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Houston energy co. names new COO to scale offshore decommissioning

new hire

Promethean Energy has named Martyn Fear as its new COO. Photo courtesy Promethean Energy.

Houston-based Promethean Energy has named a new COO as it looks to scale.

Martyn Fear, former CEO of Altamesa Energy Canada Inc., will assume the role, the company announced last week. He brings decades of experience at energy companies such as BP and Maersk Oil and has held board positions at several private equity and venture-backed firms.

“Promethean has built a differentiated platform for managing and retiring late-life assets safely, efficiently, and responsibly,” Fear said in a news release. “The industry is facing a structural shift as decommissioning moves to the forefront, and the opportunity to combine operational excellence, disciplined project delivery, and innovative commercial models is incredibly compelling."

Promethean has developed an environmentally sustainable, integrated model for late-life asset management and offshore well decommissioning. Fear will oversee day-to-day operations at Promethean and the execution of this integrated operator-service model as the company looks to scale and expand to new markets.

“Martyn is a proven leader with a deep operational track record and a passion for building high-performance, safety-first organizations,” Aditya Singh, Promethean's CEO, added in the release. “As Promethean enters its next phase—scaling our integrated operator-service model and delivering first-time-right decommissioning at pace—his experience in transforming complex asset portfolios and leading global teams makes him the ideal COO to drive operational execution while we continue to advance our strategic vision.”

Last May, the company successfully decommissioned offshore orphaned wells in the Matagorda Island lease area. In November, it also announced that it had completed a multi-client project to safely plug and abandon an orphaned well on a storm-damaged platform in the South Timbalier lease area.

Both projects were based in the Gulf of Mexico, where Promethean is looking to grow.

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Third Stream has received a fine of $9.6 million. Photo courtesy of Third Stream

Record $9.6M fine for Houston-based co. after Gulf of Mexico oil spill

In the news

Pipeline safety regulators on Monday, January 5, assessed their largest fine ever against the company responsible for leaking 1.1 million gallons of oil into the Gulf off the coast of Louisiana in 2023. But the $9.6 million fine isn’t likely to be a major burden for Third Coast to pay.

This single fine is close to the normal total of $8 million to $10 million in all fines that the Pipeline and Hazardous Materials Safety Administration hands out each year. But Third Coast has a stake in some 1,900 miles of pipelines, and in September, the Houston-based company announced that it had secured a nearly $1 billion loan.

Pipeline Safety Trust Executive Director Bill Caram said this spill “resulted from a company-wide systemic failure, indicating the operator’s fundamental inability to implement pipeline safety regulations,” so the record fine is appropriate and welcome.

“However, even record fines often fail to be financially meaningful to pipeline operators. The proposed fine represents less than 3% of Third Coast Midstream’s estimated annual earnings,” Caram said. “True deterrence requires penalties that make noncompliance more expensive than compliance.”

The agency said Third Coast didn't establish proper emergency procedures, which is part of why the National Transportation Safety Board found that operators failed to shut down the pipeline for nearly 13 hours after their gauges first hinted at a problem. PHMSA also said the company didn't adequately assess the risks or properly maintain the 18-inch Main Pass Oil Gathering pipeline.

The agency said the company “failed to perform new integrity analyses or evaluations following changes in circumstances that identified new and elevated risk factors” for the pipeline.

That echoed what the NTSB said in its final report in June, that “Third Coast missed several opportunities to evaluate how geohazards may threaten the integrity of their pipeline. Information widely available within the industry suggested that land movement related to hurricane activity was a threat to pipelines.”

The NTSB said the leak off the coast of Louisiana was the result of underwater landslides, caused by hazards such as hurricanes, that Third Coast, the pipeline owner, failed to address despite the threats being well known in the industry.

A Third Coast spokesperson said the company has been working to address regulators' concerns about the leak, so it was taken aback by some of the details the agency included in its allegations and the size of the fine.

