Business & Markets

Freeport LNG Settles with EPA Over Safety Failures Following June 2022 Texas Blast

Freeport LNG, which operates the second-largest U.S. liquefied natural gas export plant in Texas, agreed with the U.S. Environmental Protection Agency to settle safety violations related to a June 2022 blast that caused some $275 million in damage to the facility.

U.S. Allocates Up to $890 Million for Carbon Capture Projects at Gas Facilities in Texas, California

Natural gas and coal plants in Texas, California and North Dakota will share up to $890 million in U.S. funding for projects to demonstrate the viability of carbon capture technologies, the U.S. Energy Department said on Thursday.

Shell's Gas Project License Talks with Venezuela Hinge on Dispute Over Future LNG Prices

A disagreement between Shell and Venezuela's state company PDVSA over future LNG prices has gridlocked talks on a license for Shell and Trinidad and Tobago's National Gas Company to operate a Venezuelan gas field, two people close to the negotiations said.

Germany's SEFE Urgently Seeks U.S. Approval for Venture Global's CP2 LNG Project Amidst Russia Gas Pipeline Crisis

The German state-owned Securing Energy for Europe GmbH (SEFE) has become the third company to seek approval from the U.S. energy regulator for liquefied natural gas (LNG) developer Venture Global to begin construction on its CP2 LNG project in Louisiana.

Equinor Buys Shell's Stake in the Linnorm Gas Discovery

Norway's Equinor said on Thursday it has agreed to buy Shell's stake in the Linnorm gas discovery in the Norwegian Sea, raising its ownership to 50%.

U.K. to Back 11 Green Hydrogen Projects Under $2.5 Billion Fund

Britain's Energy Security Secretary, Claire Coutinho, announced on Thursday backing 11 projects to produce green hydrogen, as part of the government's 2 billion pound ($2.5 billion) funding to be committed over the next 15 years.

Canadian Natural Resources Projects Uptick in Production in 2024

Canadian Natural Resources said on Thursday it expects production to increase in 2024, as the energy producer bets on demand amid tight supplies.

Pembina Pipeline Acquires Enbridge's Interests in Alliance Pipeline, Aux Sable for $3.1 Billion

(P&GJ) — Enbridge Inc. has entered into a definitive agreement to sell its 50% interest in Alliance Pipeline and its 42.7% interest in Aux Sable to Pembina Pipeline Corp. for a purchase price of $3.1 billion, including non-recourse debt at Alliance of approximately $0.3 billion.

Kinder Morgan Increases Permian Highway Pipeline Capacity by 550 MMcf/d

(P&GJ) — Pipeline operator Kinder Morgan has successfully augmented the capacity of its Permian Highway natural gas pipeline by an additional 550 million cubic feet per day (MMcf/d), CEO Kimberly Dang announced during an investor call Dec. 7.

Exolum to Acquire 50% Stake in Houston Ammonia, NGL Storage Terminal from Moda Midstream

Exolum has agreed to acquire a 50% interest in Vopak Moda Houston LLC, an ammonia storage, import and export terminal located on the Houston Ship Channel, from Moda Midstream LLC.

Gas Producer EQT Explores $3 Billion Sale of Marcellus Shale Well Stakes

The stakes EQT is planning to sell are in assets spread across Northeast Pennsylvania with current production of around 700 million cubic feet per day, the sources said.

Chevron, PDVSA Seek 15-Year Extension for Joint Ventures, Eye Crude Production Boost

PDVSA and Chevron have expanded operations since late last year under a special U.S. license, allowing Venezuela to resume crude exports to what was its largest market, the United States. But more investment is needed to reach production levels seen before oil sanctions were first imposed in 2019.

Former BP CEO Looney Loses $40 Million in Compensation Amid Board Misconduct Claims

BP cut over $40 million in remuneration from former CEO Bernard Looney after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues.

Howard Energy Partners Completes $800 Million in 2023 Growth Projects, Achieves Record Volumes

(P&GJ) — Howard Energy Partners completed $800 million in 2023 growth projects, including new pipelines and facilities in key U.S. oil and gas basins, along with storage and logistics for renewable diesel on the Texas Gulf Coast.

