Oil
Trudeau Stands by Trans Mountain Expansion as Strong Investment Amid Challenges
Canadian Prime Minister Justin Trudeau said on Wednesday he was confident the Trans Mountain pipeline expansion was a solid investment and that interest is high among Indigenous groups who want to buy a share of the pipeline.
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.
Iraq Oil Minister in Turkey to Discuss Resuming Northern Oil Exports
Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday.
Shell Nigeria Investigates Possible Trans Niger Oil Pipeline Leak
Shell Plc's local unit is investigating a possible leak on its Trans Niger oil pipeline that traverses Bodo community in Nigeria's River state following an Aug. 18 report, a spokesperson said on Monday.
Venezuela’s PDVSA Fails to Curb Oil Leaks, Gas Flaring Despite Pledges
Venezuelan state oil company PDVSA has failed to make any dent in its oil spill or gas flaring woes, despite nascent promises of environmental clean-up by President Nicolas Maduro's government, according to people within the company, industry sources and an internal company document seen by Reuters.
Energy Transfer to Buy Crestwood in $7.1 Billion Pipeline Deal
The $7.1 billion deal will see Energy Transfer add about 2 billion cubic feet per day (Bcf/d) of gas-gathering capacity, 1.4 Bcf/d of gas-processing capacity and 340,000 barrels per day (bpd) of crude-gathering capacity.
Suncor Energy's Quarterly Profit Halves on Lower Oil and Gas Prices
Canada's Suncor Energy has joined its global peers in reporting a sharp drop in quarterly profit, as oil and gas prices retreated from last year's peak. Suncor also took a $204 million restructuring charge during the second quarter related to its plans to cut 1,500 jobs this year to reduce costs.
Nigeria's NNPC Destroys Dozens of Illicit Refineries, Oil Pipeline Connections
Nigeria's state oil firm NNPC has successfully dismantled dozens of illicit refineries and unauthorized pipeline connections as part of ongoing efforts to curb theft in the oil-rich Niger River delta, it said on Tuesday.
Canada Reaches Out to Indigenous Groups About Trans Mountain Stake Sale
The Canadian government has reached out to Indigenous groups about potentially selling them a stake in the Trans Mountain pipeline expansion project, edging ahead on its long-promised involvement of local communities in the controversial project, the finance minister's office said on Wednesday.
Montana Judge Rules State Policies Must Consider Climate Change in Fossil Fuel Projects
Montana is violating the rights of young people with policies that prohibit the state from considering climate change effects when it reviews coal mining, natural gas extraction and other fossil fuel projects, a state judge said Monday.
Oil Prices Fall 2% Despite Record US Crude Stock Drawdown
Oil prices settled down 2% on Wednesday despite a historic drop in U.S. crude stocks, as traders derisk following the downgrade of the U.S. government's top credit by a major ratings agency.
Argentina's Neuquen Hits Oil Export Record with Vaca Muerta Boost
In June, Neuquen, Argentina, exported a record 2.77 million barrels of oil, fueled by higher Vaca Muerta formation production. With a newly active pipeline linking Neuquen to Buenos Aires since early July, the region is poised for increased natural gas transport.
Top US Shale Firms Slightly Raise Oil Output, Struggle for Significant Growth
Favoring earnings over higher production has helped U.S. companies deliver strong profits with modest volume increases. The OPEC producer group's cuts have helped keep prices above $70 a barrel for most of the year.
Canada Looking to Sell Trans Mountain Pipeline Stake to Indigenous Groups
Canada is looking to sell a stake in the Trans Mountain oil pipeline to indigenous groups through a special-purpose vehicle that will allow individual communities to buy into the enterprise, Bloomberg News reported on Tuesday.
Poland Successfully Repairs Leaked Druzhba Oil Pipeline
Polish pipeline operator PERN said on Tuesday that it had restored the Druzhba oil pipeline to full functionality as expected after discovering a leak.
Analysis: Surging U.S. Crude Oil Exports Disrupt European, Asian Prices
Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows.
