Oil
Nigeria Launches New Utapate Crude, Targets Doubling Output by 2025
Nigeria is seeking term customers for its new crude oil grade Utapate and is aiming to double output by the end of 2025 from 40,000 barrels per day, state-owned NNPC and venture partner Natural Oilfield Services said at the grade's official launch.
BP Delays Whiting Refinery Restart, Fuel Prices Rise in Chicago Market
BP has delayed the restart of a crude distillation unit and a coker at its 435,000 barrel-per-day Whiting, Indiana, refinery from maintenance, boosting fuel prices in the Chicago market, industry sources said on Tuesday.
CPC Blend Oil Exports via Black Sea Set for Slight Increase in December
Black Sea CPC Blend oil exports via the Caspian Pipeline Consortium (CPC) pipeline system are set to inch up to 1.43 million bbl/d in December from 1.42 million bbl/d in a November plan, two sources familiar with the matter told Reuters.
Enbridge Line 5 Project Advances with DNR Permits in Wisconsin
Enbridge's Line 5 relocation project in Wisconsin moves forward with key permits from the DNR, including approvals for wetland and waterway impacts. The 41-mile pipeline reroute aims to address environmental concerns while meeting state and federal standards.
Venture Global LNG’s Louisiana Plant Runs $2.35 Billion Over Budget, Documents Disclose
Venture Global LNG's second liquefied natural gas export facility in Louisiana is $2.35 billion over budget, according to IPO documents. The company attributes the cost increase to inflation and construction challenges but remains confident in covering future overages.
Sinopec, Aramco Begin Construction on $10 Billion Refinery-Petrochemical Plant in China
Sinopec and Saudi Aramco have begun constructing a $10 billion refinery and petrochemical complex in Fujian, China. The project, set to become operational by 2030, highlights growing cooperation between the two energy giants and will significantly boost petrochemical production in the region.
Trump Taps Oil CEO Chris Wright as Energy Secretary
President-elect Donald Trump said on Saturday that oil and gas industry executive Chris Wright, a staunch defender of fossil fuel use, would be his pick to lead the Department of Energy.
California Ends Spill Response at Chevron's Richmond Wharf, Investigation Ongoing
California officials have ended the spill response at Chevron's Richmond Wharf, but an investigation into the incident's cause is still ongoing. Authorities report no wildlife impacts have been observed so far.
Rubio as Trump’s Secretary of State Could Signal Stricter Oil Sanctions on Iran, Venezuela
President-elect Donald Trump's pick of U.S. Senator Marco Rubio for secretary of state could signal stricter enforcement of oil sanctions on Iran and Venezuela, but concerns about retaliation by China could temper any efforts, analysts said on Wednesday.
Ovintiv Expands in Montney with $2.38 Billion Acquisition of Paramount Resources Assets
Ovintiv Inc. announced a $2.38 billion acquisition of oil-rich assets in Canada’s Montney shale, aiming to nearly double its production in the region. The deal, financed by divesting its Uinta Basin assets, aligns with Ovintiv’s strategy to strengthen its North American presence and boost cash flow by $300 million in 2025.
Top U.S. Refiners Return $5.2 Billion to Shareholders in Q3 Despite Slump in Profits
Top U.S. refiners returned $5.2 billion to shareholders in the third quarter through stock buybacks and dividends, maintaining strong payouts even as profits declined. Despite weaker fuel demand and narrowing refining margins, companies like Marathon, Valero, and Phillips 66 upheld their commitment to shareholder returns.
U.S. Energy Sector Gathers Policy Wish List for New Trump Administration
The U.S. energy industry outlines key priorities, urging the incoming Trump administration to ease regulations, expand federal land access, and streamline pipeline permitting to meet rising global energy demands.
Oil Demand Set to Decline to 80-100 Million bbl/d by 2035, Says BP Economist
BP's chief U.S. economist projects that global oil demand could fall to between 80-100 million barrels per day by 2035 in a net-zero scenario, driven by renewables and efficiency gains. While demand declines, BP emphasizes the need for continued investment in fossil fuels to manage a stable energy transition.
Cheniere Energy Advocates for U.S. to Stay in Paris Climate Agreement
Top U.S. LNG exporter Cheniere Energy on Tuesday came out in favor of the United States remaining in the Paris climate agreement and complying with methane emissions restrictions, cautioning the incoming Trump administration against reversals.