BP's Olympic Pipeline Leaks Over 25,000 Gallons of Gas in Washington State

(P&GJ) — Emergency teams worked to address a gasoline spill in northwest Washington State on Dec. 12 after a pipeline segment failed over the weekend that released approximately 25,660 gallons (97,100 liters) of gasoline due to a small tube malfunction.

NIPSCO Completes $180 Million Gas Pipeline Extension in Kokomo, Indiana

(P&GJ) — NIPSCO has announced the completion of the installation of nearly 19 miles of new 24-inch steel gas pipeline. This pipeline will service the new battery plant in Kokomo, Indiana, providing a safe and reliable source of natural gas for the future.

EACOP Welcomes First 62 Miles of Line Pipe for Crude Pipeline

(P&GJ) — The East African Crude Oil Pipeline (EACOP) has announced the arrival of the first shipment of 100 km (62 miles) of line pipe at the port of Dar es Salaam, signaling the initiation of the main construction phase for this cross-border pipeline project.

Energy Companies Launch Green Hydrogen Projects in Italy

Four energy companies announced on Tuesday two separate green hydrogen projects in Italy as they move to offer clean fuels to their customers and take advantage of money coming from the European Union's post-pandemic recovery fund.

EIA Forecasts 20 Bcf/d Boost for U.S. LNG Export Terminals with New Pipelines

More than 20.0 billion cubic feet per day (Bcf/d) of natural gas pipeline capacity is under construction, partly completed, or approved to deliver natural gas to five U.S. LNG export terminals that are currently under construction, according to the EIA.

BP Takes On FERC, Alleges Approval Flaws for Venture Global LNG Plant

BP Plc has challenged U.S. energy regulators' approvals of a Venture Global LNG export facility, arguing the Federal Energy Regulatory Commission (FERC) has failed to enforce its regulations, according to a letter filed with FERC on Monday.

WoodMac: M&A Deals in Permian Basin Exceed $100 Billion in 2023

The value of U.S. oil and gas mergers and acquisitions in the Permian basin this year has reached a record of more than $100 billion after several multibillion-dollar deals, consultancy Wood Mackenzie said in a news release on Tuesday.

Glenfarne's Texas LNG, ABB Ink Deal for Core Equipment in Port of Brownsville Project

(P&GJ) — Texas LNG, a four million tonnes per annum LNG export terminal to be constructed in the Port of Brownsville, and ABB have signed a memorandum of understanding to collaborate on core automation and electrical equipment for the new facility.

Niger Set to Begin Oil Exports Through Benin Pipeline in January

Niger expects to export its first barrels of crude oil through a new Niger-Benin pipeline in January, the country's military leader Abdourahamane Tiani said on state television.

LNG Developer Tellurian Names New President as Shakeup Continues

Tellurian said on Monday it appointed a new president and general counsel, days after the U.S. liquefied natural gas (LNG) developer ousted co-founder Charif Souki as chairman.

Oil Extends Gains on U.S. Strategic Reserve Purchase

Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered.

TC Energy's Coastal GasLink Seeks $737 Million from Contractor Over Project Delays

Coastal GasLink, a Canadian natural gas pipeline partnership operated by TC Energy, is seeking C$1.2 billion ($737 million) from one of its main contractors for construction delays and may be liable for a similar amount if an arbitrator rules against it, court documents showed ahead of a hearing this month.

Occidental Petroleum to Acquire Permian Oil, Gas Producer CrownRock for $12 Billion

Occidental Petroleum said on Monday it would buy Permian basin-focused energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding its presence in the largest U.S. oilfield.

Serbia Launches Gas Pipeline Interconnector with Bulgaria, Diversifying Supplies

Serbia on Sunday completed the interconnector to a pipeline in Bulgaria, which would allow the Balkan country to diversify its gas supplies and reduce its dependence on Russia.

Inpex, JERA Urge FERC to Approve Venture Global's CP2 LNG Project in Louisiana

JERA's letter to the U.S. Federal Energy Regulatory Commission (FERC) dated Friday, which followed Inpex's letter on Thursday, reiterated the role of the CP2 LNG project in securing Japan's energy supply.

U.S. LNG Developer Tellurian Ousts Co-Founder Souki as Chairman

Tellurian ousted its chairman and co-founder Charif Souki as an executive officer, the U.S. liquefied natural gas (LNG) developer said on Friday, weeks after auditors raised doubts about the company's ability to cover future expenses.