Business News

Poland's PGNiG Wins $1.5 Billion in Court Battle with Gazprom

Polish gas distributor PGNiG has won a $1.5 billion settlement with Russia's Gazprom.

TC Energy Proceeds with Keystone XL After Alberta Commits $1.1 Billion

Construction on the Keystone XL pipeline could begin as early as this week after the Alberta government committed over $1 billion to the project.

U.S., Russia Agree to Oil Market Talks

Russian and U.S. leaders have agreed to meet to discuss the collapsing global oil market.

Saudi Arabia Plans to Boost Oil Exports to 10.6 Million Bpd from May

Saudi Arabia is planning to increase its oil exports to 10.6 million bpd beginning in May.

U.S. LNG Storage to Hit Record as Pandemic Cuts Demand, Exports

Stockpiles of natural gas in the U.S. are expected to reach record levels this year as producers continue to flood the market with supply as demand plunges in the wake of the coronavirus pandemic.

Saudi Arabia Says no Talks with Moscow on New Oil Deal

Saudia Arabia said it is not in talks with Russia to develop a new deal on oil production to stabilize erratic oil prices driven by uncertainty from the coronavirus pandemic.

LNG Suppliers Flood Market with Excess Spot Cargoes as Demand Shrinks

Major LNG suppliers around the world are flooding the market with spot cargoes driving prices down even further as demand dries up due to the coronavirus pandemic.

Pipeline Opportunities Conference Focuses on Business, Industry Success

The 16th annual Pipeline Opportunities Conference (POC) took place on March 3 at the Westin Galleria in Houston, TX bringing together nearly 200 owners, operators, and industry experts from around the country.

Indian LNG Importers Issue Force Majeure — Sources

Several Indian LNG importers have issued force majeure notices after the country has shut down to help prevent the spread of the coronavirus.

PetroChina to Seek Price Talks with Gas Suppliers as Coronavirus Hits Demand

PetroChina is looking to renegotiate gas prices with several global suppliers, as well as a transfer of pipeline assets, amid plunging gas demand due to the coronavirus pandemic.

Gazprom Isolates 20 Workers at Field Feeding Nord Stream Pipeline

Russian gas company Gazprom has isolated 20 workers at a major natural gas field which feeds the Nord Stream pipeline after one worker tested positive for the coronavirus.

China to Resume U.S. LPG Imports as Beijing Waives Trade-War Tariff — Sources

China has once again begun buying U.S. LPG as the government waived tariffs as part of the U.S.-China trade deal.

Phillips 66: Red Oak, Liberty, ACE Pipelines Deferred by Cost Cuts

Phillips 66 said the Red Oak Pipeline, Sweeny Frac 4 and Liberty Pipeline projects have all been deferred by cost-cutting efforts. A final investment decision on ACE Pipeline also was postponed.

BlackRock Withdraws Bid for ADNOC Gas Pipeline Assets — Sources

Sources report that investment firm BlackRock has dropped out of the bidding for ADNOC's gas pipeline assets.

Trump Says He Will Enter Saudi-Russia Oil Fray at Appropriate Time

President Trump has said he will get involved in the oil price war between Russia and Saudi Arabia at the 'appropriate time.'

Texas Producers, Regulator Ask State, President for Curtailments as Prices Collapse

Texas oil producers are asking for production curtailments in the state to help stabilize plummeting oil prices.

Coronavirus, Oil Price War Put Canada's Crude Sector 'On Life Support'

Canada's already struggling oil industry is now 'on life support' facing a plunge in oil prices as the global coronavirus pandemic sparked a price war with Saudia Arabia and Russia.

Shell, INOX India Sign MoU for LNG Distribution

Shell has signed a Memorandum of Understanding with India's INOX to deliver LNG to customers not connected to distribution pipelines.

U.S. to Buy 30 Million Barrels of Oil to Help Fill Strategic Reserve

President Trump has directed the U.S. Department of Energy to begin purchasing crude oil to fill the country's Strategic Petroleum Reserve.

FERC Approves Pembina Jordan Cove LNG Export Project

U.S. regulators have approved the Jordan Cove LNG export project.

Global Oil Storage May Hit Capacity Within Months — Analysts

Industry analysts are predicting oil storage availability around the globe may reach capacity within months.

German Court Rejects Last Obstacle to Nord Stream 2 Construction

The Nord Stream 2 pipeline project cleared another legal hurdle in Germany last week.

People

Dresser Natural Gas Solutions appointed Chris Watkins as district sales manager for its Industrial Products Group. Watkins will be responsible for managing channel partners for the RCS actuator brand. Watkins brings nearly three decades of sales and management experience in the oil and gas industry ..

Enbridge-Annova LNG Deal to Expand Valley Crossing Pipeline

Enbridge’s Valley Crossing natural gas pipeline from Agua Dulce to Brownsville, Texas, will be expanded along with the construction of a 9-mile (14.5-km) lateral to Annova liquefied natural gas’s (LNG) Brownsville export facility.

U.S. Senate Confirms Danly to FERC, Widening Republican Majority

The U.S. Senate on Thursday easily confirmed James Danly as a Republican member of the Federal Energy Regulatory Commission, widening the Republican majority on the panel.

Judge Approves $143M Natural Gas Explosions Settlement

A Massachusetts judge approved a $143 million class-action settlement Thursday for residents and business owners affected by natural gas explosions in Massachusetts in 2018.

Marathon Petroleum Explores $15 billion MPLX Asset Sale — Sources

Marathon Petroleum Co, the largest U.S. independent refiner, is exploring the sale of assets of its pipeline subsidiary MPLX LP worth as much as $15 billion, people familiar with the matter said on Wednesday.

Oil Price Collapse Sours Midstream Buyout

A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices and shares of U.S. oil producers plummeted.

U.S. Gas Jumps Almost 9% With Oil Price Gain, Hopes of Shale Output Cuts

U.S. natural gas futures soared almost 9% on Tuesday, following a 10% increase in oil prices, on hopes of economic stimulus and expectations the oil price collapse will prompt U.S. drillers to cut back on oil and gas production in shale basins.

Russian Production Increase Limited by Export Constraints: Traders

Russia’s ability to quickly lift oil production following the collapse of a global agreement to cut is restrained by bottlenecks in exporting capacity, market sources said and Reuters calculations showed on Tuesday.