Industry News

Global Oil CEOs Stress Continuing Need for Fossil Fuels at World Petroleum Congress

More than 5,000 participants from over 70 countries have gathered to attend the World Petroleum Congress this week, where top executives from energy companies are affirming the need for more oil for decades to come.

Enbridge Raises Dividend, Plans Share Buybacks as Profit Set to Rise

Enbridge Inc. on Tuesday raised its dividend and announced plans to buy back shares, as the Canadian pipeline operator forecast higher core earnings in 2022 on rising demand for oil and gas.

US Has 'Understanding' With Germany to Shut Nord Stream 2 Pipeline if Russia Invades Ukraine

United States officials have told members of Congress they have an understanding with Germany about shutting down the Nord Stream 2 pipeline if Russia invades Ukraine, a senior congressional aide told Reuters on Tuesday.

Chesapeake Energy Launches $1 Billion Stock Buyback

Chesapeake Energy Corp. said it would buy back up to $1 billion of stocks, becoming the latest shale producer to focus on shareholder returns, as energy prices recover from pandemic lows.

Spain's October Natural Gas Imports Rise 40.6% from October 2020

Spain imported 40.4 GWh of natural gas in October, 40.6% more than during the same month last year, data from Cores, an independent arm of the Energy and Environment Ministry that monitors energy supplies, showed.

Philippines' Malampaya Gas Project Can be Extended for Several Years -Udenna President

The life of the Philippines' Malampaya natural gas field, which had been projected by the government to run dry by 2027, can be extended for several more years, the president of Udenna Corp. said.

Willie Phillips Sworn in as Newest FERC Commissioner

Nominated by President Joe Biden, Phillips’ unanimous Senate confirmation to FERC on Nov. 16 marks the first time a D.C. Commissioner was appointed to this position.

Energy Transfer Completes Acquisition of Enable Midstream

Energy Transfer now owns and operates more than 114,000 miles of pipelines and related assets in all of the major U.S. producing regions and markets across 41 states.

MVP Expands Pipeline Holdings into Midland Basin

MVP Holdings acquired Echo Canyon Pipeline Holdings and its subsidiaries to substantially expand its crude business in the highly active southern Midland basin of West Texas.

BlackRock, Saudi Asset Manager Hassana Sign Deal for Aramco's Gas Pipelines

Saudi Aramco said it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co.

Canada's Trans Mountain Oil Pipeline Restarted on Sunday

Canada's Trans Mountain pipeline restarted operations on Sunday, weeks after shutting down during a record-breaking rainstorm in British Columbia that washed out road and railways.

Venture Global to Spend Over $10 Billion on Fourth Louisiana LNG Plant

The proposed CP2 facility will be located adjacent to its Calcasieu Pass LNG export plant, which is under construction and could produce first LNG in test mode later this year.

Asian LNG Prices Fall as Import Demand from China Muted

Asia LNG prices fell this week as spot demand from China remained muted despite the start of winter and as natural gas supplies from Russia continued to flow steadily to Germany.

Texas Cuts $9,000 Power Price Cap After February Freeze

The Public Utility Commission of Texas adopted a proposal to cut the wholesale electricity price cap from $9,000 per megawatt hour to $5,000 to help avoid price spikes like those seen during last winter's February freeze.

Gas Price Windfall Makes Gazprom Patient Over Nord Stream 2 Delay

Windfall revenues from high European gas prices mean Russia's Gazprom will not start pumping gas through the Nord Stream 2 pipeline before certification and it will not press Germany to speed up the process, two sources said.

Palantir and Kinder Morgan Sign Agreement to Strengthen Pipeline Operations

Kinder Morgan will use Foundry to analyze millions of data points from sensors across its entire pipeline network, contracts and storage assets, electricity consumption and weather data, grid data and commodities data.

Perspective: Natural Gas, LNG Shrug Off Omicron, Fret About Winter Supplies

In contrast to crude oil, natural gas appears to be largely immune to the potential impact of the new coronavirus variant, with prices in three major regions trading more on expectations around winter supply and demand.

Egypt's LNG Exports at Full Capacity After Gas Price Surge

Egypt's natural gas exports are at full capacity of about 1.6 Bcf/d from its two natural gas liquefaction terminals as it seeks to benefit from a surge in international gas prices, Petroleum Minister Tarek El Molla said.

Pembina Nixes Jordan Cove LNG Plant Project in Oregon

A unit of Canadian energy company Pembina Pipeline Corp. told U.S. energy regulators that it would not move forward with its proposed Jordan Cove LNG export plant in Oregon.

Texas Adopts Rules for NatGas/Power Coordination to Avoid Feb Freeze

The Public Utility Commission of Texas adopted rules to increase coordination between the natural gas and electricity industries to avoid blackouts and other energy emergencies like last winter's February freeze.

