Business & Markets

Venezuela Needs $58 Billion to Restore Crude Output to 1998 Levels

PDVSA estimated that $7.65 billion is needed for reviving pipelines, projects for gas injection to oilfields, terminals and refineries that are idled or underperforming due to lack of maintenance.

U.S. Pump Prices Head for Highest Since 2014 as Hacked Fuel Pipeline Shut

U.S. gasoline prices at the pump jumped 6 cents in the latest week and could soon be headed for the highest level since 2014 due to the supply disruption caused by a cyber attack on the country's biggest fuel pipeline system.

Sapphire Gas Solutions Enters Renewable Natural Gas Market

Sapphire Gas Solutions, a Conroe-based LNG and CNG solutions service company, was recently awarded the transportation and logistics contracts for seven farm-based renewable natural gas operations in central California.

US Consumption to Continue Decreasing

EIA forecasts a decreased total U.S. natural gas consumption in 2021 and 2022, following a decline in 2020. Consumption in 2020 was 1.9 Bcf/d lower than the all-time high of 85.1 Bcf/d set in 2019.

Annual US Natural Gas Production Decreased by 1% in 2020

U.S. natural gas production – as measured by gross withdrawals – averaged 111.2 Bcf/d (3.15 Bcm/d) in 2020, down 900 MMcf/d (25 MMcm/d) from 2019 as result of a decline in drilling activity related to low natural gas and oil prices in 2020.

Traders Book Tankers in Europe to Ship Gasoline Across Atlantic after Colonial Shutdown

Traders provisionally booked at least six tankers to ship gasoline from Europe to U.S. destinations following a cyber attack that shut the United States' top fuel pipeline network, Refinitiv Eikon data showed on Monday.

Australia Commits $45 Million to Boost Gas Supply

The Australian government said it will commit A$58.6 million ($45.3 million) to boost gas supply, storage and pipeline capacity in its 2021-22 budget, due to be unveiled on Tuesday.

Hackers Say They're Seeking Cash as Top US Fuel Pipeline Down for 4th Day

A group of cybercriminals allegedly responsible for the ransomware attack that shut the largest fuel pipeline in the United States said on Monday it only wants to make money, not disrupt society, as Washington scrambled to help restore the network.

EXPLAINER: Colonial Pipeline Shutdown Could Raise U.S. Pump Prices

The largest U.S. fuel pipeline system, Colonial Pipeline, shut down on Friday after a cyber attack, prompting worries about a spike in gasoline and diesel prices ahead of the peak summer driving season if the outage does not end soon.

Energy Transfer Expects $2.4 Billion Boost from Winter Storm

Energy Transfer LP expects to gain roughly $2.4 billion from Winter Storm Uri, which knocked out power and halted the distribution of natural gas in Texas to homes and businesses, company executives said.

Enbridge to Keep Great Lakes Pipeline Running, Defy Looming Michigan Shutdown Order

Canada's Enbridge Inc will continue to operate its Line 5 despite an order from the U.S. state of Michigan to shut down the crude oil pipeline next week, Chief Executive Al Monaco said.

TC Energy Posts C$1 Billion Quarterly Loss on Keystone XL Suspension

Canadian pipeline operator TC Energy on Friday swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of its Keystone XL pipeline project.

EQT Announces $2.9 Billion Acquisition of Alta Resources' Upstream, Midstream Subsidiaries

EQT Corporation announced Thursday it entered into a purchase agreement with Alta Resources Development for EQT to acquire all of the membership interests in Alta's upstream and midstream subsidiaries for about $2.925 billion.

Enhancing Safety with Integrated Rupture Disk Assemblies

For decades, rupture disks have served the oil and gas industry as an effective, passive safety mechanism to protect against overpressure or potentially damaging vacuum conditions.

Results Show Billions in Profit from Texas Freeze for Gas and Power Sellers

Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February's U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports.

Brazil's Petrobras Reopens Bidding for Golfinho Oilfields

Brazilian state-run oil company Petrobras has reopened bidding for its Golfinho offshore oilfield cluster following a rise in crude prices over the last several months.

Saudi Aramco Seeks $7.5 Billion Loan for Pipeline Investors

In late 2019, struggling Saudi Aramco (Aramco), the world’s largest oil company, completed the biggest initial public offering of shares to raise $25.6 billion, with additional shares sold, bringing the total raised to a hefty $29.4 billion.

Texas Legislature passes bills to support fossil fuel industries

House Bill 17 protects consumers by prohibiting political subdivisions from discriminating against specific fuel sources like natural gas and coal; this will ensure cities and counties cannot pass California-style ordinances that ban gas hook-ups in new buildings or homes.

Galaxy Pipelines Look to Expand Gas Pipeline Network in Abu Dhabi

Despite climate change, and uncertain futures for both demand and supply, some financial investors have become enthusiastic about gas pipelines.

Total and Papua New Guinea Government Remobilizing, Planning Papua LNG Project

France-based oil company Total and the government of Papa New Guinea announced the remobilization of the Papua LNG project after a year of delay caused by the Covid-19 pandemic.

Australia's Origin Locks in Domestic Gas Supply Tied to Asian LNG Price

Origin has also lined up extra pipeline capacity under a three-year deal with APA Group starting in 2023, which will allow the company to transport large amounts of gas to southern markets where it is needed.

Plains Raises Pipeline Transportation Earnings Forecast as Costs Decline

Plains All American Pipeline LP raised its forecast for 2021 transportation segment earnings, as lower operating costs helped offset a decline in volumes shipped on its pipelines.

EXPLAINER: The Dakota Access Pipeline Faces Possible Closure

A U.S. court could order the Dakota Access Pipeline (DAPL) shut in coming weeks, disrupting deliveries of crude oil, and making nearby rail traffic more congested.

US Federal Land Policy Still Leaves Room for Winning Hands

State energy officials have been laser-focused on the Biden administration’s suspension of new oil and gas leasing on federal lands because it could eventually curtail Bakken production by more than 100,000 bpd.

Oil and Gas Investor EnCap Raises $1.2 Billion Energy Transition Fund

EnCap Investments said on Tuesday it has closed a $1.2 billion fund dedicated to investments in the burgeoning energy transition space, the first time the private-equity firm has raised money specifically for clean energy.

Energinet and Gasunie Studying Feasibility of Hydrogen Pipeline Infrastructure

Energinet and Gasunie published a technical pre-feasibility study for transporting hydrogen via a 350-450 km (217-279 mi) pipeline from Esbjerg or Holstebro in Denmark to Hamburg in Germany.

Australia Backs Three 'Green' Hydrogen Projects with More Than A$100 Million

Australia said it had awarded A$103 million ($80 million) to back three 'green' hydrogen projects, hiking its planned funding by almost 50% as the government seeks to speed up commercial production of the gas using renewable resources.

LNG Cargoes Diverted from India as COVID Crisis Dampens Demand

LNG cargoes are being diverted away from ports in India as surging coronavirus cases there hamper domestic gas demand, trade and shipping sources said on Monday.

Enterprise Products Oil Pipeline Volumes Drop Amid Winter Storms

Enterprise Products Partners LP said volumes across its pipelines dropped by 13% in the first quarter as producers and refiners were hit by winter storms, causing damage to facilities and disrupting shipments.

Winter Storms Hit Phillips 66 Partners' Q1 Pipeline Volumes

The amount of oil and gas shipped on Phillips 66 Partners LP pipelines fell about 6% in the first quarter as winter storms disrupted service and the COVID-19 health crisis continued to hamper fuel demand.