November 20

Daily Energy Standup Episode #255 – Net-Zero Realities, Geopolitical Strains, and Energy Sector Turbulence

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Daily Standup Top Stories

Opinion: Net-zero policies colliding with economic reality

Across the advanced economies, the politics of net zero are colliding with reality, yet most politicians seem oblivious to the dynamics at play. The inconvenient truth is that the clean energy transition is not unfolding as foretold. Three decades […]

EU state threatens to block new sanctions on Russia

The Slovak foreign minister rejects Brussels’ proposal to add nuclear fuel supplies to the upcoming round of penalties The government of Slovakia will not support restrictions on imports of nuclear fuel from Russia as part […]

“Reduce Your Emissions Within Two Months Or Face The Consequences”, Brussels Tells 12 Member States

Authore by Ziare via ReMix News, The European Commission has ordered Hungary, Romania, and 10 other member states to comply with EU air pollution legislation and reduce their emissions of several pollutants to reduce air […]

Chinese tech companies are exploiting US green energy goals, former State Department officials warn

  Watch the latest video at foxnews.com Fox EXCLUSIVE: Two former U.S. ambassadors are sounding the alarm on the increasing number of green energy projects nationwide being developed with the involvement of Chinese companies. Former U.S. Ambassadors […]

BP seeks partnerships to navigate renewables storm

Yahoo Finance BERLIN/LONDON – BP is seeking partners for offshore wind projects in Japan and may invest in hydrogen technology companies to tackle inflation and equipment bottlenecks that have battered the renewables sector. Source: Reuters […]

OPEC+ to consider whether more oil cuts needed – sources

OPEC+ meets to set policy on Nov. 26 Oil has fallen to four-month low this week Saudi Arabia expected to extend voluntary cut – Energy Aspects MOSCOW/LONDON, Nov 17 (Reuters) – OPEC+ is set to […]

Bloomberg outlines how Russia has shrugged off sanctions

Key sectors of the Russian economy have adapted to sanctions or completely recovered from them, as the country shows a greater level of resilience than Western governments had expected, Bloomberg reported on Thursday. Industries ranging […]

Highlights of the Podcast

00:00 – Intro
05:53 – Opinion: Net-zero policies colliding with economic reality
08:33 – EU state threatens to block new sanctions on Russia
09:52 – “Reduce Your Emissions Within Two Months Or Face The Consequences”, Brussels Tells 12 Member States
12:37 – Chinese tech companies are exploiting US green energy goals, former State Department officials warn
15:15 – BP seeks partnerships to navigate renewables storm
19:42 – Markets Update
22:00 – OPEC+ to consider whether more oil cuts needed – sources
26:17 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:15] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat Stand up here on this gorgeous Monday, November 20th, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show that prepared the show and the director and publisher of the world’s greatest website, energynewsbeat.com, Stuart Turley. My man, how are we doing today? [00:00:37][22.3]

Stuart Turley: [00:00:37] This a beautiful day in the neighborhood. I’ll tell you, I got a view up here in Baker country. [00:00:41][4.1]

Michael Tanner: [00:00:42] You got to you you got an absolutely tremendous view. You’ve an absolutely tremendous show lined up for us today. Guys. Buckle up. It’s going to be a lot of fun. First up on the menu, we’re going to start with an opinion article, Net zero Policies colliding with economic reality. This is via finance Yahoo! Finance Henry Garrett. It’s he works in venture capital internationally. He’s got a Ph.D. in political economy. Net zero policies colliding with economic reality. This will be a good one. Next up, we’re going to see a string of EU stories here. EU state threatens to block new or block new Sanctions on Russia. Bloomberg outlines how Russia has shrugged off sanctions and finally reduce your emissions within two months or face the consequences, Brussels tells 12 state members. So a bloc of EU stories, they’re really some kind of craziness going on there will then step over to China and U.S. relations and talk a little bit about the Chinese tech companies that are exploiting U.S. green energy goals, according to a former State Department official. Dun dun dun dun dun. And then finally, BP seeks partnership to navigate renewables storm. So in the end, you know, we’re not dead yet. As BP says. [00:01:55][73.5]