Halliburton Says It's Not Buying Exxon Stake in Iraqi Oilfield

Halliburton has not proposed buying Exxon Mobil's stake in Iraq's West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq's Basra Oil Co.

Kremlin Hopes Belarus Won't Stop Gas Transit to EU Amid Migrant Crisis

Russia hopes Belarus will not suspend gas transit to Europe, the Kremlin said on Wednesday, after Belarusian President Alexander Lukashenko threatened to block shipments as part of a crisis over migrants at the border.

Blast-Damaged Part of Arizona NatGas Pipeline Will Be Down for Months, Kinder Expects

U.S. energy company Kinder Morgan Inc. expects part of its El Paso natural gas pipeline to remain out of service for "several months" following a blast in Arizona that killed two people in August.

Halliburton Says Not Buying Exxon Stake in Iraqi oilfield

Halliburton has not proposed buying Exxon Mobil's stake in Iraq's West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq's Basra Oil Co.

Natural Gas and Oil Industry Committed to Reducing Methane Emissions, API Testifies

American Petroleum Institute Vice President of Upstream Policy Kevin O’Scannlain testified during the EPA's hearing on proposed methane regulations for new and existing sources.

Michigan Drops Federal Case Against Enbridge Pipeline to Clear Way for State Court Case

The move is a welcome development for Enbridge in one part of the long-running battle over Line 5, but Governor Gretchen Whitmer made it clear she will continue to fight against the 68-year-old oil pipeline.

Enbridge May Face Tougher Fight for Oil Barrels, Lower Rates, After Pipeline Ruling

A Canadian regulator's rejection last week of Enbridge's plan to sell space long-term on the country's biggest oil pipeline dealt the company a double whammy that analysts say could hit its bottom line.

Canada's Trans Mountain Still 'Days Away' From Restarting Pipeline

Canada's Trans Mountain said it was "still days away" from restarting the key oil pipeline at a reduced capacity as heavy rains continue to impede restoration efforts.

Carbon+Intel: DNV Supports First Large-Scale Testing of Submerged CO2 Pipelines

DNV is working with Wintershall Noordzee and the OTH Regensburg University of Applied Sciences to explore how existing natural gas pipelines in the southern North Sea can be used for future CO2 transport.

OPEC Oil Output Boost in November Again Falls Short of Target

The increase in OPEC's oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week.

OSHA COVID RULE GETS WHITE HOUSE APPROVAL FOR RELEASE

The Office of Information and Regulatory Affairs  has completed a three week analysis of the anticipated federal Covid-19 vaccination and testing mandate for employers with more than 100 employees. This review is usually the last formal step before the final rule becomes public. In a November 1 statement the Department of Labor said the emergency standard would be published in the Federal Register in the coming days. The new standard will require covered employers to develop, implement, and enforce a mandatory Covid-19 vaccination policy, unless they implement a policy requiring employees to choose either to get vaccinated or to undergo regular Covid-19 testing and wear a face covering at work.

BSEE: 95% of GoM oil production shut-in as operators begin assessment following Ida

The US Bureau of Safety and Environmental Enforcement continues to work with offshore operators and other state and federal agencies following Hurricane Ida’s passage through Louisiana.

HEQ Deepwater acquires 20% interest in Shenandoah development

HEQ Deepwater, Houston, closed a deal Aug. 25 to acquire a 20% working interest in the ultra-high-pressure Shenandoah development in the US Gulf of Mexico from an affiliate of Beacon Offshore Energy II LLC.

BSEE: Over 95% of current Gulf of Mexico oil production shut-in ahead of Hurricane Ida

Offshore oil and gas operators in the US Gulf of Mexico evacuated platforms and rigs ahead of Hurricane Ida over the weekend.

BSEE: Over 90% of current Gulf of Mexico oil production shut-in ahead of Hurricane Ida

Offshore oil and gas operators in the US Gulf of Mexico continued preparations ahead of Hurricane Ida over the weekend.

BSEE: Nearly 59% of current Gulf of Mexico oil production shut-in ahead of Hurricane Ida

Offshore oil and gas operators in the US Gulf of Mexico are evacuating platforms and rigs ahead of Hurricane Ida.

Petrobras enters negotiations for Potiguar cluster divestment

Petrobras has started the negotiation phase of divestment of the Potiguar cluster, which includes 26 concessions of onshore and shallow water production fields, including the 39,600 b/d Clara Camarão refinery, in the state of Rio Grande do Norte.

Rosneft begins geological research on eastern Arctic shelf

Rosneft Oil Co. has implemented a comprehensive long-term research program in the Arctic. The expedition started from Murmansk and will include geological, weather, and environmental surveys.

