Business & Markets

North Sea Could Shift from Oil Reservoir to CO2 Storage - Total CEO

The North Sea could be switched from a depleting oil and gas basin to a site for storing carbon dioxide under the seabed, Total CEO Patrick Pouyanne said on Tuesday.

Russia's Druzhba Pipeline Exports Set to Slide Amid Price Row

Exports of Russian Urals oil via the Druzhba pipeline are likely to fall in the first quarter as sellers have been pressing for higher crude prices that margin-strapped refiners say they can't afford.

EU Proposes Funding Shift Away From Natural Gas

The European Commission on Tuesday proposed rules to restrict funding for natural gas projects and instead funnel cash into low-carbon technologies to meet climate goals.

OPEC Cuts 2021 Oil Demand Outlook Again as Pandemic Impact Lingers

Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.

Iran Mostly Contains Fire after Landslide Hits Oil Pipeline

Firefighters have contained most of a blaze that broke out after a pipeline carrying crude oil to Iran’s second-largest refinery ruptured due to a landslide, the head of the state company in charge of oil pipelines said.

Britain to End State Support for Fossil Fuel Sector Exports

Britain said it is ending state support for fossil fuel industry exports, and shifting government assistance to low-carbon and renewable energy projects abroad.

Oil Tanker Ablaze after Terrorist Attack Off Saudi Arabia Coast

Saudi Arabia said an oil tanker anchored at a Jeddah terminal was hit by an explosive-laden boat in what it called a terrorist attack, after shipping firm Hafnia said one of its tankers was struck by an "external source".

Nigerian Shell Employees Damaged Pipelines for Profit - Dutch TV

Employees at Royal Dutch Shell’s Nigerian joint venture orchestrated damage to oil pipelines to profit from the money spent on clean-up operations, Dutch investigative TV program Zembla reported.

Russia Restarts Nord Stream 2 Pipeline Construction Despite U.S. Sanctions

Russia has resumed construction of the politically-charged Nord Stream 2 gas pipeline to Germany, laying pipes after a one-year hiatus prompted by U.S. sanctions.

EU May Restrict Support for Natural Gas Projects, Citing Climate Goals

The European Union is planning to restrict its funding for natural gas projects because of the risk they pose to the bloc's climate goals, according to draft rules seen by Reuters.

Brent Rises Above $50 for First Time Since March

Oil prices climbed more than 4% on Thursday, with Brent surging above $50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.

Midwest Refiners to Pipe More Fuel to East Coast, Pressuring Plants

U.S. Midwest refiners are gearing up to pipe more gasoline and diesel to East Coast buyers, hoping to fill a void created by refinery closures and cutbacks, but likely to add pressure to regional fuel producers.

Trans Adriatic Pipeline Explores Feasibility of Blending Hydrogen

Developers of the Trans Adriatic Pipeline (TAP) have started feasibility studies on blending hydrogen with the natural gas the pipeline will bring in from Azerbaijan, the TAP head said.

EIA: Natural Gas Venting, Flaring Set Records in 2019

U.S. natural gas venting and flaring hit an all-time high of 1.48 Bcf/d last year, with the bulk of those volumes coming from North Dakota and Texas, updated government statistics show.

Kinder Morgan Sees Higher Income in 2021, Raises Dividend

Kinder Morgan Inc said on Tuesday it expects to generate higher income in 2021 and raised its annual dividend, as the pipeline operator cost cuts this year in the face of oil demand destruction.

Enbridge Expects Higher Pipeline Volumes, Rates in 2021

Canadian pipeline operator Enbridge Inc on Tuesday forecast higher core earnings in 2021 and raised its annual dividend, saying it expects to see volume on its Liquids Mainline System improve next year.

U.S. Gas Prices Stumble on Mild Start to Winter

U.S. natural gas prices have tumbled since the start of November as persistent mild weather has caused inventories to remain high rather than drawing down in line with seasonal trends.

China Hits 26% of 2020 Target for U.S. Energy Imports under Trade Deal

China has accelerated imports of crude oil, propane and LNG from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington.

China Crude Imports Rise as Backlog Clears

China's November crude oil imports rose from a month earlier as customs continued to clear the backlog, although independent refiners slowed purchases as they reached their import quota limits.

Magellan Midstream Tank Explosion Injures 7 in Corpus Christi

Seven Magellan Midstream Partners employees were injured, four critically, when a storage tank at a Magellan plant in Corpus Christi exploded after catching fire Saturday morning, according to deputy Fire Chief Richie Quintero.

Russian Pipelaying Vessel Stops Near Nord Stream 2 Site

The Russian pipe-laying vessel Akademik Cherskiy stopped on Saturday near the construction site of the Nord Stream 2 gas pipeline in the Baltic Sea, Refinitiv Eikon data showed on Saturday.

Brent Rises, Hovers Near $50/bbl on Hopes for U.S. Stimulus

Brent crude oil futures rose more than 1% on Friday, remaining just under $50 a barrel, as expectations rose for a U.S. economic stimulus package and a possible COVID-19 vaccine.

Minnesota Regulators Deny Request to Delay Line 3 Pipeline

A Minnesota regulatory panel has denied a request to stop Enbridge's Line 3 pipeline project, which broke ground this week after receiving its final state permit.

Uganda Gives Environmental Consent to $3.5B Oil Pipeline

Uganda has granted environmental approval for a $3.5 billion pipeline to export crude oil from western fields to the Indian Ocean coast in Tanzania.

Trump Administration Rule Would Reduce Environmental Reviews of LNG Projects

The U.S. Energy Department issued a rule to exclude some licensing of LNG projects from environmental reviews that have been required by law, in a show of support for the fossil fuel industry.

Brent Rises to Highest Since March after OPEC+ Output Cut Deal

Global benchmark Brent crude prices rose 1% to their highest since early March on Thursday on renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output modestly from January.

OPEC+ Agrees to Slight Easing of Oil Cuts from January

OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 bpd but failed to find a compromise on a broader and longer term policy for the rest of next year.

Asia Needs Flexible LNG Deals Not Linked to Oil Prices - India Oil Minister

Asia needs flexible LNG contracts with no links to oil prices to reflect changes to the market as demand recovers from the impact of the coronavirus pandemic, India's oil minister said.

Eni Strikes Deals to Reopen Egypt's Damietta LNG Plant

Italian energy group Eni has struck deals with Spanish gas firm Naturgy and Egyptian partners to resolve disputes over a shuttered gas plant it part owns in northern Egypt.

U.S. Shale Firms Ramp Up Gas Output as Futures Signal Higher Prices

Higher natural gas futures prices for 2021 and a continued glut of crude oil are prodding U.S. shale firms to boost gas drilling and production.