Twenty months into the worst oil price crash since the 1980s, well-heeled residents of the world's oil capital are among the hardest hit largely because tanking energy firm shares make up much of oil and gas executives' compensation.
U.S. Energy MLPs May be Running Out of Road
Investment vehicles that funneled more than $100 billion into U.S. pipelines, storage and other facilities during the shale boom now face an existential crisis after oil tumbled so low that it upended assumptions about risks and returns they offer. Those tax-protected structures were the Holy Grail of energy investing during the upswing, combining hefty payouts made possible by fast growing energy bloodstream with some protection against oil's ups and downs offered by the "midstream" segment.
California Gas Well Leak Fix Draws Closer
A calamitous natural gas leak near Los Angeles is inching closer to finally being plugged after months of trial and error with different techniques aimed at sealing a foul-smelling hole that has forced thousands of residents from their homes. Southern California Gas Co, a unit of Sempra Energy, this week said it will start drilling a second relief well on Monday. A second well, experts said, would offer a backup on the off chance that what is widely considered the company's…
Energy Drives Houston's Growth
Hidden in the haze of the petrochemical plants and beyond the seemingly endless traffic jams, a Texas city has grown so large that it is poised to pass Chicago as the third biggest in the United States in the next decade. Houston has been one of the fastest-growing U.S. cities for years, fueled by an energy industry that provided the backbone of the economy, low taxes and prospects of employment that have attracted job seekers. But Houston also embodies the new, urban Texas…
