Industry News

EU Countries Meet to Tussle Over Gas Project Funding

European Union energy ministers meet in Luxembourg on Friday to debate prolonging EU support for some cross-border natural gas projects, despite the European Commission saying such funding should end to meet climate change goals.

Turkey Turns to U.S. Firms while Planning Black Sea Gas Extraction, Official Says

Turkey has shared data on its Black Sea discovery with U.S. energy majors Chevron and Exxon Mobil ahead of possible cooperation in extracting the gas, a Turkish official with knowledge of the matter told Reuters.

Heatwave Bringing U.S. West Highest Power Prices Since February Freeze

Already, power prices across the U.S. West spiked to their highest since the February freeze when natural gas pipelines and wind turbines froze in Texas leaving millions without power.

Oil on Track for Two-Year High in Volatile Trade

Oil prices edged up to their highest in over two years in volatile trade on Thursday, on optimism for strong economic demand after new U.S. unemployment claims fell to their lowest since the country's first wave of COVID-19 last year.

Nord Stream 2 to Start Work on Filling Pipeline on Friday

Russia's Nord Stream 2 gas project will start preparations on Friday to fill the first of two pipelines with natural gas, the Gazprom-led project said on Thursday.

New Pipelines Connect West Texas Natural Gas-Producing Areas to Demand Markets

Recently completed pipeline projects in Texas and Mexico have increased natural gas transportation capacity from the Waha Hub — located near Permian Basin production activities in West Texas — to the U.S. Gulf Coast and Mexico.

National Poll Finds Strong Support for Oil and Gas Pipelines

By a margin of more than 3-to-1, Americans believe pipelines are the best option to transport oil and gas compared to the alternatives of truck and train, both of which present additional risk and produce higher levels of carbon emissions.

TC Energy Terminates Keystone XL Pipeline Project

Energy infrastructure company TC Energy said on Wednesday it had terminated the $9 billion Keystone XL pipeline project, months after U.S. President Joe Biden revoked a key permit in a blow to Canada's oil sector.

Transneft Halting Oil Supplies to Poland Due to Pipeline Maintenance

Russian oil pipeline monopoly Transneft said on Wednesday it will halt oil shipments to Poland via the Druzhba pipeline for four days to carry out maintenance work, the Interfax news agency reported.

Libya Oil Pipeline Leaks Hitting Output, NOC Chief Says

The head of Libya's National Oil Corp (NOC) reiterated on Wednesday the need for funds for much needed repairs in the oil industry after corroded pipelines recently hit production.

One Password Allowed Hackers to Disrupt Colonial Pipeline

The head of Colonial Pipeline told U.S. senators that hackers who launched last month's cyber attack against the company and disrupted fuel supplies to the U.S. Southeast were able to get into the system by stealing a single password.

Oil Falls on Weak Summer Kickoff for U.S. Fuel Demand

The poor weather up and down the U.S. East Coast may have reduced consumption, following a period of gasoline hoarding that artificially boosted demand during the Colonial Pipeline outage last month from a ransomware attack.

Timeline of Nord Stream 2: The Difficult Birth of Russia's Gas Link to Germany

The Nord Stream 2 pipeline looks set for completion after U.S. Secretary of State Antony Blinken on Monday called it a "fait accompli" and said United States was working with Germany to mitigate its effects.

Pipeline Leaks at Libya's Samah Oilfield

A pipeline leak at Libya's Samah oilfield may pause pumping operations, an oil engineer there and an oil source at Waha Oil Company said on Tuesday.

Protesters Clash with Police at Enbridge Pipeline Construction Site in Minnesota

Environmental protesters clashed with police after occupying a pump station as they rallied against Enbridge Inc's Line 3 pipeline in Minnesota, while Enbridge said it had evacuated 44 workers from its site.

Hartree Partners Buying Plains All American’s Natural Gas Storage Assets for $850 Million

Plains All American and Hartree Partners announced Plains will sell its Pine Prairie and Southern Pines natural gas storage facilities to an affiliate of Hartree for a total cash consideration of $850 million.

Pembina Pipeline to Buy 50% Stake in Canada's Proposed Cedar LNG

Pembina Pipeline Corp said on Tuesday it would buy a 50% stake in Canada's proposed Cedar LNG Project to develop the floating LNG facility in British Columbia in partnership with indigenous group, The Haisla Nation.

Abu Dhabi's Mubadala Joins EIG-Led Consortium Buying Aramco Pipeline Stake

Abu Dhabi state investor Mubadala said on Tuesday it has joined a consortium led by U.S.-based EIG Global Energy Partners that had agreed to buy a 49% equity stake in Aramco Oil Pipelines Co.

U.S. to Insist on 'Real Steps' to Mitigate Russian Pipeline Impact

U.S. Secretary of State Antony Blinken said on Tuesday that Washington was working with Germany to try to mitigate any effects of the completion of the Russian Nord Stream 2 natural gas pipeline.