“After constructive engagement with PHMSA over the last two years, we were surprised to see aspects of the recent allegations that we believe are inaccurate and exceed established precedent. We will address these concerns with the agency moving forward," the company spokesperson said.

The amount of oil spilled in this incident was far less than the 2010 BP oil disaster, when 134 million gallons were released in the weeks following an oil rig explosion, but it could have been much smaller if workers in the Third Coast control room had acted more quickly, the NTSB said.

Houstonians can expect rain and potential electricity outages this week. The region recently experienced devastation from Hurricane Beryl. Photo via Getty Images

Tropical system expected to strengthen in Gulf of Mexico, CenterPoint reports preparation plans

incoming

Update: Space City Weather reported Monday morning that the storm has turned, and Houston is likely to see minimal effects.

A tropical system in the southwestern Gulf of Mexico was expected to strengthen this week into a tropical storm and dump heavy rains onto Mexico and Texas before reaching the U.S. as a potential hurricane, the National Weather Service said Sunday.

The system, about 340 miles (545 kilometers) south-southeast of the mouth of the Rio Grande, had maximum 50 mph wind speeds (85 kilometers per hour) on Sunday and was forecast to drift slowly northwestward. Forecasters said it was too early to pinpoint the exact track of the storm and its potential impacts but warned that the upper Texas and Louisiana coastlines could see damaging winds and storm surges beginning Tuesday evening.

Houston-based CenterPoint Energy released a statement about its preparation for potential severe weather in the Greater Houston area, as well as in Louisiana and Mississippi. The company reported having 2,000 frontline workers and over 600 vegetation management personnel actively conducting pre-storm activities — with about 700 additional vegetation management personnel and 5,000 additional frontline workers if needed for response.

"While our weather experts work to determine the path, intensity and timing of the tropical activity, we remain vigilant and are fully focused on executing on our storm preparation plan. We are in the process of mobilizing all of our available resources and mutual assistance resources from other utility companies so we will be prepared to safely and quickly restore power to our customers should this tropical system impact our area," Darin Carroll, senior vice president of electric business, says in the release.

Texas Gov. Greg Abbott put state emergency responders on increased readiness and warned of the potential of flash flooding and heavy rains.

“Texas will continue to closely monitor weather conditions to protect the well-being of Texans,” Abbott said in a statement.

Donald Jones, a meteorologist with the National Weather Service in Lake Charles, Louisiana, said during a weather briefing Saturday night that parts of southeast Texas and southwest Louisiana should expect a “whole lot” of rain in the middle and later part of this week.

The tropical disturbance comes after an unusually quiet August and early September in the current Atlantic hurricane season, which runs through Nov. 30. The season was set to peak on Tuesday, Jones said.

So far, there have been five named storms this hurricane season, including Hurricane Beryl, which knocked out power to nearly 3 million homes and businesses in Texas — mostly in the Houston area — in July. Experts had predicted one of the busiest Atlantic hurricane seasons on record.

The next named storm would be called Francine.

In a report issued last week, researchers at Colorado State University cited several reasons for the lull in activity during the current hurricane season, including extremely warm upper level temperatures resulting in stabilization of the atmosphere and too much easterly wind shear in the eastern Atlantic.

“We still do anticipate an above-normal season overall, however, given that large-scale conditions appear to become more favorable around the middle of September,” according to the report.

Last month, the National Oceanic and Atmospheric Administration updated its outlook but still predicted a highly active Atlantic hurricane season. Forecasters tweaked the number of expected named storms from 17 to 25 to 17 to 24.

Interim CEO Joseph Mills, CEO of Samson Resources II since March 2017, joined Talos as a board member in March. Photo via LinkedIn

Houston energy CEO steps down, interim named

transition moves

Houston-based Talos Energy Inc. announced its transition plans for it's top executive position.

Tim Duncan stepped down from his role as president and CEO, the company announced last week. Duncan, who held the position since 2012, will be replaced by board member, Joseph A. Mills, who will serve as interim president and CEO as the Talos board of directors searches for a successor.

