Page 11 - NorthAmOil Week 23 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

rigs in the US are stationed in the Permian
Basin drilling thousands of oil and gas wells
annually to provide for the US energy needs.
NEXTMART, June 09, 2022

ENERGY TRANSITION
LongPath testifies on

methane monitoring to

acquisition of New Mexico House Science Committee
DOWNSTREAM
Cheniere and Equinor sign water rights LongPath Technologies co-founder and CTO
Greg Rieker testified today before a House
long-term LNG sale and NextMart – NXMR would like to announce Science Committee hearing focused on efforts
to monitor methane emissions from the oil
that its wholly-owned subsidiary, Emco
purchase agreement Oilfield Services, has launched an acquisition and gas sector.
programme of New Mexico water rights
“You can’t improve what you don’t
Cheniere Energy announced today that its to expand its water capacity for own water measure,” said Rieker, offering the committee
subsidiary, Cheniere Marketing, has entered stations in the Permian Basin. a key and unique perspective as LongPath is
into a liquefied natural gas (LNG) sale and The Permian Basin is the largest oilfield the only independent blind-tested and proven
purchase agreement (SPA) with Equinor. in the world. EMCO is currently servicing true-continuous leak monitoring platform.
Under the SPA, Equinor has agreed to over sixty (60) clients including major oil “The action of emissions mitigation
purchase approximately 1.75mn tonnes per companies such as Exxon Mobile’s subsidiary, happens at the local level,” said Reiker, “so
annum (“mtpa”) of LNG from Cheniere XTO, Chevron, Conoco Phillips, Occidental continuous, specific-facility monitoring with
Marketing on a free-on-board basis for a (OXY), and major independent public oil instantaneous feedback directly to the oil and
term of approximately 15 years. The deliveries companies such as EOG, Devon, Cimarex, gas companies is critical.”
under the SPA will start in the second half Noble Energy and many more. The acquisition LongPath provides multiple per day
of 2026 and reach the full 1.75 mtpa in the of more New Mexico water rights is in direct full-site-coverage (facility-wide) emissions
second half of 2027. Half of the volume, or response to the current fast-growing needs measurements to operators, catching large
approximately 0.9 mtpa, is subject to Cheniere of its current clients, and new clients that are leaks in real-time. LongPath’s large-scale
making a positive final investment decision coming on board, due to the increased oil and networks of laser sensors (akin to a methane
(“FID”) to construct additional liquefaction gas activity in the Permian Basin. radar) provide scalable and accurate data for
capacity at the Corpus Christi LNG terminal William Bouyea (CEO of the company), rapid emissions mitigation and ESG/RSG
beyond the seven-train Corpus Christi Stage states: “The historically fast increase in the accounting.
III project. price of oil and gas has spurred oil and gas Rieker highlighted three key points for
“Equinor is one of Europe’s premier energy drilling and production in the Permian Basin. the committee: First, the savings realised
companies, and we are excited to form a With oil is at its highest price per barrel in when operators opt for continuous emissions
long-term relationship with another strategic well over a decade domestically, increased monitoring systems like LongPath’s more than
customer that shares our ambitions for a production is a natural occurrence. EMCO pay for themselves in improved operational
sustainable future,” said Jack Fusco, Cheniere’s is just trying to be proactive and work in efficiency and rapid repair of leaks. Second,
president and chief executive officer. “This the best interests of our client base who new policies and legislation (e.g. EPA’s
SPA further reinforces Cheniere’s leadership will use more water as they attempt to grow proposed methane rule and the SEC’s
in providing the flexible, reliable and cleaner their production levels by drilling more proposed climate-related disclosures rule)
burning long-term LNG supply sought by our wells in these unprecedented times in the must recognise that evolving technologies
customers across the globe focused on energy energy market. It goes without saying that provide more and better information than
security and environmental priorities. The the amount of water used by our clients will older leak survey methods and calculation-
SPA also reflects the urgency in demand for increase almost 100% in correlation to any based inventory values. And, Third, the cost
investment in additional LNG capacity, not increase in oil and gas drilling as well as actual of new methane technologies are well within
only for the Corpus Christi Stage III Project, production.” reach, not only for operator adoption but
which is nearing FID, but also for capacity Water stations provide a vital source of for public good and public infrastructure
beyond the project’s initial seven trains.” water needed to drill oil and gas wells. Emco considerations.
CHENIERE ENERGY, June 09, 2022 will continue to transport water to and from “LongPath can cover the Permian, one of
oil and gas well drill sites in the Permian the US’ largest oil and gas basins, for less than
Basin, which has generated an estimated the cost of the last James Bond Movie … or, in
SERVICES $40mn in revenues for Emco since 2018. infrastructure terms, for less than the cost of
Going forward, with its own water stations, 20 miles of interstate highway,” said Reiker.
NextMart – Planned Emco can generate an additional revenue LONGPATH TECHNOLOGIES, June 08, 2022
stream that can be significant for its aggressive
growth plans. Approximately half the drilling

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