Stuart Turley: [00:01:56] We’re not we’re not quite dead yet. As you’re sitting there with an arrow in their investor’s chest. [00:02:01][4.7]

Michael Tanner: [00:02:02] Hey, we’re not quite dead yet. BP says as they seek to partner with renewable storms still, then kick it over to me. I’ll quickly cover what happened financial wise, both in the overall markets, but mainly what happened in the oil and gas markets. We did see prices rise substantially after really what was a brutal Thursday. So we’ll we’ll cover kind of what the outlook looks like as we move into Thanksgiving here. A couple stories that I find interesting, specifically some a new Reuters piece coming out this weekend saying specifically that OPEC could be considering more oil cuts. So I’m fascinated by there. And then, of course, we’ve got to check in with rig count and then we’ll let you guys get out of here and start your Monday. We hope it’s a short week as we move into this Thanksgiving. I think the plan for this show is we have a show today. We’ll have a show tomorrow. I think we’re going to take in terms of the daily stand up. We’re going to take Wednesday, Thursday, Friday, take a little break, let you guys settle in. But we’re going to drop we’ve got about five podcasts in the hopper coming up that we want to that we’re going to be dropping from Stu’s. Who are the five? Stu, give us the rundown. What who are the five that they’re going to hear? [00:03:03][61.5]

Stuart Turley: [00:03:04] Okay, we got Grace Stankey the Miss America just drop and then we have Dr. Robert Brooks. We have Ronald Stein and author is my second one is pretty cool. You know, some Dr. Ronald Stein And then we have also we have Mark Masters, the I mean, he’s a media mogul. And then we have an international wildman that is actually great, George Macmillan. And this is a two hour podcast. This one is rare, but it talks about why we are in the energy crisis. And I am flabbergasted. Then we have Tom Kirkman coming up. Then we have. [00:03:49][44.8]

Michael Tanner: [00:03:50] Good old Tom. That’ll be a fun one. [00:03:52][1.9]

Stuart Turley: [00:03:52] Oh, he’s he. I love Tom. [00:03:55][2.4]

Michael Tanner: [00:03:55] He’s wild. [00:03:55][0.2]

Stuart Turley: [00:03:56] And then we have several others. Yeah. So we’re off and running, dude. Let’s get it. [00:04:01][4.9]

Michael Tanner: [00:04:01] It’ll be awesome, guys. So check that out Wednesday through Sunday and then back Monday morning to start your week. We’ll be back with the daily stand up. And so I we go ahead and dive on in. Stu But before we do that, as always, remember, guys, the news and analysis you are about to hear is brought to you by the world’s greatest website energynewsbeat.com Stu and the team do a great job of curating all of this stuff on the website to make sure you can if you visit energynewsbeat.com. You are up to speed with everything going on in the energy and oil and gas business. You can check us out. Apple Podcasts, Spotify or wherever you get your podcasts at Energy News Beat for you to great place to support the show. Check us out an email to show [email protected]. You can hit the description below and see all of the different timestamps and links to the articles that we are about to cover. You can check out our new data news platform dashboard.energynewsbeat.com will come up with a sexier name for that. We’re really just trying to push push that data news combo. Good things come it’s all I love a good sexy name still I mean also check out we’re proud to announce you’ve got a new long term segment coming out Deal spotlight. We’ll have more info on that. But we’re going to be breaking down oil and gas deals and kind of bringing you guys behind the curtain. We’ve partnered with combocurve and well database to. Bring you some some really awesome and workflows. I’m excited to roll that out. We’ve got our first one in the bank we recorded yesterday well, actually on Saturday, so it’ll be interesting once that get caught up. We’re excited to push that out there and we’ll be we’ll try to push out one, two a month. I’m not quite sure what we’ll do. One was a two parter, so we’ll have to kind of figure out how how we want to set that, how we want to go. Some of the some of them, like the mineral deals, are going to be quicker. This one was was more of a part of valuation. That’s going to take a little bit longer because there’s a bigger workflow involved, but really excited to roll that out so you can check that out. EnergyNewsBeat.com or on our YouTube channel. I’m going to get those two. Let’s go and start the show. Where do you want to begin? [00:05:50][108.9]

