Business & Markets

CPC Oil Producers Eye New Transit Routes via Russia’s Transneft

Oil producers in Kazakhstan are seeking to divert flows away from the Caspian Pipeline Consortium (CPC) to systems owned by Russia's Transeft as CPC Blend margins fall.

Texas Regulators Decline Production Cuts for Now

Texas oil and gas regulators declined to cut oil production in the state on Tuesday after prices reached negative territory for the first time in history but will most likely revisit the issue at their next meeting.

Producers Scramble for Storage Space as Oil Glut Grows

Oil producers are scrambling to find storage space for excess barrels, many being forced to pay storage companies to take oil as prices turned negative on Monday for the first time in history due to an unprecedented slump in demand.

New Analysis Showing Need for Rapid Pivot to Gas

International energy consultancy Xodus Group released a new analysis showing that a rapid pivot to gas will be required to deal with rising global energy demand.

Subsea UK Partners Team with Non-Profit to Protect Oceans

Subsea UK teamed up with one of the world’s leading non-profit ocean protection organizations to promote and support initiatives to prevent pollution of our oceans.

Oil Price Goes Negative as Demand Collapses

Oil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it.

Bidders for ADNOC Gas Pipelines in Talks for $8 Billion Loan: Sources

U.S.-based Global Infrastructure Partners is heading a consortium of buyers looking for up to $8 billion in financing to invest in ADNOC natural gas pipeline assets.

Canada’s Court Rulings Brighten Path for Pipeline Expansion

Canada's efforts to add oil and gas pipeline capacity were stalemated by legal challenges over the past decade, but two important court rulings since the start of the year may break the bottleneck.

Chevron Sells Azerbaijan Pipeline Assets

Chevron announced that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields, including interests in two pipelines, to MOL Hungarian Oil and Gas for $1.57 billion.

Oklahoma Judge May Recommend Ruling Oil Production 'Economic Waste'

An Oklahoma Judge will recommend the state's oil and gas regulator approve an emergency order declaring oil production in the state could constitute economic waste, a spokesman for the state's Corporation Commission said.

Pipeline Upgrades to Increase Natural Gas Flows into New England

Several natural gas pipeline upgrades are either planned or under construction in New England, which will increase deliverability into the region over the next several years, according to data from the U.S. Energy Information Administration (EIA).

Pipeline Shares Sink on Oil Decline, Coronavirus Impact

It’s a common refrain among investors that “a rising tide lifts all boats,” meaning the share prices of similar companies tend to act in unison.  Unfortunately, that’s equally true of falling tides, as demonstrated by the performance of North American midstream equities in recent weeks.

LNG: Global and Domestic Challenges in 2020

Despite ongoing media coverage of protests and bans, the U.S. is actually using more natural gas than ever before. “The interesting thing is, over the last 10 years, the amount of switching we’ve seen happen from other sources of energy to natural gas for electric generation,” said Riedl. “We’re using more natural gas than ever for our electricity generation in the U.S. at present.”

A Look at Offshore Activity

Thanks to operations cost cutting and improvements in productivity, investment in offshore exploration and production activities is beginning to recover from its 2017 nadir.

Shell Greenlights $6.4 Billion Australia Natural Gas Project

Shell announced it has made a final investment decision (FID) to proceed with a $6.4 billion natural gas project in Queensland, Australia.

ConocoPhillips Cuts Oil Output in North America by 30%

ConocoPhillips is cutting its oil output by 30% of its 2020 target, more than any U.S. producer so far.

U.S. Natural Gas Prices Jump 5% as Output Falls

Prices for natural gas rose 5% in the U.S. on Thursday as production falls in line with cuts to crude oil output.

Shell Restarts U.S. Offshore Oil Hub After Pipeline Leak

Shell has resumed production at its Perdido offshore oil rig after a pipeline leak last week forced the company to halt production.

Pieridae Delays Nova Scotia LNG Export Plant FID Due to Pandemic

Canadian energy firm Pieridae joins the growing list of companies delaying final investment decisions on major projects this year, specifically on its Goldboro liquefied natural gas export plant in Nova Scotia.

Tallgrass Energy Shareholders Approve Blackstone-Led Buyout

Tallgrass Energy shareholders have approved a buyout deal worth over $6 billion from a group led by the Blackstone investment company, retaining the valuation offered before the market crash.

U.S. Shale Oil Output to Drop by Record 194,000 Bpd in April — EIA

New data from the U.S. Energy Information Administration predicts the country's shale oil output will fall by a record 194,000 bpd in April.

U.S. Crude Stocks Jump by Record 19 Million Barrels: EIA

Crude oil stockpiles in the U.S. rose by 19 million barrels last week, the largest one-week increase in history.

Texas Oil Hearing Stirs Debate but No Decision; Oklahoma Sets May Hearing

Texas energy regulators listened as top executives on Tuesday debated whether the state should cut oil output by 1 million barrels per day, but did not indicate how they might vote after more than 10 hours of sometimes dire testimony.

Kazakhstan Pipeline Work Continues Despite Tengiz Slowdown

Kazakhstan's biggest oil producer has reduced some work on its $45 billion expansion project in the west of the country due to the coronavirus outbreak, but pipeline construction continues.

FERC Issues Favorable Environmental Assessment for Double E Pipeline

Summit Midstream and Exxon Mobil's Double E pipeline carrying natural gas from the Permian Basin to the Waha Hub in Texas has received a favorable environmental review from U.S. regulators.

PGNiG Loads First LNG Tankers in Lithuania

Polish gas giant PGNiG has sold and loaded the first two cargos of LNG from its reloading terminal in Lithuania.

LNG Ltd Looks for New Partners After Takeover Bid Withdrawn

Liquefied Natural Gas Ltd said on Tuesday it is negotiating with other parties and has enough money to keep operating until May after Singapore-based LNG9 withdrew its takeover bid because the financing fell through:

Pipeline Operator Sues Chesapeake Energy Over Transport Payment Dispute

Chesapeake Energy is being sued for defaulting on transport payments owed to pipeline operator Glass Mountain from a contract that had been renegotiated earlier this year.

Enterprise Offers Crude Shipments on Existing Pipeline from U.S. Gulf Coast to Cushing, OK

Enterprise Products Partners is going to offer spot shipments from the U.S. Gulf Coast to Cushing, OK as demand for inland flow routes surges.

Russia's Rosneft Becomes Top Oil Supplier to Belarus

Russian state oil company Rosneft will be biggest oil supplier to Belarus this month, after Moscow and Minsk settled their oil price row, Belarus state energy company Belneftekhim said on Monday.