Oil
EIA: U.S. Crude Stockpiles Slump, Gasoline Builds Amid Winter Storms
U.S. crude oil stockpiles slumped while gasoline inventories jumped last week after winter weather hit crude production and imports, refining, and demand for fuel, the Energy Information Administration said on Wednesday.
U.S. Oil Refiners Ask EPA to Limit Participation in Renewable Fuel Credit Market
U.S. oil refiners have asked President Joe Biden's administration to reform the renewable fuel credit program by restricting who can participate, claiming the current trading environment allows market manipulation and raises fuel costs.
Chevron's Duvernay Shale Sale Expected to Attract Mid-sized Canadian Shale Operators
As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms that are boosting investment in a region that has yet to fulfil its potential, analysts said.
Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
The London-listed oil and gas explorer said the start-up of Jubilee Southeast offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations.
Canada Regulators Face Activist Ire for Trans Mountain Variance Approval
Environmental activists say the CER's conditions around the materials Trans Mountain can use to build the smaller section of pipe are too lenient. However, there is little they can do at this stage to block the approval.
Ust-Luga Port in Russia Continues Crude, Fuel Exports Despite Novatek Terminal Closure
The Baltic Sea port of Ust-Luga was exporting crude oil and fuel on Tuesday apart from at Novatek's terminal which remained closed after being damaged by fire, according to data from LSEG and industry sources.
Energy Transfer Does Not Expect Shutdown of Dakota Access Oil Pipeline
Energy Transfer does not expect the U.S. Army Corps of Engineers to shut down the Dakota Access oil pipeline (DAPL) after a long-pending environmental review of a section that runs under a lake and is opposed by nearby Native American tribes.
Saudi's SABIC Gives Go-Ahead for $6.4 Billion Petrochemical Plant in China
Saudi Basic Industries Corp. (SABIC) will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
Enterprise Products Partners to Receive Sea Port Oil Terminal License in Q1 2024
Enterprise Products Partners expects to receive an export license for its Sea Port Oil Terminal (SPOT) in the first quarter of 2024 versus by the end of 2023, as previously expected, a company executive said on Monday.
Global Pipeline Construction Outlook 2024: New LNG Terminals Sound Beckon Call for More Pipelines
(P&GJ) — It comes as little surprise to those in midstream that during the past year we have continued to see LNG initiatives garner more attention than pipeline projects. However, terminal construction drives new pipeline construction.
U.S. Buys 3.2 Million Barrels of Oil for Strategic Petroleum Reserve
The United States bought 3.2 million barrels of oil for the Strategic Petroleum Reserve, as it continues to slowly replenish the stash after selling a record amount following Russia's invasion of Ukraine in 2022, a Department of Energy document showed on Friday.
U.S. Regulator Seeks More Data on Occidental-CrownRock Deal
The U.S. Federal Trade Commission (FTC) has asked for more information on Occidental Petroleum's $12 billion deal for Permian-based producer CrownRock, the firms said on Monday, making it the latest big oil merger to face increased scrutiny.
Ecuador in Talks to Transfer 301-Mile OCP Oil Pipeline, Assets, and Liabilities to State Control
Ecuador is holding talks to transfer a private oil pipeline operated by OCP, as well as its associated infrastructure, liabilities and assets, to state control, the government announced in a statement on Friday.
Shell Pipeline Leak Sparks Investigation by Nigeria's Oil Spills Agency
A pipeline owned by Shell's subsidiary in Nigeria has spilled crude oil in the Niger Delta following a leak, the country's spills agency and an environmental group said on Saturday.
U.S. Crude Prices Firm at Gulf Coast as Takeaway Capacity Tightens
Record crude output from the top U.S. oilfield and busy crude pipelines to export hubs are boosting the price of the country's flagship crude at the Gulf Coast, analysts and traders said.