Spain's Exolum Tests Using Oil Infrastructure for Green Hydrogen in Britain
Exolum has launched a pilot project in Britain to explore using oil infrastructure for transporting and storing green hydrogen. The project, supported by the British government, uses liquid organic hydrogen carriers (LOHC) to address key challenges in the hydrogen economy, aiming to reduce costs and speed up deployment.
Plains All American Agrees to Pay $73 Million to Settle California Oil Spill Lawsuit
The spill occurred after a pipeline, which ran across California's coastline, ruptured and spilled an estimated 126,000 gallons of oil into the ocean and on the beaches.
Analysts: U.S. Needs Canada’s Oil, Making Tariffs Unlikely
Canada’s oil industry argues that U.S. dependence on Canadian crude, critical for American refineries, should deter tariffs under President Trump, citing potential impacts on fuel prices and refinery costs.
China to Receive Reduced Saudi Oil Supply in December as Demand Slows
Saudi Arabia's crude oil exports to China are projected to decline to 36.5 million barrels in December, down from 46 million barrels in October, amid reduced demand from the world’s largest oil importer.
Biden Administration Makes Final Oil Purchase for Strategic Reserve as Funding Ends
The Biden administration announced its last oil purchase for the Strategic Petroleum Reserve after record sales in 2022, as Department of Energy funding for the reserve has been fully tapped.
Kenya, Uganda Reviving Oil Products Pipeline Effort
Kenya and Uganda have begun negotiations on the possible revival of the stalled refined oil pipeline extension project from Eldoret in western Kenya to Uganda’s capital Kampala, where a new dedicated terminal receipt facility is be constructed.
22% of Gulf of Mexico Oil Production Shut Down by Hurricane Rafael
Over 22% of crude oil production and 9% of natural gas output in the U.S. Gulf of Mexico were shut down due to Hurricane Rafael, according to the U.S. Bureau of Safety and Environmental Enforcement. The shutdown includes 391,214 barrels of oil and nearly 181 million cubic feet of natural gas daily.
Williams Companies Exceeds Q3 Profit Estimates on Higher Revenue, Boost from Transco Pipeline
Williams Companies surpassed third-quarter profit forecasts with strong service revenue and increased natural gas flows, especially from its Transco pipeline. The company raised its annual profit outlook, citing demand from data center growth and industrial re-shoring projects.
Trump’s Return May Shift U.S. Energy Focus, but Clean-Energy Boom Remains Strong
Donald Trump's return to the White House would likely redirect U.S. energy policy towards oil and gas, but experts believe the nation's clean-energy boom will maintain momentum due to existing subsidies and market dynamics.
Texas Reelects Craddick to Lead Oil Regulatory Body, Signaling Continued Industry Growth
Texas voters have re-elected Christi Craddick as chair of the Texas Railroad Commission, reinforcing her conservative stance on energy regulation and signaling further growth for the state’s oil industry, including the Permian Basin.
Port Freeport Remains Open Amid Rough Seas; Inbound Boarding Temporarily Suspended by Brazos Pilots
Port Freeport in Texas has closed to inbound vessel traffic due to offshore conditions as Tropical Storm Rafael approaches, with the storm expected to reach near-hurricane strength by Tuesday night.
Texas GulfLink Project Gets EPA Backing for Crude Export Hub off Texas Coast
The U.S. Environmental Protection Agency (EPA) has given its nod to the Texas GulfLink (TGL) Deepwater Port Project, a venture proposed by Texas GulfLink Holdings, a subsidiary of Sentinel Midstream LLC, intended to facilitate crude oil exports from the U.S. coast.
Oil Trades in Tight Range Ahead of U.S. Election Result
Oil prices traded in a narrow range as the U.S. presidential election approached, with additional support from OPEC+ delaying a planned production increase to address weak demand. Analysts say the election's outcome could significantly affect oil market policies and international trade.
Argentina's New Pipeline to Boost Domestic Gas Supply, Eye Export
Argentina launched the Northern Natural Gas Pipeline to enhance domestic supply from the Vaca Muerta shale field, aiming to end reliance on Bolivian imports and potentially enable exports to nearby countries.
U.S. Crude Oil Pipeline Squeeze Boosts Prices at Gulf Coast Export Hub
U.S. crude oil prices at the Gulf Coast export hub have surged due to limited pipeline capacity from the Permian basin. A growing demand for light sweet crude, alongside record production, has widened the price gap between West Texas and Houston.
Hungary Prioritizes Druzhba Pipeline for Crude Imports Despite EU Pressure
In contrast to many other European Union countries, Hungary seeks to maintain close political and business ties to Russia, including reliance on Russian energy.
- 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
