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August 27th - According to the Financial Times, investors say France is replacing Italy as the focus of market concerns about the sustainability of European debt. France faces thorny budget negotiations next month and will hold presidential elections next year, with both far-left and far-right parties gaining support. For years, the yield on Italys benchmark 10-year government bonds has been significantly higher than that of France, but this summer it was lower for most of the time, as bondholders demanded higher risk compensation before buying French bonds. Investors say this reversal of historical trends signifies a major shift in market perception of the relative risks of the two countries. Rohan Khanna, head of European interest rate strategy at Barclays, said, "If you ask anyone in the market where the weak link in Europe is, most people will point to France." He added that France is facing a "perfect storm" for bond investors because "growth risk, political risk, and fiscal risk" coexist.August 27 - According to statistics released by Nepals National Disaster Risk Reduction Authority on the 27th, 165 bodies have been recovered following the flash floods that struck northern Nepal on the 26th, and 826 people remain missing.Market news: An oil refinery in Russias Volga region has ceased operations.On August 27, the National Meteorological Center continued to issue an orange typhoon warning and a yellow rainstorm warning at 10:00 AM. The Ministry of Transport raised its typhoon defense response level to Level II and maintained a Level III heavy rainfall defense response. On the morning of the 27th, the Ministry of Transport conducted point-to-point coordination with the transportation departments (commissions) of Zhejiang, Fujian, and Shanghai, as well as the maritime safety administrations of Zhejiang, Fujian, and Shanghai. The coordination required strengthening risk awareness, eliminating reliance on past experience, complacency, and wishful thinking, enhancing risk assessment and hidden danger investigation, and continuing to tighten and solidify the responsibility chain with high standards. It also stressed the need to strengthen the implementation of measures, closely monitor the typhoons path and rainfall changes, and effectively implement proactive defense measures of "response, inspection, and control," ensuring that all necessary shutdowns, closures, and evacuations are carried out to achieve the goal of "no deaths and minimal injuries," and to fully protect the safety of peoples lives and property. The Ministry of Transport will adjust the defense response level in a timely manner according to changes in weather warnings.On August 27, World Health Organization (WHO) experts said on the 26th that the current Ebola outbreak in the Democratic Republic of Congo (DRC) remains highly active and has not yet reached its turning point. The country has reported over 5,600 confirmed cases. "We have slowed the rapid spread of the epidemic, but the curve has not yet turned," said WHO expert Belize at a live-streamed meeting of the organizations African Regional Committee. As of the 24th, the DRC had reported a total of 5,656 confirmed Ebola cases, with 2,715 deaths and 1,245 recoveries, resulting in a case fatality rate of approximately 48%.

U.S. Tries to Prevent Methane Flaring And Leakage on Public Lands

Skylar Williams

Nov 29, 2022 11:53

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The administration of President Joe Biden issued recommendations on Monday to decrease methane leaks from oil and gas production on public lands, the most recent attempt by the federal government to cut emissions of the potent greenhouse gas.


The strategy accompanies the new regulations proposed by the United States government for the industry on private property. It would set monthly restrictions on flaring and require oil and gas firms to develop methane leak detection techniques for operations on federal lands, where around 10 percent of U.S. oil and natural gas production takes place, primarily in Western states.


According to the U.S. Bureau of Land Management, the limits will minimize gas waste and raise tax revenue.


In a statement, BLM Director Tracy Stone-Manning said, "This proposed rule is a straightforward, environmentally responsible approach to addressing the harm caused by wasted natural gas."


The major component of natural gas, methane, has a tendency to escape from drilling sites and pipelines. Over a 20-year period, it is roughly 80 times more efficient than carbon dioxide at trapping heat.


The Interior Department reported that production-related venting and flaring on public lands has increased considerably over the past few decades.


Flaring, or the purposeful burning of gas produced as an oil byproduct, generates carbon dioxide, whereas venting emits unburned methane. When oil drillers lack the pipes necessary to bring gas to market, or when gas prices are too low to justify transporting it, the gas is frequently flared or vented.


Under the proposed law, each application for a drilling permit would be required to provide a plan detailing how it will prevent methane waste. If the BLM judges the plan inadequate, it may refuse the permit application.


The Environmental Protection Agency, which has been formulating its own guidelines, should be in charge of federal methane management, according to a group representing the oil and gas industry.


According to Mallori Miller, vice president of government relations for the Independent Petroleum Association of America, there are several reasons to vent and flare gas, including safety concerns and connection challenges, and the issue is not as basic as this law portrays. When possible, it is always in a producer's best advantage to capture and sell a product on the market.


The new limits are the consequence of years of litigation over methane regulations enacted by the Obama administration. BLM said that its regulation focussed on waste prevention, a domain in which it has clear legal authority.


The adoption of the restrictions would cost oil and gas companies around $122 million per year, but they will recoup $55 million per year in gas. The BLM predicts that royalties on this gas will increase by $39 million per year.


The deputy director of the Center for Western Priorities, Aaron Weiss, remarked in an email, "There is no excuse for oil and gas companies to waste a publicly owned resource, much less a strong greenhouse gas like methane."