Industry News

Sources: Endeavor Energy Explores Sale for as Much as $30 Billion

Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.

U.S. Looks to Buy Additional 3 Million Barrels of Oil for Strategic Petroleum Reserve

The U.S. Department of Energy on Friday said it wants to buy up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile.

Mexico's Pemex Eyeing Later Refinery Start-Up Date, Months After Initial Announcement

Mexican state-owned oil company Petróleos Mexicanos is working to nail down the start-up date at its newest refinery, months after the government said it had begun early output to ramp up to full capacity by December.

Shell Plans $1 Billion Investment to Boost Natural Gas Output in Nigeria

Shell Plc sees a $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell's director of upstream operations.

Indonesia's Pertamina Starts Carbon Injection Tests in Sukowati Field

Indonesia state energy firm Pertamina has started an underground carbon injection trial in Sukowati field, the second site the company is testing for carbon capture, utilization and storage (CCUS).

Northern Lights awarded EUR 131m in EU funding

The grant will be a positive contribution to Northern Lights’ work to develop storage capacity in the North Sea, says the CEO.

Cadeler bags green refinancing loan ahead of merger with rival

The EUR 550m loan will be used to refinance existing vessels in the two wind installation carriers Cadeler and Eneti ahead of their planned merger.

Investor buys one million shares in Solstad after criticizing new rescue plan

Major shareholder Kistefos’ ownership stake is now 16.18%. The acquisition comes after harsh criticism of Solstad’s rescue plan.

French fund on the hunt for green Danish tech companies

Eiffel Investment Group, which has a single Danish investment in its portfolio, has allocated a triple-digit million euro amount to Danish investments.

DNV to certify Polish offshore wind project for Ørsted

The Norwegian company will be responsible for the certification of the 1.5GW offshore wind farm in the Baltic Sea.

Danish Energy Agency resumes processing of lifetime extensions

It is not against EU law to extend the lifetime of offshore wind farms, which is why the Danish Energy Agency is now resuming the processing of applications.

Sources: Four Suitors Offer More Than $648 Million for Edison’s Gas Storage Assets

Edison's gas storage assets have attracted offers from four Italian and international suitors, setting the stage for a transaction that could be worth more than 600 million euros ($648 million), two sources familiar with the matter said.

Offshore wind investors: The party is over

Politicians need to recognize that it has become a much tougher market for setting up offshore wind turbines, say wind investors.

Woodside in Talks with Santos to Form $52 Billion Australian Gas Giant

Australia's Woodside Energy and Santos said they were in preliminary talks on Thursday to create a $52 billion global oil and gas giant as consolidation among international energy firms intensifies.

Fluxys, OGE, Wintershall Dea Partner for CO2 Transport from Southern Germany to Belgian Hubs

(P&GJ) — Fluxys Belgium, Wintershall Dea, and OGE are joining forces to create a CO2 corridor transporting emissions from Southern Germany to Belgium's developing CO2 export hubs for storage in the North Sea reservoirs.

Cepsa CEO: Hydrogen Urgently Needs Demand, Infrastructure

Cepsa, an oil, gas and chemicals company, is investing more than 3 billion euros ($3.3 billion) to create Europe’s largest clean hydrogen hub and an additional 2 billion euros in solar and wind facilities in southern Spain, making use of prime locations on the Mediterranean and Atlantic for exportation to northern Europe.

DT Midstream Reaches Early Mechanical Completion of LEAP Phase 2 Expansion

(P&GJ) — DT Midstream Inc. has reached early mechanical completion of its Phase 2 LEAP Gathering Lateral Pipeline expansion. The 400 MMcf/d expansion is now expected to be available for firm service on January 1, 2024.

Mexico Pacific Inks 20-Year LNG Supply Deal with Woodside Energy

Woodside Energy said on Wednesday it has signed a deal with energy company Mexico Pacific to purchase 1.3 million tonnes of LNG per annum for two decades to beef up production and optimize operations.

Exxon Outlines $27 Billion Annual Project Spending; Golden Pass LNG Plant Set for 2025 Start-Up

Exxon Mobil will target annual project spending of between $22 billion and $27 billion through 2027, the oil major said in an update on Wednesday that largely continues existing spending and production goals.

EIA: Continental U.S. Kicks Off Winter with Most Natural Gas in Storage Since 2020

The continental United States entered the winter heating season with the most natural gas in storage since 2020, the U.S. Energy Information Administration (EIA) said on Thursday.

