North America
Cedar LNG Taps Samsung, Black & Veatch for EPC Contract
The Haisla Nation and Pembina Pipeline Corp. have selected Samsung Heavy Industries and Black & Veatch to provide engineering, procurement and construction for the design, fabrication and delivery of the project's floating LNG production unit.
Mexico's Newest Olmeca Oil Refinery Projected to Process 243,000 bpd in 2024
Mexican state oil company Pemex's top executive estimated on Thursday that the firm's newest refinery will process 243,000 barrels per day (bpd) of crude in 2024 during its first year of operations, before ramping up to near full capacity in 2025.
Biden Administration Slowly Puts Oil Back into the SPR Emergency Stash
The administration of President Joe Biden is slowly putting oil back into the Strategic Petroleum Reserve, after selling a record amount from the emergency stockpile in 2022.
U.S. Natural Gas Producers Navigate Production Cuts and Demand Rebound in 2024
The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT's financial head Jeremy Knop said.
U.S. DOT Invests Nearly $15 Million to Improve Pipeline Safety
The U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) is awarding $14.8 million in grants to fund projects and activities to improve pipeline safety.
Shell Backs BP in Fight Over Venture Global LNG Exports
Shell has joined BP in its battle against Venture Global LNG, accusing the LNG producer of denying it and other customers access to supplies while exporting more than $18 billion worth of the superchilled gas, according to a filing with U.S. regulators.
EOG President: U.S. Oil and Gas Production Growth to Slow in 2024
U.S. oil and gas production will not continue to grow this year at the pace that it did in 2023, U.S. shale producer EOG Resources President Lloyd Helms said on Thursday.
APA to Acquire Rival Callon Petroleum in $4.5 Billion Deal
U.S. oil producer APA said on Thursday it was buying rival Callon Petroleum in an all-stock transaction valued at $4.5 billion including debt, following on the heels of a record year for dealmaking in the largest U.S. shale field.
Trans Mountain Pipeline Eyes March or May for Line Fill in Long-Delayed Expansion
Trans Mountain Corp. plans to begin line fill in March or May on its long-delayed Canadian oil pipeline expansion, depending on the diameter of pipe it uses and assuming no new problems, the Canadian government-owned company said in a filing on Wednesday.
Bunge Halts Operations at Indiana Soy Plant Due to Damaged Gas Pipeline
A soybean processing facility in Decatur, Indiana, operated by global grain handler Bunge stopped operations last week following damage to a natural gas pipeline that feeds the site, the company said in a statement to Reuters on Wednesday.
Crescent Point Completes Hammerhead Acquisition for Increased Oil Production in Alberta
(P&GJ) — Crescent Point Energy Corp. has successfully completed its acquisition of Hammerhead Energy Inc., an oil and liquids-rich Alberta Montney producer.
Diversified Energy Completes $200 Million Sale of Appalachia Natural Gas Assets
(P&GJ) — Diversified Energy Company Plc announced that it closed on a strategic transaction that has unlocked additional value from its existing asset base. In a nutshell, the company sold producing assets in Appalachia to a Special Purpose Vehicle (SPV) named DP Lion Equity Holdco LLC.
U.S. Looks to Buy 3 Million Barrels of Domestic Crude to Replenish Strategic Petroleum Reserve
The U.S. is seeking to buy up to 3 million barrels of U.S.-produced sour crude oil for delivery in April to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said in a statement on Wednesday.
Summit Carbon Solutions Secures 80% Right-of-Way in North Dakota for Carbon Capture Project
Summit Carbon Solutions has acquired 80% of the Right-of-Way (ROW) needed for its proposed carbon capture, transport, and storage project across North Dakota.
U.S. Energy Acquires Two Refined Product Terminals in Illinois
(P&GJ) — With the addition of these facilities, U.S. Energy now owns and operates 37 terminals across nine states with a collective storage capacity of over eight million barrels.