Midland-Petro, Andros Capital close Permian basin drilling JV

Midland-Petro DC Partners and Andros Capital Partners have closed a joint venture under which Andros affiliate Andros Permian will fund about $150 million to participate in a Midland basin development drilling program.

i3 Energy closes deal to acquire Alberta assets from Cenovus

A wholly owned Canadian subsidiary of i3 Energy PLC has closed the acquisition of Central Alberta assets from Cenovus Energy Inc. for a $53.7 million.

bp awards marine services contract for global operations

bp has awarded a framework agreement to Global Maritime to provide marine services for bp operations globally. The agreement, to begin immediately, includes marine vessel assurance, engineering, project operations, HSSE, and general marine consultancy.

ExxonMobil, PNG government to resume P’nyang gas negotiations

The Government of Papua New Guinea and ExxonMobil, operator of the PNG LNG project, will re-engage in negotiations for development of the P’nyang gas project in the country’s Western Highlands.

EIA: US crude inventories down 3.2 million bbl

US crude oil inventories for the week ended Aug. 13, excluding the Strategic Petroleum Reserve, decreased by 3.2 million bbl from the previous week, according to data from the US Energy Information Administration.

Bowline Energy acquires Williston basin assets

Bowline Energy LLC (formerly Meadowlark Resources LLC), Denver, has acquired Nine Point Energy's Williston basin assets for $250 million through a Chapter 11 Section 363 process approved by the bankruptcy court and closed Aug. 9.

TAQA removes Brae Bravo topsides

Abu Dhabi National Energy Co. PJSC (TAQA) completed topside removal of the Brae Bravo platform in block 17/7a, UK Central North Sea.

Petrobras, Sonangol enter binding phase for Potiguar basin asset sale

Petrobras and Sonangol have started the binding phase for sale of the total stakes of both companies in the onshore exploratory block POT-T-794, part of the BT-POT-55A concession, in the Potiguar basin of Rio Grande do Norte, Brazil.

Esso lets survey contract for work offshore Guyana

Esso Exploration and Production Guyana Ltd. has let a contract to Oceaneering International for two surveys offshore Guyana. The surveys are scheduled to begin in this year’s third quarter.

Petronas advances offshore Malaysia CCS plans

Petronas Carigali Sdn. Bhd. awarded a conceptual engineering design contract to Xodus for the Kasawari carbon capture and storage (CCS) project, offshore Malaysia.

PNG PM says any Santos-Oil Search merger should maintain high local presence

Papua New Guinea Prime Minister James Marape has warned Santos Ltd. and Oil Search Ltd. that he expects any merged entity of the two companies to continue a significant local presence in the country.

EIA: US crude inventories up 3.6 million bbl

US crude oil inventories for the week ended July 30, excluding the Strategic Petroleum Reserve, increased by 3.6 million bbl from the previous week, according to data from the US Energy Information Administration.

EIA: US crude inventories down 4.1 million bbl

US crude oil inventories for the week ended July 23, excluding the Strategic Petroleum Reserve, decreased by 4.1 million bbl from the previous week, according to data from the US Energy Information Administration.

Petrobras signs contracts for Buzios field FPSO

Petrobras let contracts to SBM Offshore for the lease and operation of FPSO Almirante Tamandaré for 26.25 years. The contracts follow the signing of the binding letter of intent signed earlier this year.

Hess sets new greenhouse gas reduction targets

Hess Corp. has established a 5-year greenhouse has (GHG) emission target to 2025. The company intends to reduce operated Scope 1 and 2 GHG emissions intensity by 44% and methane emissions intensity by 52% from 2017.

Neptune lets Cygnus subsea inspection contract

Neptune Energy today let a subsea inspection contract to Fugro for work on Cygnus gas field in the UK southern North Sea.

EIA: US crude inventories up 2.1 million bbl

US crude oil inventories for the week ended July 16, excluding the Strategic Petroleum Reserve, increased by 2.1 million bbl from the previous week, according to data from the US Energy Information Administration.

Shell to appeal court ruling in Netherlands climate case

Royal Dutch Shell PLC confirmed that it will appeal a May ruling issued by the District Court in The Hague that Shell must reduce its global net carbon emissions by 45% by 2030 compared to 2019 levels.

Mari signs farm-in for Pakistan Margala block

Mari Petroleum Co. Ltd. executed a farm-in agreement with MOL Pakistan Oil and Gas Co. BV to acquire working interest in Pakistan’s Margala block.

EIA: US crude inventories down 7.9 million bbl

US crude oil inventories for the week ended July 9, excluding the Strategic Petroleum Reserve, decreased by 7.9 million bbl from the previous week, according to data from the US Energy Information Administration.

Plains All American, Oryx Midstream create Permian basin JV

Plains All American and Oryx Midstream Holdings have entered into a definitive agreement to merge assets, operations, and commercial activities within the Permian basin into a new joint venture.

EIA: US crude inventories down 6.9 million bbl

US crude oil inventories for the week ended July 2, excluding the Strategic Petroleum Reserve, decreased by 6.9 million bbl from the previous week, according to data from the US Energy Information Administration.