U.S. Pipeline Operators Should Prepare for Methane Curbs

The U.S. Department of Transportation's pipeline regulator on Monday sent an advisory to oil and gas pipeline operators directing them to update their inspection and maintenance plans for curbing the release of potent greenhouse gas methane, as part of the Biden administration's broader effort to combat climate change.

Norway's Equinor Books Capacity at Lithuanian LNG Terminal

Norwegian oil and gas company Equinor booked capacity for the first time to import LNG to Baltic States via Lithuania's Klaipeda LNG terminal.

Germany: Ukraine Must Remain Gas Transit Country After New Pipeline

Germany said Ukraine should remain a transit country for Russian gas, the Frankfurter Allgemeine newspaper reported, after President Vladimir Putin said it would depend on the former Soviet republic showing "goodwill" towards Moscow.

Turkey Discovered 135 BCM Additional Natural Gas in Black Sea

Turkey has discovered 135 billion cubic meters of additional natural gas in the southern Black Sea, President Tayyip Erdogan said, raising the total discovery in the region to 540 billion cubic meters.

U.S. Recovers $2.3 Million From Colonial Pipeline Ransomware Attack

The U.S. Justice Department on Monday said it recovered some $2.3 million worth of cryptocurrency from the Colonial Pipeline Co ransomware attack.

Blinken: U.S. Able to Mitigate Nord Stream 2 Pipeline Effects

Secretary of State Antony Blinken said on Monday the completion of the Russian Nord Stream 2 natural gas pipeline was a "fait accompli,” defending the U.S. decision to waive some sanctions and vowing a response if Moscow tries to use gas as a weapon.

Brookfield increases hostile Inter Pipeline bid

Brookfield Infrastructure Partners last week increased its unsolicited takeover offer for Inter Pipeline Ltd. to about $7.02 billion in an effort to top an interloping bid by Pembina Pipeline Corp. that has been accepted by Inter Pipeline.

Navigator expands CCS project to 12 million tpy

Navigator CO2 Ventures LLC has successfully concluded a non-binding open season for its carbon capture and sequestration pipeline system, expanding its planned capacity to 12 million tonnes/year from 8 million.

Nord Stream 2 to Be Completed as US Wants Good Ties With EU, Putin Says

Russia's Nord Stream 2 gas pipeline to Germany should be completed as new U.S. administration wants good relations with Europe, Russian President Vladimir Putin told an economic forum.

Pew Research Poll Shows Majority of U.S. Opposes Phasing Out Fossil Fuels

The Pew Research Center released a new poll which found that nearly two-thirds of the U.S. public opposes phasing out fossil fuels as a means of addressing climate change.

Third Coast Midstream Announces Sale of Final Non-Gulf Coast Related Assets

Third Coast Midstream announced that on Tuesday, one of its subsidiaries completed the sale of Third Coast Midstream's final non-core asset, and the company has fully reached the goal of becoming a Gulf of Mexico and Gulf Coast-focused midstream company.

Novatek, Gazprom create JV for North-Vrangelevskiy development

PAO Novatek and PAO Gazprom Neft created a joint venture to develop the North-Vrangelevskiy license area in Russia’s arctic region.

Russia Within 62 Miles of Finishing Nord Stream 2 Gas Pipeline

The Nord Stream 2 gas pipeline under the Baltic Sea is almost complete with just 100 kilometers (62 miles) left to build, TASS news agency quoted Russian deputy prime minister Alexander Novak as saying on Thursday.

U.S. Crude Stocks Fall, Fuel Stocks Rise After Colonial Pipeline Restoration

U.S. crude stocks fell more than expected last week, while fuel stocks rose in a pre-holiday rebound from drawdowns that occurred during the Colonial Pipeline outage, the Energy Information Administration said on Thursday.

EIA: US crude inventories down 5.1 million bbl

US crude oil inventories for the week ended May 28, excluding the Strategic Petroleum Reserve, decreased by 5.1 million bbl from the previous week, according to data from the US Energy Information Administration.

Pembina agrees to acquire Inter Pipeline

Pembina Pipeline Corp. has agreed to acquire Inter Pipeline Ltd. in a share-for-share transaction valued at $8.3 billion (Can.) that would create one of the largest energy infrastructure companies in Canada, the companies said in a joint statement June 1.

Repsol takes over rig contract for Yme field in Southern North Sea

Repsol Norge AS will take over daily operations of the Mærsk Inspirer jack-up rig from Maersk Drilling (MD) at Yme field in Block 9/2 and 9/5, Egersund basin, about 100 km from the Norwegian coast in the Southern North Sea.

Kinder Morgan to acquire Stagecoach Gas Services

Kinder Morgan has agreed to acquire Stagecoach Gas Services LLC for $1.225 billion to help connect natural gas supply sources and Northeast demand areas.

Climate comments from first quarter conference calls

Climate change and sustainability remained a key topic in first-quarter conference calls. Morgan Stanley analysts detail the themes.

EIA: US crude inventories down 1.7 million bbl

US crude oil inventories for the week ended May 21, excluding the Strategic Petroleum Reserve, decreased by 1.7 million bbl from the previous week, according to data from the US Energy Information Administration.

