Oil

Sentinel Midstream, Exxon Form JV to Connect Oil Terminals in Louisiana

Pipeline operator Sentinel Midstream said on Friday it has formed a joint venture (JV) with Exxon Mobil to provide pipeline connectivity between crude oil terminals in Louisiana.

Global News December 2023

Latest industry developments from around the world!

Drones Used to Improve Safety of Pipelines

(P&GJ) — There’s no way around it — infrastructure inspection is as risky and dangerous as it is vital. For the past few years, companies have begun experimenting with unmanned aerial systems (known as UAS, or drones) to help improve worker safety, among other benefits.

Caspian Pipeline Consortium Resumes Oil Loadings at Black Sea Terminal

The Caspian Pipeline Consortium (CPC), a main export route for Kazakhstan's crude oil, said on Thursday it has resumed oil loadings at its Black Sea terminal which had been suspended due to storms, disrupting exports since last Friday.

Riposte Capital Pushes for Board Overhaul at Energy Producer SilverBow

One of SilverBow Resources Inc.'s largest investors is pushing the U.S. oil and gas producer to revamp its board to address governance concerns and boost its lagging performance, according to a letter reviewed by Reuters on Thursday.

Equinor Sells Stake in Nigerian Oil Field to Chappal Energies

The Norwegian group will sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including a 20.21% stake in the Agbami field, operated by Chevron.

Oil Exporters Seek Alternative Routes as Black Sea Storm Continues to Suspend Loadings

Russian and Kazakh producers are seeking to redirect oil flows to other destinations, in particular to Russia's Baltic ports, but such opportunities are limited due to high demand.

Canadian Pipeline Operator Enbridge Bets on Higher 2024 Demand With Increased Earnings Forecast

The upbeat forecast from Enbridge, which operates the Mainline oil pipeline system that ships the bulk of Canada's crude exports to the U.S., follows peer TC Energy estimating higher adjusted core earnings for 2024 on Tuesday.

US Coast Guard: 3% of Daily Gulf of Mexico Output Remains Shut In After Oil Spill

The Coast Guard had not yet identified the source of the leak after surveying around 40 miles of the 67-mile-long underwater pipeline, as remote-controlled devices and divers scanned the rest along with other surrounding pipelines.

Canadian Pipeline Operator TC Energy Forecasts Higher 2024 Earnings Despite Competition

TC's Keystone oil pipeline, which moves crude from Alberta to U.S. Midwest refineries and the Cushing, Oklahoma storage hub, faces stiffer competition starting in the first quarter when the Canadian government-owned Trans Mountain pipeline is scheduled to complete an expansion.

Kenya to Begin Privatization Drive with Oil Pipeline Stake Offering

The pipeline firm, which is profitable, has a monopoly on the transport of gas and white oil products, the ministry said in a notice,

Oil Prices Fall Ahead of OPEC Meeting, Brent Dips Below $80

Oil / News

Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. Both contracts lost $1 in early trading.

Russian Black Sea Oil Exports Delayed Due to Heavy Storms

Russia's oil and oil product exports from the Novorossiysk Black Sea terminal are being restricted as bad weather has caused significant delays to loadings, two sources familiar with the port's operations said on Monday.

Greek Shippers Exit Russian Oil Trade as U.S. Tightens Price Cap Scrutiny

Three major Greek shipping firms have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions now being imposed on some shipping firms carrying Russian oil, four traders told Reuters and shipping data showed.

UAE Set to Ramp Up Murban Crude Exports in Early 2024

The United Arab Emirates will ramp up exports of Abu Dhabi's flagship Murban crude early in 2024 as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.

Trans Mountain Faces Regulatory Hearing on Pipeline Variance Request

The Canada Energy Regulator (CER) has ordered the company building the Trans Mountain oil pipeline expansion (TMX) to appear at an oral hearing on Monday, as the regulator weighs whether to approve a variance request from the project.