Stuart Turley: [00:05:51] Hey, let’s start with our ENB thread. Today is going to be net zero policies colliding with economic reality. Michael, this is just wild. As you mentioned, as we started in the show, this one is is really important because net zero is unattainable with the current mindset around the world. All of the politics around net zero are colliding with reality. Yet most politicians seem oblivious to the dynamics at play until the Great Awakening kicks in and they’re not going to get reelected. We’re about to see a global retro. This is a global Scooby about to happen here. Demand for hydrocarbons remains at over 80% of the total. Exxon and Chevron recently invested invested a combined Michael hundred and 10 billion in long term U.S. oil and gas development, driving home the reality that liquid hydrocarbons will be as indispensable by post 2050 as they are today. Holy smokes, What were you say? [00:06:58][67.6]

Michael Tanner: [00:06:59] I was just going to push back. Yes. They’ve invested in the oil and gas business. I wouldn’t say they’ve invested in oil and gas development, if only because they’re just buying companies Now, I’m not going to nit pick, but that’s what I do. I reframe that sentence a little bit. If I was the editor. [00:07:15][15.9]

Stuart Turley: [00:07:15] I would I would agree with that. And here’s here’s why. But the fact that they’re buying already existing production are there’s that investment there. If you were if they were not buying that, I would disagree with you from that standpoint. But they’re buying existing PDP and existing production now. [00:07:35][19.7]

Michael Tanner: [00:07:35] They’re going to say they’re going to keep drilling, of course. I mean, I think that’s the point. I don’t think I don’t think with these acquisitions, even them are shutting down and I don’t want to get too caught up in that. I just know I got I got to call a red herring when I see it. Okay. [00:07:46][11.3]

Stuart Turley: [00:07:47] But here’s the other piece of this. Siemens has a $16 billion bailout. This fits into the thread. Siemens lost a billion last year. They’re triggered to lose a billion this year. That’s sustainable. I mean, unless you’re, you know, just really looking for getting your investors like, okay, they’re going to change their business model that’s going to fit into this thread later on. So what you’re seeing is the failure of offshore wind and wind. Solar still got some legs on, I’m going to be honest with you, solar, and I’ll go into that in a different time. I’m writing some articles on how solar has longer legs than land, and I’ll go into that later. Okay, let’s go to the EU. My buddies at the EU. I can’t wait to interview some of the EU leaders. They would love to talk to me. EU state threatens to block new Sanctions on Russia. Michael They get. There’s about three stories in this particular sub thread that we’re talking about today. This is Michael. They’re getting ready to, according to the minister, would not block the much debated the batch of penalties on Moscow because they’re going on uranium and nuclear export technology that they need their Russian plants built with the U.S. uses. Michael, how much would you guess the U.S. uses in importing Russian uranium? How much? [00:09:13][86.0]

Michael Tanner: [00:09:13] Oh, I bet we’re probably 15%. [00:09:16][2.6]

Stuart Turley: [00:09:17] 20 if they sanction it. Talk about sanction hypocrites. If we do that, the 11 packages of sanctions failed to stop Russia in these other articles. They are absolutely hilarious. There’s another article that came out. Russia’s actually succeeding. Russia is going divi’s and they’re doing it on their own. How cool is that? Because they have all the natural gas. It makes sense for Russia to do it. Okay, let’s here’s the next one coming around the corner. Michael, in this thread reduce your emissions with two within two months or face the consequences. Holy smokes. She’s got a newspaper up and she’s beating these countries in the nose with the newspaper. Let’s go down here. Luxembourg, Poland. Romania. Opinion reason. Believable. A formal notice to them to go. You reduce your output. You got to be kidding me. This is absolutely nuts. And now they have another bad dog list that they’re getting ready to send out. It’s just two months to respond. The remedy and shortcomings. This is not good. [00:10:35][77.8]

