Oil

First Canadian Oil Export Cargo from Expanded Trans Mountain Pipeline Set to Load

Crude oil tanker Dubai Angel on Monday moored at the Westridge Marine Terminal in Vancouver, preparing to load the first cargo of crude oil from the recently expanded Trans Mountain pipeline, ship tracking data showed.

Russia Remains China's Top Oil Supplier for 12th Consecutive Month in April

Russia was China's top oil supplier in April for a 12th month, with volumes rising 30% from a year earlier, official data showed, as refiners continued to cash in discounted shipments, while supplies from Saudi Arabia fell a quarter on higher prices.

Libya Commences Operation of North Hamada Oilfield Pipeline

Libya has begun operating the new pipeline from its North Hamada oilfield with initial transfer capacity expected at 2,000 barrels per day, the National Oil Corporation said on Sunday.

U.S. Purchases 3.3 Million Barrels of Oil for Strategic Petroleum Reserve

The U.S. awarded contracts for the purchase of 3.3 million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after a massive sale from the stockpile in 2022, the Department of Energy said on Friday.

TC Energy to Appeal Delaware Court's $200 Million Liability Ruling in Columbia Pipeline Acquisition Lawsuit

TC Energy said it strongly disagrees with the final decision issued on May 15 by the Delaware Chancery Court, which allocated liability for previously determined damages in an ongoing class-action lawsuit related to its 2016 acquisition of Columbia Pipeline Group Inc.

Proxy Adviser Urges Hess Shareholders to Accept Chevron Offer

Hess shareholders should vote in favor of Chevron's $53 billion all-stock offer at the oil company's May 28 special meeting, proxy adviser Glass Lewis said on Thursday.

Putin Suggests Potential for Oil Pipeline Alongside Planned Gas Link to China

Russia could deliver oil as well as gas to China along a planned route via Mongolia, President Vladimir Putin said on Friday. The project has taken on added urgency for Russia as it bids to ramp up gas shipments to China to make up for the collapse of its exports to Europe because of the war in Ukraine.

Crescent Energy Acquires SilverBow for $2.1 Billion, Creating Second Largest Eagle Ford Operator

Oil and gas producer Crescent Energy will acquire rival SilverBow Resources in a $2.1 billion deal, creating the second-largest operator in the Eagle Ford basin in Texas.

Report Highlights Challenges in Attracting Talent to Oil and Gas Sector

The oil and gas sector is at risk of failing to deliver the 28,000 skilled engineering construction workers needed by 2030 — unless it better understands what motivates new entrants, according to a report out today.

Global News May 2024

Latest industry developments from around the world!

Editor’s Notebook: M&A Appears Here to Stay

It appears likely that the wave of midstream merger-and-acquisition activity of the past few years hasn’t reached its peak yet. In fact, to hear some insiders tell it, a full-on tsunami may not be far away.

IEA Faces Overhaul Under Second Trump Term, Aimed at Boosting Fossil Fuels

Donald Trump would likely push to replace the head of the International Energy Agency if he wins the U.S. presidential election to shift the energy watchdog's focus back to maximizing fossil fuel output instead of fighting climate change, according to people familiar with the matter.

Colombia's Trasandino Pipeline to Remain Offline Until December 2024, Ecopetrol CEO Says

Colombia's Trasandino pipeline is forecast to remain offline until December, the chief executive of Colombia's majority state-owned energy company Ecopetrol said on Wednesday.

YPF Advances $2.5 Billion Pipeline Project to Spur Vaca Muerta Shale Oil Exports

YPF SA is advancing a $2.5-billion cross-country pipeline project to unlock the rich potential of the Vaca Muerta shale region, addressing the primary bottleneck hindering its full exploitation.

EIA: U.S. Oil Output in Top Shale Regions to Hit Six-Month High in June

Production in the top basins will reach 9.85 million barrels per day (bpd), its highest since December, the EIA said.

Savannah Energy Loses Legal Bid to Freeze Oil Pipeline Company's Accounts, Chad Government Says

The Paris Court of Arbitration has rejected a bid by Savannah Energy Plc to freeze COTCO oil pipeline company's accounts after Chad nationalized its upstream assets in the country, Chad's transitional government said on Monday.

Schumer Urges FTC to Halt $53 Billion Chevron-Hess Merger

U.S. Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission to "pump the breaks" on Chevron Corp.'s proposed $53 billion acquisition of Hess Corp.

Saudi Arabia to Reduce Crude Oil Supply to China by 5.8 Million Barrels in June, Sources Say

The supply cuts come after the world's top exporter Saudi Aramco hiked official selling prices (OSPs) for most of its crude to Asia to the highest in five months despite weak refining margins.

Pembina Pipeline Downplays Investment Prospects in Trans Mountain Expansion

Canada's Pembina Pipeline Corp. is not spending much time considering investment in the newly expanded Trans Mountain oil pipeline (TMX) due to uncertainty around shipping tolls, a company executive said on Friday.

Enbridge Exceeds Profit Expectations Amid Strong North American Oil Demand

North American pipeline operator Enbridge beat market estimates for first-quarter profit on Friday on strong demand for transporting oil.

Enbridge Launches Binding Open Season for 850-Mile Gray Oak Oil Pipeline

Gray Oak Pipeline LLC, a joint venture among the pipeline system's owners, has announced a binding open season to solicit shipper interest for an expansion of the Gray Oak Pipeline of up to 120,000 barrels per day.

Canada Faces Pipeline Squeeze Despite Trans Mountain Launch

As Canada's oil industry celebrates the start of the Trans Mountain pipeline expansion, some company executives and analysts are already warning that long-term production growth plans will depend on new takeaway capacity becoming available.

Energy Transfer Eyes Draft Environmental Statement for Blue Marlin Project This Quarter

Pipeline operator Energy Transfer expects to receive a draft Environmental Impact Statement for its Blue Marlin offshore terminal this quarter, executives said on Wednesday during a quarterly earnings call.

Suncor Leases Aframax Vessels, Directly Sells Trans Mountain Crude

Canada's Suncor Energy is leasing Aframax vessels in the Pacific and selling direct to customers, seeking to maximize profits on oil being shipped on the newly completed Trans Mountain pipeline expansion.

Occidental Petroleum Aims to Close CrownRock Deal by August

Occidental Petroleum hopes to close its acquisition of shale oil producer CrownRock before its second-quarter earnings call, CEO Vicki Hollub said on Wednesday, a date that typically falls in August.

Exxon's Liza Unity FPSO in Guyana Hits Peak Output of 252,000 bpd, Executive Says

An ExxonMobil led oil consortium has achieved peak production of 252,000 barrels per day from its Liza Unity production vessel, Exxon Guyana Country Manager Alistair Routledge said on Wednesday.

U.S. Looks to Rebuild Strategic Petroleum Reserve as Oil Prices Drop

A drop in crude oil prices has put the U.S. back in the market for replenishing the Strategic Petroleum Reserve after selling off a record amount of crude from the stockpile in 2022.

TC Energy's Oil Pipeline Spin-off Faces Challenges in Gulf Expansion

TC Energy's planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up.

Crescent Point Unloads Assets in $600 Million Deal with Saturn Oil & Gas

Crescent Point Energy Corp. has finalized an agreement with Saturn Oil & Gas Inc. to offload specific non-core assets in Saskatchewan, Canada, for $600 million in cash.

Vinland Energy Sells Appalachia Assets to Dara Energy in Production Expansion Deal

Dara Energy, a production focused company, announced it has closed an agreement to acquire oil and gas assets in Kentucky, Tennessee, and Texas from Vinland Energy.