"On behalf of the Board and the entire Talos team, I want to express our gratitude to Tim for his invaluable contributions to the Company," Neal P. Goldman, chairman of Talos' Board of Directors, says in a news release. "We have complete confidence in Joe's capabilities to carry out Talos' strategy as we search for a new CEO to lead Talos into the future and unlock further value. Mills brings a wealth of industry experience and knowledge, boasting over 42 years in senior leadership positions and serving on the boards of both public and private companies in the oil and gas sector."

Mills, CEO of Samson Resources II since March 2017, joined Talos as a board member in March. He has 42 years of experience in oil in gas.

"I'm honored to step in as interim CEO of Talos," Mills adds. "The Board has played an active role guiding and evaluating our strategic approach, and I am confident about Talos's direction and strategy. Our commitment remains firm in delivering compelling value for our shareholders. I look forward to working closely with the Board and leadership team, drawing on their extensive knowledge to advance our strategic priorities during this transitional period."

Talos Energy is an upstream exploration and production business operating in the United States Gulf of Mexico and offshore Mexico. Talos is a part owner of the Bayou Bend CCS LLC joint venture, a carbon capture and storage project. Earlier this year, Talos made a $1.29 billion acquisition to expand deepwater assets.

Chevron's newest deepwater oil and natural gas production project, called the Anchor, is an all-electric facility. Photo courtesy of Chevron

Chevron launches production at deepwater project that aims to lower carbon intensity off offshore activity

green light

Chevron's new massive deepwater oil and natural gas project in the Gulf of Mexico is officially up and running.

Chevron Corp., which recently announced its relocating its global headquarters to Houston, has officially started oil and natural gas production from its Anchor project in the U.S. Gulf of Mexico.

The semi-submersible floating production unit features a high-pressure technology that operates at up to 20,000 psi with reservoir depths reaching 34,000 feet below sea level, Chevron reports, and has a capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day.

“The Anchor project represents a breakthrough for the energy industry,” Nigel Hearne, executive vice president of Chevron Oil - Products & Gas, says in a news release. “Application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar deepwater high-pressure developments for the industry.”

The Anchor project is Chevron’s sixth currently operating facility in the U.S. Gulf of Mexico. Photo courtesy of Chevron

Located 140 miles off the coast of Louisiana in the Green Canyon area and in water depths of approximately 5,000 feet, the Anchor is an all-electric facility with electric motors and electronic controls. The project utilizes waste heat and vapor recovery units and existing pipeline infrastructure for oil and natural gas transportation.

“This Anchor milestone demonstrates Chevron’s ability to safely deliver projects within budget in the Gulf of Mexico,” adds Bruce Niemeyer, president, Chevron Americas Exploration & Production. “The Anchor project provides affordable, reliable, lower carbon intensity oil and natural gas to help meet energy demand, while boosting economic activity for Gulf Coast communities.”

The Anchor project is Chevron’s sixth currently operating facility in the U.S. Gulf of Mexico, which is one of the lowest carbon intensity oil and gas basins in the world, per the release. By 2026, Chevron expects to be producing a combined total of 300,000 net barrels of oil equivalent per day.

Chevron's subsidiary, Chevron U.S.A. Inc. is the project operator and holds a 62.86 percent working interest. TotalEnergies E&P USA, Inc., the co-owner, holds a 37.14 percent working interest. Chevron estimates that the total potentially recoverable resources from the Anchor field is up to 440 million barrels of oil equivalent.

Black Bayou Energy Hub is developing an underground energy storage facility near the Louisiana/Texas border on the U.S. Gulf Coast. Photo courtesy of Mercuria

Energy storage facility just outside of Texas gets funding from global investor with Houston presence

fresh funds

A global independent energy and commodities group with its United States office in Houston has announced an investment in a Gulf Coast salt dome energy storage project.

