Oil
A Northern Light: Bullish Talk as Major Projects Now in Home Stretch
(P&GJ) – Kevin Neveu, a seasoned Canadian oil and natural gas senior executive, remains optimistic about the energy markets in the north despite global uncertainties in 2024. His positivity stems from the imminent completion of two major transmission pipeline projects in western Canada – Coastal GasLink gas pipeline and Trans Mountain oil pipeline – expected before year-end.
U.S. Oil and Gas M&A Hits Quarterly Record After Strong 2023
U.S. oil and gas deals hit a record $51 billion in the first quarter, a continuation of last year's fierce merger pace centered in the top U.S. shale field, data provider Enverus said on Tuesday.
Portugal's Galp Estimates 10 Billion Barrels of Oil in Field Offshore Namibia
Portuguese oil company Galp Energia said on Sunday it had concluded the first phase of exploration in the Mopane field off the coast of Namibia and estimated it could have at least 10 billion barrels of oil.
Saudi Aramco in Talks for 10% Stake in China's Hengli Petrochemical
The potential deal "aligns with Aramco's strategy to expand its downstream presence in key high-value markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements," the company said.
Deepwater Port Struggles for Customers as Shale Oil Gains Slow
As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.
SLB Profit Rises 14% on Strong International Drilling Demand Amid North American Weakness
Top oilfield services firm SLB reported a 14% rise in first-quarter profit on Friday, in line with analysts' estimates, as higher oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America.
FBI Warns of Chinese Hackers Targeting U.S. Infrastructure, Including 23 Pipeline Operators
Chinese government-linked hackers have burrowed into U.S. critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI Director Christopher Wray said on Thursday.
Biden Restricts Drilling and Mining in Alaska Wilderness, Angering State Leaders
The U.S. took steps to limit both oil and gas drilling and mining in Alaska, angering state officials who said the restrictions will cost jobs and make the U.S. reliant on foreign resources. However, the measures won't affect ConocoPhillips' $8 billion Willow project.
Iraq Plans Oil, Gas Contract Bids on April 27
Iraq will hold a bidding round for oil and gas exploration contracts on April 27, the oil ministry said on Thursday.
Ceiling on Venezuela's Oil Output Growth Expected as U.S. Oil License Expires
The expiration of the widest U.S. license so far granted to Venezuela's oil and gas industry will put a ceiling on the South American country's slow crude production growth unless Washington grants enough individual authorizations to compensate, according to analysts and experts.
Shell Urges Investors to Reject Climate Demands by Shareholder Group
Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, that called on the energy company to set tighter climate targets.
U.S. Considers Releasing More SPR Oil to Keep Gas Prices Low, White House Adviser Says
U.S. President Joe Biden will do what he can to ensure affordable gasoline prices, White House senior adviser John Podesta said at an industry conference on Tuesday, when asked about future releases of crude oil from the Strategic Petroleum Reserve (SPR).
Biden Unlikely to Tighten Iran Oil Sanctions Following Israel Attack, Analysts Say
Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.
CNOOC Stockpiles Russian Oil at New Reserve Base in China
State-run China National Offshore Oil Co., one of the country's top importers of Russian oil, has in recent months been pumping shipments of ESPO blend from Russia's Far East into a newly launched reserve base, according to traders and tanker trackers.
Oil Prices Dip as Market Reacts to Iran's Attack on Israel
Oil prices fell at Asia's open on Monday, as market participants dialed back risk premiums following Iran's attack on Israel late on Saturday, which the Israeli government said caused limited damage.
Cenovus Energy to Invest $1.5 Billion in Ohio Refineries Over Next 5 Years
Cenovus Energy said it plans to invest $1.5 billion in its Ohio refineries over the coming five years, including Lima and Oregon.
Niger Signs $400 Million Crude Oil Deal with Chinese Firm CNPC
Niger has signed a memorandum of understanding with Chinese state-owned oil giant China National Petroleum Corp. worth $400 million linked to the sale of crude oil from its Agadem oilfield, Niger state television RTN reported late on Friday.
Motiva Restarts Two CDUs at Port Arthur Refinery After Power Outage
Motiva Enterprises restarted two crude distillation units (CDUs) overnight at its 626,000 barrel-per-day (bpd) Port Arthur, Texas refinery, the nation's largest, after a power outage on Wednesday, people familiar with plant operations said on Thursday.
North Dakota's Bakken Rig Count Drops as Consolidation Sweeps Oil Patch
Operators in North Dakota's Bakken oilfield reduced their rig count to 36 in April, down from 40 in March, marking the lowest number this year as a wave of consolidation has swept through the oil patch, state regulators said on Friday.
Kansas City Fed Survey: Oil, Gas Activity Declines in U.S. Midwest, Rockies During Q1 2024
Oil and gas energy activity in Oklahoma, Colorado and the northern part of New Mexico fell in the first quarter of 2024, the Federal Reserve Bank of Kansas City, Missouri, said on Friday in its quarterly survey of energy activity.
U.S. Finalizes Big Reforms to Federal Oil and Gas Drilling
President Joe Biden's administration on Friday finalized a range of reforms designed to boost returns and address environmental harms from oil and gas drilling on public lands.
IEA Trims Oil Demand Forecast on Weakness in Wealthier Countries
The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity.
ADNOC Explored Potential Takeover of BP, Sources Say
The United Arab Emirates' state-owned oil company recently considered buying Britain's BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters.
Trafigura Consortium in Talks to Buy Exxon Oil Refinery in France
Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, is in exclusive negotiations with Exxon Mobil's ESSO SAF to acquire the Fos-sur-Mer refinery in southern France and the Toulouse and Villette de Vienne terminals.
Global Partners Acquires Four Liquid Energy Terminals from Gulf Oil for $212 Million
Global Partners LP has announced the successful closing of its acquisition of four liquid energy terminals from Gulf Oil Limited Partnership for $212.3 million.
Mexican Pemex Crude Output Reduced After Platform Fire, Source Says
Mexican Pemex crude oil production is down some 20,000 barrels per day following a fire at an offshore platform on Saturday that left several injured and at least one dead, a source at the state energy company said.
Biden Administration Says Enbridge Pipeline Shutdown Order Should Be Reconsidered
The Biden administration has urged a U.S. appeals court to tell a lower court to rethink its order that would require Canadian operator Enbridge to drain portions of an oil pipeline that runs through Native American tribal land in Wisconsin, according to a court filing made public on Wednesday.
Former Shell CEO: Shell at Disadvantage to U.S.-Listed Rivals
Shell's former CEO, Ben van Beurden, said on Tuesday that European oil and gas companies will find it increasingly difficult to compete with U.S.-listed rivals.
Occidental to Resume GoM Production Following Temporary Shutdown Due to Oil Spill
Occidental Petroleum said on Wednesday production is expected to commence in the coming days in the eastern Gulf of Mexico (GoM) after some operations were shut for about five months.
U.S. Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten
Prices for heavier crude oil along the U.S. Gulf Coast have climbed in recent weeks, trading at a rare near-par with lighter oil, a sign of supply tightness that could add to rising gasoline prices.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Evacuation Technologies to Reduce Methane Releases During Pigging
- Editor’s Notebook: Nord Stream’s $20 Billion Question
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Russian LNG Unfazed By U.S. Sanctions