Michael Tanner: [00:10:36] So what do you see? So. Oh, scary. A strongly worded memo gets sent to a bunch of different countries. Is there anything Brussels can actually do? From a like a legitimate standpoint, can they would they start sanctioning Poland, Romania and all these other countries? Would they impose some sort of economic sanctions on it? I mean, what way is that? The next. [00:10:56][20.4]

Stuart Turley: [00:10:56] Step? But it would go to a vote within the EU. And who it’s going to turn into a mess. The second order of magnitude that you love, Michael, is this is going to continue to be a decouple, a Brexit. This is going to be an EU exit in trade. You’re going to have in your ear first you have a Rome Rome exit. You’re going to have a pull exit. You’re going to have a Luxembourg interested. And they’re new in their own death. And this their own Harry Carey that we’re seeing here is the net zero. Harry Carey in this thread is probably one of the most important threads that we’ve had as energy news beat because it’s global. It’s the it’s the whole net zero. And now you’re coming into the thread when that failing. You have the David Blackman’s out there talking about with Megan on the way Random. [00:11:57][60.4]

Michael Tanner: [00:11:57] Guy on Substack. [00:11:57][0.2]

Stuart Turley: [00:11:58] Random. My favorite random guy. In fact, every time I see him I got to hug my at random guy love me some. David Blackmon. So anyway. So you see, all of these articles in this thread are multi thread. We have a sub thread and we have second order of magnitude. This is a heck of a book I’m writing. Okay, so let’s go into another sub thread in here, which is kind of a for now. We’re now saying. [00:12:23][25.7]

Michael Tanner: [00:12:24] This is like inception. We’re going like six dreamless layers deep. [00:12:28][3.5]

Stuart Turley: [00:12:29] This is the eight layers of Kevin Bacon on this show. So we have threads, we have layers of bacon. Did I mention bacon? Chinese tech companies are exploiting U.S. green energy goals. Former state departments warm our beloved chowder head who doesn’t know where he is and he has depends flowing out of his pants. Kind of like Jerry Nadler. I’m talking about President Biden. What a not head. Here’s a quote. It would be very ironic if we moved towards electric vehicles to the numbers that Biden administration is talking about. And the key components come from China. Hoekstra, who’s served as U.S. ambassador to the Netherlands from 2018 to 2021, told Fox Digital That’s a terrible, terrible place to be. And we had Michael this week. Last week we had our president handed our soldiers Chinese flags to hold. Our military are holding Chinese flags. You got gotta be kidding me. This man rolled over like a dog with his belly going pet me. This is the most despicable president we’ve ever had. Sorry for getting worked up, but that really kind of got me all worked up as a disgust. Anyway, this article comes from Fox and I think that they actually did great. This is another one Celia mentions Subnational Anchor Incursions are afoot, Celia told Fox News in an interview. China is on the hunt. The Chinese Communist Party is on the hunt. They’re getting a look at these open doors to kick in. And in states, they have carried a great sway. You just need to look at Goshen or cattle textbook examples of this influence operation. This is another one, Michael We’re in the same city that training and it Z and and Biden is he can’t even say his own last name Biden say is there in there and they had a CCP owned lab. They was doing counterfeit Covid tests. They had E.coli, they had Ebola, they had all these other ones in this lab owned by the CCP so they could pollute San Francisco. And then we have Governor Newsom that they’re cleaning up the city that he said he couldn’t even do his own people. And all of a sudden he admits, oh, because President Z comes in, I’ll clean it up. Holy smokes, what a bunch of hypocrites. Okay, I’m done worked up on this. But let’s go to BP. The big oil companies have their big boy pants on, Michael. Okay. Let’s back up just a little bit. This article says BP Seeks Partnership to navigate Renewables Storm. This is about as critical as it gets, even though this is a different thread. The thread is the Chevron and Exxon. You as Big Oil have absolutely done a different take to the net zero than did the European Big Oil. European big oil is now turning 180 degrees, but they’re dragging along the renewables in a positive way, trying to survive. BP seeks partnerships to navigate the renewables storm. Let me go through this one. This is also from our buddies over at Reuters. Let’s see Angela Isabella Dodsworth, who leads BP’s renewable business. This is new because the old BP guy quit told Reuters that it’s time to deliver. Seeking partners in Japan, one of the markets identified for growth was part of the solution. Offshore wind industry was fundamentally broken after BP wrote down 540 million on its wind power projects in New York, blaming inflation and red tape. Globally, the renewables sector has been undermined by slow permitting technological challenges, rising raw material costs and higher cost of capital. And now they’re asking for bailouts. Holy smokes. Anyway, you can see how this thread is now a good nurse, a shout out in positiveness for big Oil as it makes sense. [00:16:49][260.1]

