Oil

Dakota Access Argues Pipeline Closure Would Cause "Economic Shock"

The operators of the DAPL argued to a federal court that the system's shutdown would be even more harmful than previously anticipated, in their final plea to keep the line open after a key permit was scrapped.

Gulf of Mexico Crude Oil Production Will Increase with New Projects in 2021 and 2022

By the end of 2022, the EIA projects 13 new projects could account for about 12% of total Gulf of Mexico crude oil production, or about 200,000 bpd.

Med Red Land Bridge Inaugurates Operations Through EAPC Pipeline Network

The crude carrier contracted with Med-Red Land Bridge Company represents the first tanker to utilize the recently recommissioned 242 km (150 mi) pipeline owned by Europe Asia Pipeline Company.

Feds Critical of GOM Pipeline Abandonment Policy

The U.S. Government Accountability Office released a report that found the Department of Energy does not have “a robust oversight process” for ensuring the integrity of about 8,600 miles of active offshore oil and gas pipelines on the sea floor of the Gulf of Mexico.

February's Cold Weather Shut More U.S. Refinery Capacity Than Hurricane Harvey

A severe cold spell in mid-February knocked out a third of U.S. oil refining capacity, according to data compiled by Reuters and Wood Mackenzie.

Aramco Pipeline Investors to Refinance Loan with Bonds Next Year

EIG will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said.

Canadian Crude Imports Fall 20% in 2020 Due to Pandemic

Imports of crude oil into Canada dropped 20% year-on-year in 2020 due to weak demand as a result of the COVID-19 pandemic, the Canada Energy Regulator said in an analysis.

Texas Oil Pipelines Face Dry Months as Production Languishes

By the fourth quarter, total utilization of the largest oil pipelines from the Permian is expected to drop to 57%, consultancy Wood Mackenzie said. The nadir during the last market bust in 2016 was roughly 70%.

Edge Computing Optimizes Pipeline Management

For midstream oil and gas companies, edge-computing platforms create opportunities that resolve long-standing problems and effectively enable real-time data in asset management and decision-making,

U.S. Shale Oil Output to Rise 13,000 bpd in May, EIA Says

U.S. oil output from seven major shale formations is expected to rise for a third straight month, climbing by about 13,000 bpd in May to 7.61 MMbpd, the U.S. Energy Information Administration said.

Canada Looks to Future Beyond Keystone XL, COVID-19

With production curtailments lifted and a post-COVID-19 upturn in sight, Canadian oil production is on the rise, prompting concerns that output from Alberta’s oil sands could again exceed takeaway capacity within a few years, even if current pipeline construction is completed.

LM Energy Launches Open Season to Extend Oil Gathering System in Northern Delaware Basin

The proposed extension of the system will gather crude oil from origination points in Eddy and Lea Counties, New Mexico and deliver to destination points also in Eddy and Lea Counties, New Mexico.

Uganda, Tanzania, Oil Firms Sign Accords to Build $3.5 billion Pipeline

Total's CEO said the pipeline is one of the largest projects they should develop on this continent, adding they expected oil production to commence in early 2025.

Aramco Agrees to $12.4 billion Deal to Sell Stake in Pipelines

Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners.

U.S. Army Corps Allows Dakota Pipeline to Stay Open During Review

The U.S. Army Corps of Engineers today said it will allow Energy Transfer's Dakota Access oil pipeline to keep running, after an environmental permit was scrapped last year.

U.S. Army Corps to Lay Out Plans for Dakota Access Pipeline Review at Hearing

The U.S. Army Corps of Engineers is expected to lay out its recommendations on the Dakota Access oil pipeline at a federal court hearing today that could involve shutting down the line for several months during an environmental review.

Oil Prices Fall Despite Stronger Economic Outlook

Oil prices eased on Wednesday after earlier gains despite prospects for stronger global economic growth as talks to revive a nuclear deal with Iran opened the possibility of an easing of sanctions on its oil exports.

Report Shows Oil Industry Jobs Pay More Than Wind, Solar Jobs

Workers in nuclear energy and fossil fuel industries earn higher wages than those in renewable energy sectors like wind and solar that are the focus of Biden's plan to stimulate the U.S. economy and combat climate change, according to an analysis.

Brookfield, BlackRock No Longer in Race For $10 billion Aramco Pipeline Stake

U.S. asset manager BlackRock and Canada's Brookfield Asset Management Inc are no longer in the race to buy a stake in Saudi oil giant Aramco's pipeline business, two sources familiar with the deal said.

Exxon Sues Energy Transfer Over Charges From Pipeline Dispute

Exxon Mobil Corp’s XTO Energy shale unit filed a breach of contract lawsuit against Energy Transfer LP over disputed payments for the Dakota Access Pipeline, according to a Texas state court filing.

Democrats Asking Biden to Shut Down Dakota Access Pipeline

A group of 33 Democratic congress members are named on a letter to President Joe Biden asking him to shut down the Dakota Access Pipeline while it undergoes a court-mandated environmental review.

Energy Transfer, Centurion Pipeline Agree on Crude Oil Transportation

Energy Transfer and Centurion Pipeline announced they will post a joint tariff for crude oil transportation service from ET’s terminals in Platteville, Colorado and Cushing, Oklahoma to ET’s Nederland, Texas terminal.

Pony Express Pipeline Announces Open Season for Transportation

Tallgrass Pony Express Pipeline, a subsidiary of Tallgrass Energy, announced a binding open season soliciting shipper commitments for crude oil transportation.

Russia's Transneft Posts 26% Fall in 2020 Net Profit

Russian oil pipeline monopoly Transneft's net profit fell by 26% last year to 133.2 billion roubles ($1.8 billion) as lower volumes of oil were transported amid global production cuts and the COVID-19 pandemic.

Suez Canal Steps Up Efforts to Remove Blockage as Shipping Rates Surge, Tankers Diverted

The Suez Canal stepped up efforts on Friday to free a giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains for everything from grains to baby clothes.

Egypt's SUMED Pitches Use of Pipeline as Suez Crisis Drags

Egypt's SUMED pipeline operator has approached oil traders to ask if they wanted to book their system to transport crude oil as a blockage of the Suez Canal by a container ship drags,

INEOS Energy to Sell Norwegian Oil and Gas Business to PGNiG for $615 million

INEOS Energy has agreed to sell its Norwegian oil and gas business to Poland's PGNiG Upstream Norway AS for $615 million.

Saudi Aramco Sends Request for Pipeline Deal Financing

Saudi Aramco has sent a request for proposals to banks for financing it wants to offer to investors looking to lease its pipelines, three sources said, a sign the oil giant is progressing with plans to extract value from its assets.

White House Climate Czar and Big Oil Meet, Talk Cooperation

Representatives from the oil and gas industry and national climate adviser Gina McCarthy struck a cooperative tone following a meeting where the two sides discussed how companies can align with the Biden administration's ambitious climate goals.

U.S. Drillers Add Most Oil & Gas Rigs in a Week Since January

U.S. energy firms added the most oil and natural gas rigs in a week since January even as oil prices this week pulled back from a recent 28-month high.