Oil

Supply Chain Woes Loom Large for Oil, Gas Sectors

(P&GJ) — In the fall of 2022, the Chicago-based Association for Supply Chain Management (ASCM) joined with the respected global accounting and consulting firm KPMG International to create an index for measuring the sustainability of the global supply chain, accompanied by a report that included some sobering conclusions. It summarized the past two years as producing a doubling of the stress level on global supply deliveries.

Argentina Pumps Record Shale Oil as Vaca Muerta Takes Off

Argentina posted record production of shale oil in December, the energy ministry said on Tuesday, as development of the country's huge Vaca Muerta shale formation fuels output gains.

Uganda to Unveil First Commercial Oil Production Drilling Program

Uganda will commission on Tuesday the first of its four planned oil drilling rigs and start drilling the first production well, its petroleum agency said, a key milestone as the country races to meet its target of first oil output in 2025.

Energy Secretary Granholm Says Biden Would Veto House Republican Bill on Oil Reserve

President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve if it passes Congress, Energy Secretary Jennifer Granholm said on Monday.

Pakistan Could Start Importing Russian Oil After March

Russia could start exporting oil to energy-starved Pakistan after March if terms are agreed and is discussing with Islamabad whether payment could be made in the currencies of "friendly" countries, Russia's energy minister said on Friday.

U.S. Department of Energy Rejects Initial Bids to Resupply Oil Stockpile

The U.S. Department of Energy has rejected the first batch of bids from oil companies to resupply a small amount of oil to the nation’s emergency crude oil stockpile in February, according to a DOE spokesperson.

Uganda to Announce Oil Blocks Licensing Round in May

Uganda said on Friday it plans to announce a third oil licensing round in May in an effort to further develop a sector on track to produce its first oil in 2025. The country is also developing a crude export pipeline and a domestic crude refinery that will help to commercialize the country's oil resources.

Bulgaria Looking to Revive 186-Mile Trans-Balkan Pipeline Project

Sofia, the capital of Bulgaria, is holding talks with neighboring Greece to build the 300-km (186-mile) trans-Balkan pipeline to transport crude oil from the Greek port of Alexandroupolis on the Aegean Sea to Bulgaria's Black Sea port of Burgas in an effort to secure non-Russian oil.

Guyana's Oil Exports Double, with Europe Taking Half of Cargoes

Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.

Caspian Pipeline Consortium Ready to Increase Oil Supply in 2023

The Caspian Pipeline Consortium is ready to increase oil supply in 2023, CPC cited director general Nikolai Gorban as saying on Friday, thanks to increased capacity.

China's CNOOC Targets Record Oil, Gas Output in 2023

China's CNOOC Ltd. has raised its 2023 production target by around 8% to a record 650 million to 660 million barrels of oil equivalent, it said on Wednesday.

EOG Eyes Flat Permian Activity, Tighter Global Oil Supply in 2023

Oil

Global oil supply will likely tighten this year, EOG Resources CEO Ezra Jacob said at a Goldman Sachs conference in Miami, Florida, but he cautioned the demand outlook is currently more "difficult to see."

Global Pipeline Construction Outlook 2023

(P&GJ) — Seldom has a new year arrived with the degree of supply and demand uncertainty facing global energy markets at the start of 2023. Pipeline & Gas Journal's annual survey of global construction activity reflects a renewed emphasis on energy security after Russia's invasion of Ukraine.

Shale Producer Pioneer Expects OPEC to Boost Oil Prices as Brent Tumbles

Oil

The Organization of the Petroleum Exporting Countries (OPEC) will likely take steps to boost oil prices, which started the year in free-fall, the chief executive of top shale producer Pioneer Natural Resources Scott Sheffield said on Thursday.

Kazakhstan to Raise Supply of Oil to Germany Via Druzhba Pipeline in 2023

Russian oil pipeline operator Transneft said Kazakhstan's KazTransOil had requested 1.2 million tonnes of capacity on the Druzhba pipeline for 2023 to facilitate extra oil shipments to Germany, the RIA Novosti news agency reported.

