Today’s Key Takeaways: Lawsuits lining up for NPR-A. A win for U.S. Energy – LNG pause overturned. First gold bar from Manh Choh.
OIL:
NEPA lawsuits challenge Biden’s Alaska drilling protections
Niina H. Farrah, E & E News, July 9, 2024 (subscription required)
New challengers are lining up to oppose the Biden administration’s latest restrictions on oil and gas development in Alaska’s 23 million-acre National Petroleum Reserve.
In parallel lawsuits filed last week, ConocoPhillips Alaska and Republican state Attorney General Treg Taylor urged a federal judge to toss out an Interior Department rule that set stronger environmental protections for more than half of the reserve.
Interior’s Bureau of Land Management advanced the protections as it sought to address public backlash for approving new fossil fuel development in the remote Arctic region, also referred to as the NPR-A. At the same time, Alaskan politicians on both sides of the political aisle have warned that limiting oil and gas drilling in the state would seriously undercut revenue needed to fund a range of public services.
GAS:
Overturning of Biden’s LNG export ban a “win” for U.S. energy, Energy Workforce says
Tim Tarpley, World Oil, Juily 4, 2024
A federal court sided with 16 states to lift the administration’s pause on new permit approvals for LNG exports. Judge James Cain of the Western District of Louisiana ruled that the DOE has failed to justify why it needed to pause approvals to review the process by which it permits projects. Energy Workforce released the following statement applauding the decision.
“The court’s decision is a win for American energy,” said Energy Workforce President Tim Tarpley. “The LNG pause has been detrimental to our economy, hindering job creation and creating uncertainty for our friends and allies who rely on American LNG. By lifting this “pause”, we can now move forward with projects that will bolster American energy production and provide our allies with reliable energy sources. We must continue to send the message that the United States is committed to maintaining our position as a global energy leader.”
U.S. LNG exports yield significant economic advantages by bolstering natural gas production, thereby enhancing labor income within the sector and driving down the costs of imported goods while bolstering the value of the dollar, consequently stimulating heightened economic activity, according to the Center for LNG.
Further, studies show that U.S. LNG exports serve to stabilize the domestic market while incentivizing increased natural gas production, thereby catalyzing billions of dollars in fresh investments that benefit local communities.
This infusion of capital not only generates tax revenues but also fosters employment opportunities, with job creation numbering in the thousands during the construction phase and extending into the tens of thousands across the supply chain during operational phases, including manufacturing roles.
MINING:
Million dollar baby: Kinross debuts first Manh Choh gold bar
Jake Barnwell, Fairbanks Daily News Miner, July 9, 2024
The first gold bar produced from Manh Choh ore made its debut Monday in front of more than 50 officials at Kinross Fort Knox. The eagle-stamped gold brick weighed 37.5 pounds (600 ounces) and came with a $1.4 million value.
For Kinross Alaska and Contango Ore, Manh Choh’s joint venture owners under Peak Gold, the bar represents the first tangible reminder of 16 years of planning, discovery and permitting to get the mine to operational mode.
“To be here today is very special,” said Paul Rollinson, Kinross Gold’s chief executive officer. “Manh Choh is now an integral part of the Kinross Alaska operations and our approach is to work closely with our stakeholders to reflect their priorities and ensure we have long-lasting beneficial partnerships.”