Oil

EBRD Stops Investing in Upstream Oil and Gas to Align with Paris Goals

The European Bank for Reconstruction and Development will stop investing in upstream oil and gas projects as part of plans to align its activities with the goals of the Paris Agreement, but will continue to finance select projects in the midstream and downstream sectors.

Perspective: Rising Oil Price Will Draw Response from Consumers

Oil prices have risen above the long-term average, once adjusted for inflation, and are likely to encounter increasing resistance from consumers if they continue to climb.

Shell Plans to Exit California Joint Venture with Exxon Mobil

Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters.

Ecuador Races to Move Oil Pipelines, Protect Power Plant from Raging River

Two dozen workers using six excavators cleared a strip of heavy forest in the foothills of Ecuador's Reventador volcano on an overcast June morning, rushing to carve a new route for an oil pipeline in hopes of avoiding a repeat of the country's worst oil spill in decades.

Nigerian Lawmakers Pass Historic Oil Overhaul Bill

Both chambers of Nigeria's parliament have passed a bill that overhauls nearly every aspect of the country's oil and gas production, putting a project that has been in the works for two decades one step closer to presidential sign-off.

Argentina NatGas Woes Risk Slide Back into Energy Deficit

Argentina, which had steadily dug itself out of a deep energy deficit to post a slender surplus last year, is set to sink back into an energy hole this year that could reach $1 billion due to local natural gas shortfalls driving the need for expensive LNG imports.

EU Countries Approve Landmark Climate Change Law

European Union countries on Monday gave the final seal of approval to a law to make the bloc's greenhouse gas emissions targets legally binding, as EU policymakers prepare a huge new package of policies to fight climate change.

Libya’s Civil War Stifling Growth of Pipeline Industry

The prolonged civil war in Libya continues to lock out potential investments in greenfield oil and gas pipeline projects with the National Oil Company. International oil companies are left with the option of investing in repairs and maintenance of existing oil and gas transportation infrastructure.

U.S. Infrastructure Deal Includes $6 Billion Sale from Oil Reserve

The infrastructure deal struck by a group of bipartisan senators and President Joe Biden on Thursday is partially funded by a $6 billion sale from the U.S. emergency oil reserve, according to a document circulated by Republican lawmakers.

Trans Mountain Allowed to Resume Tree Clearing for Oil Pipeline Project

The Canada Energy Regulator this week lifted a stop work order on Trans Mountain Corporation that restricted tree clearing and mowing across the oil pipeline project to protect the environment and migratory birds.

Saudi Aramco Extends $10 Billion Loan on Improved Terms, Sources Say

Aramco has borrowed tens of billions of dollars in the past few years to keep up with Saudi Arabia's financing needs in an era of lower oil prices, in addition to a public sale of a minority stake in the company and the recent leasing of some of its pipeline assets for $12.4 billion.

Federal Court Closes Dakota Access Pipeline Case, But Allows for Fresh Challenges

A U.S. district court closed a long-running case against the Dakota Access oil pipeline but allowed for Native American tribes and other opponents of the line to file additional actions against it, court documents showed.

PipeChina Aims for Peak Carbon Emissions Before 2030

China Oil and Gas Pipeline Network, or PipeChina, aims to bring its carbon emission and energy consumption to a peak before 2030, a company manager said.

Canada Grimaces Amid Hail of U.S. Trade Blows

Signs of trouble emerged early. Within hours of taking power, Biden revoked the permit needed to build the Keystone XL oil pipeline, killing an $8 billion project that would have brought Canadian crude to U.S. markets.

Magellan, Enterprise Working with Intercontinental Exchange for Houston Crude Oil Futures Contract

Magellan Midstream Partners, Enterprise Products Partners and Intercontinental Exchange announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area.

Congo Says Israeli Investor Gertler's Oil Permits No Longer Valid

Democratic Republic of Congo said exploration permits from companies controlled by Israeli investor Dan Gertler for two huge oil concessions near the eastern border with Uganda were no longer valid, but the companies said they still held the rights.

EIG-Led Consortium Closes $12.4 Billion Aramco Pipelines Deal

U.S.-based EIG Global Energy Partners said on Friday a consortium it led has closed a deal to buy 49% of Saudi oil producer Aramco's pipelines business for $12.4 billion.

Pony Express Pipeline Announces Open Season for Transportation

Tallgrass Pony Express Pipeline announced a binding open season soliciting shipper commitments for crude oil transportation utilizing expansion capacity from Pony Express’ Guernsey origin to Sterling, Colo.

Federal Judge Orders Biden Admin to Lift Oil Lease Ban

A federal judge in Louisiana ordered an end to the pause after Louisiana and 12 other states that support drilling on federal lands sued, arguing the suspension was against the law and would cause economic damage and kill jobs.

Brace for Huge Oil Volatility, U.S. Trading Group Says

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favor of renewables, U.S.-based Castleton Commodities International said.

Key Win for Enbridge Oil Pipeline as Minnesota Court Affirms Regulator Approval

The Minnesota Court of Appeals on Monday affirmed a state regulator's decision that there is sufficient need for Enbridge Inc to replace its Line 3 pipeline, handing the Canadian company a crucial victory in its lengthy battle with environmental opponents.

Shell Weighs Blockbuster Sale of Texas Shale Assets

Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions.

National Poll Finds Strong Support for Oil and Gas Pipelines

By a margin of more than 3-to-1, Americans believe pipelines are the best option to transport oil and gas compared to the alternatives of truck and train, both of which present additional risk and produce higher levels of carbon emissions.

Oil on Track for Two-Year High in Volatile Trade

Oil prices edged up to their highest in over two years in volatile trade on Thursday, on optimism for strong economic demand after new U.S. unemployment claims fell to their lowest since the country's first wave of COVID-19 last year.

TC Energy Terminates Keystone XL Pipeline Project

Energy infrastructure company TC Energy said on Wednesday it had terminated the $9 billion Keystone XL pipeline project, months after U.S. President Joe Biden revoked a key permit in a blow to Canada's oil sector.

Oil Falls on Weak Summer Kickoff for U.S. Fuel Demand

The poor weather up and down the U.S. East Coast may have reduced consumption, following a period of gasoline hoarding that artificially boosted demand during the Colonial Pipeline outage last month from a ransomware attack.

Transneft Halting Oil Supplies to Poland Due to Pipeline Maintenance

Russian oil pipeline monopoly Transneft said on Wednesday it will halt oil shipments to Poland via the Druzhba pipeline for four days to carry out maintenance work, the Interfax news agency reported.

Libya Oil Pipeline Leaks Hitting Output, NOC Chief Says

The head of Libya's National Oil Corp (NOC) reiterated on Wednesday the need for funds for much needed repairs in the oil industry after corroded pipelines recently hit production.

Abu Dhabi's Mubadala Joins EIG-Led Consortium Buying Aramco Pipeline Stake

Abu Dhabi state investor Mubadala said on Tuesday it has joined a consortium led by U.S.-based EIG Global Energy Partners that had agreed to buy a 49% equity stake in Aramco Oil Pipelines Co.

Protesters Clash with Police at Enbridge Pipeline Construction Site in Minnesota

Environmental protesters clashed with police after occupying a pump station as they rallied against Enbridge Inc's Line 3 pipeline in Minnesota, while Enbridge said it had evacuated 44 workers from its site.