Business & Markets

Shale Producer Pioneer Natural to Buy Parsley Energy for $4.5 Billion

Pioneer Natural Resources announced on Tuesday its intention to purchase Parsley Energy in an all-stock deal valued at $4.5 billion.

China Crude Storage Flows Accelerate as Last of Cheap Oil Offloads

China pumped more crude oil into storage in September reversing two months of drawdowns as the world's largest oil importer continued to work through massive purchases made earlier this year when prices plunged.

Oil Steadies After OPEC+ Meeting as U.S. Stimulus Hopes Face Libyan Supply Boost

Oil prices held steady on Monday hampered by concerns of a resurgence of the coronavirus pandemic and by increasing production in Libya but buoyed by hopes of as U.S. stimulus package.

TechnipFMC Awarded EPCI Contract for Equinor Breidablikk Pipelay and Subsea Installation

Oil and gas services frim Technip FMC has been awarded an Engineering, Procurement, Construction and Installation contract for Equinor's Breidablikk subsea pipelaying project.

U.S. Northeast: Taking a Fresh Look at an Old Region

PGJ explores how the Northeast region could play a big part in making sure the U.S. global energy dominance continues after the pandemic.

Islamic State Tells Supporters to Target Westerners, Oil Pipelines

An Islamic State spokesman called on the militant group's supporters to target westerners, oil pipelines and economic infrastructure in Saudi Arabia.

ConocoPhillips to Buy Concho Resources for $9.7 Billion

ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand.

Oil Dips on COVID-19 Resurgence, Fears of More Supply

A surge in COVID-19 cases across Europe and the U.S. in the past few weeks is causing concern throughout the industry of a continued drag on demand, evidenced by a dip in oil prices on Friday.

ADNOC to Divest 20% Stake in Gas Pipeline Assets

ADNOC has announced a 20% sale of its gas pipeline assets to the Abu Dhabi Pension Fund and a regional holding company, ADQ.

OPEC Says Group Will Ensure Oil Prices do not Plunge Again

The Secretary General of OPEC told an energy conference that the group and its allies will ensure oil prices do not drop off again as they did earlier this year in response to collapsing demand.

Oryx Launches Binding Open Season on Proposed New Gathering System

Oryx Midstream has launched a binding open season to solicit shipper interest in a proposed new gathering system to transport crude from Eddy County, New Mexico to an interconnect with the Trans Permian Pipeline System.

EU Considers Binding Methane Emissions Standards for LNG

The European Union has released a new draft of proposed standards on natural gas within the bloc in an effort to limit methane emissions.

DNV GL Leads Hydrogen Readiness Study for Italian Gas Network

Oil and gas research firm DNV GL has been hired by Italian utility company SGI to assess the feasibility of switching the company's gas distribution network to hydrogen.

North American Energy Bankruptcies Pile Up in Third Quarter — Haynes and Boone

Law firm Haynes and Boone said a perfect storm of weak fuel demand due to the COVID-19 pandemic, a collapse in crude prices, and shrinking amounts of available credit all caused North American energy bankruptcies to pile up in Q3.

Saudi Aramco, Investors Discussing $10 Billion Pipeline Deal — Sources

Sources have reported that Saudi Aramco is in talks with asset firm BlackRock as well as other investors about selling a $10 billion stake in its pipeline assets.

BP Says Trans Adriatic Pipeline to be Ready by End of 2020

BP said it expects to begin shipping natural gas on the Trans Adriatic Pipeline by the end of 2020.

Russian Oil Companies Settle Dirty Oil Dispute with Total

Two major Russian oil companies have settled a dispute with French major Total over contaminated oil supplies delivered on the Druzhba pipeline last year.

IEA Raises 2020 Gas Demand Forecast, Still Expects Record Fall

The International Energy Agency raised its forecast for global LNG demand this year but still expects to see the biggest fall on record due to the impact of the coronavirus pandemic.

U.S. Energy Companies Begin Restoring Oil and Gas Output After Hurricane

Several U.S. oil and gas companies began the process of restarting production at facilities along the country's Gulf Coast on Sunday, two days after Hurricane Delta hammered the area with 100 mph winds.

Gazprom Sees European Gas Glut in 2021

Gazprom said on Monday that it expects oversupply of the European gas market to continue into 2021.

NextDecade on Track for Rio Grande Facility FID in 2021

U.S. LNG company NextDecade said it is still planning to reach a final investment decision regarding it's Rio Grande LNG facility in 2021.

Shrinking U.S. Oil Stocks Point to Market Rebalancing

Excess petroleum inventories are being absorbed as lower prices compel U.S. shale producers and the members of OPEC+ to limit their output, confirming the market is on course to rebalance in 2021.

U.S. Oil-Export Projects Stall as Output Slips, Opposition Builds

Several major deepwater oil export projects have stalled as the coronavirus pandemic has caused global energy demand to collapse and environmental opposition has increased.

OPEC Predicts Oil Demand to Plateau in Late 2030s

In a major shift in outlook, the OPEC group on Thursday predicted that global demand for oil will plateau in the late 2030s and could have even begun to decline by then.

Glenfarne Gets 5 More Years to Build Magnolia LNG Plant

U.S. energy regulators have given Glenfarne Group an additional five years to construct its Magnolia LNG plant in Louisiana.

TransAlta and Tidewater Midstream Agree to Sell Pioneer Pipeline

TransAlta and Tidewater Midstream have agreed to sell the Pioneer Pipeline to ATCO Gas and Pipelines for CDN $225 million.

Centurion Pipeline Announces In-Service Date for Augustus Pipeline

Centurion Pipeline has announced that its Augusts Pipeline is expected to commence service on December 1, 2020.

Polish Regulator Fines Gazprom $7.6 Billion Over Nord Stream 2 Pipeline

Polish energy regulators have fined Gazprom $7.6 billion for building the Nord Stream 2 natural gas pipeline without approval from Warsaw, the country's watchdog said on Wednesday.

Navigator Looks to Expand Borger Express Pipeline System

Navigator Energy Services has launched a binding open season on its Borger Express Pipeline to engage interest in expanding the system with 200 miles of new pipeline.

New Gas Pipeline Could Heat up Azeri-Russian Rivalry

Strained Azeri-Russian ties are facing further pressure from the launch of a major gas pipeline this year that could squeeze Moscow's gas sales to Europe.