Oil
Sources: Endeavor Energy Explores Sale for as Much as $30 Billion
Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.
U.S. Looks to Buy Additional 3 Million Barrels of Oil for Strategic Petroleum Reserve
The U.S. Department of Energy on Friday said it wants to buy up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile.
Trans Mountain Pipeline Expansion Stalled as Canada Regulator Rejects Variance Request
The Canada Energy Regulator (CER) on Tuesday denied a request from the Trans Mountain Expansion (TMX) project for a variance on a section of oil pipeline under construction in British Columbia, a decision that could delay the 590,000 barrel-per-day (bpd) expansion.
U.S. Coast Guard Finds Sheen Near Oil Spill in Gulf of Mexico
The U.S. Coast Guard said on Wednesday it found a light sheen west of an area in the Gulf of Mexico where it was leading the clean-up of a million-gallon (liters) oil spill for nearly three weeks but could not confirm if the sheen was from that spill.
NGL Energy Partners Launches Open Season for 550-Mile Grand Mesa Crude Pipeline
(P&GJ) — Grand Mesa provides takeaway capacity for crude oil producers in the Denver-Julesburg Basin. It originates in Weld County, Colorado, and extends approximately 550 miles southeast to NGL Crude Cushing’s storage terminal at Cushing, Oklahoma.
Shell Shortlists CNOOC and Vitol for Singapore Assets Sale
Shell has shortlisted at least four companies including state-run China National Offshore Oil Corp. (CNOOC) and top global energy trader Vitol as bidders for its Singapore refinery assets, sources with knowledge of the matter said.
FTC Issues Second Information Request on Exxon's $60 Billion Takeover of Pioneer
The U.S. Federal Trade Commission has sent shale oil producer Pioneer Natural Resources and Exxon Mobil a second request for more information on their $60 billion takeover deal, Pioneer said on Tuesday.
Republican States Challenge EPA's Pipeline Veto Power Expansion in Federal Lawsuit
A group of 11 Republican-led states and energy industry groups have challenged a U.S. Environmental Protection Agency rule that bolsters state and tribal veto power over pipelines and other major infrastructure projects that might pollute rivers and streams.
Venezuela's Oil Exports Remain Almost Unchanged, Middlemen Seek Deals
Venezuela's oil exports remained almost unchanged in November at 651,000 barrels per day (bpd) even as an easing of U.S. sanctions is now allowing sales to trading houses, according to shipping and tanker tracking data.
Trans Mountain Pipeline Expansion Faces Further Delays, Posing Financial Challenges for Canadian Oil Producers
Canadian oil producers are bracing for further potential delays to the Trans Mountain pipeline expansion (TMX) that could cost them millions of dollars in lost revenues in coming months after they ramped up production ready to fill the expanded line, meant to unlock access to Asia.
Record U.S. Oil Output Challenges Saudi Mastery
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC+ partners as they cut their own production to boost prices.
U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleum Reserve
The U.S. Energy Department said on Thursday it has finalized contracts to purchase 2.73 million barrels of oil for the Strategic Petroleum Reserve (SPR).
Petroecuador Exceeds 400,000 bpd Crude Oil Output; Addresses Oil Spill in Shushufindi River
Ecuador's state oil company Petroecuador said Sunday that crude oil output surpassed 400,000 barrels per day (bpd) for the first time since January 2021.
Revenues of Russia's Top Oil and Gas Producers Fall 41% in First 9 Months of 2023
The revenues of Russia's largest oil and natural gas producers dropped by 41% in the first nine months of the year, the central bank said in its financial stability review, as export volumes and prices declined.
U.S. Speeds Up Return of Oil to Strategic Petroleum Reserve
The U.S. Department of Energy has sped up the return of 4 million barrels of oil to the Strategic Petroleum Reserve from a previous exchange of crude to energy companies as it seeks to replenish the stockpile after a record drawdown last year.
Michigan Regulators Approve Enbridge Great Lakes Tunnel for Oil Pipeline
Michigan regulators on Friday approved Canadian pipeline company Enbridge's application to build a tunnel under the Great Lakes to house its aging Line 5 oil pipeline, a major step forward for the $750 million project.
Mountain Valley Pipeline Owner Equitrans Considering Asset Sale
While there is no certainty that the company would decide to proceed with the sale, it would likely attract interest if it were to launch a sale process in early 2024, coinciding with the expected completion of the Mountain Valley pipeline.
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
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.
- 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