Michael Tanner: [00:16:49] You’re on fire today. Still am. [00:16:51][1.8]

Stuart Turley: [00:16:52] Both of my hands are on fire. [00:16:53][1.0]

Michael Tanner: [00:16:53] Now you can see the pivot the BP’s doing right now in its it’s not a sleight of hand because they’re saying it, but what they’re saying is, hey, we need to focus on not doing as much in the renewable space. And if we can factor some of this out, factor out a lot of the the business process of getting these wind farms spun up. But we could just be responsible for the deployment and maintenance of these things. Maybe we’ll be able to make some money here. But I think it’s it’s pretty interesting. And I think, as you said, I think, you know, wind is coming to the forefront because I think people are realizing like, wait a second, we asked for renewable energy, not necessarily wind farms, and. [00:17:33][39.3]

Stuart Turley: [00:17:33] It’s not sustainable. [00:17:33][0.3]

Michael Tanner: [00:17:34] Yes, I think that’s the point. People like, well, you’re trying to shove something. It’s very obvious to see that a huge wind farm is not sustainable. I mean, I think everybody notices that, which is hilarious. [00:17:43][8.8]

Stuart Turley: [00:17:43] There’s a place for wind and it’s where you cannot import in LNG and it’s a smaller island. It is in a smaller community that it’s tough to get transmission line. I’m all about it in the right place. [00:17:56][13.4]

Michael Tanner: [00:17:57] When you get the the the head of renewables for BP somebody who is invested billions into wind saying quote the U.S. offshore wind industry was fundamentally broken. I don’t know what what more can you see? They want BP and this department desperately wants wind to work. And when they’re telling you it doesn’t, right. You usually before we move on and cut you off here, I love how listen to this. BP says it seeks to guarantee it can meet its internal rate of returns of 6 to 8% on renewables projects. How low of a bar can you set? 6 to 8%. You can just go by money market treasury bonds for 5.5% right now, 68%. [00:18:39][42.2]

Stuart Turley: [00:18:41] When you take a look at our put the. [00:18:42][1.3]

Michael Tanner: [00:18:43] Bar here, don’t strain. [00:18:43][0.7]

Stuart Turley: [00:18:44] Yourself. [00:18:44][0.0]

Michael Tanner: [00:18:44] Too much. I mean, 6 to 8, if I ever walk in with the deal was like, do I think we should buy this? It’s a 6% return. You slap me and say, Go find something else. There’s no meat on that bone. [00:18:54][9.5]

Stuart Turley: [00:18:54] Now, our other ones that we’ve done that are greater 30%. [00:18:58][4.1]

Michael Tanner: [00:19:00] We almost have to be because especially in the oil and gas business, as prices vary on you, you need to make sure you’ve got enough cushion to sustain a lower oil price. Now, again, when the economics are different, if you can guarantee yourself every year based upon the electrical contracts, you’re done. I don’t know enough about the renewable business. That to me just seems like, don’t put the bar too high. Folks wouldn’t want to shoot. Don’t shoot for the stars when you could just jump a foot is how I would look at you. Got anything else? Do you own fire today? [00:19:26][26.0]

