North America
U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September
The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022.
TC Energy Announces Layoffs in Houston, Calgary as Part of Pipeline Unit Integration Plan
Canadian oil and gas pipeline firm TC Energy said on Wednesday it has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units.
Mexico's Pemex, Billionaire Investor Carlos Slim Discuss Reviving Deepwater Gas Project
Mexican state energy company Pemex and billionaire investor Carlos Slim's team are discussing ways to revive development of the country's first deepwater natural gas field that was shelved twice before, two sources told Reuters.
Saudi Aramco, UAE's ADNOC in Talks for Investments in U.S. LNG Projects
Gulf oil giants Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said.
Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
Pipeline operator Enbridge raised its short-term profit growth forecast on Wednesday and said it will invest about $500 million in expanding its pipeline and storage assets to improve its U.S. Gulf Coast presence.
Canadian Oil Producer Cenovus Plans 19% Production Increase Over Five Years
Cenovus Energy, Canada’s third-largest oil producer, said on Tuesday it plans to boost energy production by 19% during the next five years as the country's pipeline capacity expands.
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.
Canada Energy Regulator Approves Enbridge Mainline Toll Settlement
The Canada Energy Regulator said on Monday it has approved a toll settlement between pipeline operator Enbridge and shippers for moving oil along the Canadian mainline.
Exxon to Complete Beaumont, Texas, Hydrocracker Overhaul by End of March, Sources Say
Exxon Mobil Corp. plans to finish an overhaul of the hydrocracker at its 619,024 barrel-per-day Beaumont, Texas refinery by the end of March, said people familiar with plant operations on Monday.
SCF Partners Acquires Flowchem, Val-Tex, and Sealweld, Leaders in Midstream Solutions
SCF Partners Inc. has acquired the Pipeline and Industrial Materials business from Entegris Inc., a leading supplier of advanced materials and process solutions for the semiconductor and other high-technology industries.
U.S. Considers Selling Northeast Gasoline Reserve in 2024 as Part of Draft Bill
Once the Northeast Gasoline Supply Reserve is closed, the secretary of energy cannot establish any new regional petroleum product reserve unless funding is explicitly requested in advance of an annual budget.
EQT to Curtail Natural Gas Production Through March Amid Low Prices
EQT will curtail nearly 1 billion cubic feet per day of natural gas production through March, the top U.S. natural gas producer said on Monday, as companies respond to persistently low prices of the commodity.
Valero Joins Summit's Carbon Capture Project, Extending Pipeline to 57 Ethanol Plants
Valero Energy is joining Iowa-based Summit Carbon Solutions' proposed carbon capture and storage project, which involves a pipeline spanning more than 2,000 miles across Iowa, North Dakota, South Dakota, Nebraska, and Minnesota.
Tellurian CEO Octavio Simoes' Term Not Extended, Company Eyes Asset Sale
LNG developer Tellurian said on Monday it would not renew or extend the employment term of CEO Octavio Simoes beyond June 5, and aims to sell its upstream business, sending its shares up as much as 3% before the bell.
TC Energy to Sell 295-Mile Portland Natural Gas Transmission System for $1.14 Billion
TC Energy said on Monday it has agreed to sell its Portland Natural Gas Transmission System to BlackRock and Morgan Stanley Infrastructure Partners for $1.14 billion.
Projects March 2024
FERC approves MVP’s Southgate gas pipeline extension; Regulator clears Trans Mountain, completion back on; Santos’ subsea pipeline clears construction hurdle; and more!
Chevron Indefinitely Closes Two U.S. Midwest Biodiesel Plants as Profits Slip
Chevron has indefinitely idled two biodiesel production facilities in the U.S. Midwest, the company confirmed on Friday, citing poor market conditions.
MEG Energy Confirms Trans Mountain Pipeline Expansion to Begin Line Fill in April
Oil producer MEG Energy said on Friday that line fill on Canada's long-delayed Trans Mountain oil pipeline expansion would start from April.
Low U.S. Natural Gas Prices Pose Challenges for Tellurian Asset Sale Plans
Low U.S. natural gas prices will hurt Tellurian Inc's ability to sell Louisiana gas producing properties in order to pay off enough debt to salvage its LNG export project, analysts said.
EPA Excludes Existing Natural Gas Plants from Proposed Carbon Rule
The U.S. Environmental Protection Agency on Thursday said it will exclude existing natural gas power plants from its proposed carbon regulations that it plans to finalize in April, narrowing the scope of the initial proposal that would have required stringent controls on those facilities.
Helix Energy and Talos Energy Strike Deal for Gulf of Mexico Decommissioning
Helix Energy Solutions Group Inc. has announced a five-year joint framework agreement with Talos Energy Inc. in which Talos has agreed to provide Helix the first right of refusal regarding specific annual work scopes for Talos’s decommissioning requirements in the U.S. Gulf of Mexico.
Global News March 2024
Latest industry developments from around the world!
Biden Nominates Two Democrats, One Republican to FERC; INGAA Applauds Nominations
President Joe Biden on Thursday nominated two Democrats and one Republican to the Federal Energy Regulatory Commission (FERC), an independent panel that rules on energy transmission and liquefied natural gas projects.
Trans Mountain Successfully Removes Pipe from Final Expansion Section
Trans Mountain Corp., the Canadian government-owned oil pipeline company, said on Wednesday it successfully removed a pipe from the final section of an expansion project that will nearly triple the flow of crude from Alberta to the Pacific Coast.
Devon Energy Reports Lower Profit, Anticipates Production Impact from Winter Storm
U.S. shale producer Devon Energy reported a fall in fourth-quarter profit on Tuesday, hurt by lower oil and gas prices and forecast a 2% impact in first-quarter production due to severe winter weather.
BP Urges U.S. Regulators to Deny Venture Global's Permit Extension Request
BP Plc on Tuesday urged U.S. regulators to refuse Venture Global LNG's request for an extension of time to build its Calcasieu Pass export plant.
Trans Mountain Pipeline Expects Q2 Launch, 10% Cost Increase
Trans Mountain Corp., the Canadian government-owned oil pipeline company, continues to target a second-quarter in-service date for its expansion and expects the project's cost to rise 10%, according to a filing.
Oil and Gas Upstream M&A Deal Value Hits Highest Q1 Levels Since 2017
An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said.
U.S. Takes Lead as Top Supplier to Europe for Crude, Diesel and LNG
The United States has taken the top spot as Europe's supplier of crude oil, diesel, and liquefied natural gas (LNG) in recent months, capitalizing on reduced imports from east of Suez caused by shipping disruptions in the Red Sea.
Canadian Oil and Gas Producers Bump Up Spending, Industry Group Says
Canadian oil and natural gas producers will spend an estimated $30.07 billion on capital projects this year, up slightly from $28.89 billion last year, the Canadian Association of Petroleum Producers (CAPP) said on Tuesday.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- U.S. House Passes Bill to Reverse Biden's LNG Pause
- Mexico Orders Seizure of Hydrogen Plant at Pemex Oil Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- MEG Energy Confirms Trans Mountain Pipeline Expansion to Begin Line Fill in April