Oil
Pipeline Projects Seen as Unlikely to Involve Western-Based Companies
(P&GJ) – Inside China, there are numerous large-scale oil and gas pipeline projects that are being built, are currently in the planning stages or have been proposed. Some of these have huge potential significance, and the situation has certainly caught the attention of Western-based companies, which hope to supply equipment, technology or services to one or more of the projects.
Exxon Misses Q1 Profit Estimates Despite Guyana Gains
Exxon Mobil Corp. on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.
Trans Mountain Expansion Requires Six More Leave-to-Open Permits, Says Regulator
The Canada Energy Regulator has six leave-to-open applications left to consider for the 590,000 barrel-per-day Trans Mountain pipeline expansion project, a CER spokesperson said on Friday.
Natural Gas Price Plunge Hits Big Oil Earnings Hard
U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago.
Valero Beats Profit Expectations Amidst Strong Demand and Supply Constraints
Refiner Valero Energy beat first-quarter profit estimates on Thursday, benefiting from sustained demand supplies remained tight due to disruptions in Russia and maintenance work at U.S. refineries.
Hess Profit Soars on Increased Guyana Output, Positive Sign for Exxon
Hess Corp. on Thursday reported first-quarter earnings well above analysts' forecasts, driven by a 28% increase in Guyana oil output, a sign Exxon Mobil's results out Friday could also top forecasts.
Projects April 2024
U.S. regulators approve Mexico Pacific’s Saguaro Connector pipeline; EU approves $4.9 billion German state funds for hydrogen projects; Tallgrass, Bridger begin open season for Pony Express expansion; and more!
Global News April 2024
Latest industry developments from around the world!
Trans Mountain Oil Shippers Raise Concerns About Risk of Delay to Full Service
Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.
U.S. Shale Oil Sector Sees Revival Through Advanced Technology Adoption, Financial Obstacles Remain
Technology advances are making it possible for U.S. shale oil and gas companies to reverse years of productivity declines, but the related requirement to frontload costs by drilling many more wells is deterring some companies from doing so.
Halliburton Beats Profit Estimates, Expects International Strength to Continue
Oilfield services company Halliburton said on Tuesday it expects growth in its international business this year, but North American revenue will likely remain flat due to weak demand for drilling.
A Northern Light: Bullish Talk as Major Projects Now in Home Stretch
(P&GJ) – Kevin Neveu, a seasoned Canadian oil and natural gas senior executive, remains optimistic about the energy markets in the north despite global uncertainties in 2024. His positivity stems from the imminent completion of two major transmission pipeline projects in western Canada – Coastal GasLink gas pipeline and Trans Mountain oil pipeline – expected before year-end.
U.S. Oil and Gas M&A Hits Quarterly Record After Strong 2023
U.S. oil and gas deals hit a record $51 billion in the first quarter, a continuation of last year's fierce merger pace centered in the top U.S. shale field, data provider Enverus said on Tuesday.
Portugal's Galp Estimates 10 Billion Barrels of Oil in Field Offshore Namibia
Portuguese oil company Galp Energia said on Sunday it had concluded the first phase of exploration in the Mopane field off the coast of Namibia and estimated it could have at least 10 billion barrels of oil.
Saudi Aramco in Talks for 10% Stake in China's Hengli Petrochemical
The potential deal "aligns with Aramco's strategy to expand its downstream presence in key high-value markets, advance its liquids-to-chemicals program, and secure long-term crude oil supply agreements," the company said.
Japan Looks at Developing Domestic Pipelines Sector
(P&GJ) – The government of Japan will create conditions for the development of a domestic pipelines sector in years to come. It will take place through the stimulation of building new gas and other pipelines throughout the country.
Deepwater Port Struggles for Customers as Shale Oil Gains Slow
As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia.
Offshore Innovation Seen as Key to Overcoming Obstacles
(P&GJ) – As the offshore oil and gas sector enters the second quarter of the year, Europe will continue to be the biggest market for global offshore pipeline construction and related work.
SLB Profit Rises 14% on Strong International Drilling Demand Amid North American Weakness
Top oilfield services firm SLB reported a 14% rise in first-quarter profit on Friday, in line with analysts' estimates, as higher oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America.
FBI Warns of Chinese Hackers Targeting U.S. Infrastructure, Including 23 Pipeline Operators
Chinese government-linked hackers have burrowed into U.S. critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI Director Christopher Wray said on Thursday.
South Africa’s Transnet Pipelines Lays Out Investment Plan
(P&GJ) – Southern Africa’s largest multi-product pipeline operator, Transnet Pipelines, plans to spend R891 million in 2024 in building its fuel handling capacity, including construction of a delayed import fuel terminal at the port of Durban and new line to supply the country’s biggest airport, OR Tambo.
Biden Restricts Drilling and Mining in Alaska Wilderness, Angering State Leaders
The U.S. took steps to limit both oil and gas drilling and mining in Alaska, angering state officials who said the restrictions will cost jobs and make the U.S. reliant on foreign resources. However, the measures won't affect ConocoPhillips' $8 billion Willow project.
Offshore Developments: Exxon's Guyana Gas Plans, LNG Capacity Boost, and More
(P&GJ) — Explore the latest offshore developments, including Exxon's considerations for Guyana gas production post-2029, increased LNG regasification capacity, Venezuela's licensing plans with Trinidad and Shell, New Fortress Energy's onshore complement to an offshore project, and Sulmara's refit for renewable energy contracts.
Iraq Plans Oil, Gas Contract Bids on April 27
Iraq will hold a bidding round for oil and gas exploration contracts on April 27, the oil ministry said on Thursday.
Ceiling on Venezuela's Oil Output Growth Expected as U.S. Oil License Expires
The expiration of the widest U.S. license so far granted to Venezuela's oil and gas industry will put a ceiling on the South American country's slow crude production growth unless Washington grants enough individual authorizations to compensate, according to analysts and experts.
Shell Urges Investors to Reject Climate Demands by Shareholder Group
Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, that called on the energy company to set tighter climate targets.
U.S. Considers Releasing More SPR Oil to Keep Gas Prices Low, White House Adviser Says
U.S. President Joe Biden will do what he can to ensure affordable gasoline prices, White House senior adviser John Podesta said at an industry conference on Tuesday, when asked about future releases of crude oil from the Strategic Petroleum Reserve (SPR).
Biden Unlikely to Tighten Iran Oil Sanctions Following Israel Attack, Analysts Say
Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.
CNOOC Stockpiles Russian Oil at New Reserve Base in China
State-run China National Offshore Oil Co., one of the country's top importers of Russian oil, has in recent months been pumping shipments of ESPO blend from Russia's Far East into a newly launched reserve base, according to traders and tanker trackers.
Oil Prices Dip as Market Reacts to Iran's Attack on Israel
Oil prices fell at Asia's open on Monday, as market participants dialed back risk premiums following Iran's attack on Israel late on Saturday, which the Israeli government said caused limited damage.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
