RP Weekly Recap | March 1 – 5
Chevron has announced it will work with a unit of oilfield services giant Schlumberger, as well as with Microsoft and private company Clean Energy Systems, to build a bioenergy plant with carbon capture technology that would produce carbon-negative power in Mendota, California. The bioenergy with carbon capture and sequestration (BECCS) project is planned to convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. This is Chevron’s newest project as a growing number of oil corporations look to develop carbon capture technology and other low-carbon energy solutions. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 115,819,887 (up from 113,207,169 last week)
- Number of Cases (USA): 28,833,212 (up from 28,423,994 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Chevron, Microsoft, and Schlumberger Collaborate on Carbon Negative Bioenergy In California
- Bank Of America Expects Fastest Oil Price Rise In 30 Years
- Draft American Petroleum Institute Poised to Endorse Carbon Pricing
- PDC Energy Tests Colorado Drilling Rules With Plan For Hundreds Of New Oil And Gas Wells
- Colorado Oil And Gas Producers Show Unusual Restraint Even As Prices Rise
- Houston’s Big Oil Conference Goes Green as Energy Transition Accelerates
- Winter Storm Eased Natural-Gas Glut
- Democrats Relaunch Bill To Make U.S. Carbon Neutral By 2050
- EIA Reports Colossal Crude Inventory Build
- U.S. Energy Storage Installations Up 183% In Q4 2020
- Biden Team Gives Oil Executives Hard Sell On Energy Transition
Global Market News
- Houthi Rebels Claim Missile Attack On Saudi Aramco Facility
- IEA: Energy Emissions Are Rebounding Above Pre-Crisis Levels
- OPEC+ Considers Keeping Oil Cuts Unchanged Through April
- Oil Soars As OPEC+ Sources Suggest No Production Increase
- Australia Boosts LNG Spending To Compete With Qatar
- UK Energy Suppliers To Pay £10.4m Fine For Overcharging Customers
- Volvo Plans to Sell Only Electric Cars by 2030
- China Makes Move On Riyadh As Washington Considers Sanctions
- Debt Stricken Mexican Oil Major Pemex Scrambles To Boost Production
- Oil Market Even Tighter As 500,000 Bpd Come Offline In Canada
- Exxon Cutting Hundreds of Workers in Singapore
- Employers Added a Whopping 379,000 Jobs in February – the figure suggests the economy has recovered from its winter slump
United States Rig Count
- UP 1 from last week for a total of 403
- Down 49.1% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode Thirteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Founder and CEO at Rainmaker Global Business Development, Clark Grue!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering the ongoing battle between the Biden Administration and the state of New Mexico over federal leasing and New Mexico’s fears on state funding.
- This week’s Periodical covers another state attempting to fight Joe Biden’s executive order to indefinitely ban lease sales for oil and gas development on all federal lands and offshore waters. With over half their production sitting on threatened lands, New Mexico would be hit hardest by this order but has taken the largest strides to ensure development will continue to prosper in the future.
- Episode 10 (Tackling the Data Monster Pt. 1) from our newest segment, the Modern Mobile Oilfield is available now! This series is a collaborative effort between world renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield, and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms!
- As Always, A New Monday Madness Podcast!
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