North Dakota Oil Production Plummets by 650,000 to 700,000 bpd Amid Extreme Cold
Oil production in North Dakota was estimated to have dropped by more than half its typical output because of extreme cold and related operations challenges, the state's pipeline authority said on Wednesday.
Deep Freeze Hits U.S. Oil Industry from North Dakota to Texas
A severe winter storm shut a U.S. Gulf Coast refinery in Texas on Tuesday, triggered malfunctions at others, and halved North Dakota oil production as it dumped snow and rain across a broad swath of the nation.
Talos Energy to Acquire QuarterNorth Energy for $1.29 Billion
Oil and gas company Talos Energy said it will acquire privately held QuarterNorth Energy in a $1.29 billion cash-and-stock deal to bolster its presence in Mexico.
Shell Ends Nearly a Century in Nigeria's Troubled Onshore Oil, Sells Subsidiary for $2.4 Billion
Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion.
North Dakota Sees 425,000 bpd Oil Drop, 1.1 Bcf/d Gas Output Decline Due to Extreme Cold
North Dakota oil production has fallen by 400,000 to 425,000 barrels per day (bpd) and gas output is down 1.0 billion to 1.1 billion cubic feet per day (Bcf/d) on extreme cold and related operational issues, the North Dakota Pipeline Authority estimated on Monday.
Canadian Regulator Clears Trans Mountain Pipeline Change, Allowing Early 2024 Completion
Trans Mountain had asked to be allowed to install smaller-diameter pipe in a 1.4-mile (2.3-km) section of the pipeline's route after encountering challenging drilling conditions due to the hardness of the rock in a mountainous area between Hope and Chilliwack in the province of British Columbia.
U.S. Proposes Fee on Methane from Big Oil and Gas Producers
The U.S. on Friday proposed a fee on emissions of methane from big oil and gas producers as required under the 2022 climate law and as a backstop to wider regulations on the greenhouse gas from energy operations.
TotalEnergies Texas Refinery Faces Shutdown as Crude and Distillation Units Halt Operations
Both crude distillation units (CDUs) and two vacuum distillation units (VDUs) shut down on Thursday at TotalEnergies 238,000 barrel-per-day (bpd) Port Arthur, Texas refinery, sources familiar with plant operations said.
Bulgaria Replacing Russian Crude with Oil from Kazakhstan, Iraq, Tunisia
Bulgaria is replacing Russian oil imports with crude from Kazakhstan, Iraq and Tunisia in January, according to traders and LSEG data.
China's 2023 Crude Oil Imports Hit Record as Fuel Demand Recovers
China's annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.
PJM Asks Talen Energy to Delay Maryland Fossil Fuel Plant Retirements for Reliability
Talen Energy in October notified the grid operator of its intent to shut three oil-fired units and a natural gas combustion turbine unit at its H.A. Wagner facilities by June 2025.
Iran Seizes Oil Tanker Involved in U.S.-Iran Dispute in Gulf of Oman
Iran seized a tanker with Iraqi crude destined for Turkey on Thursday in retaliation for the confiscation last year of the same vessel and its oil by the U.S., Iranian state media reported, a move likely to stoke regional tensions.
Surging Freight Rates Close the Door on U.S. Crude Oil Shipments to Asia
The economic incentive to import oil from the U.S. Gulf Coast to Asia has closed as the cost of booking supertankers on the route has surged amid a jump in bookings for the vessels, traders said this week.
Spotlight on Supply Chain: How Companies Can Avoid Uncertainty
Supply-chain uncertainty is a major headache for many sectors across the world. Minimizing supply-chain risks could help oil and gas firms better secure their labor and materials while cutting costs by up to 15%.
Oil, Gas Lobby Group Warns Against U.S. Slowing Down LNG Approvals
The head of the leading U.S. oil and gas lobby group, the American Petroleum Institute, said that if U.S. regulators slow down or stop approving liquefied natural gas exports, they will put allies at risk.
- 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