Court of Appeals Affirms Dismissal of Lawsuit by Dakota Access Pipeline Protesters

A recent ruling by a three-judge panel from the 8th U.S. Circuit Court of Appeals has upheld the decision made by a federal judge in 2021 to dismiss a legal action brought forth by demonstrators opposing the Dakota Access Pipeline.

Canadian Oil, Gas Producers Plan to Drill 8% More Wells in 2024, Riding Pipeline Expansion Wave

Canadian oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines, with the Trans Mountain oil pipeline expansion due to open, an industry group said in an annual forecast on Friday.

Brent Climbs Ahead of OPEC+ Oil Production Decision

Brent crude futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts.

Motiva Postpones Port Arthur CDU Overhaul to January; Smaller Unit Reopens This Week

Motiva Enterprises moved the start of a planned overhaul on the large crude distillation unit (CDU) and coker to January from March at its 626,000-barrel-per-day (bpd) Port Arthur, Texas, refinery, the nation’s largest, people familiar with plant operations said on Wednesday.

Eni to Invest $10 Billion in Ivory Coast's Baleine Field for Oil and Gas Development

The Baleine field, where certified reserves are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, was discovered in 2021 by the Italian energy group off the east coast of the West African country.

Venezuela Producing 850,000 bpd of Oil, Hopes to Recover Market Share in U.S.

Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country's deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation.

Geopolitical Realities Dim the Prospects for an Oil Embargo on Israel Amidst Middle East Tensions

The conflict has led many analysts, oil market watchers and politicians to draw parallels with the 1973 OPEC embargo, when Arab oil producers cut off oil exports to several allies of Israel, including the United States and Britain, following the Israeli-Arab war that year.

Gulf of Mexico Oil Spill Affects Seven Producers, Investigation Underway

U.S. officials said on Tuesday seven energy companies have been impacted by an oil discharge near Main Pass Oil Gathering Co.'s (MPOG) pipeline system in the Gulf of Mexico that is estimated to have released more than a million gallons of crude oil.

US Coast Guard Investigates Source of 1.1 Million Gallons Oil Leak in Gulf of Mexico from Underwater Pipeline

The U.S. Coast Guard on Monday said it was still looking for the source of a leak from an underwater pipeline off the Louisiana coast in the Gulf of Mexico that it estimated had released more than a million gallons of crude oil.

EACOP Unveils 897-Mile Heated Oil Pipeline with Advanced Environmental Safety Technology

Due to pump its first crude oil in 2025, the EACOP integrates a sophisticated fiber-optic network for continuous online connectivity, ensuring real-time monitoring via satellite along its entire length.

Tankers Newly Sanctioned by US Supplied Russian Oil to India

Three oil tankers, newly sanctioned by Washington, regularly shipped Sokol crude from Russia's Far East to Indian Oil Corp., the country's top refiner, in recent months, according to ship tracking data from LSEG, Kpler and trade sources.

Texas Men Convicted in Attempted Sale of Iranian Petroleum, Face 45 Years in Prison

A U.S. jury has convicted two Texas men of trying to sell Iranian petroleum in violation of sanctions imposed by Washington and of conspiracy to commit money laundering, the Justice Department said on Friday.

ConocoPhillips' $8 Billion Willow Project Approvals Upheld by US Judge

A federal judge in Alaska upheld U.S. approvals for ConocoPhillips’ multibillion-dollar Willow oil and gas drilling project in the state’s Arctic on Nov. 9, rejecting environmental and indigenous groups' concerns that the project poses too large of a climate threat.

Iraq-Turkey Pipeline Restart Talks Exclude Industry Representation, APIKUR Says

APIKUR, which represents international companies involved in upstream oil or gas contracts in Iraq's Kurdistan region, have not been contacted by Iraqi or Kurdish officials for a deal to allow the resumption of oil flows from the Iraq-Turkey pipeline.