Oil
U.S. Adds Another 3 Million Barrels of Oil to Strategic Reserve
The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.
Big Oil Enters 2024 Strengthened by U.S. Industry Consolidation
The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies' high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.
Oil Prices Stabilize Amid Middle East Tensions and Anticipation of U.S. Rate Cut
Oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.
Russia Plans to Cut Seaborne Oil Exports by 100,000-200,000 bpd in January
Russia plans to cut oil exports from its sea ports in January by 100,000-200,000 barrels per day (bpd) from December levels amid increased throughput at its refineries, three industry sources familiar with export plans told Reuters.
ConocoPhillips Grants Final Approval for $8 Billion Willow Oil Project in Alaska
U.S. oil giant ConocoPhillips on Friday gave the financial greenlight to its $8 billion Willow oil and gas drilling project in Alaska.
Canada Commits Additional $1.5 Billion in Loans for Trans Mountain Pipeline Expansion
The Canadian government is backing up to $1.5 billion in new commercial loans for Trans Mountain Corp., the crown corporation building an over-budget and long-delayed oil pipeline expansion to the Pacific coast.
Equinor Unloads Azerbaijan Assets, Including BTC Pipeline
Norway's Equinor said on Friday it has agreed to sell its assets in Azerbaijan to state-owned energy firm SOCAR, including interests in the ACG oilfield and the BTC pipeline for an undisclosed price.
Harbour Energy Strikes $11.2 Billion Deal for Wintershall Dea Assets
Britain's Harbour Energy on Thursday agreed to acquire Wintershall Dea's non-Russian oil and gas assets in a $11.2 billion share and cash deal with BASF and LetterOne that creates one of the world's largest independent producers.
U.S. Purchases 2.1 Million Barrels for Strategic Reserve, Below 2022 Average Price
The U.S. bought 2.1 million barrels of crude oil, the Energy Department said on Tuesday, to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year.
BP Short-Lists Three Internal Candidates for CEO
BP's board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as chief executive, three company and industry sources told Reuters.
Looking Back at the Biggest Pipeline Stories of 2023
(P&GJ) – In this final issue of P&GJ for 2023, the staff – with more than a little help from our readers – takes a look back at the sometimes chaotic year in midstream that was 2023.
China's Sinochem Buys Rare Venezuelan Oil Cargo After U.S. Suspends Sanctions
China's Sinochem Corp. has bought a million barrels of Venezuelan crude oil for arrival in December, a rare purchase as the state oil and chemicals group capitalizes on Washington's suspension of sanctions on the South American producer.
Imperial Oil Forecasts 2024 Production Surge Amidst Pipeline Expansion
The Canadian Association of Energy Contractors expects companies to drill 8% more wells in 2024 to take advantage of greater access to pipelines.
EIA: U.S. Shale Output Expected to Fall in January
U.S. oil output from top shale-producing regions is set to decline in January for the third consecutive month, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday.
Venezuela's PDVSA, Spain's Repsol Agree to Revive Oil Joint Venture
Venezuelan state oil company PDVSA and joint venture partner Repsol on Monday signed an agreement amending the original terms of a project in the country, aiming to revive its crude and gas output.
Russia Eyes Additional Oil Export Cuts of About 50,000 bpd in December
Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world's biggest exporters try to support the global oil price.
Crude Stocks at Top U.S. Storage Hub Rebuild After Nearing Tank Bottoms
Oil inventories at the top U.S. storage hub rebounded last month after nearing operational lows, thanks to improved pricing at the hub that pulled in barrels from Texas' Permian basin and higher Canadian crude flows, analysts said.
BP Restarts Pipeline After Gasoline Spill in Washington State
The pipeline was restarted following repairs, integrity testing, and regulatory approval of the restart plan, the source said. The company has been cleaning up the spill since Sunday with the U.S. Environmental Protection Agency (EPA) and local officials.
Elon Musk Calls for Balanced Perspective on Oil and Gas, Urges Caution in Criticism
It is important to reduce carbon emissions to preserve the planet. Still, oil and natural gas should not be demonized in the medium term, Elon Musk, the founder of electric car maker Tesla, said on Saturday.
Trans Mountain Pipeline Warns of 2-Year Delay Over Regulatory Setback
Canadian government-owned Trans Mountain Corp. asked the country's energy regulator on Thursday to reverse a decision rejecting proposed construction changes on its oil pipeline expansion, warning of a possibly "catastrophic" two-year delay and billions of dollars in losses.
Canadian Natural Resources Projects Uptick in Production in 2024
Canadian Natural Resources said on Thursday it expects production to increase in 2024, as the energy producer bets on demand amid tight supplies.
Pembina Pipeline Acquires Enbridge's Interests in Alliance Pipeline, Aux Sable for $3.1 Billion
(P&GJ) — Enbridge Inc. has entered into a definitive agreement to sell its 50% interest in Alliance Pipeline and its 42.7% interest in Aux Sable to Pembina Pipeline Corp. for a purchase price of $3.1 billion, including non-recourse debt at Alliance of approximately $0.3 billion.
Chevron, PDVSA Seek 15-Year Extension for Joint Ventures, Eye Crude Production Boost
PDVSA and Chevron have expanded operations since late last year under a special U.S. license, allowing Venezuela to resume crude exports to what was its largest market, the United States. But more investment is needed to reach production levels seen before oil sanctions were first imposed in 2019.
Former BP CEO Looney Loses $40 Million in Compensation Amid Board Misconduct Claims
BP cut over $40 million in remuneration from former CEO Bernard Looney after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues.
Howard Energy Partners Completes $800 Million in 2023 Growth Projects, Achieves Record Volumes
(P&GJ) — Howard Energy Partners completed $800 million in 2023 growth projects, including new pipelines and facilities in key U.S. oil and gas basins, along with storage and logistics for renewable diesel on the Texas Gulf Coast.
EACOP Welcomes First 62 Miles of Line Pipe for Crude Pipeline
(P&GJ) — The East African Crude Oil Pipeline (EACOP) has announced the arrival of the first shipment of 100 km (62 miles) of line pipe at the port of Dar es Salaam, signaling the initiation of the main construction phase for this cross-border pipeline project.
WoodMac: M&A Deals in Permian Basin Exceed $100 Billion in 2023
The value of U.S. oil and gas mergers and acquisitions in the Permian basin this year has reached a record of more than $100 billion after several multibillion-dollar deals, consultancy Wood Mackenzie said in a news release on Tuesday.
Niger Set to Begin Oil Exports Through Benin Pipeline in January
Niger expects to export its first barrels of crude oil through a new Niger-Benin pipeline in January, the country's military leader Abdourahamane Tiani said on state television.
Oil Extends Gains on U.S. Strategic Reserve Purchase
Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered.
Occidental Petroleum to Acquire Permian Oil, Gas Producer CrownRock for $12 Billion
Occidental Petroleum said on Monday it would buy Permian basin-focused energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding its presence in the largest U.S. oilfield.
- 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
