Oil

U.S. Aims to Restore Strategic Oil Reserve by Year-End, Granholm Says

U.S. crude oil stockpiles in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level that would have existed prior to massive sales two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday.

Colombian Police Seize 7.3 Million Gallons of Crude Stolen from Pipelines in Raids on Illegal Refineries

Colombian police have seized more than seven million gallons of crude oil in raids on illegal refineries, in an operation targeting production of bootleg fuel in Norte de Santander province, the police said in a statement on Monday.

KazTransOil to Increase Tengizchevroil Oil Exports via BTC Pipeline

Kazakhstan's KazTransOil said on Friday that it plans to increase exports of Tengizchevroil's oil via the Baku-Tbilisi-Ceyhan pipeline to 140,000 tons in April from 130,000 tons in March.

Oil Mergers, Clean Fuels Take Center Stage at Houston Energy Conference

Top oil executives and ministers descend on Houston this week for one of the world's biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large-scale move to clean fuels.

New Foundation Chair Focusing on Boosting Strategic Plan

With safety being at the forefront of all things concerning pipeline projects, new INGAA Chair Sean Nicholson certainly comes well-equipped for his new role. In this exclusive interview with Pipeline & Gas Journal, Nicholson discusses his plans and priorities as the new chair of INGAA.

Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction

The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar with the matter said.

U.S. Export Credit Agency Approves $500 Million Support for Bahrain Oil Project

The U.S. export credit agency on Thursday voted to approve a $500 million loan guarantee for an oil and gas drilling project in Bahrain, testing a U.S. climate pledge to stop backing projects that expand the use of fossil fuels.

North Dakota's January Oil Output Hits One-Year Low Amid Extreme Cold Snap

Crude oil production in North Dakota fell 14% in January compared with the prior month, hitting a one-year low after a cold snap weighed on activity, state regulators said on Thursday.

U.S. Seeks Oil for Emergency Reserve as Maintenance Ends

The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage site winds down maintenance that had tempered the pace of replenishing the stockpile, the U.S. Energy Department said on Thursday.

IEA Forecasts Non-OPEC+ to Lead 2024 Oil Production Growth, Offset Output Cuts

Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday.

Nigeria's Oil Output Surges to 1.47 MMbbl/d Amid Crackdown on Crude Theft

Africa / Oil / E&P

Nigeria's oil production is steadily rising, hitting 1.476 million barrels per day (bbl/d) in February, the highest in more than three years, OPEC data showed, as the military and private security contractors crackdown on crude theft and pipeline sabotage.

SONATRACH and Huawei Launch Smart Fiber Sensing Solution for Oil, Gas Pipelines

This innovative solution integrates advanced fiber optic sensing technology to enhance pipeline security, intelligence, and operational efficiency.

Former Tallgrass Board Member Settles Insider Trading Charges Linked to $3.03 Billion Pipeline Deal

A former Tallgrass Energy board member and his friends will pay $2.2 million to settle insider trading charges related to a Blackstone-led $3.03 billion buyout offer for the oil pipeline operator in 2019, the U.S. SEC said on Tuesday.

Nord Stream Sues Insurers in London Over 2022 Pipeline Explosions

Nord Stream is seeking more than $436 million from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.

Venezuela Rushes to Strengthen Iran Relationship as U.S. Sanctions Loom

Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps that had boosted crude exports and helped stem domestic fuel shortages.

Leak Shuts Down CDU and Coker at TotalEnergies Texas Refinery, Sources Say

The coker and small crude distillation unit (CDU) were shut by a leak on the gasoline-producing fluidic catalytic cracker (FCC) at TotalEnergies' 238,000 barrel-per-day (bpd) Port Arthur, Texas, refinery, people familiar with plant operations said on Monday.

Texas Sues EPA Over Methane Emission Rules for Oil and Gas Sector

Texas sued the U.S. government over Environmental Protection Agency rules published on Friday, that crack down on the oil and gas industry's releases of methane, a potent greenhouse gas that contributes to climate change.

Bakken Drillers Push Back Against U.S. Carbon Pipeline Company's No Oil Recovery Promise

Summit Carbon Solutions is trying to build the biggest carbon dioxide capture pipeline in the United States to transport and bury greenhouse gases. The company has repeatedly pledged that its project will not be used by drillers to boost output from oil fields.

Enterprise Products Launches Texas Western Products System, Expanding Fuel Operations

Enterprise Products Partners L.P. has announced that the first phase of its Texas Western Products System (TW Products System) is now in service with the start of truck loading operations at the company’s new Permian terminal in Gaines County, Texas.

CNOOC Discovers 100 Million Ton Oilfield in South China Sea

Chinese state-owned oil and gas giant CNOOC Ltd. has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.

U.S. Coast Guard Investigates Oil Spill Off Huntington Beach, California Coast

The U.S. Coast Guard on Friday were trying to identify the source of an oil spill off the coast of Huntington beach, California, the agency said.

Keystone Oil Pipeline Resumes Operations After Temporary Shutdown

TC Energy's Keystone oil pipeline resumed service on Thursday after going offline and temporarily restricting a major conduit of Canadian oil to the United States, which sent oil prices higher.

Citgo's Quarterly Net Profit Plummets 81% on Plant Outages, Margin Decline

Venezuela-owned oil refiner Citgo Petroleum on Thursday reported fourth quarter net profit fell 81% to $154 million, from $806 million a year ago, on plant outages and weaker margins.

TC Energy's Keystone Oil Pipeline Offline Due to Operational Issues

TC Energy's Keystone oil pipeline went offline due to operational issues, sources said on Thursday, cutting off a major conduit of Canadian oil to the United States and sending oil prices higher.

U.S. Democrats Urge Antitrust Probe into Oil, Gas Mergers

Nearly 50 Democrats in the U.S. Congress on Wednesday urged the Federal Trade Commission to probe oil and gas company deals and expand current investigations to protect consumers and industry competition.

Hess Reassesses Chevron's $53 Billion Merger Timeline Amid Exxon's Bid

U.S. oil producer Hess said on Thursday it was reviewing the timeline for closing its merger with Chevron, after oil major Exxon Mobil signaled a potential counter offer for Hess's Guyana assets.

Turkey Inks Oil and Gas Cooperation Pact with Somalia

Turkey signed an offshore oil and natural gas cooperation deal with Somalia on Thursday, the Turkish Energy Ministry said, further strengthening bilateral ties after agreeing a defense deal last month.

IEA Forecasts Well-Supplied Oil Market in 2024 Despite Demand Slowdown

The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas, the head of the International Energy Agency's (IEA) oil markets and industry division told Reuters on Thursday.

U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September

The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022.

Exxon Challenges Hess's Guyana Asset Sale, Signals Potential Bid

Exxon Mobil Corp. on Wednesday said it filed a contract arbitration disputing Hess Corp.'s proposed sale of its Guyana oil properties and suggested it may counter Chevron Corp.'s pending deal for the assets.