Oil

North Dakota Sues Federal Govt Over Canceled Oil and Gas Leasing

North Dakota is suing the U.S. government on claims the Department of the Interior and the Bureau of Land Management illegally canceled oil and gas lease auctions in the state.

Norway’s Pipeline Sector Continues to Grow

Norway has benefited from North Sea oil and gas for over half a century. At the start of 2021, Norway was the world’s third-largest gas exporter and fifteenth biggest oil producer after Qatar, reported the BP “Statistical Review of World Energy 2020.”

Record-Breaking Summer European Gas Prices Signal an Expensive Winter

European gas prices vaulted to record highs this summer, driven by factors ranging from low inventories and outages to an Asian buying spree, and signaling further rises in coming months that could mean higher household bills this winter.

Company Cancels Byhalia Connection Pipeline Project

Byhalia Connection LLC announced it is no longer pursing the Byhalia Connection construction project, which had called for the construction of an oil pipeline through southwest Tennessee and northern Mississippi.

Mexican Oil Giant Says No Environmental Damage from Raging Gulf Fire

Days after video of a massive ocean surface blaze near a Pemex oil platform in the Gulf of Mexico went viral, Mexico's national oil company has declared that environmental damage was avoided due to quick action by its workers.

Oman State Energy Firm OQ May Sell Drilling Business

Oman state energy company OQ is considering selling its drilling unit Abraj Energy Services, sources said, as the Gulf nation seeks to shore up its finances that have been hit by the coronavirus pandemic and last year's oil price plunge.

TC Energy Files $15B NAFTA Claim Over Keystone XL Cancellation

TC Energy Corporation filed a Notice of Intent to initiate a legacy North American Free Trade Agreement claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.

Nigeria Losing 200,000 BPD to Pipeline Damage, Minister Says

Nigeria is losing an average of 200,000 barrels of oil per day - more than 10% of its production - to pipeline vandalism, the country's information minister said on Monday.

Energy Trader Mercuria Posts Record Profit for Volatile 2020

Mercuria Energy Group had a boom year in 2020, buoyed by the extreme volatility seen in oil markets caused by the COVID-19 pandemic, as well as very strong returns across its portfolio, particularly gas and power.

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.