Business & Markets

Settlement Agreed to Release Ship That Blocked Suez Canal

The owners and insurers of the Ever Given container ship that blocked the Suez Canal in March said on Sunday a formal settlement had been agreed in a compensation dispute, and the canal authority said the vessel would be allowed to sail on July 7.

Rebound in Global Gas Demand Threatens International Climate Targets - IEA

A rebound in global gas demand to 2024 following a record fall last year is poised to knock the world off track for a climate goal of achieving net zero emissions by 2050, the International Energy Agency said on Monday.

Oman State Energy Firm OQ May Sell Drilling Business

Oman state energy company OQ is considering selling its drilling unit Abraj Energy Services, sources said, as the Gulf nation seeks to shore up its finances that have been hit by the coronavirus pandemic and last year's oil price plunge.

TC Energy Files $15B NAFTA Claim Over Keystone XL Cancellation

TC Energy Corporation filed a Notice of Intent to initiate a legacy North American Free Trade Agreement claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.

Nigeria Losing 200,000 BPD to Pipeline Damage, Minister Says

Nigeria is losing an average of 200,000 barrels of oil per day - more than 10% of its production - to pipeline vandalism, the country's information minister said on Monday.

'Eye of fire' in Mexican Waters Blamed on Gas Pipeline Leak

Pemex said that a fire on the ocean surface west of Mexico's Yucatan peninsula Friday was caused by a gas leak from an underwater pipeline. Videos of the blaze went viral.

Shell Opens 10 MW German Hydrogen Electrolyzer to Boost Green Fuel Output

Royal Dutch Shell launched Europe's biggest hydrogen electrolysis plant at the Wesseling site of its Rheinland refinery after two years of construction, as it expands further into alternative energies.

Gazprom Holds Back Exports via Ukraine, Pressing Case for Nord Stream 2

Kremlin-controlled gas giant Gazprom has held off from booking additional capacity for gas supplies via Ukraine to meet surging demand in recent months, sending a clear sign it is waiting for the Nord Stream 2 pipeline to be commissioned, analysts said.

Energy Trader Mercuria Posts Record Profit for Volatile 2020

Mercuria Energy Group had a boom year in 2020, buoyed by the extreme volatility seen in oil markets caused by the COVID-19 pandemic, as well as very strong returns across its portfolio, particularly gas and power.

EBRD Stops Investing in Upstream Oil and Gas to Align with Paris Goals

The European Bank for Reconstruction and Development will stop investing in upstream oil and gas projects as part of plans to align its activities with the goals of the Paris Agreement, but will continue to finance select projects in the midstream and downstream sectors.

Perspective: Rising Oil Price Will Draw Response from Consumers

Oil prices have risen above the long-term average, once adjusted for inflation, and are likely to encounter increasing resistance from consumers if they continue to climb.

Shell Plans to Exit California Joint Venture with Exxon Mobil

Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters.

Ecuador Races to Move Oil Pipelines, Protect Power Plant from Raging River

Two dozen workers using six excavators cleared a strip of heavy forest in the foothills of Ecuador's Reventador volcano on an overcast June morning, rushing to carve a new route for an oil pipeline in hopes of avoiding a repeat of the country's worst oil spill in decades.

Nigerian Lawmakers Pass Historic Oil Overhaul Bill

Both chambers of Nigeria's parliament have passed a bill that overhauls nearly every aspect of the country's oil and gas production, putting a project that has been in the works for two decades one step closer to presidential sign-off.

U.S. Natural Gas Companies Put Hydrogen to the Test

At least two dozen U.S. energy firms, including Dominion Energy Inc and Sempra Energy, have started producing hydrogen or testing its viability in natural gas pipes to take advantage of existing infrastructure as the world prioritizes lower-carbon fuels.

Delfin Seeks Another Year to Build its Louisiana Floating LNG Project

U.S. LNG developer Delfin LNG asked federal energy regulators for a third extension until September 2022 to bring into service the onshore facilities of its proposed floating LNG export plant off the coast of Louisiana.

