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THE YEAR AHEAD IN OIL AND GAS LEASING: Oil and gas leasing activity is picking up at the Interior Department after slow rolling during the Biden administration’s early days as the department acts on the new leasing mandates and contingencies in the Inflation Reduction Act.
The law implemented similar restrictions in the Outer Continental Shelf, providing that BOEM must have carried out an offshore oil and gas lease sale in the year prior in order to issue an offshore wind lease. It also brought back to life three lease sales, the final three to be contemplated in the now-expired 2017-2022 five-year program and ordered the reinstatement of Lease Sale 257, the Nov. 2021 Gulf of Mexico that was held up by a federal court.
Where is Willow: Acreage for ConocoPhillips’ Willow project, located in the National Petroleum Reserve-Alaska, has already been leased, but BLM is expected to issue key environmental documents this quarter. A final environmental impact statement is expected by the end of this month, with a record of decision expected by the end of February.
Note of changes: Leasing onshore and offshore will be a bit pricier for developers going forward. The IRA included these provisions to encourage leasing but increased minimum royalty rates and rents for lessees, which Interior has already begun implementing. Today’s advisories stretched across 10 different counties and more than 500 miles. In the Bay Area, cities including San Francisco, San Jose, Santa Cruz, and Concord were told to be on alert through at least mid-morning or early afternoon.
"While China's outlook has turned a corner, it must be noted that the normalization of its oil demand will be gradual ... As things stand, China's oil recovery remains anticipated rather than realized," PVM analyst Stephen Brennock told Reuters. NEW COP28 PRESIDENT WANTS TO TRIPLE RENEWABLE ENERGY GENERATION BY 2030: New COP28 president Sultan al-Jaber called for a tripling of renewable energy generation by 2030, saying in a speech this weekend the world is “way off track” to meet its climate goals and is still playing catch-up on its efforts to slash greenhouse gas emissions.
He also warned that at this year’s meeting in Dubai, the world “must be honest with ourselves about how much progress we have actually achieved, and how much further and faster we truly need to go.” A new report from the turbine maker praised the beefed-up manufacturing and other tax credits but said they’re not being put to best use yet without implementation guidance, and the “clock has already started ticking” on the life of the 10-year incentives.
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