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Released April 02, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--The American Petroleum Institute (API) (Washington, D.C.) is advocating for a price on carbon emissions as part of its guidelines. The API supports a reduction in U.S. emissions and the country's role in the Paris Agreement to combat climate change, the industry group said March 25.
Industrial Info is tracking 74 capital-spending projects in the U.S. Oil & Gas Production Industry, worth almost $13 billion, that have a medium (70-80%) or high (81-99%) probability of kicking off in the second quarter. The liquefied natural gas (LNG) production sector accounts for a vast majority of the total spending, while Texas is home to more than $8 billion of investment.
Click on the image at right for a graph showing medium- and-high-probability capital-spending projects in the U.S. Oil & Gas Production Industry that are set to kick off in the second quarter, by industry sector.
The API and its members have long resisted regulatory actions on climate change, but the oil and gas industry's preeminent trade group supports the following areas for climate action, in addition to carbon pricing: accelerating technological development and innovation, reducing emissions from operations, accelerating the use of cleaner fuels, and expanding climate reporting.
"Confronting the challenge of climate change and building a lower-carbon future will require a combination of government policies, industry initiatives and continuous innovation," said API President and CEO Mike Sommers in a press release.
Making good on his campaign promise to combat climate change if elected, President Joe Biden unveiled a sweeping $2 trillion infrastructure proposal yesterday that includes $35 billion for climate science, innovation, and research and development focused on reducing emissions, according to a statement released by the White House.
The advocates for climate action and carbon pricing are significant; some of the API's largest members, including ExxonMobil Corporation (NYSE:XOM) (Irving, Texas), ConocoPhillips (NYSE:COP) (Houston, Texas) and BP plc (NYSE:BP) (London, England), already proponents of a carbon tax-and-rebate plan, sat for a virtual meeting last week with White House climate advisor Gina McCarthy to discuss "shared priorities" on cutting emissions and creating union jobs, according to a readout of the meeting. Meanwhile, the Chamber of Commerce in January reiterated its support of market-based policies to limit emissions.
The Biden administration recently announced a goal to create 30 gigawatts of new offshore wind power by 2030; doing so would provide tens of thousands of jobs and strengthen the U.S. supply chain, with the need for port upgrades and new factories for windfarm components, according to a statement. For more information, see March 31, 2021, article - Biden Aims to Dramatically Boost Offshore Wind Generation in the Atlantic.
This comes after Biden canceled the Keystone XL pipeline on his first day in office, reentered the U.S. into the Paris Agreement, and issued an executive order suspending new oil and gas leasing on federal lands. For more information, see January 28, 2021, article - Big Oil, Big Business Slam Biden's Pause on New Oil & Gas Leases on Federal Lands and Waters.
However, despite the groundswell of support for climate action, U.S. oil and gas producers are planning for nearly $13 billion in second-quarter capital project kickoffs, according to Industrial Info's Business Intelligence Platform.
Golden Pass Products LLC's (Houston) Train 2 addition at its LNG production and export facility in Sabine Pass, Texas, set for kickoff in June, looks to convert approximately 700 million standard cubic feet per day of natural gas to 6 million tons per year of LNG for export, bringing the total capacity to 12 million metric tons per year. Completion is expected in March 2026. Construction on the grassroot Train 1 kicked off in May 2019, with completion in September 2025. For more information, see Industrial Info's project reports on Train 1 and Train 2.
Also on the Gulf Coast, Venture Global LNG Incorporated's (Washington, D.C.) Phase II LNG production facility and export terminal expansion near Cameron, Louisiana, involves the construction of a second 5 million-ton-per-year LNG production facility. Kickoff is expected in June, with completion in March 2024. The grassroot export terminal is expected to be completed in March 2022. For more information, see Industrial Info's reports on the grassroot and expansion projects.
