U.S. Awards SPR Contracts Worth $229.5 Million to ExxonMobil, BP, Others
2/19/2024
(Reuters) — The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday.
The U.S.-produced crude oil is being purchased for an average price of $77.81 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, the Energy Department said in a statement.
The four companies that won contracts are Atlantic Trading & Marketing, BP Products North America, ExxonMobil Oil Corp. and Macquarie Commodities Trading US LLC.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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