U.S. Claims Top Spot in LNG Exports for 2023, Achieving Record Levels
U.S. liquefied natural gas exports hit monthly and annual record highs in December, tanker tracking data showed, with analysts saying it positioned the United States to leapfrog Qatar and Australia to become the largest exporter of LNG in 2023.
U.S. Oil Output Records First Monthly Drop Since April, Easing Oversupply Concerns
U.S. crude oil output fell slightly in October to 13.248 million barrels per day, the first monthly decline since April, the U.S. Energy Information Administration (EIA) said on Dec. 29.
Global News January 2024
Latest industry developments from around the world!
Editor’s Notebook: In Canada, A Tale of Two Pipelines
Well, well, well. It looks as if Canada is likely to be in the market for some new pipelines if word that the nation’s oil and gas producers plan to drill 8% more wells in 2024 comes to pass.
RNG Outlook Offers Mixed Message for Midstream
(P&GJ) – In mid-2023, the international management consulting firm Boston Consulting Group (BCG) issued an assessment of renewable natural gas (RNG) that offered a mixed message.
Mexico Orders Pemex to Occupy Privately-Operated Hydrogen Plant
Mexico's government on Friday ordered state energy company Pemex to immediately take temporary control of a privately-operated hydrogen plant located inside one of its largest refineries.
Canadian Regulators Reject FortisBC's Okanagan Gas Pipeline Expansion Plan
(P&GJ) — The British Columbia Utilities Commission (BCUC) has denied FortisBC Energy Inc.’s application for its Okanagan Capacity Upgrade project, which includes the construction, installation, and operation of approximately 30 km (19 miles) of new natural gas pipeline.
Kinder Morgan Successfully Acquires NextEra’s 462-Mile Texas Pipeline System for $1.8 Billion
Kinder Morgan Inc. has successfully closed on its $1.815 billion acquisition of NextEra Energy Partners’ South Texas assets, which includes a set of integrated, large diameter high pressure natural gas pipeline systems that connect the Eagle Ford basin to key growing Mexico and Gulf Coast demand markets.
Projects December 2023
Western Midstream Partners closed its previously announced acquisition of Meritage Midstream Services II. The sale was funded with cash on hand and WES’s recent $600 million investment grade senior notes issuance.
LNG Developer Tellurian Hires Financial Adviser Amid Leadership Changes, Debt Restructuring
Struggling liquefied natural gas (LNG) developer Tellurian on Thursday said it has hired a financial adviser to assist in balance sheet management.
Engie Brasil Sells 15% Stake in Gas Pipeline Firm TAG to Canada's CDPQ for $641 Million
Engie Brasil said on Thursday it had reached a deal to sell a 15% stake in natural gas pipeline firm TAG to Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ) for $641 million.
Real-Time Monitoring Helps Trans Mountain Expansion Stay on Track
(P&GJ) — Navigating diverse terrains for the $31 billion Trans Mountain Expansion Project posed challenges. Learn how obstacles like roads, rivers, and railroads impacted this major oil pipeline installation.
Russian Oil Output to Hold Steady or Increase in 2024, Defying Earlier Sanctions Impact
Oil output in Russia, the third largest producer in the world after the United States and Saudi Arabia, is expected to be steady or even to increase next year as Moscow has largely overcome Western sanctions, analysts said.
Oil Producers Canadian Natural, MEG Urge Regulator to Back Trans Mountain Request
Canadian oil producers Canadian Natural Resources and MEG Energy are urging the country's energy regulator to approve Trans Mountain Corp.'s latest request for a change to building its pipeline expansion, saying timely completion is critical.
Chatterjee Fund Management Boosts Stake in LNG Developer Tellurian to 7.3%
Chatterjee Fund Management has increased its stake in U.S. liquefied natural gas (LNG) developer Tellurian Inc. to 7.3%, a filing with the Securities and Exchange Commission showed on Wednesday, up from 5.2% previously.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- 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
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