Italy's Saipem Completes Exit from Russia's Arctic-2 LNG Project

Italian energy engineering and construction group Saipem is no longer involved in Arctic-2 LNG, a massive Russian project to build an LNG production site in the Arctic, which was targeted by U.S. sanctions last month.

Statkraft issues green bonds for EUR 1bn

”We are very pleased with the great interest,” says CFO André Halle Julin.

Shipping sector lands deal for supply of 11 million tons of green fuel

Companies such as Bunker Holding, Maersk, Trafigura and MAN have signed the agreement, committing them to work towards a large-scale production of green fuel.

Crown Estate sets direction for 4.5GW floating wind

The seabed manager releases new details on upcoming tenders for three floating wind projects in the Celtic Sea. 

CS Wind completes Bladt acquisition

The South Korean company CS Wind has finalized its acquisition of the Danish foundation manufacturer. 

Private equity firm KKR bids more than GBP 1bn for UK energy company

The bid represents a premium of 40.4% compared to the company’s closing price on Wednesday. 

Japanese companies have Danish energy players on their radar

Japanese interest in green technologies has led to several Danish-Japanese partnerships on Danish soil. The collaborations can ultimately benefit both markets, says Danish ambassador. 

Trans Mountain Pipeline Expansion Stalled as Canada Regulator Rejects Variance Request

The Canada Energy Regulator (CER) on Tuesday denied a request from the Trans Mountain Expansion (TMX) project for a variance on a section of oil pipeline under construction in British Columbia, a decision that could delay the 590,000 barrel-per-day (bpd) expansion.

U.S. Coast Guard Finds Sheen Near Oil Spill in Gulf of Mexico

The U.S. Coast Guard said on Wednesday it found a light sheen west of an area in the Gulf of Mexico where it was leading the clean-up of a million-gallon (liters) oil spill for nearly three weeks but could not confirm if the sheen was from that spill.

Vestas CEO on Ukrainian wind project: Not business as usual

”We don’t believe in just anything and anyone regarding this construction in Ukraine,” says the Vestas CEO

Wintershall signs cooperation agreement for CO2 pipeline to Belgium

Fluxys, OGE and Wintershall Dea have entered into an agreement on CO2 transport.

NGL Energy Partners Launches Open Season for 550-Mile Grand Mesa Crude Pipeline

(P&GJ) — Grand Mesa provides takeaway capacity for crude oil producers in the Denver-Julesburg Basin. It originates in Weld County, Colorado and extends approximately 550 miles southeast to NGL Crude Cushing’s storage terminal at Cushing, Oklahoma.

U.S. to Release Hydrogen Subsidy Guidance After COP28

The U.S. will release guidance for how hydrogen producers can secure billions of dollars of subsidies embedded in last year’s Inflation Reduction Act sometime this year after the COP28 climate conference in Dubai, U.S. energy advisor John Podesta told Reuters on Wednesday.

BASF Buys into Wind Farms to Cut Carbon's Role in Production

BASF has struck a deal with Swedish utility Vattenfall to buy into two German offshore wind farms, in the German chemicals giant's latest move to secure fossil-free power and reduce the carbon footprint of its production.

Shell Shortlists CNOOC and Vitol for Singapore Assets Sale

Shell has shortlisted at least four companies including state-run China National Offshore Oil Corp. (CNOOC) and top global energy trader Vitol as bidders for its Singapore refinery assets, sources with knowledge of the matter said.

Nigeria's NNPC Signs Two LNG Deals for Local, Foreign Markets

Nigeria's state oil firm NNPC Ltd. said on Wednesday that it has secured two agreements to expand its LNG portfolio for both the domestic and international markets.

Venture Global LNG Expects Extended Start-Up at Second Plant, Says CEO

A Venture Global LNG export plant due to begin operating in 2024 will undergo a lengthy startup similar to its Calcasieu Pass LNG facility, with customers likely to receive their first cargoes in 2026 at the earliest, CEO Mike Sabel told Reuters.

Novozymes CEO on climate agreements: courage is important

”If you implement the biological solutions that already exist, the world would be able to reduce 8% of fuel emissions,” says Ester Baiget, CEO of Novozymes.

Swedish wind farm developer buys Finnish firm

The acquisition cost EUR 25m.

Obton acquires German battery project

The Danish company has used its battery fund to purchase a 137.5 MW project.

