Oil

Environmental Group Unlikely to Challenge Venture Global’s CP2 Construction Permit Approval

Environmentalists are unlikely to challenge in court regulators' expected approval of Venture Global LNG's CP2 export terminal, activist Bill McKibben told Reuters on Tuesday.

Pipeline Operator Enbridge to Cut 650 Jobs Amid Cost Reduction Efforts

North American energy pipeline operator Enbridge said on Tuesday it will cut its workforce by 650 jobs in a bid to cut costs.

U.S. Awards $242 Million in SPR Contracts to Exxon, Macquarie, Phillips 66, Sunoco

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 3.1 million barrels of oil worth more than $242 million to Exxon, Macquarie, Phillips 66 and Sunoco, the U.S. Energy Department said in a statement on Monday.

Saudi Aramco's Capacity Cut and Pipeline Incident Trigger 11% Drop in Saipem Shares

Shares in Italian energy contractor Saipem plunged by 11% on Tuesday after damage caused by an incident involving one of its pipe-laying vessels and a decision by Saudi Aramco to drop its oil capacity expansion plans.

Trans Mountain Oil Pipeline Faces New Delay Due to Technical Issues

Canada's Trans Mountain said on Monday that it had run into technical issues and faces new delays as it tries to complete the final part of expanding its oil export pipeline.

Tallgrass Energy, Bridger Commence Open Season for 830-Mile Pony Express Pipeline Expansion

The open season covers the Northwest portion of the Pony Express line, connecting Bridger Pipeline's Guernsey Hub in southeast Wyoming to Pony Express' Guernsey and Sterling origin terminals in Northeast Colorado.

Trans Mountain Pipeline Expansion Set to Begin in April, Increasing Crude Flow

Canada's Trans Mountain Corp. will begin adding crude oil to its long-delayed pipeline expansion in February and expects it to start operating in early April and will ramp up to full capacity by the end of the year, an executive said on Wednesday.

U.S. Oil Futures Face Squeeze as Cushing Inventories Dwindle

U.S. crude oil inventories have begun to deplete, especially around the NYMEX futures delivery point at Cushing in Oklahoma and across the Midwest, creating conditions for a squeeze on nearby futures prices.

Alberta Pension Fund AIMCo Flags Interest in Buying Trans Mountain Stake

Alberta Investment Management Corporation (AIMCo), a major pension fund in Canada's main oil and gas-producing province, would be interested in buying a stake in Canada's Trans Mountain pipeline if it became available, a spokesperson said on Thursday.

Nigeria Oil Enters Unclear New Era After Shell's Onshore Asset Sale

Shell's exit from Nigeria's onshore oil sector highlights risks oil majors face in Africa's biggest exporter but has raised hopes that local firms could reverse the output decline from the Niger Delta, industry officials and analysts said.

Concerns Mount Among Activist Investors as Exxon Mobil's Lawsuit Sidesteps U.S. Regulator in Shareholder Dispute

Investors that use shareholder resolutions to pressure companies on environmental and social issues said they are worried that an Exxon Mobil lawsuit bypassing the U.S. securities regulator could undermine their influence.

EnCap Eyes $5 Billion Sale of Bakken Shale Producer Grayson Mill

Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5 billion, inclusive of debt, people familiar with the matter said on Thursday.

EIA: U.S. Crude Stockpiles Slump, Gasoline Builds Amid Winter Storms

U.S. crude oil stockpiles slumped while gasoline inventories jumped last week after winter weather hit crude production and imports, refining, and demand for fuel, the Energy Information Administration said on Wednesday.

U.S. Oil Refiners Ask EPA to Limit Participation in Renewable Fuel Credit Market

U.S. oil refiners have asked President Joe Biden's administration to reform the renewable fuel credit program by restricting who can participate, claiming the current trading environment allows market manipulation and raises fuel costs.

Chevron's Duvernay Shale Sale Expected to Attract Mid-sized Canadian Shale Operators

As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms that are boosting investment in a region that has yet to fulfil its potential, analysts said.

Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years

The London-listed oil and gas explorer said the start-up of Jubilee Southeast offshore Ghana drove production and boosted 2023 cash flow ahead of its expectations.

Canada Regulators Face Activist Ire for Trans Mountain Variance Approval

Environmental activists say the CER's conditions around the materials Trans Mountain can use to build the smaller section of pipe are too lenient. However, there is little they can do at this stage to block the approval.

Ust-Luga Port in Russia Continues Crude, Fuel Exports Despite Novatek Terminal Closure

The Baltic Sea port of Ust-Luga was exporting crude oil and fuel on Tuesday apart from at Novatek's terminal which remained closed after being damaged by fire, according to data from LSEG and industry sources.

Energy Transfer Does Not Expect Shutdown of Dakota Access Oil Pipeline

Energy Transfer does not expect the U.S. Army Corps of Engineers to shut down the Dakota Access oil pipeline (DAPL) after a long-pending environmental review of a section that runs under a lake and is opposed by nearby Native American tribes.

Saudi's SABIC Gives Go-Ahead for $6.4 Billion Petrochemical Plant in China

Saudi Basic Industries Corp. (SABIC) will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.

Enterprise Products Partners to Receive Sea Port Oil Terminal License in Q1 2024

Enterprise Products Partners expects to receive an export license for its Sea Port Oil Terminal (SPOT) in the first quarter of 2024 versus by the end of 2023, as previously expected, a company executive said on Monday.

Global Pipeline Construction Outlook 2024: New LNG Terminals Sound Beckon Call for More Pipelines

(P&GJ) — It comes as little surprise to those in midstream that during the past year we have continued to see LNG initiatives garner more attention than pipeline projects. However, terminal construction drives new pipeline construction.

U.S. Buys 3.2 Million Barrels of Oil for Strategic Petroleum Reserve

The United States bought 3.2 million barrels of oil for the Strategic Petroleum Reserve, as it continues to slowly replenish the stash after selling a record amount following Russia's invasion of Ukraine in 2022, a Department of Energy document showed on Friday.

U.S. Regulator Seeks More Data on Occidental-CrownRock Deal

The U.S. Federal Trade Commission (FTC) has asked for more information on Occidental Petroleum's $12 billion deal for Permian-based producer CrownRock, the firms said on Monday, making it the latest big oil merger to face increased scrutiny.

Ecuador in Talks to Transfer 301-Mile OCP Oil Pipeline, Assets, and Liabilities to State Control

Ecuador is holding talks to transfer a private oil pipeline operated by OCP, as well as its associated infrastructure, liabilities and assets, to state control, the government announced in a statement on Friday.

Shell Pipeline Leak Sparks Investigation by Nigeria's Oil Spills Agency

A pipeline owned by Shell's subsidiary in Nigeria has spilled crude oil in the Niger Delta following a leak, the country's spills agency and an environmental group said on Saturday.

U.S. Crude Prices Firm at Gulf Coast as Takeaway Capacity Tightens

Record crude output from the top U.S. oilfield and busy crude pipelines to export hubs are boosting the price of the country's flagship crude at the Gulf Coast, analysts and traders said.

North Dakota Oil Production Plummets by 650,000 to 700,000 bpd Amid Extreme Cold

Oil production in North Dakota was estimated to have dropped by more than half its typical output because of extreme cold and related operations challenges, the state's pipeline authority said on Wednesday.

Deep Freeze Hits U.S. Oil Industry from North Dakota to Texas

A severe winter storm shut a U.S. Gulf Coast refinery in Texas on Tuesday, triggered malfunctions at others, and halved North Dakota oil production as it dumped snow and rain across a broad swath of the nation.

Talos Energy to Acquire QuarterNorth Energy for $1.29 Billion

Oil and gas company Talos Energy said it will acquire privately held QuarterNorth Energy in a $1.29 billion cash-and-stock deal to bolster its presence in Mexico.