Finally, There Are A Few Wells Coming Off The Confidential List -- October 18, 2022

SPR (strategic political release): Biden set to release another ten million bbls?

• he must really be worried about $7-gasoline in California
• SPR release won't help; California's marginal oil comes from Saudi Arabia
• the real problem is $5-diesel across the rest of the nation
• SPR release won't change that
• to work, the SPR release also needs to include ban on exports
• Brent will spike, and
• WTI will follow
  

Beulah, ND: the nation's Great Plains Hydrogen Hub. 

Hydrogen:

• because it was such a great idea, Shell has shut down all it hydrogen filling stations in the UK
• see RBN Energy below

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Back to the Bakken

The Far Side: link here.

Active rigs: 43.

WTI: $85.27.

Natural gas: $6.045

Wednesday, October 19, 2022: 25 for the month, 25 for the quarter, 470 for the year.
38365, conf, CLR, Fuller 5-2H,

Tuesday, October 18, 2022: 24 for the month, 24 for the quarter, 469 for the year.
38849, conf, Ovintiv, Kramer 150-97-18-19-5HR,
38366, conf, CLR, Fuller 4-2H1,

RBN Energy: clean hydrogen hub plans taking shape in the Midwest and Great Plains. Archived.

PADD 2 — the 15-state region that includes both the Midwest and the Great Plains — is a major player in U.S. hydrocarbon production and refining, not to mention energy consumption, with its rich mix of industry and farming. It’s also bound to be a hot spot in the energy transition, given its vast wind resources, scores of ethanol plants, and extensive plans for carbon capture and sequestration (CCS). Not surprisingly, there also may be a clean hydrogen hub or two in PADD 2’s future — after all, it’s got natural gas in spades, plus lots of zero-carbon nuclear plants, countless wind farms, and more existing and potential hydrogen end-users than you can shake a stick at. In today’s RBN blog, we discuss the PADD 2 proposals now under development and why they may have a good shot at winning Department of Energy (DOE) support.

A provision in last year’s $1-trillion-plus Infrastructure Investment & Jobs Act provides a total of up to $8 billion in federal funding over five years to support the development of several clean hydrogen hubs around the U.S. Last month, the DOE announced that concept papers from hub proponents are due November 7; full applications are due April 7, 2023; winners will be notified in the fall of 2023; and award negotiations with the winners will be completed in the winter of 2023-24. DOE also said that most of the six to 10 selected proposals will each receive between $500 million and $1 billion in federal support, though it’s possible that a proposal could receive a little less or a little more, depending on its size and need.