Oil
Global Oil CEOs Stress Continuing Need for Fossil Fuels at World Petroleum Congress
More than 5,000 participants from over 70 countries have gathered to attend the World Petroleum Congress this week, where top executives from energy companies are affirming the need for more oil for decades to come.
Enbridge Raises Dividend, Plans Share Buybacks as Profit Set to Rise
Enbridge Inc. on Tuesday raised its dividend and announced plans to buy back shares, as the Canadian pipeline operator forecast higher core earnings in 2022 on rising demand for oil and gas.
Southern California Oil Spill: Unfortunate Harbinger for Future Industry Distrust
Repercussions from an offshore oil spill along part of the Southern California coast in the fall, even though overestimated fivefold, could be long-lasting and significant for the oil and natural gas industry in climate change-driven California.
Looking Back at the Top 10 Midstream Stories of 2021
While not as volatile as the previous 12 months, 2021 brought its share of anxiety as we in the energy industry – midstream in particular – worked to recover from the fallout caused by the COVID-19 virus. There were also victories along the way.
Energy Transfer Completes Acquisition of Enable Midstream
Energy Transfer now owns and operates more than 114,000 miles of pipelines and related assets in all of the major U.S. producing regions and markets across 41 states.
Canada's Trans Mountain Oil Pipeline Restarted on Sunday
Canada's Trans Mountain pipeline restarted operations on Sunday, weeks after shutting down during a record-breaking rainstorm in British Columbia that washed out road and railways.
Halliburton Says It's Not Buying Exxon Stake in Iraqi Oilfield
Halliburton has not proposed buying Exxon Mobil's stake in Iraq's West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq's Basra Oil Co.
OPEC Oil Output Boost in November Again Falls Short of Target
The increase in OPEC's oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week.
Enbridge May Face Tougher Fight for Oil Barrels, Lower Rates, After Pipeline Ruling
A Canadian regulator's rejection last week of Enbridge's plan to sell space long-term on the country's biggest oil pipeline dealt the company a double whammy that analysts say could hit its bottom line.
Canada's Trans Mountain Still 'Days Away' From Restarting Pipeline
Canada's Trans Mountain said it was "still days away" from restarting the key oil pipeline at a reduced capacity as heavy rains continue to impede restoration efforts.
Waha Pipeline Work to Cut Libyan Oil Output for a Week
Libya's Waha oil company will carry out maintenance operations on a pipeline starting on Wednesday that will reduce crude output for one week
Oil Settles Down $10/bbl in Largest Daily Drop Since April 2020
Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Contractors: Western Canada to Boost Drilling to Pre-Pandemic Levels
Western Canadian oil and gas producers will drill 27% more wells in 2022 than the previous year, returning to pre-pandemic levels as prices rebound and pipeline projects advance, the Canadian Association of Energy Contractors (CAOEC) said.
U.S. Energy Secretary: Companies Making Big Profits Should Increase Oil Supply
U.S. Energy Secretary Jennifer Granholm on Tuesday urged U.S. energy companies to increase oil supply amid "enormous profits," as the Biden administration tries to bring down the price of gasoline.
US to Release Oil from Reserves; OPEC+ Rebuffs Call for More Crude
The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
Canadian Shippers Find Few Easy Alternatives for Grain, Oil Cut Off by Flood
Canadian exporters of commodities from grain to fertilizer and oil scrambled on Wednesday to divert shipments away from Port of Vancouver, which floods have isolated, but they found few easy alternatives.
Perspective: Stemming Methane Leaks from Pipelines, Landfills Could Quickly Slow Climate Change
Methane, which is more potent than carbon dioxide but has a shorter lifespan, reached record levels in the atmosphere last year, at about 2.5 times above those during the pre-industrial era.
Trafigura Warns of Power Outages in Europe This Winter
Europe is at risk of power outages this winter due to insufficient gas reserves and over the long-term, oil could rise above $100 a barrel, the chief executive of commodity trading giant Trafigura said.
Judge Rules Enbridge Line 5 Oil Pipeline Case with Michigan be Heard in Federal Court
A legal battle between Canadian company Enbridge Inc. and Michigan over Enbridge's Line 5 oil pipeline will be heard in federal court, a judge ruled on Tuesday, dismissing Michigan's motion to have the case sent back to state court.
Ironwood Midstream Expanding Footprint in Eagle Ford Region of South Texas
The Ironwood II leadership team assumed management of Nuevo Midstream assets, including about 100 miles of crude oil gathering pipeline in Lavaca, Gonzalez, and Fayette counties.
Scrap UAE Pipeline Deal Over Oil Risks to Red Sea, Israeli Minister Says
Israel's energy minister said on Tuesday a deal with partners from the United Arab Emirates to transport oil from the Gulf to Europe via Israel should be cancelled as it was too much of an environmental risk.
Canada's Trans Mountain Oil Pipeline Shut Down Due to British Columbia Storms
Canada's Trans Mountain oil pipeline has been shut down temporarily because of rainstorms pounding parts of the province of British Columbia, the operating company said in a statement on Monday.
As Energy Prices Soar, Supply Chain Snags Threaten US Oil Output Gains
Firms that convert pipeline compressor stations to run on electric motors instead of natural gas are finding parts in short supply, said energy consultant Spears.
Africa Sets Sights on Hydrocarbon Haul Despite Global Shift
Several African countries plan to exploit their oil and gas reserves to tackle poverty and energy shortages, representatives gathered in Dubai said this week in the face of pressure to end fossil fuel extraction to curb global warming.
Perspective: Moving Away from Fossil Fuels Could Put Canada's Energy Security at Risk
An oil-price drop, coupled with a global economic slowdown, has had adverse effects on other industries, global financial stability and non-oil-producing economies. In other words, no industry or economy is immune to these shocks.
World Energy Use Projected to Grow 50% by 2050
In its International Energy Outlook 2021, the U.S. Energy Information Administration projects that, absent significant changes in policy or technology, global energy consumption will increase nearly 50% over the next 30 years.
Nigeria's Aiteo Reports 'Extremely High Order' Oil Spill from Well
Nigeria's Aiteo Eastern E&P has reported an "extremely high order" oil spill from a jointly-owned well in the Niger Delta and has had to abort immediate efforts to control the leak due to the pressure emanating from the well head.
Oil Prices Rise, With Few US Government Brakes Available
Oil prices have soared to seven-year highs as the global economy has recovered, and driven the U.S. retail gasoline cost to $3.42 a gallon, also the highest in seven years.
Perspective: Would US Oil Reserve Sales Affect Prices Much?
Speculation is growing the Biden administration could order the release of crude from the Strategic Petroleum Reserve to lower oil prices after OPEC+ last week rejected calls to accelerate its output increases.
Uganda Planning Third Oil Licensing Round, Energy Minister Says
Uganda Energy Minister Ruth Nankabirwa Sentamu expects a law regulating an oil export pipeline will soon be finalized by parliament.
- 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