Ecopetrol notes operational impact of social unrest in Colombia

Social protests in Colombia are negatively impacting Ecopetrol SA’s operations as the situation is creating road blockades and incidents involving certain infrastructure, the operator said in a release May 26.

Finder Energy acquires UK North Sea licenses

Finder Energy acquired P2502 and P2524 licenses in the UK North Sea from Azinor Catalyst Ltd.

EIA: US crude inventories up 1.3 million bbl

US crude oil inventories for the week ended May 14, excluding the Strategic Petroleum Reserve, increased by 1.3 million bbl from the previous week, according to data from the US Energy Information Administration.

BP, Eni explore Angolan joint venture

BP and Eni entered a non-binding memorandum of understanding (MoU) to combine upstream portfolios in Angola, including all oil, gas, and LNG interests in the country.

BCE-Mach III acquires Oklahoma, Texas properties from Cimarex

BCE-Mach III LLC agreed to acquire producing properties in western and southern Oklahoma and the Texas Panhandle from Cimarex Energy.

Empire Petroleum acquires operated NM oil and gas assets

Empire New Mexico LLC, a subsidiary of Empire Petroleum Corp., Tulsa, has acquired producing oil and gas assets and related gathering assets in Lea County, NM, from ExxonMobil Corp.’s XTO Holdings LLC.

Equinor, Sonatrach sign MoU for exploration and production in Algeria, internationally

Equinor and Algerian state-owned Sonatrach signed a memorandum of understanding (MoU) to examine cooperation regarding oil and gas exploration and production in Algeria and internationally.

Invenergy, BW complete FSRU financing for El Salvador LNG-to-power

Invenergy and BW LNG have closed a $128.3 million package with IDB Invest to finance the floating storage and regasification unit (FSRU) component of their Energía del Pacífico (EDP) LNG-to-power project in El Salvador.

EIA: US crude inventories down 400,000 bbl

US crude oil inventories for the week ended May 7, excluding the Strategic Petroleum Reserve, decreased by 400,000 bbl from the previous week, according to data from the US Energy Information Administration.

Comet Ridge awarded new Mahalo permit in Bowen basin

Comet Ridge Ltd., Brisbane, has been awarded a new exploration permit in the Bowen basin of Queensland directly east of its three permits and two production licences in the region.

BHP lets FEED contract for Trion FPU

BHP has let a contract to McDermott International Ltd. for front-end engineering design of a semi-submersible floating production unit for the Trion project in the Gulf of Mexico.

Mubadala Petroleum lets rig contract extension

Mubadala Petroleum Thailand has awarded a contract extension to Valaris Ltd. for use of the Valaris JU-115 jack up rig offshore Thailand. Beginning around first-quarter 2022, the extension is expected to last about 240 days.

Equinor lets imaging contract in Brazil

Equinor has let a contract to CGG for seismic imaging of the 409-sq km Bacalhau 3D ocean bottom node (OBN) survey currently being acquired in in the Santos basin off Brazil.

EIA: US crude inventories down 8 million bbl

US crude oil inventories for the week ended Apr. 30, excluding the Strategic Petroleum Reserve, decreased by 8 million bbl from the previous week, according to data from the US Energy Information Administration.

Big Oil could see proven reserves run out in less than 15 years

Proven oil and gas reserves of the group of major companies referred to as Big Oil (ExxonMobil, BP, Shell, Chevron, Total, and Eni) are falling, as produced volumes are not being fully replaced with new discoveries, according to Rystad Energy.

Diversified to acquire Cotton Valley assets from Indigo Minerals

Diversified Gas & Oil PLC has agreed to acquire certain Cotton Valley upstream assets and related infrastructure primarily in Louisiana from Indigo Minerals LLC for $135 million (gross).

APA moves toward revamp of contracts in Egypt’s Western Desert

APA Corp., Houston, reached an agreement in principle with Egypt’s Ministry of Petroleum and Mineral Resources and the Egyptian General Petroleum Corp. in support of the MOP’s efforts to modernize the country’s petroleum sector.

Var Energi awards inspection services contract to DNV

Var Energi has let a 3-year inspection services contract to a partnership of DNV and Vinde Tilkomstteknikk. The contract will cover inspection services to the oil and gas operator’s portfolio of assets on the Norwegian continental shelf.

Santos, ENI looking to repurpose Bayu-Undan field

Santos Ltd. and ENI are considering options to repurpose and prolong the life of Bayu-Undan field infrastructure in the East Timor sector of the Timor Sea.

Phillips 66 Partners posts quarterly loss on pipeline exit impairment

Phillips 66 Partners LP reported a first-quarter 2021 loss of $18 million, compared with earnings of $104 million in fourth-quarter 2020 mainly due to a $198 million impairment resulting from its exit from the Liberty Pipeline project.

Cabot reaffirms 2021 guidance, expects volumes to be Q4 weighted

Cabot Oil & Gas reaffirmed 2021 production guidance as activity levels are expected to increase in the year’s second and third quarters.