Mercuria did not disclose its financial contribution into Lafayette, Louisiana-based Black Bayou Energy Hub LLC, but the company's support will go toward the development of the energy infrastructure of the large-scale, underground energy storage facility in Cameron and Calcasieu Parishes in Louisiana, which is alongside the Texas border.

"Mercuria's investment in Black Bayou Energy Hub represents a significant step towards enhancing the resilience and flexibility of our energy infrastructure. This partnership leverages Mercuria's robust financial capabilities and extensive expertise in commodity markets, aligning with Black Bayou's strategic location and development potential," Boris Bystrov, managing director of investments at Mercuria, says in a news release.

"We are committed to supporting innovative projects like Black Bayou essential for transitioning to a sustainable global energy future," he continues. "Together, we aim to create a storage solution that addresses the dynamic needs of the energy sector, fostering stability and growth in the U.S. Gulf Coast region and beyond."

Located in Southwest Louisiana near what is called "LNG Alley," the Black Bayou Energy Hub will initially store FERC-regulated natural gas energy in its salt dome storage capacity, as well as develop wide range of energy products to meet growing customer need, per the release.

The strategic location of the facility — 25 miles on either side of growing cities Lake Charles, Louisiana, and Port Arthur, Texas — is just seven miles east of the Louisiana/Texas border and 18 miles north of the Gulf of Mexico coastline.

"Mercuria's investment in the Black Bayou Energy Hub creates an ideal partnership that combines Mercuria's financial strength, extensive commodity experience, and global reach with Black Bayou's unique project attributes and the team's deep expertise developing, owning, and operating underground salt dome storage projects," adds Tad Lalande, Black Bayou's CEO. "We're thrilled to add Mercuria to our roster of existing sponsors, including Charlestown Energy Partners and Cameron Prairie Sporting Club, as we progress our development and bring this project to life."

With its local office in Houston's Greenway Plaza, Mercuria, founded in 2004, has pledged that over half of its new investments will go toward renewables and transitional energy.

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Houston startup nets new funding to accelerate methane leak detection

fresh funding

Houston climatech startup Aquanta Vision has secured pre-seed funding to accelerate the commercialization of its methane leak detection software.

EIC Rose Rock participated in the round, joining investors like Marathon Petroleum Corporation, Chevron Technology Ventures, Ecosphere Ventures, and Odyssey Energy Advisors. The investment follows successful field trials for Aquanta Vision’s optical gas imaging (OGI) detection software, according to the company.

“This investment highlights our shared excitement as our patented novel technology improves detection levels for OGI camera operators,” Babur Ozden, Aquanta Vision’s CEO and founder, said in a news release. “The funding from EIC Rose Rock enables us to strategically accelerate this impact.”

Aquanta Vision’s OGI technology features an automated detection layer through an add-on app that improves methane detectability without requiring new hardware. It installs in minutes, runs locally and provides real-time, in-flight plume visualization for inspections with drone-mounted and handheld cameras.

“We are excited to partner with Aquanta Vision to scale and deploy this world-class technology that enables the energy industry to continue to deliver the secure, reliable and affordable energy that drives the American economy,” David Clouse, managing director of the EIC Rose Rock fund, added in the news release.

The company has partnered with Teledyne Flir and Sierra Olympia, makers of one of the world’s largest deployed fleet of handheld and drone-mounted optical gas imaging cameras used in industrial inspections. AquantaVision is now working with Teledyne Flir’s product team, as well as Sierra Olympia and its OEM partners.

Aquanta Vision has estimated that methane leaks cost the U.S. energy industry billions of dollars each year, with 60 percent of leaks going undetected, and methane leaks accounting for around 10 percent of natural gas's contribution to climate change, according to MIT’s climate portal.

Houston trio lands on Time’s list of 10 most influential energy companies

making an impact

Three companies with headquarters in Houston made Time magazine’s new list of the 10 most influential energy companies.

