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Oxy Low Carbon Ventures and Enterprise Products Operating will partner in order to provide services to carbon emitters from Houston to Port Arthur, Texas, due to the development of CO2 transportation and sequestration.

A letter of intent for a potential CO2 transportation and sequestration solution was inked on April 25 by Oxy Low Carbon Ventures (OLCV) and Enterprise Products Operating LLC (Enterprise). This joint project could primarily be focused on providing services to emitters in the industrial corridors from the greater Houston to Beaumont/Port Arthur in Texas, a region that is filled with refineries and petrochemical plants.

Due to the press release, the initiative would combine Enterprise’s leadership position in the midstream energy sector with OLCV’s extensive experience in subsurface characterization and CO2 sequestration.

“We look forward to collaborating with Enterprise to develop a sequestration solution to help industrial emitters reach their net-zero goals,” said Richard Jackson, Occidental president of U.S. onshore resources and carbon management and operations. “We believe that our low-carbon strategy enhances Oxy’s business value and creates a path to net-zero for ourselves while providing organizations everywhere with the tools they need to achieve net-zero or net-negative emissions.”

No financial terms were disclosed in the announcement. Nevertheless, Occidental's latest annual report noted that OLCV plans to invest approximately $300 million into the development and commercialization of new technologies and low-carbon business models in 2022. 

It’s an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. Therefore, OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally.

Enterprise would develop the CO2 aggregation and transportation network utilizing a combination of new and existing pipelines along with its expansive Gulf Coast footprint. OLCV, through its 1PointFive business unit, is developing sequestration hubs on the Gulf Coast and across the U.S., some of them are thought to be anchored by direct air capture facilities. The hubs will provide access to high-quality pore space for industrial plants trying to find a way to capture their carbon emissions and efficient transportation infrastructure, bringing more options to emitters looking to explore viable carbon management strategies. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.

Both companies have begun exploring the commercialization of the potential joint service for these carbon emitters. “For many years, Enterprise and Oxy have successfully collaborated in developing traditional oil and gas projects," A.J. “Jim” Teague, co-CEO of Enterprise’s general partner, commented. “We are excited to evolve that relationship with OLCV to provide reliable and cost-efficient CO2 transportation and sequestration services to advance a low-carbon economy for the energy capital of the world.”

Moreover, it is noticed that Oxy is one of only three oil and gas companies aspiring to set emissions reduction aims which are quite ambitious to reach Net Zero by 2050 and the alignment with TPI’s 1.5°C benchmark.

If you wish to learn more about CO2 and carbon storage projects in the O&G industry or just want to get a better hold on renewable and ESG data, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.

Tel. +1 713-203-3128

Email: treitmeier@hartenergy.com

It’s all about the ESG (and RSG): Southwestern Energy and Kinder Morgan stroke a deal for gas transportation

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Southwestern Energy Co. signed an agreement with Kinder Morgan Inc. for the transportation of responsibly sourced natural #gas (RSG) to the Northeast markets. Tennessee Gas Pipeline, a subsidiary of Kinder Morgan, will be carrying out this notion come November. This move proves yet again, that the energy market is tilting towards sustainability and renewability.

Merger of Equals: Whiting and Oasis $6B Deal

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The two Bakken shale producers announced in a joint statement on March 7 that they had reached an agreement to unite in a $6 billion "merger of equals." Combining these two companies will create a leading Williston Basin position with assets covering approximately 972,000 net acres, production of 167,800 boe/d, and an enhanced free cash flow generation that will generate capital returns to shareholders. A historic collapse in oil prices prompted both Whiting and Oasis oil companies to file for Chapter 11 bankruptcy protection in 2020. Thus, the merger can be viewed as a preventive measure to avoid going out of business.

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Oil output in the Permian Basin in Texas and New Mexico is supposed to go up 88,000 bbl/d to a record 5.219 million bbl/d in June, as the U.S. Energy Information Administration (EIA) announced in its report on May 16. Additionally, gas productivity in the Permian Basin and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20 Bcf/d and 15.1 Bcf/d in June, respectively. Given that this growth has been expected, recent global market changes make forecasting the output even more challenging. Learning how production will change is easier with early activity tracking, a new service recently launched by Rextag – Pad Activity Monitor. With the help of PAM, you are able to monitor well pad clearing, drilling operations, fracking crew deployment and completions with new data collected approximately every 2 days. Additionally, it cuts down activity reporting lag times by at least 98%, from 120-180 days down to just 5-8 days. In order to access reports, charts, tables, and mapping visualizations via Rextag’s Energy DataLink use a web-based application allowing users to filter, download and identify activity on a map or data table. Moreover, customers will be able to set up daily, weekly, and monthly email report notifications.

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The EIA forecasts that total output in the main U.S. shale oil basins will increase 142,000 bbl/d to 8.761 million bbl/d in June, the most since March 2020. Oil productivity in the Permian Basin in Texas and New Mexico is supposed to go up 88,000 bbl/d to a record 5.219 million bbl/d in June, as the U.S. Energy Information Administration (EIA) announced in its report on May 16. In the largest shale gas basin, the productivity in Appalachia in Pennsylvania, Ohio and West Virginia will grow up to 35.7 Bcf/d in June, its highest since beating a record 36 Bcf/d in December 2021. Gas output in the Permian Basin and the Haynesville in Texas, Louisiana and Arkansas will rise to record highs of 20 Bcf/d and 15.1 Bcf/d in June, respectively. Speaking of the Permian future output, putting hands on upcoming changes in production has recently been made easier with the new Rextag's service - Pad Activity Monitor. Thanks to satellite imagery and artificial intelligence, customers are able to monitor the oil and gas wells and are provided with near real-time activity reports related to drilling operations. However, it is noticed that productivity in the largest oil and gas basins has decreased every month since setting records of new oil well production per rig of 1,544 bbl/d in December 2020 in the Permian Basin, and new gas well production per rig of 33.3 MMcf/d in March 2021 in Appalachia.

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No sooner had the crude prices soared above $100/bbl than the industry professionals believed in an incredible growth of drilling activity in North America’s largest shale patch. Analysts speculate that additional output of 500,000 barrels of oil daily would become a significant part (4%) of overall U.S. daily production. That is going to flatter oil and gasoline prices. Drilling permits in the Permian Basin are persistently growing, averaging approximately 210 at the beginning of April. Moreover, the permits trend is noticed as an all-time high as a total of 904 horizontal drilling permits were awarded last month. Nowadays, learning and analysing the current situation and predicting the future development become easier with early activity tracking, a new service recently launched by Rextag. Rextag's Pad Activity monitor (PAM) allows you to see well pad clearing, drilling operations, fracking crew deployment and completions with new data collected approximately every 2 days with the help of satellite imagery and artificial intelligence. While the increase in drilling will result in higher production, U.S. shale producers will have to overcome several hurdles including labor shortages and supply constraints.

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