Stuart Turley: [00:19:26] Oh, I was. But there’s a whole process. There’s multi threads that I have not been explaining very well and I’m going to start documenting these out in articles that I’m coming out with because the multi thread facet is why energy newsbeat is so successful. [00:19:40][13.5]

Michael Tanner: [00:19:40] Yeah, absolutely. Well, let’s go over and flip over to the finance section, guys. Overall markets were actually fairly flat. S&P was about 3/10 of or about a 10th of a percentage point. Nasdaq finishes fairly flat. Oil prices rebounded about four and a half percentage points, currently finishing the day at 7604. But again, that’s mainly due after three straight days of absolute tumble, tumble, tumble, tumble. We saw natural gas trading below $3 for the first time in about two weeks, $2.96. Real reason mainly that we’ve seen prices shedding is a lot of profits and a lot of short. More positions where we’re taking profits mainly after that, that deep. So part of the reason when investors and it’s short term traders come in and cover their short positions, which is betting on the market going down, you tend to see a rise in the price because they’re having to sell. They’re having to basically sell their call options, which in a in a backhanded way moves prices up a little bit. But we still ended, as I mentioned, 7604 things. It’s not necessarily meaning that we’re all of a sudden now boom, into into a bull rush year, you know? You know, I wouldn’t also necessarily say this was what this is a dead cat bounce, as they call it, which is a slight rebound before another drop. I think mainly what you’re seeing is, is the Chinese economy. We’ve been sort of told that, oh, the data looks good, the data looks good. It’s not good, folks that you know, you’ve got almost 80% of their real estate, of their financial real estate sector is indebted to the point where they can’t pay it back. I mean, the property crisis is absolutely insane. Industrial growth has really begun to slow. This factor in this or this sentiment that, oh, China is just going to keep on running, it’s the data is not bearing that out. And so I think that’s really I think that’s really hurting the long term projections. And I think why I mean, you know, there was you know, if you were at the Heart Energy Executive Conference last week, you would have heard $120 oil. I’m still skeptical that we’re going to see $120 oil. I seem to think that 75 to 85 bandwidth is exactly is where oil probably will trend for the next 3 to 4 months. I’ll probably I’m not ready to put my flag down there yet, Stu, but I might in a little bit, you know, kind of make my make my case for I don’t know if we go really above 90 unless, you know, obviously, unless, you know, somebody drops a nuke on somebody. But I’m not sure, you know, unless and again, this is where they did. One of the reasons I wouldn’t necessarily put my flag there is for two reasons, Stu. One is article dropped over the weekend. OPEC plus considers whether more oil cuts are needed according to sources. Dun dun dun. This is a Reuters piece. They say OPEC Plus is set to consider whether to make additional oil supply cuts when the group meets later this month, according to three OPEC sources told Reuters that the prices have dropped almost 20% since late September. Super interesting. So the real question is how much would they drop? They’ve already had that extension of about a million barrels. The real question is what would that new extent be? Want to have OPEC source, who declined to be named, said the existing cuts might not be enough and the group will likely analyze if it could be implemented when it meets. Two other sources said that deeper cuts could be discussed, so they may not do more. But I definitely, definitely think there’s a possibility that there’s more cuts. You know, the oil market, according to their latest report for OPEC, says that fundamentals remain strong despite negative sentiment. You know, IEA is as updated their demand. They think it’s going to be a little bit of a lower demand forecast growth forecast. I think they’re responding to some of that Chinese data, too. So I think the real question is, what do you think OPEC’s going to do? Do you believe they’re going to cut? I think they’ll probably do a moderate cut, 200, 750,000 barrels a day, and it’ll be more of a show than it will be a deep, deep cut, because at some point it’s nice to sell oil. Where do you see them doing? [00:23:18][218.0]