Tellurian Signs Long-Term Lease with the Port of Lake Charles

Tellurian Inc. announced its wholly owned subsidiary, Driftwood LNG, has exercised its long-term lease option with the Lake Charles Harbor and Terminal District on the 477-acre site in Sulphur, Louisiana.

Brightmark Breaks Ground on Three Renewable Natural Gas Projects in Michigan

Brightmark, a waste solutions provider, today broke ground on three renewable natural gas (RNG) projects in Michigan. The projects are owned by and will be operated through subsidiaries of Brightmark RNG Holdings, a partnership with Chevron U.S.A.

Argentina NatGas Woes Risk Slide Back into Energy Deficit

Argentina, which had steadily dug itself out of a deep energy deficit to post a slender surplus last year, is set to sink back into an energy hole this year that could reach $1 billion due to local natural gas shortfalls driving the need for expensive LNG imports.

Pipeline Research Council Establishes Emerging Fuels Institute

The institute will provide PRCI members the opportunity to execute the research needed to ensure the safe transportation and storage of the next generation of energy, such as hydrogen, renewable natural gas, and other potential gas and liquid fuel sources.

Eyeing Asian Market, Ecuador Begins Crude Exports in Larger Vessels

Ecuador for the first time exported a cargo of one of its flagship crudes, Oriente, aboard a very large crude carrier following an upgrade to a terminal that the South American country hopes will help it boost exports to Asia.

Saudi Aramco Seeks Financing Advisor for Gas Pipeline Deal

Saudi Aramco has invited banks to pitch for an advisory role to help finance the sale of a significant minority stake in its gas pipelines, the oil giant's second major midstream deal after a $12.4 billion deal for oil pipelines, three sources said.

U.S. Supreme Court Backs PennEast Pipeline in New Jersey Land Dispute

The U.S. Supreme Court on Tuesday ruled in favor of a consortium of energy companies including Enbridge Inc seeking to seize land owned by New Jersey to build a $1 billion natural gas pipeline despite the state's objections.

EU Countries Approve Landmark Climate Change Law

European Union countries on Monday gave the final seal of approval to a law to make the bloc's greenhouse gas emissions targets legally binding, as EU policymakers prepare a huge new package of policies to fight climate change.

European Commission Approves French Support for Natural Gas Storage

France's system of financial support for natural gas storage, set up in 2017 to shore up the country's energy supplies, complies with European Union state aid rules, the European Commission said.

S.Africa, Mozambique State Energy Firms to Increase Shareholding in Gas Pipeline

State-owned energy companies from South Africa and Mozambique have exercised their rights to buy the 30% stake in the ROMPCO natural gas pipeline that Sasol is selling.

Libya’s Civil War Stifling Growth of Pipeline Industry

The prolonged civil war in Libya continues to lock out potential investments in greenfield oil and gas pipeline projects with the National Oil Company. International oil companies are left with the option of investing in repairs and maintenance of existing oil and gas transportation infrastructure.

Germany, U.S. Seek to Resolve Nord Stream 2 Dispute by End August

German Economy Minister Peter Altmaier on Friday said he had a productive meeting with U.S. Energy Secretary Jennifer Granholm, and both countries were committed to resolving a dispute over the Nord Stream 2 pipeline by the end of August.

U.S. Infrastructure Deal Includes $6 Billion Sale from Oil Reserve

The infrastructure deal struck by a group of bipartisan senators and President Joe Biden on Thursday is partially funded by a $6 billion sale from the U.S. emergency oil reserve, according to a document circulated by Republican lawmakers.

Brussels Region to Ban Diesel Cars by 2030, Petrol Cars by 2035

The ban will also apply to vehicles running on compressed-natural gas, liquefied natural gas and hybrids from 2035 in an effort to meet the European Union's carbon neutrality goal by 2050.