Business News

Pipeline Rupture at India Gas Plant Sparks Fire, Halts Supply

A fire at an Oil and Natural Gas Corp plant caused by a pipeline rupture has cut gas supplies to customers including power and fertilizer companies, said a person familiar with the matter at gas marketing firm GAIL (India) Ltd.

Austrian Utility OMV Sells Gas Pipeline Unit to Rival Verbund

Austrian utility OMV said on Wednesday it will sell a majority stake in its gas pipeline subsidiary to rival Verbund, a deal that will help OMV reduce debt and finance its acquisition of a leading plastics maker.

Top Shipping Insurance Group Will Not Cover Ships Linked to Nord Stream 2

The world's largest group of shipping insurers will not insure vessels involved in the Russian-led Nord Stream 2 and TurkStream gas pipeline projects because of the threat of U.S. sanctions.

Venezuela's PDVSA to Sell Crude to Iran — Source

According to sources, Venezuela state-owned oil firm PDVSA is preparing to sell a cargo of crude oil to Iran, under threat of U.S. sanctions.

East Mediterranean States Formally Establish Egypt-Based Gas Forum

Six Mediterranean countries signed a charter on Tuesday to formally establish a group that seeks to boost natural gas exports from the region.

TC Energy CEO to Retire End of the Year

TC Energy announced on Monday that the company's CEO of 10 years, Russ Girling will step down at the end of the year.

Norway to Spend $1.8 Billion on World's First Full-Scale CCS Chain

Norway has agreed to finance nearly $2 billion for what could be the world's first full-scale carbon capture and storage project.

Dakota Access Flows Safe Through 2020 — Court Schedule

The Dakota Access pipeline will be able to continue flows until late December 2020 at the earliest, according to a federal court schedule released last week.

Global LNG Demand to Rise for Next Few Decades, COVID Temporary Blip — Industry

Industry executives believe the global demand for LNG will continue to rise in the next several decades due to growing economies in Asia, with the coronavirus pandemic being a temporary setback.

Pandemic to Trim China's 2020 Gas Demand Growth — Report

Natural gas consumption in China is expected to grow at the slowest rate in five years according to a new report released by Beijing.

Lower Canada-U.S. Crude Flows Draws Down on Cushing Glut

Weakened crude oil flows from Canada to Cushing, Oklahoma have helped drawdown on a surplus of fuel at a major industry storage hub over the past two weeks, according to industry traders.

Sempra Says 6 Weeks Until Cameron LNG Plant in Full Service

Sempra Energy said it expects its Cameron LNG plant in Louisiana to be back in full service in six weeks after Hurricane Laura caused major power outages in the area.

PowerChina Eyes Rail Project to Transport Oil and Gas From Argentina's Vaca Muerta

Chinese energy firm PowerChina is in talks to finance a rail project to transport oil and gas from Argentina's Vaca Muerta shale play to the port city of Bahia Blanca,

U.S. Gas Futures Fall to 6-Week Low on Big Storage Build

U.S. natural gas futures fell nearly 10% to a 6-week low on Thursday as utilities injected more LNG than expected into storage.

Russian Ship Sails for Nord Stream 2 Supply Base in Germany

Recent tracking data showed a Russian ship heading towards the German base of Nord Stream 2 pipeline project as the Kremlin seeks to push forward with the project.

Nearly $14 Billion Ready to Invest in Post-COVID Economic Recovery — Report

A new report from the Consumer Energy Alliance details nearly $14 billion worth of economic activity is being threatened by delays, obstructions and cancellations of pipeline infrastructure projects.

Fossil Fuel Demand to Take Historic Knock Amid COVID-19 Scars — BP

BP is expected fossil fuel consumption to shrink for the first time in history as the pandemic has destroyed global energy demand and climate policies boost the development of renewable energy.

OPEC Cuts Oil Demand Forecasts

The OPEC group is predicted a continued slump in oil demand due to the difficulties facing many developing countries, particularly India, in containing and recovering from the coronavirus pandemic.

Argentina Pitches Pipeline to Brazil for Vaca Muerta Shale Gas

Officials in Argentina are planning to propose a multibillion-dollar pipeline project with Brazil to carry shale gas from Argentina's Vaca Muerta shale play to Brazil's gas distribution market.

German State Leader Says Nord Stream 2 Should not be Used to Punish Russia

The leader of the German state where the Nord Stream 2 pipeline is to come onshore has said the pipeline should not be used as punishment against the Kremlin for the poisoning of a ciritc of Russian President Vladimir Putin.

Uganda, Tanzania Sign Agreement for Pipeline Construction

Uganda and Tanzania have signed an agreement to build a crude oil export pipeline to carry Ugandan oil to an export facility in Tanzania.

Equitrans Considers Options Against EQT Corp in Pipeline Dispute

Equitrans Midstream said on Monday it is considering all options against its former parent company EQT over an ownership dispute of the Hammerhead Pipeline.

Inland U.S. Refinery Closures Good Magellan Pipeline Systems — CEO

The closure of some U.S. oil refineries will be a boon to Magellan Midstream's oil pipeline systems, the company's CEO said on Wednesday.

Plains All American CEO Sees Further Consolidation in Pipeline Industry

The CEO of Plains All American said on Wednesday that the pipeline industry should expect more consolidations in the near future as low oil prices continue to hinder growth in the industry.

Energy Transfer Expects Dakota Access Pipeline Expansion Operational by Late 2021

Energy Transfer told investors on Tuesday that it expects the expansion of its embattled Dakota Access oil pipeline to be operational by the end of next year.

Enterprise Abandons Texas Pipeline Project as Oil Prices Remain Weak

Enterprise Products announced on Wednesday it is canceling its $1.1 billion Midland-Houston oil pipeline due to the collapse in oil prices from the coronavirus pandemic.

Equitrans on Track to Finish Mountain Valley Pipeline in Early 2021

Equitans Midstream said on Tuesday that it remains on track to finish its nearly $6 billion Mountain Valley natural gas pipeline by early 2021.

Dominion Overhauls Leadership After Sale

Dominion Energy announced a reorganized executive leadership team after the cancellation of Atlantic Coast Pipeline and sale of its natural gas transmission and storage assets to an affiliate of Berkshire Hathaway.

LDCs Own Residential, Commercial Sectors but Pipelines Fuel Power: EIA

A new government report on the U.S. natural gas industry shows that local distribution companies (LDCs) supply 90% of natural gas to U.S. residential and commercial sectors, but pipeline companies handle the biggest volumes through direct delivery to electric power and industrial customers

Natural Gas Efficiency Programs Pay Off in Reduced Costs, Emissions

North American natural gas utilities have been spending nearly $4 million a day for programs to help residential, commercial and industrial customers make more efficient use of fuel.