Oil

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!

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.

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.

ADNOC Completes Acquisition of 24.9% Stake in Austria's OMV

Abu Dhabi National Oil Company said on Thursday it formally closed the acquisition of a 24.9% stake in Austria's Austrian oil and gas group OMV from Abu Dhabi sovereign wealth fund Mubadala Investment Company.

Saipem Expects 20% Drop in Aramco Orders Following Capacity Target Cut

Italian energy contractor Saipem's CEO said on Thursday it expects a 20% drop in average annual orders from Saudi Aramco to 2027 as a result of the state oil company's decision to drop its capacity expansion plans.

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.

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.

Marathon Oil Beats Profit Estimates on Higher Production

Marathon reported a rise in its oil and gas output to 404,000 barrels of oil equivalent per day (boepd) from 333,000 boepd in the previous year.

ExxonMobil Weighs Offers for Argentina Shale Assets, Source Says

U.S. energy giant ExxonMobil Corp. is weighing offers for its oil and gas assets in Argentina's Vaca Muerta shale region, a source familiar with the plan said on Friday, adding there was no time frame for a decision and the sale may not move forward.

Exxon, EnLink Midstream to Expand CCS Pipeline Transportation Along Gulf Coast

ExxonMobil and EnLink Midstream are exploring opportunities for EnLink to support ExxonMobil's carbon capture and sequestration (CCS) efforts beyond the southeast Louisiana Mississippi River Corridor into several additional Gulf Coast areas.

TotalEnergies Texas Refinery Operating at Minimal Rates Amid Upsets

TotalEnergies' 238,000-barrel-per-day refinery in Port Arthur, Texas, is operating at minimal production as it contends with multiple upsets, sources said on Wednesday.

U.S. Oilfield Jobs at Risk as Natural Gas Prices Plummet

Oilfield service companies and drillers have put the brakes on hiring and further job cuts could loom as natural gas producers respond to sliding prices by slashing spending on new wells to reduce excess production.

Pioneer Natural Exceeds Production Expectations Amid Pending Exxon Takeover

Pioneer Natural Resources on Thursday reported 2023 production that exceeded its prior forecast, as the U.S. shale producer works to close its about $60 billion purchase by oil major Exxon Mobil later this year.

Analysis: Trans Mountain Expansion May Offer Short-Term Relief for Canada's Oil Output, Long-Term Challenges Loom

Canadian oil producers expect the discount on their crude to shrink significantly when the Trans Mountain pipeline expansion starts this year, but the relief may be short-lived as surging supply looks set to exceed the country's pipeline capacity in just a few years.

Occidental Considers $18 Billion Sale of Western Midstream, Sources Say

Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of more than $18 billion, including debt, according to people familiar with the matter.

Cenovus Energy Boosts Production Despite Refinery Challenges, Shares Rise 7%

Cenovus Energy narrowly missed analysts' estimates for quarterly profit, but higher production and refinery throughput volumes pushed shares in the Canadian oil and gas producer as much as 7% higher on Thursday.

U.S. Awards SPR Contracts Worth $229.5 Million to ExxonMobil, BP, Others

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.

Strike Looms: Marathon Petroleum Workers in Detroit Vote to Authorize Walkout, Union Reports

Workers represented by Teamsters union at Marathon Petroleum's Detroit refinery have voted to authorize a strike, the union said on Thursday.

Occidental Says Crownrock Deal Delayed by FTC Requests of 'Everything'

Occidental Petroleum on Thursday said a U.S. regulator's second request for information on the acquisition of shale producer CrownRock has pushed back the deal's closing date to second half this year.

Hydrogen-Blend Pipelines: Fast-Tracking Innovations Leading Fossil Fuel Resurgence

The year 2023 was a time of extremely conflicting messages for the future of fossil fuels and the sundry clean fuel alternatives to meet distance carbon-free climate change goals.

Editor’s Notebook: Niger’s Bold Move as Exporter

Last month, Niger’s military chief, Abdourahamane Tiani, told an audience on state television that his fellow citizens could expect the west African nation to export its first barrels of crude within the next few weeks.

New York Pension Fund Tightens Restrictions on Exxon, Other Oil Companies

The New York State Common Retirement Fund would restrict its investments in eight integrated oil and gas companies including Exxon Mobil, after a review of the companies' readiness to transition to a low-carbon economy.

Pipeline Operator Targa Resources Expects Profit Growth in 2024 on Strong NGL Transport, Processing

Pipeline operator Targa Resources said on Thursday it expects higher core profit for full-year 2024, helped by its natural gas processing facilities in the Permian, LPG exports and high transport volumes of natural gas liquids (NGL).

Global Oil Stock Refill Led by China and U.S. Expected to Drive Demand

A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes.

Caspian Pipeline Consortium Sees 7% Increase in Oil Exports Year-on-Year in January

The Caspian Pipeline Consortium (CPC) increased crude oil exports by 7% in January from the same month a year ago to 6.116 million metric tons (1.55 million barrels per day), industry sources told Reuters on Tuesday.

Williams Companies Beats Profit Estimates, Forecasts Higher 2024 Core Profit

Williams Companies beat estimates for fourth-quarter profit on Wednesday, as it benefited from strength in its transmission and Gulf of Mexico unit, and the pipeline operator also forecast a higher core profit for this year.