Oil
U.S. Broadly Eases Venezuela Oil Sanctions After Election Deal
The Biden administration on Wednesday broadly eased sanctions on Venezuela's oil sector in response to a deal reached between the government and opposition parties for the 2024 election - the most extensive rollback of Trump-era restrictions on Caracas.
U.S. Hopes to Buy 6 Million Barrels for Oil Reserve by January
President Joe Biden's administration hopes to buy 6 million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to replenish the emergency stockpile, the U.S. Department of Energy said on Thursday.
US Oil Refiners Crank Out Diesel, Further Squeezing Margins for Gasoline
U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended.
Angola to Maintain Crude Output at 1.1 Million bpd into 2024
Angola expects to maintain its current crude oil production of 1.1 million barrels a day (bpd) into next year, a government official said on Thursday, even as the country looks to stabilize declining output from mature fields.
Venezuela May Redirect Oil Exports Away from China as U.S. Eases Sanctions
Exemptions to sanctions on Venezuelan oil exports that the U.S. is mulling should not result in a large crude production surge in the OPEC country, instead taking barrels away from its current main destination China, experts said.
Investors Rapidly Shed Oil Positions, Embrace Natural Gas Amid Market Shifts
Portfolio investors have dumped positions in petroleum at some of the fastest rates in the last decade in the most recent week as the bullish sentiment that built up after OPEC⁺ production cuts evaporated.
As Oil Majors Cast Shale Nets, Texas Oilman Sheffield Made Pioneer the Prized Catch
Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources the oilfield's biggest prize.
Suncor CEO Highlights the Challenge of Uncertainty in Canadian Energy Policy for Investors
Unpredictability in Canadian energy policy is scaring away capital investment in the sector, the CEO of one of Canada's largest oil producers, Suncor Energy, told a parliamentary committee on Monday.
India Wants Saudi Aramco to Develop Strategic Petroleum Reserve as Ties Strengthen
India wants Saudi Arabia's Aramco to participate in its planned 6.5 million metric tons strategic petroleum reserve program as the South Asian nation intends to strengthen ties with its key oil supplier.
Canadian Regulator Set to Decide on Trans Mountain Expansion Tolls
The Canada Energy Regulator (CER) said on Thursday it will make a preliminary decision on Trans Mountain Corp.'s proposed shipping tolls for its oil pipeline expansion project this autumn before holding a hearing on the tolls next year.
TC Energy Names Ex-CEO as Chair of Oil Pipeline Business
Canadian pipeline operator TC Energy on Thursday named industry veteran and former CEO Hal Kvisle as the chair of its oil pipeline unit.
Oil Reverses Gains After U.S. Posts Large Crude Build
Oil prices reversed early gains on Thursday in a volatile session after a large build in U.S. crude stockpiles outweighed expectations that U.S. interest rates had peaked.
Analysis: Canada May Struggle to Recoup $26 Billion Cost of Trans Mountain Pipeline
Canada faces an uphill battle to recoup the roughly $25.74 billion in taxpayers' money it has sunk into the Trans Mountain oil pipeline, as uncertainty over shipping tolls and a limited pool of buyers cloud the asset's unique strategic value.
Oil Falls After Saudi Pledge; Investors Keep Wary Eye on Israel
Oil prices fell over 2% on Wednesday as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilize the market.
Exxon's $60 Billion Acquisition of Pioneer Could Squeeze US Oil Suppliers, Pipelines
Top U.S. oil producer Exxon Mobil's planned acquisition of the No. 1 Permian shale producer Pioneer Natural Resources could further restrain output growth in the largest U.S. oilfield, squeezing pipeline companies and suppliers, executives and energy advisors said.
Keystone Pipeline Back to Normal Operations After Brief Maintenance Shutdown
TC Energy's 600,000 barrel-per-day Keystone oil pipeline returned to normal operations on Wednesday after briefly being shut down for maintenance on Tuesday, two industry sources said.
Israel's Port of Ashkelon, Oil Terminal Shut in Wake of Conflict
Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict between Israel and Islamist group Hamas, shipping and trade sources said on Monday.
Explainer: What Is Stopping the Iraq-Turkey Oil Pipeline Restarting?
A crude oil export pipeline from Iraq to Turkey is ready to resume operations, which have been suspended for the past six months, but flows have yet to restart.
Biggest Oil and Gas Sector Deals Since 2000
Exxon Mobil is on the brink of a game-changing $60 billion acquisition of shale producer Pioneer Natural Resources, marking their most significant deal since 1998. This landmark move is set to redefine the energy landscape, and our article highlights the major oil and gas sector transactions that have shaped the industry since 2000.
Iraq Awaits Formal Notification from Turkey on Oil Pipeline, Baghdad Says
Iraq has not received formal notification from Turkey on whether the oil exports pipeline is ready to begin operations, two senior Iraqi oil officials said on Sunday.
Trans Mountain to Begin Line Fill for Canadian Oil Pipeline in First-Quarter 2024
The Trans Mountain oil pipeline expansion will initiate the line fill process in the first quarter of 2024, with an expected duration of six to seven weeks. Filling the pipeline with oil will require about 4.5 million barrels, Trans Mountain Corp said.
HVO: Fuel for the Future
The advancement of the energy transition is leading to a growing imperative to reduce carbon emissions in challenging-to-transform sectors. Various industries are adopting alternative fuels and embracing increased electrification to promote sustainable practices within the construction and extraction sectors. In this regard, hydrated vegetable oil (HVO) represents a pioneering alternative fuel source.
Civitas Resources to Buy Permian Oil Assets for Roughly $2.1 Billion
(P&GJ) — Civitas Resources entered into an agreement with Vencer Energy, a Vitol investment, to acquire oil-producing assets in the Midland Basin of West Texas for approximately $2.1 billion.
BP Explores $1 Billion Sale of Stake in US Pipelines
BP Plc is exploring the sale of a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, according to people familiar with the matter.
At Least 15 Killed in Explosion at Illegal Nigerian Oil Refinery
At least 37 people, including two pregnant women, were burned to death after a blast at an illegal oil refinery in southern Nigeria, a local security official and community leader said on Tuesday.
Biden Angers All Sides with Scaled Back Offshore Oil Drilling Plan
The Biden administration's plan to slash offshore oil and gas leasing drew fire from both the fossil fuel industry and environmentalists on Friday, with energy companies saying it will raise fuel prices and greens saying it undermines efforts to stop global warming.
898-Mile Uganda–Tanzania Oil Pipeline Nearing Completion, Set for 2025 Debut
The 1,445-kilometer (898-mile) East African Crude Oil Pipeline (EACOP) that will transport crude from Tilenga and Kingfisher is set to come online in 2025, Uganda National Oil Co.'s chief executive said in an interview.
Turkey to Resume Operations of Iraq Oil Pipeline This Week
Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday.
Oil Pipeline Rupture in Western Ukraine Injures Nine, Triggers Fire
An oil pipeline ruptured in western Ukraine on Saturday, injuring nine people, including four children, and triggering a large fire, the regional governor said.
US Crude Production Climbs to Near Record High in July
U.S. crude oil output grew in July to near its pre-COVID peak in 2019, fueled by a record level of production from Texas, the top U.S. shale oil producer, the U.S. Energy Information Administration said on Friday.
- 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
- Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
- Pipeline Hydro Test Pressure Determination
- Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction
- Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project
- Japan Looks at Developing Domestic Pipelines Sector
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