The unranked list includes:

  • Houston-based oil and gas giant Chevron
  • Houston-based Fervo Energy, a geothermal power provider that just went public in a $1.9 billion IPO
  • Saudi Aramco, the world’s largest oil company, whose U.S. headquarters is in Houston

In naming Chevron to the list, Time cites the company’s standing as the only major American oil company operating in Venezuela. Time says Chevron wields “extraordinary power” over Venezuela’s massive oil reserves.

Despite pressure from the White House on U.S. oil and gas producers to ramp up investments in Venezuela, “Chevron has pumped the brakes, pledging to boost output gradually and not chase price fluctuations,” Time says.

“Chevron has been in Venezuela for over a century,” CEO Mike Wirth told shareholders in January. “We remain committed to leveraging our deep expertise and long-standing partnerships for the benefit of our shareholders and the people of Venezuela.”

Time points out that Fervo sits “at the front of the pack” in generation of geothermal energy. The Houston-based company uses fracking techniques borrowed from the oil and gas industry to create underground hot-rock reservoirs that heat water to generate electricity.

Fervo’s Cape Station in Utah is scheduled to start delivering power to the grid this year. At full capacity of 500 megawatts, it will be the first large-scale commercial geothermal plant in the U.S. Time says another site in Utah, Project Blanford, is Fervo’s hottest well yet, highlighting the potential for harnessing geothermal heat for at-scale clean energy.

“It’s hard to find something that can [deliver] reliable 24/7 energy, that’s carbon-free, and can be constructed in a timely manner,” Fervo CEO Tim Latimer said. “It’s energy without a lot of the compromises.”

Government-owned Saudi Aramco, which last year earned $104.7 billion in profit, not only is a dominant player in the Mideast oil and gas sector, but Time says it holds “global clout in politics and business” that reaches far beyond oilfields. For example, the company finances big projects spearheaded by Crown Prince Mohammad Bin Salman, who chairs Saudi Arabia’s sovereign wealth fund. These include initiatives in global sports, tourism, and AI.

Baker Hughes teams up with Oklahoma co. to advance geothermal development

geothermal partnership

In recent months, Houston-based energy corporation Baker Hughes has launched multiple partnerships to expand geothermal energy extraction across the United States. The latest, a deal with Oklahoma-based Helmerich & Payne Inc. (H&P), was announced Wednesday.

As part of the deal, H&P will provide a geothermal-capable land drilling rig, while Baker Hughes will contribute technology and expertise. The rig is expected to be deployed later this year, according to a news release.

“Geothermal energy plays a critical role in meeting growing power demand by providing clean, reliable baseload generation,” Amerino Gatti, executive vice president of oilfield services & equipment for Baker Hughes, said in the release. “This collaboration reflects a deliberate step to move its development in the U.S. from concept to reality. By working together, Baker Hughes and Helmerich & Payne are helping customers advance these critical energy projects with greater confidence and deliver reliable, sustainable power.”

Investment in the geothermal energy sector is currently exploding in the U.S., having grown by at least 1,000 percent just in the last seven years, according to a recent report by Rocky Mountain Institute.

On one hand, only about 1 percent of the American energy grid currently uses geothermal, but on the other, the U.S. holds roughly 25 percent of the world’s geothermal capacity. Harnessing that power becomes even more attractive as conflicts in Russia and Iran continue to hamstring energy markets from those countries and revitalize interest in renewable energy.

Baker Hughes has been at the forefront of the geothermal boom. This new deal with H&P combines H&P’s drilling platform technology with Baker Hughes’s subsurface and energy extraction support technologies.

“This agreement underscores Helmerich & Payne’s commitment to supporting emerging energy opportunities through our drilling technologies and operational expertise,” H&P President and CEO Trey Adams added in the release. “We are pleased to collaborate with Baker Hughes to support the advancement of geothermal development in the United States.”

The deal with H&P is just one of several recent ones Baker Hughes has closed. In March, they announced support for XGS’s geothermal extraction projects in New Mexico, which are being used to meet the increasing demands of data centers in the state. Last May, Fervo Energy selected Baker Hughes to supply equipment for its flagship geothermal project in Utah.

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