Oil

Elliott Accepts Phillips 66's Performance Goals, CEO Lashier Says

Activist investor Elliott Investment Management has accepted the performance improvement plan that U.S. oil refiner Phillips 66 laid out to boost shareholder returns and share price, Chief Executive Mark Lashier said in an interview on Tuesday.

Environmental Ruling Threatens Wyoming Oil and Gas Drilling Leases

The U.S. Bureau of Land Management did not adequately analyze the potential climate change and wildlife impacts of a major oil and gas lease sale covering roughly 120,000 acres of federal land in Wyoming, a U.S. judge has said.

Sudan War Causes Stoppages on South Sudan Oil Pipeline, Officials Say

The main pipeline carrying oil from South Sudan through Sudan for export has been suffering stoppages since last month due to problems linked to the war between Sudan's army and the Rapid Support Forces (RSF), according to three Sudanese officials.

Iraq, Oil Firms Trade Blame Over Shut Turkey Pipeline

Foreign oil firms operating in Iraq's Kurdistan region are partly to blame for the delay in resuming crude exports after failing to submit contracts for revision, Iraq's oil ministry said.

Common Challenges with Field-Applied Liquid Epoxy Pipeline Coatings

Coatings are an incredibly important part of maintaining safe pipeline operations and asset integrity, including being a first line of defense against corrosion and corrosion-induced failures.

Under-the-Radar SEC Land Grab Foiled by Public Scrutiny

In the weeks ending the year 2023 and those starting the one, a stealth part of the Biden administration’s green agenda with ramifications for the oil patch was sliding under the radar of most major fossil fuel organizations.

Coating Versatility Can Assist with Better Flow Efficiency

Corrosion control is an important factor when it comes to maintaining the integrity and safety of pipelines. Given the growing need for energy transportation it's crucial to shield pipelines from corrosion in order to ensure their longevity and prevent any leaks or failures.

U.S. Pipeline Firms Looking to Follow Biggest Customers into M&A Wave

U.S. energy pipeline and storage operators have spent two years watching the consolidation of oil and gas producers, and now they are gearing up for the merger wave to hit their sector, executives, investors, and analysts said.

Argentina's Vaca Muerta Shale Formation Drives Record Oil Production in February

Argentina's Neuquen province hit a record for daily oil production in February, aided by increased activity in the Vaca Muerta shale formation, the local government said on Friday.

U.S. Senators Move to Harden Ban on Selling Reserve Oil to China

Two U.S. senators introduced legislation on Thursday to harden the ban on selling crude oil from the Strategic Petroleum Reserve (SPR) to China.

Trans Mountain Pipeline Initiates Oil Filling Amid Final Construction Challenges

Canada's Trans Mountain Corp. has begun filling its pipeline expansion with oil in a staged process, a senior executive said on Wednesday, as construction of the long-delayed project nears an end.

Enbridge Plans 120,000 bpd Expansion for Gray Oak Texas Oil Pipeline by 2025

Energy pipeline company Enbridge plans to expand capacity on its Gray Oak oil pipeline by 80,000 barrels per day (bpd) this year and could add another 40,000 bpd in 2025, an executive told Reuters on Tuesday.

Trans Mountain Pipeline Expansion to Start Oil Shipments in June, Says Alberta Premier

Line fill of Canada's Trans Mountain crude oil pipeline expansion will be complete by the end of May, with the first waterborne exports from the expanded system starting a month later, Alberta Premier Danielle Smith said on Tuesday in an interview.

Pembina Receives Regulatory Approval to Acquire Enbridge's Interest in Joint Ventures

Pembina Pipeline said on Tuesday the Canadian Competition Bureau has approved its proposed $2.28 billion acquisition of Enbridge's interests in the Alliance, Aux Sable, and NRGreen joint ventures.

Saudi Aramco CEO Foresees Prolonged Oil Demand Growth Amidst Shipping Disruptions

Global oil demand will not peak for some time, so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday.

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.