Business & Markets

South Korea's KOMIPO Cancels LNG Import Terminal Due to High Costs, Declining Demand

South Korea's Korea Midland Power Co. (KOMIPO) has cancelled plans to build a LNG import terminal on the western coast of the country due to high costs and declining demand for the fuel.

Equinor Awards Valaris $500 Million Drilling Contract for Brazil's Raia Field

Equinor has awarded a drilling contract in Brazil worth $498 million to Valaris on behalf of partners in the Raia field development project, the Norwegian company said on Monday.

Freeport LNG Resumes Exports in Texas as Gas Processing Ramps Up

The U.S.' second largest liquefied natural gas exporter Freeport LNG has resumed shipments after shutting operations ahead of Hurricane Beryl, with processing on track to reach about half its capacity on Monday, according to preliminary LSEG data.

Woodside Energy to Acquire Tellurian for $1.2 Billion, Securing Future of Driftwood LNG Project

The agreement could strengthen the United States' position as the world's largest producer of the superchilled gas by securing the completion of Tellurian's 27.6 million metric ton per annum facility in Lake Charles, Louisiana.

Editor’s Notebook: Landowners and CO2 Pipelines Amid South Dakota Legislation

(P&GJ) — South Dakota's new bill empowers landowners to challenge forced easements for CO2 pipelines, enhancing rights amid eminent domain concerns. The legislation impacts projects like Summit Carbon Solutions, aiming for fairer terms and compensation for affected property owners.

U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication

The current investigation of communication with OPEC officials is part of the U.S. antitrust regulator's review, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.

Ecuador, Chile's ENAP Renegotiate Oil Block Agreement with $90 Million Investment

The new agreement, signed on July 15 between the ministry and the company ENAP SIPEC, which already operates the block, will allow an increase in reserves by 5.6 million barrels of crude oil

Freeport Prepares to Restart LNG Exports After Two-Week Halt

A LNG tanker was docked at the Freeport LNG terminal for the first time in almost two weeks on Friday, likely signaling the resumption of exports of the superchilled gas from the second-largest LNG exporter.

Drilling Rig Arrives at Russia's Sakhalin, Supporting Potential Gas Pipeline to China

A semisubmersible drilling rig called Polar Lights is due to arrive at the Russian Pacific island of Sakhalin on Saturday to drill a well at a field hit by U.S. sanctions, the Russian agency for sea and river transport said.

Canadian Crude Exports from U.S. Gulf Coast Dip Slightly Despite TMX Startup

About 150,000 barrels per day of Canadian crude were exported from the U.S. Gulf Coast in June, slightly lower than average, despite the expansion of the Trans Mountain pipeline, which pulled some barrels west to Vancouver, shipping tracking data showed.

WTI Futures Backwardation Hits 8-Month High as Cushing Stocks Fall

The premium for front-month U.S. crude oil futures over the second-month contract CLc1-CLc2 widened to its highest since October on Wednesday, LSEG data showed, as stocks at the WTI delivery point, Cushing, Oklahoma, fell last week to a three-month low.

LNG’s Role in a Realistic Energy Transition

We are observing remarkable expansion and diversification within the global LNG market. It is projected that the market will grow from 400 million tons in 2023 to over 600 million tons by 2029.

Circular Economy Initiatives for Offshore Piping and Related Infrastructure

Circular economy is a sustainable business model that aims to ensure use of resources, extraction of maximum value from the equipment during operation and the recovery and regeneration of products and materials at the end of each’s service life.

Exxon to Sell Malaysian Oil, Gas Assets to Petronas, Sources Say

Exxon has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, an exit from a country where it used to be a dominant producer, sources said.

Crescent Energy, SilverBow Resources Set to Close $2.1 Billion Merger by July 30

The merger, which follows industry consolidation trends, will position Crescent as the second-largest operator in the Eagle Ford basin.

ONEOK to Build 230-Mile Refined Products Pipeline from Kansas to Denver

ONEOK plans to boost its pipeline capacity by constructing a new 230-mile pipeline from Scott City, Kansas, to Denver International Airport, enhancing its refined products supply between the Mid-Continent and Gulf Coast.

Ukraine Halts Lukoil's Russian Oil Transit, Slovakia and Hungary Affected

The move highlights the volatile nature of the remaining Russian oil supplies to Europe via the Soviet-built Druzhba pipeline, the last major functioning Russian oil supply route to the continent.

Sempra, Bechtel Ink Deal for Port Arthur LNG Phase 2 Expansion

Sempra has signed a fixed-price agreement with Bechtel Energy to build the second phase of the Port Arthur liquefied natural gas (LNG) export plant in Texas.

Trinidad Court Reaffirms ConocoPhillips' Claim Against Venezuela

Trinidad and Tobago's High Court has reaffirmed a decision recognizing ConocoPhillips' arbitration claim against Venezuela, which could freeze the Caribbean country's payments to its neighbor for joint natural gas projects.

Texas Tanker Bottleneck Grows Amid Slow Freeport LNG Restart After Hurricane Beryl

The number of LNG tankers waiting to load at Freeport LNG in Texas has increased since the U.S. second largest exporter of the supercooled gas halted processing ahead of Hurricane Beryl's landfall last week.

Spain to Launch $2.5 Billion Plan to Boost Green Hydrogen Production

Spanish Prime Minister Pedro Sanchez announced a new plan worth $2.5 billion to boost the country's transition to clean energy, including subsidies for green energy industries and hydrogen made from renewable power.

WoodMac: National Oil Company International M&A Spending Hits 20-Year Low

Despite a surge in mergers and acquisitions by international oil companies, national oil companies have significantly reduced their international spending from a decade ago, according to Wood Mackenzie.

Tenaz Energy to Acquire NAM's Offshore, Pipeline Assets for $180 Million

The transaction includes all of NAM's offshore exploration and production businesses, associated pipeline infrastructure, and onshore processing in the Netherlands.

TotalEnergies Sells Nigerian Onshore Oil Assets to Chappal Energies for $860 Million

TotalEnergies has sold its minority share in a major Nigerian onshore oil joint venture to Mauritius-based Chappal Energies for $860 million, the French energy group said on Wednesday.

Kinder Morgan Launches Binding Open Season for South System Expansion 4 Project

Kinder Morgan has launched a binding open season on its proposed South System Expansion 4 project, designed to increase Southern Natural Gas Pipeline's South Line capacity by 1.2 billion cubic feet per day.

Judge Pauses Wyoming Oil, Gas Drilling Leases for Environmental Review

A federal judge has ordered the U.S. Bureau of Land Management to pause approving new permits to drill for oil and gas on nearly 120,000 acres of federal land in Wyoming until it finishes reevaluating the environmental impacts of a lease sale.

Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns

A natural gas pipeline in Reeves County ruptured on July 15, marking the second such incident in the area within 11 months.

Exxon Shuts Joliet, Illinois Refinery After Storm Causes Power Outage

ExxonMobil shut down its 251,800-barrel-per-day refinery at Joliet, Illinois, due to a power outage after a storm, according to a filing late on Monday.

U.S. Court Overturns Alaska Oil Lease Sale, Halting Energy Development

A federal court in Alaska overturned on Tuesday night an oil and gas lease sale that had been mandated by the Biden administration's signature climate law as part of a political compromise, on grounds that the U.S. government violated the law when holding the sale.

EIA: U.S. Imports of Canadian Crude Hit Record High After TMX Startup

Imports rose by 807,000 barrels per day to 4.4 million bpd in the week to July 12, the largest gain since March 2023, according to the data.