Today’s Key Takeaways: Pantheon Resources progress report on North Slope. Economic and environmental advantages of natural gas. Olympic gold medals are worth more than ever. Tim Walz on Energy.
OIL:
Pantheon Resources reports progress on Alaska’s North Slope
ShareCast, August 12, 2024
Pantheon Resources announced progress in its operations on Alaska’s North Slope on Monday, including the securing of a drill rig for the upcoming Megrez-1 well and the formal award of new oil and gas leases.
The AIM-traded company said it successfully executed a contract to use the Nabors 105AC drill rig for the Megrez-1 exploration well, scheduled to start drilling in the fourth quarter.
It said Megrez-1 would target the Ahpun East topset play, an area estimated by the company to contain 609 million barrels of marketable liquids and 3.3 trillion cubic feet of natural gas.
With an estimated 69% geological chance of success, the well was positioned in shallower topset sands compared to previous drilling in the Ahpun western topsets.
Preparatory siteworks for the gravel pad construction along the Dalton Highway were expected to begin in September, with rig mobilisation to follow on completion.
In addition to the drilling preparations, Pantheon said it had finalised the acquisition of 46 new oil and gas leases secured during the State of Alaska’s 2023W Areawide oil and gas lease sale last December.
The leases, covering a total of 65,691.5 acres, include 30 leases on the western boundary of the Kodiak Field and 16 covering the Ahpun East topset play.
Pantheon said the official issue of the leases by the State of Alaska was anticipated in the coming weeks.
GAS:
The Economic and Environmental Advantages of Embracing Natural Gas
ZeroHedge, August 11, 2024
- Natural gas is a key driver of economic growth, energy security, and environmental progress in Pennsylvania and the United States.
- Pennsylvania’s natural gas industry supports 123,000 high-paying jobs, generates $40 billion in annual economic activity, and contributes significantly to emissions reductions.
- There is strong bipartisan support for natural gas development in Pennsylvania, with both Republicans and Democrats recognizing its benefits for the state’s economy and environment.
It often feels like common ground is a rare commodity in today’s highly charged political climate, where heated debate emphasizes our differences more often than our shared values. As policy solutions are advanced in the coming months of the election season on key issues related to the economy, national security, and the environment, we are reminded that not everything has to be partisan or divisive.
Natural gas transcends political boundaries and arches political divides by providing economic growth, advancing U.S. energy security, and making substantial environmental progress. By recognizing the many benefits of this critical energy source, we can forge a path forward that unites perspectives in pursuit of a stronger America.
MINING:
Olympic gold medals are worth more than ever after cost of metals surged
Bloomberg News/Mining.Com, August 11, 2024
Olympic gold medals are worth more than ever at this year’s Paris games, with the raw materials that go into them having the potential to fetch about $900 each.
The medals contain six grams of gold, the price of which soared to a record in mid-July thanks to central-bank buying, retail interest in China and expectations of easing US monetary policy. Prices are also substantially higher this year for silver, which makes up at least 92.5% of the weight of gold medals.
Even after adjusting for inflation, the value of medals is still the highest ever, with Olympians benefiting from both the sharp rally in bullion prices and increasingly hefty medals.
In practice, Olympians do not tend to melt or sell their medals, which this year also contain a small piece of the Eiffel Tower. More lucrative are the gifts that countries give winning athletes, which include cash, exemptions from military service and cows. Carlos Yulo – who became the Philippines’ first male gold medalist last week – will enjoy a fully furnished condo and a lifetime of free colonoscopies.
Medals that are sold can be worth far more than their metal value. One of Jesse Owens’ gold medals from Berlin 1936 – when he rebuked Adolf Hitler’s attempt to showcase Aryan racial supremacy – fetched almost $1.5 million at auction in 2013.
POLITICS:
Candidate Profile: Tim Walz on Energy
American Energy Alliance, August 9, 2024
Summary:
On August 6, 2024, Democratic presidential nominee Kamala Harris chose Minnesota Governor Tim Walz as her vice-presidential running mate. As a Congressman representing Minnesota’s First District, and more recently as Governor of the State of Minnesota, Walz has consistently pursued policies that threaten the ability of people to access affordable and reliable energy.
Fast Facts:
- In 2009, Walz backed the Waxman-Markey cap-and-trade bill that would have killed 2.5 million jobs and raised electricity prices by 90%.
- From 2015 through 2016, Walz received a score of 7% on the American Energy Alliance’s Energy Scorecard, indicating that he consistently voted in opposition to policies that would ensure all Americans have access to affordable and reliable energy.
- During the 2017 – 2018 session, Walz received a score of 0% on the American Energy Alliance’s Energy Scorecard.
- Gov. Walz ran as the Minnesota Democratic-Farmer-Labor Party nominee in 2018. Its platform opposed all nuclear power, opposed fracking, and supported a carbon tax.
- Minnesota’s green energy mandates helped lead to a significant rise in Minnesota’s electricity prices, which have grown 1.67 times faster than the national average.
- Analysts estimated that Walz’s wind and solar mandates will cost $313 billion through 2050. This would result in an increase in electricity costs for families by $1,642 annually, or approximately $136 per month.