China Starts Up Crude Oil Pipeline Linked to Mega Private Refiner

A major crude oil pipeline connecting a storage farm in east China's Zhoushan of Zhejiang province to mega private refiner Zhejiang Petrochemical Corp. started pumping oil for the first time on Wednesday, local state media reported.

Poland Ready for Russian Oil Ban, Seeks Pipeline Sanctions

Poland is prepared for a Russian ban on oil sales to countries implementing a price cap, the climate minister said on Thursday, with the country having cut its intake of Russian crude and secured alternative supplies from producers such as Saudi Arabia.

Analysis: Argentina’s Vaca Muerta Shale Boom Running Out of Road

Argentina’s booming shale production in Vaca Muerta, a formation that rivals the United States’ Permian Basin, is at risk of running out of road as infrastructure to handle the oil and gas nears capacity, threatening to put the brakes on rapid growth.

Harvest Midstream to Acquire Phillips 66's Crude Oil Terminal in Louisiana

Oil

(P&GJ) — Harvest Midstream has entered an agreement with Phillips 66 to purchase the Belle Chasse Terminal, formerly the Alliance Refinery located in Plaquemines Parish, Louisiana. The acquisition is expected to close in the first quarter of 2023.

Explainer: Oil Storage Situation in Canada, US After Keystone Spill

Days after TC Energy Corp.'s Keystone pipeline shut following a 14,000-barrel spill into a creek in Kansas, traders are questioning whether there is enough oil in storage in key areas if the pipeline remains closed for a number of weeks.

US Begins Buying Back Oil for Strategic Petroleum Reserve

Oil

The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile.

US Poised to Become Net Exporter of Crude Oil in 2023

Sales of U.S. crude to other nations are now a record 3.4 million bbl/d, with exports of about 3 million bbl/d of refined products like gasoline and diesel fuel. The United States is also the leading LNG exporter, where growth is expected to soar in coming years.

Winter Storm Cuts North Dakota's Shale Oil Production

A winter blizzard sweeping across the northern United States has cut North Dakota's oil output by 200,000 to 250,000 barrels per day, or 18% to 22%, state Pipeline Authority Director Justin Kringstad estimated on Friday.

Morgan Stanley Sees Brent Crude Oil Back at Around $110/bbl by Mid-2023

Oil

Morgan Stanley on Wednesday said it expects Brent crude oil prices to rally to around $110 per barrel level by mid-2023, citing support from rising demand and continued supply tightness.

Oil Rises to Over $80/bbl as Dollar Slumps on Slowing Inflation

Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over a month, as investors bought up risk assets after U.S. data pointed to slowing inflation.

TC Energy’s Keystone Pipeline Shut After Oil Release into Kansas Creek

TC Energy on Thursday said it shut the 622,000 barrel-per-day Keystone pipeline due to an oil spill into a Kansas creek. The size of the leak, which occurred about 20 miles south of a key junction in Steele City, Nebraska, is currently unknown.

Alaska North Slope Crude Price Falls to Lowest Since April 2020

Oil

Prices for Alaska North Slope (ANS) crude fell on Tuesday to the lowest since September 2020, as refineries in California bought more crude locally and the spread between low sulfur and higher sulfur crudes widened.

Outrigger Energy Sells Nearly 200 Miles of Natural Gas, Crude Pipeline to Summit Midstream

(P&GJ) — Outrigger Energy II LLC has completed the sale of its midstream system in Weld County, Colorado to Summit Midstream Partners LP, which includes approximately 160 miles of low and high pressure natural gas gathering pipeline and 30 miles of crude oil gathering pipelines with delivery to the Pony Express Pipeline.

TAL Approves Pipeline Upgrade to Help Czechs Ditch Russian Crude

Owners of the Transalpine Pipeline (TAL) shipping crude from the Mediterranean to central Europe approved a plan on Wednesday to upgrade the link, which is key for the Czech Republic to wean itself off Russian oil, the Czech Finance Ministry said.

EIA: US Oil Output Climbs to Highest Since March 2020

Oil

U.S. oil output climbed 2.4% to 12.27 million barrels per day (MMbbl/d) in September, government figures showed on Wednesday, the highest since the onset of the COVID-19 pandemic.