Pipeline Operator Magellan Sees US Crude, Fuel Exports Rising
Pipeline operator Magellan Midstream Partners said on Thursday it expects exports of U.S. crude and refined products to grow on increasing global demand for U.S. energy.
Poland Detects Leak in Russia's Druzhba Oil Pipeline
Polish pipeline operator PERN said it had halted pumping through a section of the Druzhba pipeline, which carries oil from Russia to Europe, after detecting a leak in central Poland on Saturday, but it expects flows can be resumed on Tuesday.
Trans Mountain Expansion Project to Start Filling Pipeline This Fall
The Trans Mountain Expansion (TMX) project is expected to call on oil producers to start filling the pipeline as soon as this month, the president of major shipper Canadian Natural Resources Ltd. said on Thursday.
Benin's 1,200-Mile Niger Pipeline Project Unaffected by Sanctions Over Coup
Benin said on Thursday that work on a major oil pipeline linking it with neighboring Niger has not been impacted by sanctions imposed on Niamey by leaders of West Africa's regional bloc over last week's military coup, although it could mean a delay.
Strathcona to Acquire Rival Pipestone Energy, Forming Canada's 5th-Biggest Oil Company
Canadian oil producer Strathcona Resources on Tuesday said it will go public by acquiring smaller rival Pipestone Energy Corp. in an all-stock deal to create a combined business with a market capitalization of $6.49 billion.
US Shale Firm CEO Predicts $80-$100 a Barrel of Oil Through 2024
Oil prices will range between $80 and $100 a barrel this year and next as demand outpaces supply, Scott Sheffield, chief executive officer of top shale firm Pioneer Natural Resources, said on Wednesday, citing output cuts by Saudi Arabia and underinvestment by U.S. producers.
US Pulls Back Offer to Buy 6 Million Barrels of Oil for Emergency Reserve
The Biden administration has pulled an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, an Energy Department spokesperson said on Tuesday, as oil prices are expected to keep rising after an output cut from Saudi Arabia.
Criteria to Consider in Selecting Water Transfer Flow Meters
(P&GJ) — The oil and gas industry contains a complex number of flow applications, featuring a myriad of fluids and gases that challenge even the toughest of flow instrumentation. So, choosing the right flow meter for a water transfer application should be straightforward in comparison … right?
SwRI Tapping into Geothermal Energy Possibilities in Texas
(P&GJ) — Electric power generates the second-largest share of greenhouse gas emissions and includes emissions from electricity production used by end use sectors, such as industry. Nearly 80% of electricity in the U.S. comes from burning fossil fuels, mostly coal and natural gas.
Pipeline Companies to Pay $12.5 Million in Penalties After Spills in Montana, North Dakota
Belle Fourche Pipeline Company and Bridger Pipeline LLC that own and operate a network of crude oil pipelines in Montana, North Dakota and Wyoming have together agreed to pay a $12.5 million civil penalty relating to oil spills.
Enbridge Fixing Minnesota Aquifer Breach Related to Oil Pipeline Construction
Enbridge Inc. on Friday said it was working to fix an aquifer breach in rural Minnesota related to the construction of its Line 3 oil pipeline replacement project, which was completed in 2021 and carries Canadian crude to U.S. refineries.
TC Energy to Spin Off Oil Pipeline Business, Focus on Natural Gas
North American pipeline company TC Energy, which has been seeking to sell assets and cut debt, said on Thursday it would spin off its oil pipeline business and focus on transporting natural gas, saying the businesses would be more valuable apart.
EIA: US Crude, Fuel Stockpiles Fall as Imports Drop
Crude inventories fell by 600,000 barrels in the week to July 21 to 456.8 million barrels, the EIA said, much less than analysts' expectations in a Reuters poll for a 2.3-million-barrel drop.
Voyager Midstream Secures Equity Commitment from Pearl Energy Investments
(P&GJ) — Texas-based Voyager Midstream Holdings has secured an initial capital commitment from Pearl Energy Investments to pursue the acquisition and development of crude oil, natural gas, and produced water infrastructure across key North American supply basins.
- 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
