Central & South America
MidOcean Energy Boosts Stake in Peru LNG to 35%
MidOcean Energy, a liquefied natural gas (LNG) company managed by EIG, is set to acquire an additional 15% interest in Peru LNG (PLNG) from Hunt Oil Company, raising its total stake to 35%.
Goldman Sachs Warns AI Could Weigh on Oil Prices, Reshaping Market Dynamics
Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Sept. 3.
Colombia Truck Protests Disrupt Key Pipelines, Threaten Ecopetrol Operations
Protests by truckers in Colombia, who are angry at an increase in diesel prices, have cut off the country's biggest cities and are threatening fuel supplies, though the government insists the hike is fair.
Vista Energy to Invest $1.1 Billion in Argentina's Vaca Muerta Shale Expansion
In a push to unlock more of the oil riches buried in a massive shale deposit in Argentina, Vista Energy will invest about $1.1 billion this year as it also aims to cut costs there by double digits, the firm's CEO said.
Petrobras Aims to Cut Gas Reinjection, CEO Says
The government published a decree on Monday authorizing the oil regulator ANP to order oil companies to reduce the reinjection to increase the supply of gas and lower prices.
Exxon Restores Full Oil Production in Guyana After Gas Pipeline Tie-In
An ExxonMobil consortium's crude output in Guyana has been fully restored at two floating production facilities after workers completed a natural gas pipeline tie-in, a company spokesperson said on Monday.
Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows
Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.
Gran Tierra Energy Offers $226 Million to Acquire UK’s i3 Energy
With the deal, Gran Tierra Energy aims, to create an independent energy company of scale in the Americas, with increased production, reserves, cash flows, and development options across Canada, Colombia, and Ecuador.
Projects August 2024
Explore recent developments in energy infrastructure: Allseas completes the 163-mile Barossa pipeline, FERC approves Mountain Valley's $7.85 billion Virginia gas pipeline, Nigeria's AKK pipeline set for 2025 completion, Wison exits Arctic LNG 2, Enbridge faces Line 5 legal challenges, and more!
Global News August 2024
Latest industry developments from around the world!
Exxon Claims Hidden Value in Hess Guyana Assets Could Alter $53 Billion Chevron Deal
Getting the arbitration panel to consider the appraised value is central to Exxon's claim that the deal is an asset acquisition disguised as a merger.
U.S. Oil Export Growth Slows as Output and Global Demand Wane
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
Gran Tierra Reports Fifth Oil Discovery in Ecuador with Charapa-B6 Well
Gran Tierra Energy Inc. has announced its fifth oil discovery in Ecuador with the successful drilling of the Charapa-B6 well on the Charapa block.
McDermott Wins EPCI Contract for Gas Project Offshore Trinidad and Tobago
McDermott has been awarded an EPCI contract by Shell Trinidad and Tobago Ltd. for the Manatee gas field development project, located 60 miles (100 kilometers) off the southeast coast of Trinidad and Tobago.
Citgo Posts $25 Million Q2 Loss Amid Unfavorable Market Conditions, Refinery Maintenance
Citgo Petroleum has reported a net loss of $25 million in the second quarter following unfavorable market conditions and refinery maintenance and upgrades, compared with income of $410 million in the quarter immediately prior.
New Gas Pipeline Projects Underway Across Latin America
In Latin America, at the moment, there are a series of projects to build, expand and rehabilitate gas pipelines, which are of great importance to the strengthening of midstream infrastructure of those countries.
Chevron-Hess Merger Drags On Amid Exxon Arbitration Challenge
Chevron said an arbitration panel that will evaluate Exxon's challenge to its Hess acquisition should have a decision between June and August 2025.
U.S. Court Delays Citgo Share Auction Decision Until October
A U.S. court on Thursday agreed to delay the selection of finalists in an auction that could change the ownership of Citgo Petroleum, pushing back any sale of the seventh-largest U.S. oil refiner until October.
Puerto Bahia, Gasco to Build Liquefied Petroleum Gas Facility in Cartagena, Colombia
Puerto Bahia, and Gasco have entered into an agreement to develop a liquified petroleum gas project at Puerto Bahia's port terminal in the Bay of Cartagena, Colombia. The project is expected to be operational by 2027.
Brazil's TAG, Eneva to Launch New LNG Pipeline Connection in October
TAG CEO Gustavo Labanca said on Tuesday that $62.67 million was invested in the new 25-km (15.5-mile) pipeline section, which will be able to transport as much as 14 million cubic meters of LNG per day.
Gas-Rich Venezuela Faces Production Challenges Ahead of Election
While it sits atop the world's eighth-largest natural gas reserves and the biggest in Latin America, Venezuela's output fell to 4 Bcf/d this year from almost 8 Bcf/d in 2016, data from consultancy Gas Energy Latin America showed.
BP, PDVSA Rush to Complete Gas Deal Before Venezuela Election
BP, Venezuela's PDVSA and Trinidad and Tobago's National Gas Company are speeding negotiations for a Venezuelan license to develop natural gas deposits in the Caribbean Sea, four people familiar with the matter said.
Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Global pipeline construction surged to nearly 42,000 miles in mid-2024, driven by increased LNG and hydrogen infrastructure needs, with significant expansions in North America and Europe.
Projects July 2024
Enbridge selects Barnard, CBNA for Great Lakes Tunnel; Energy Transfer joins carbon capture initiative in Louisiana; YPF advances $2.5 billion Vaca Muerta pipeline project; Piñon Midstream boosts Delaware Basin gas capacity; Mexican developer seeks U.S. permit for LNG export.
Global News July 2024
Latest industry developments from around the world!
Equinor Awards Valaris $500 Million Drilling Contract for Brazil's Raia Field
Equinor has awarded a drilling contract in Brazil worth $498 million to Valaris on behalf of partners in the Raia field development project, the Norwegian company said on Monday.
Ecuador, Chile's ENAP Renegotiate Oil Block Agreement with $90 Million Investment
The new agreement, signed on July 15 between the ministry and the company ENAP SIPEC, which already operates the block, will allow an increase in reserves by 5.6 million barrels of crude oil
Trinidad Court Reaffirms ConocoPhillips' Claim Against Venezuela
Trinidad and Tobago's High Court has reaffirmed a decision recognizing ConocoPhillips' arbitration claim against Venezuela, which could freeze the Caribbean country's payments to its neighbor for joint natural gas projects.
Bolivia Makes Largest Natural Gas Discovery Since 2005 in "Mega Field"
Bolivian President Luis Arce on Monday announced the discovery of a 1.7 trillion cubic foot natural gas reserve located north of the country's administrative capital, La Paz.
Shell Advances Manatee Gas Project Development in Trinidad
Shell on Tuesday decided to proceed further with the development of the Manatee gas field in Trinidad, as it looks to strengthen its liquefied natural gas business.
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
