President Joe Biden has called on U.S. oil companies to drill more—a move largely seen as a departure from his campaign promise to cut greenhouse-gas emissions.
However, can the industry address the big challenges and issues of today with the need for more domestic oil supply while also cutting greenhouse-gas emissions?
Jon Rogers, CEO of Locus Bio-Energy Solutions, recently joined Cornerstone’s Jack Belcher on the latest installment of Energy Policy Watch to discuss a possible solution for U.S. producers to boost domestic production while also addressing ESG concerns.
“The Russian invasion of Ukraine has really done a reset on the oil and gas markets,” Rogers said. “Looking back 5-6 months ago, the focus was on ESG and really about the U.S. being forced to clean up its operation.”
An example Rogers cited was activist investor Engine No. 1’s successful campaign last year for Exxon Mobil Corp. to accelerate its decarbonization efforts. However, in recent weeks, Chris James, Engine No. 1’s founder, has said domestic energy security is key.
“Where we are now is obviously we’re going to have to produce as much as we can in the states probably for the foreseeable future,” he said, “but I think we have to do it in a clean and sustainable way.”
See below for more on this dynamic discussion between Rogers and Cornerstone’s Jack Belcher on the latest installment of Energy Policy Watch including Locus Bio-Energy Solutions’ biosurfactant technology and its use by U.S. shale operators to produce low-carbon barrels.
Jump to a topic:
- 1:05 — Background of Locus Bio-Energy Solutions
- 3:10 — Addressing call to boost oil supply and ESG
- 5:00 — Locus Bio-Energy Solutions’ role in boosting production
- 9:20 — Examples of scalable technology
- 11:45 — Dominant themes at recent TIPRO conference
- 12:45 — Locus Bio-Energy Solutions results so far
- 14:55 — Energy policies needed to facilitate innovation
- 17:35 — Helping alleviate supply chain issues
Energy Policy Watch is a partnership between Hart Energy and Cornerstone to bring regular video updates on legislative and regulatory actions affecting the energy industry. Guests range from key representatives or congressional staff to relevant cabinet-level officials and executive branch personnel. View More Energy Policy Watch Episodes Here.
2022-09-22 - Talos Energy’s acquisition of private operator EnVen Energy grows Talos’ deepwater Gulf of Mexico footprint with the company anticipating subsea tieback opportunities.
2022-07-19 - Orion Diversified Holding has made a series of microtransactions in several basins, including the Permian and Powder River as well as the Haynesville, Niobrara and Eagle Ford shales.
2022-08-17 - U.S. independent oil and gas producers EOG, Comstock and Murphy Oil reported A&D in the Midcontinent, Rockies, Haynesville Shale and offshore amid a sporadic first half of dealmaking.
2022-07-27 - Diversified Energy said it controls inflationary costs by owning the servicing companies and will retire 200 wells per year in Appalachia, far exceeding its government-mandated requirements.
2022-08-04 - Even window shopping for acreage, or submitting an official expression of interest in an area for potential auction by federal land authorities, would carry a $5 per acre cost if the bill is passed.