LLOG Exploration Company LLC (Covington, Louisiana) expects to kick off a pair of crude oil-production projects in the Gulf of Mexico: production drilling at its Taggart development, which is planned for kickoff in May, and in June, a well conversion as part of its Spruance development. Completion of both projects is expected in March 2022. For more information, see Industrial Info's reports on the Taggart and Spruance projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Industrial Info is tracking 74 capital-spending projects in the U.S. Oil & Gas Production Industry, worth almost $13 billion, that have a medium (70-80%) or high (81-99%) probability of kicking off in the second quarter. The liquefied natural gas (LNG) production sector accounts for a vast majority of the total spending, while Texas is home to more than $8 billion of investment.
Click on the image at right for a graph showing medium- and-high-probability capital-spending projects in the U.S. Oil & Gas Production Industry that are set to kick off in the second quarter, by industry sector.The API and its members have long resisted regulatory actions on climate change, but the oil and gas industry's preeminent trade group supports the following areas for climate action, in addition to carbon pricing: accelerating technological development and innovation, reducing emissions from operations, accelerating the use of cleaner fuels, and expanding climate reporting.
"Confronting the challenge of climate change and building a lower-carbon future will require a combination of government policies, industry initiatives and continuous innovation," said API President and CEO Mike Sommers in a press release.
Making good on his campaign promise to combat climate change if elected, President Joe Biden unveiled a sweeping $2 trillion infrastructure proposal yesterday that includes $35 billion for climate science, innovation, and research and development focused on reducing emissions, according to a statement released by the White House.
The advocates for climate action and carbon pricing are significant; some of the API's largest members, including ExxonMobil Corporation (NYSE:XOM) (Irving, Texas), ConocoPhillips (NYSE:COP) (Houston, Texas) and BP plc (NYSE:BP) (London, England), already proponents of a carbon tax-and-rebate plan, sat for a virtual meeting last week with White House climate advisor Gina McCarthy to discuss "shared priorities" on cutting emissions and creating union jobs, according to a readout of the meeting. Meanwhile, the Chamber of Commerce in January reiterated its support of market-based policies to limit emissions.
The Biden administration recently announced a goal to create 30 gigawatts of new offshore wind power by 2030; doing so would provide tens of thousands of jobs and strengthen the U.S. supply chain, with the need for port upgrades and new factories for windfarm components, according to a statement. For more information, see March 31, 2021, article - Biden Aims to Dramatically Boost Offshore Wind Generation in the Atlantic.
This comes after Biden canceled the Keystone XL pipeline on his first day in office, reentered the U.S. into the Paris Agreement, and issued an executive order suspending new oil and gas leasing on federal lands. For more information, see January 28, 2021, article - Big Oil, Big Business Slam Biden's Pause on New Oil & Gas Leases on Federal Lands and Waters.
However, despite the groundswell of support for climate action, U.S. oil and gas producers are planning for nearly $13 billion in second-quarter capital project kickoffs, according to Industrial Info's Business Intelligence Platform.
Golden Pass Products LLC's (Houston) Train 2 addition at its LNG production and export facility in Sabine Pass, Texas, set for kickoff in June, looks to convert approximately 700 million standard cubic feet per day of natural gas to 6 million tons per year of LNG for export, bringing the total capacity to 12 million metric tons per year. Completion is expected in March 2026. Construction on the grassroot Train 1 kicked off in May 2019, with completion in September 2025. For more information, see Industrial Info's project reports on Train 1 and Train 2.
Also on the Gulf Coast, Venture Global LNG Incorporated's (Washington, D.C.) Phase II LNG production facility and export terminal expansion near Cameron, Louisiana, involves the construction of a second 5 million-ton-per-year LNG production facility. Kickoff is expected in June, with completion in March 2024. The grassroot export terminal is expected to be completed in March 2022. For more information, see Industrial Info's reports on the grassroot and expansion projects.
LLOG Exploration Company LLC (Covington, Louisiana) expects to kick off a pair of crude oil-production projects in the Gulf of Mexico: production drilling at its Taggart development, which is planned for kickoff in May, and in June, a well conversion as part of its Spruance development. Completion of both projects is expected in March 2022. For more information, see Industrial Info's reports on the Taggart and Spruance projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
