Oil

SM Energy to Acquire XCL's Uinta Assets for $2 Billion

XCL, backed by EnCap Investments and Rice Investment Group, is one of the largest producers in the region with an output of around 55,000 barrels of oil equivalent per day.

Peru State-Run Oil Firm Reports Crude Leak from Illegal Pipeline Connection

Peru's state-run oil producer said on Tuesday it had detected an illegal hook-up that caused crude to leak out from its pipeline in the north of the country that runs from the Amazon to the Pacific.

U.S. Oil Firms Face Challenges Selling $27 Billion in Assets Post-Megamergers: Analysis

U.S. oil and gas companies could face an uphill struggle to sell about $27 billion of assets to fund investor payouts over the next few years as the biggest wave of energy megamergers in 25 years nears the end of regulatory reviews.

Equitrans and EQT Announce Preferred Stock Election Deadline Ahead of Merger

Equitrans Midstream Corp. and EQT Corp. have announced the deadline for record holders of Equitrans Series A Perpetual Convertible Preferred Shares to elect their form of consideration in connection with the upcoming merger.

Martin Midstream Recovers 1,250 Barrels from Pipeline Oil Spill in Arkansas

Martin Midstream Partners said on Monday it had recovered around 1,250 barrels of crude oil following a pipeline spill that occurred earlier this month.

Dangote Refinery Accuses Oil Majors of Blocking Local Crude Purchases

The $20 billion refinery, billed to be the largest in Africa and Europe at full throttle, started production in January but has struggled to find enough crude to meet its 650,000-barrel-per-day capacity.

EPA to Review Texas' Oversight of Oil, Gas Wastewater Disposal Wells

The review follows a petition from nine environmental groups and aims to assess if the Texas Railroad Commission meets federal standards for protecting public health and the environment.

Trafigura Charters Supertanker to Load Diesel from Middle East

Global commodities trader Trafigura loaded diesel onto a supertanker in the Middle East this week, taking advantage of lower freight rates for crude tankers to send more fuel to the West, according to shipping data and several trade sources.

Petroecuador Declares Force Majeure on Napo Crude Exports Due to Pipeline Shutdown

Ecuador's Petroecuador has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains hitting the country.

U.S. Launches $850 Million Grant Program to Tackle Methane Emissions in Oil Sector

The U.S. government opened up on Friday competitive bidding that will close on Aug. 26 for $850 million in grants to help small oil and gas producers monitor and reduce methane from their operations,

Vallourec Extends Abu Dhabi Oil Contract, Secures New Order

Vallourec has signed a two-year extension to its contract with the National Oil Company of Abu Dhabi, originally worth around $900 million.

Carlyle Forms New Mediterranean Oil and Gas Firm in $945 Million Energean Deal

Carlyle will form a new Mediterranean-focused oil and gas company led by former BP CEO Tony Hayward after the private equity fund agreed to acquire Energean's assets in Egypt, Italy and Croatia for up to $945 million.

Mega-Deals Reshaping How Midstream Business Is Done

Explore how mega-deals are reshaping the midstream oil and gas industry, providing growth and stability amid regulatory challenges and limited organic expansion opportunities.

Projects June 2024

FERC reapproves GTN pipeline expansion; DeLa Express seeks FERC approval; Williams cancels New Jersey pipeline project; Venice extension project gets approval; Biden administration requests Enbridge review; Black Bear's Ozark project operational.

Global News June 2024

Latest industry developments from around the world!

Aiteo Suspends 50,000 bpd Oil Production in Nigeria Following Leak

Nigerian energy firm Aiteo has shut down all oil production at its Nembe Creek facility, nearly 50,000 barrels per day of output, after detecting a leak, the company said on Wednesday.

Goldman Sachs: Permian Production, OPEC Capacity Likely to Cap Brent at $75-90/bbl

Goldman Sachs expects robust oil production growth in the Permian Basin, the largest U.S. oilfield, and high OPEC spare capacity to likely support the ceiling of their $75-90 per barrel Brent price forecast in the short run, the bank said in a research note on Tuesday.

Trans Mountain Revises Heavy Crude Standards on Pipeline After Quality Concerns

Canadian government-owned oil pipeline operator Trans Mountain last week revised standards for accepting crude oil on its recently expanded system after buyers raised concerns about the crude oil arriving on the line, a regulatory filing showed.

Phillips 66 Refining Margins Tighten on TMX Expansion Start-Up

U.S. refiner Phillips 66 said on Tuesday its margins have tightened after the expanded Trans Mountain pipeline project in Canada started up in May.

Canada Oil and Gas Emissions Cap Likely to Cut Production, Report Says

Canada's proposed oil and gas emissions cap will prompt companies to cut production rather than invest in costly carbon capture and storage (CCS) technology, analysts say.

Berkshire Hathaway Increases Stake in Occidental Petroleum to Nearly 29%

Billionaire Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum, a regulatory filing showed, bringing his stake in the U.S. oil producer's common stock to nearly 29%.

Uganda Optimistic About Timely Finish of Revised $5 Billion, 897-Mile EACOP Pipeline

Uganda has attributed the spike in the cost of construction for the 897-mile (1,443-km) East African Crude Oil Pipeline (EACOP) to the government’s resolve to make the new project more climate responsive.

States Sue U.S. to Block $7 Billion Rule Requiring Oil Firms to Guarantee Well Dismantling Payments

Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration's proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure.

Enbridge Faces Michigan AG's Attempt to Halt Line 5 Pipeline in State Court Decision

A U.S. appeals court on Monday handed Michigan's attorney general a jurisdictional victory in her bid to force Enbridge to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes by allowing her to pursue her case in state rather than federal court.

Colonial Pipeline Owners Explore Stake Sales at $10 Billion Valuation: Sources

Some of Colonial Pipeline's owners are exploring divesting their stakes, hoping they can fetch prices that would value the largest U.S. fuel transportation system in excess of $10 billion, according to people familiar with the matter.

Niger Suspends Oil Exports to China Amid Dispute with Benin

At the Agadem oilfield in eastern Niger, the minister oversaw the padlocking of a section of the 1,243-mile pipeline through which exports to China were meant to flow under a deal with state-owned oil giant CNPC.

Pipeline Customers Push for Lower Prices Amid Regulatory Challenges

Pipeline customers have stimulated a two-pronged political attack on interstate pipeline pricing directed at the Federal Energy Regulatory Commission (FERC) and Congress.

U.S. Ready to Reopen Oil Stockpile if Petrol Prices Surge, FT Reports

The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

FTAI Infrastructure Partners with Aramco Trading to Boost Oil Supply to Texas Terminal

FTAI said the subsidiary, Jefferson Energy, would receive additional supply of crude oil at its terminal in Beaumont by incorporating bi-directional flow capability into its Southern Star Pipeline, which currently moves crude oil from the Main Terminal to the Motiva Port Neches Terminal.

OPEC Sees No Peak in Long-Term Oil Demand, Secretary General Says

OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.