Stuart Turley: [00:23:19] I have to two emotions on this. I quit having data emotion. Saudi has done a great job admitting that they need $100 oil. And so that’s that’s going to be a vote for cut. Russia has been very, very successful with the making money even with sanctions through natural gas. But they are in favor of cutting because then their MP operations do fabulous and make more money with less effort. So you got the two biggest influencers, if you would. They’re not on TikTok and I haven’t seen the Prince on TikTok yet, but you see the two biggest influencers there saying they need $100 oil. The Dark Fleet has been just going nuts. In fact, there’s now lawsuits against Russia because they’ve been selling it at $90 oil in the dark, flee to India in record numbers in India is thrilled to get it because they’re paying in rubles and there they’re able to bypass Swift. They’re able to bypass the US dollar, saving their money in different areas of trade. Oh, so that is not calculated into the price of oil and and or they’re. So I can’t make a price anymore on oil to make sense. [00:24:47][88.7]

Michael Tanner: [00:24:48] Yeah I’ll still remember that everyone is calling for $200 oil but I’ll make I’ll make sure to point that out to everybody. I’d be remiss if I didn’t cover rig counts, guys. We actually saw a bump change of we saw about two rigs week over week. Increased current rig count stands at 100 or 618. We saw Canada drop three. Internationally, we saw 22. So we did see two rigs get added to the market. Again, I don’t know how much a material change that I don’t know if that’s quite. Signifying a massive shift in where rigs are going. But it is interesting to see that rig count move up. Nothing really on the on the news wire for oil and gas that really dropped. You know Exxon and has announced that they’re third floating they called peso but floating production storage and offloading vessel is what they call it in Guyana. This is their third EFS or FPSo, as they call it, just got brought online. I don’t know how many wells this is, but as they continue to bring more wells online, they expect it to reach about 220,000 barrels of oil per day. And again, that entire Guyana unit, they’re hoping to get by 1.2 million barrels per day in that Star rock block by end of 2027. So it’s an absolutely huge project still in that. [00:25:58][70.1]

Stuart Turley: [00:25:58] Great. Yeah. [00:25:58][0.3]

Michael Tanner: [00:25:59] Absolutely crazy. ExxonMobil owns a 45% interest test, has a while now. Chevron has a 30% interest and China has a 25% interest. So got to love. We’re helping the Chinese out as well. So thank you, Exxon and. I do. That’s about all I’ve got. You got anything people should be worried about your Thanksgiving. It’s going to be a chiller week. I don’t know. You know nothing. Do we usually get any crazy news over Thanksgiving? [00:26:25][25.8]

Stuart Turley: [00:26:26] It depends. I personally, I’m. I am not going to be surprised if you’re going to see some social distress this week intentionally, because the January 6th tapes were released by our new speaker of the House. And that kind of tells you, even though Matt Gates, in my opinion, was a chowder head, he was right, because the old speaker of the House never released these. And now you’re going to see a bunch of Hamas supporters or Palestine supporters across the country encouraged by the Democrats. So stay away from any of those during Thanksgiving. Enjoy your family and hug everybody. How’s that for a weird threat? [00:27:09][43.2]

Michael Tanner: [00:27:12] I don’t even know where to begin with that. I need to know where to be. [00:27:15][3.5]

Stuart Turley: [00:27:15] Your head just exploded. For our podcast listeners, Michael was curled up in the fetal position under his desk, about to throw up. [00:27:22][6.9]

Michael Tanner: [00:27:24] I’ll do it. We just got to end this now so I can go puke. Well, we appreciate that, guys. Well, again, will be here today. Tomorrow, then you’ll get a bunch of Stu’s podcast come Wednesday through Sunday, and then we will be back in your ear Monday. Hopefully it’s a short week for you guys. Hopefully you’re able to take some time off again. Thanksgiving, We love it. Oh, we spend time with friends and family for Stu Turley, Michael Tanner. Guys, we’ll see you tomorrow and have a great Monday, guys. See you. [00:27:24][0.0][1598.9]

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The post Daily Energy Standup Episode #255 – Net-Zero Realities, Geopolitical Strains, and Energy Sector Turbulence appeared first on Energy News Beat.

 

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