Two Wells Coming Off Confidential List -- July 27, 2022

Saudi:

• to create $80 billion investment fund for NEOM megaproject;
• will jumpstart the investment fund by hiking flagship ccude prices to record high over benchmark;
• we now why Saudi's foreign reserve assets have remained flat for the past few months; 

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Back to the Bakken

Far Side: link here.

WTI: $95.59.

Natural gas: $8.815.

Active rigs: 46 rigs or thereabouts.

Thursday, July 28, 2022: 28 for the month, 28 for the quarter, 367 for the year

• 38667, conf, CLR, Bang 4-4H,

Wednesday, July 27, 2022: 27 for the month, 27 for the quarter, 366 for the year

• 38614, conf, CLR, Bang 13-4H1, 

RBN Energy: The Houston area's care for becoming a DOE-backed hydrogen hub. 

It took many decades to build out the U.S.’s natural gas production, processing and transportation infrastructure, and just as long to develop demand for natgas — the many millions of residential, commercial, industrial and power-generation customers that now depend on U.S. gas, both domestically and, more recently, internationally as well. Now, with action on both climate change and energy security top of mind, there’s a big push to add clean hydrogen to the energy mix as quickly as possible, as evidenced by the Department of Energy’s plan to invest up to $8 billion in the development of four or more “hydrogen hubs.” This time, we won’t have decades to build out the clean hydrogen supply, demand and infrastructure that will be needed to make a real difference — and that’s precisely the point being made by the folks in and around Houston, who assert that the region has just what it takes to get a consequential hydrogen hub up and running. In today’s RBN blog, we continue our look at the federal government’s push to advance clean hydrogen and the Houston-led effort to make the western Gulf Coast a center of hydrogen-related activity.

As we said in Part 1, it’s clear by now that the transition to a lower-carbon economy will be an “all of the above” kind of thing, involving everything from wind, solar and nuclear power to battery storage, electric vehicles and fuel cells. And hydrocarbons, whose climate impacts can be reduced by blending with renewable fuels or other means — or mitigated (partially or even fully) with carbon offsets and carbon sequestration. Then there’s clean hydrogen, the focus of this blog series, whose development the DOE has deemed crucial to meeting the Biden administration’s goals of a 100% clean electric grid by 2035 and net-zero carbon emissions by 2050.