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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.

Oil 418
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bp starts oil production at Argos platform in the Gulf of Mexico; first new platform since 2008

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bp has successfully started oil production at its Argos offshore platform, strengthening bp’s position as a leading producer in the deepwater US Gulf of Mexico. Argos is the centerpiece of bp’s Mad Dog Phase 2 project, which extends the life of the super-giant oil field discovered in 1998. Earlier post.) bp is the operator with 60.5%

Mexico 259
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ExxonMobil to acquire CCS solutions company Denbury for $4.9B

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an experienced developer of carbon capture, utilization and storage (CCS) solutions and enhanced oil recovery. —Dan Ammann, President, ExxonMobil Low Carbon Solutions In addition to Denbury’s carbon capture and storage assets, the acquisition includes Gulf Coast and Rocky Mountain oil and natural gas operations.

Companies 195
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Direct lithium extraction company EnergyX secures $20M in funding commitments

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Direct lithium extraction (DLE) technology company Energy Exploration Technologies Inc. The company said that the funding makes it the highest-valued direct lithium extraction technology company on the market. Some in the electric vehicle (EV) industry have likened lithium mining to the early days of oil exploration.

Companies 448
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Infinium enters strategic alliance with Denbury for ultra-low-carbon electrofuels projects in Texas

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Electrofuels innovator Infinium ( earlier post ) has entered into a strategic alliance with US independent energy company Denbury to collaborate on developing ultra-low carbon electrofuels projects in the state of Texas. Denbury is an independent energy company with 143.1 The facilities are anticipated to utilize 1.5

Carbon 273
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Tesla skirts Austin’s environmental rules at Texas gigafactory

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Tesla has used a new Texas state law to exempt its Austin gigafactory from Austin’s environmental regulations, as reported by Austin Business Journal. Tesla’s Texas gigafactory is commonly referred to as being in Austin, but it is actually situated not far outside the city’s official borders.

Texas 52
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Occidental to acquire direct air capture technology company Carbon Engineering for $1.1B

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1PointFive is building Stratos, the world’s largest DAC plant, which is expected to be commercially operational in mid-2025, in Ector County, Texas. Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. Earlier post.) Earlier post.)

Carbon 150