New Diving lead announced for the IMCA

Bill Chilton has been announced as the new Diving Manager at the International Marine Contractors Association.

Utsira Nord site still desireable despite postponement

None of the 12 consortia that have expressed interest in the Norwegian offshore wind area have decided to withdraw as a result of the indefinite postponement.

Floating Power Plant lands double-digit million euro grant from the EU

The renewable energy company has just signed a grant agreement with the European Union Innovation Fund.

CER denies Trans Mountain expansion variance request

Trans Mountain had asked to be allowed to install a smaller diameter pipe in a 1.4 mile (2.3 km) section of the oil pipeline's route.

Ørsted completes 50% divestment of Gode Wind 3

The total sales price for the offshore wind farm amounts to roughly USD 500m.

DBRS Morningstar: Evaluating the credit impact of low-carbon alternatives on P&M energy companies

DBRS Morningstar published a commentary providing an overview of the new low-carbon businesses that P&M companies are evaluating/investing in and outline the possible credit considerations of these investments.

Denmark wants a European climate target of 90% by 2040

The EU’s climate target for 2040 should be a 90% reduction, according to Danish Minister for Climate, Energy and Utilities, Lars Aagaard.

CIP makes final investment decision on large battery project

The battery project will be one of the largest in Europe, and construction started in November.

Symbio Inaugurates Europe's Largest Hydrogen Fuel Cell Plant

Symbio, the hydrogen mobility joint venture between Stellantis, Forvia and Michelin, has inaugurated Europe's largest gigafactory for hydrogen fuel cells in the Auvergne-Rhône-Alpes region in France.

FTC Issues Second Information Request on Exxon's $60 Billion Takeover of Pioneer

The U.S. Federal Trade Commission has sent shale oil producer Pioneer Natural Resources and Exxon Mobil a second request for more information on their $60 billion takeover deal, Pioneer said on Tuesday.

Republican States Challenge EPA's Pipeline Veto Power Expansion in Federal Lawsuit

A group of 11 Republican-led states and energy industry groups have challenged a U.S. Environmental Protection Agency rule that bolsters state and tribal veto power over pipelines and other major infrastructure projects that might pollute rivers and streams.

Venezuela's Oil Exports Remain Almost Unchanged, Middlemen Seek Deals

Venezuela's oil exports remained almost unchanged in November at 651,000 barrels per day (bpd) even as an easing of U.S. sanctions is now allowing sales to trading houses, according to shipping and tanker tracking data.

Trans Mountain Pipeline Expansion Faces Further Delays, Posing Financial Challenges for Canadian Oil Producers

Canadian oil producers are bracing for further potential delays to the Trans Mountain pipeline expansion (TMX) that could cost them millions of dollars in lost revenues in coming months after they ramped up production ready to fill the expanded line, meant to unlock access to Asia.

Tenaris Completes Acquisition of Mattr’s Pipe Coating Business Unit for Over $182 Million

(P&GJ) — Tenaris has completed its acquisition of Mattr’s pipe coating business unit (Shawcor) for $182.6 million (including estimated working capital and $16.9 million in cash).

Canadian Wind-Hydrogen Project Delayed One Year in Race to First European Exports

One of Canada's first projects to produce emissions-free hydrogen with wind energy has delayed its start by one year because operator World Energy GH2's European customers need more time to develop special infrastructure to handle the product, the company said.

China Introduces Simplified Regional Pricing System for Natural Gas Transportation

China will simplify freight rates on its natural gas pipeline network by introducing a "one area, one price" system across four broad areas of the country, according to a document released by the state planner on Tuesday.

COP28 President calls on oil and gas companies to do more

This year’s COP28 President Sultan Ahmed Al-Jaber has called on global oil and gas companies to do more to achieve climate goals.

Heavy lift companies are met with green demands from energy giants

Energy companies are increasingly demanding that shipping companies themselves take part in the green transition, says Harren Group.

Chevron and Exxon opt out of COP28 methane reduction fund

Six major oil companies each contributed tens of millions of dollars to a grant fund meant to help cull the release of methane emissions, but Chevron Corp. and Exxon Mobil Corp. didn’t join.

Implementing integrated security

Andreas Michael and Michael Pfeifer, TÜV SÜD Industrie Service GmbH, and Jens Gerlach and Sven Kalmeier, ONTRAS Gastransport GmbH, discuss effectively protecting critical infrastructure, taking operational security into account.