Oil
Saudi Aramco Extends $10 Billion Loan on Improved Terms, Sources Say
Aramco has borrowed tens of billions of dollars in the past few years to keep up with Saudi Arabia's financing needs in an era of lower oil prices, in addition to a public sale of a minority stake in the company and the recent leasing of some of its pipeline assets for $12.4 billion.
Federal Court Closes Dakota Access Pipeline Case, But Allows for Fresh Challenges
A U.S. district court closed a long-running case against the Dakota Access oil pipeline but allowed for Native American tribes and other opponents of the line to file additional actions against it, court documents showed.
PipeChina Aims for Peak Carbon Emissions Before 2030
China Oil and Gas Pipeline Network, or PipeChina, aims to bring its carbon emission and energy consumption to a peak before 2030, a company manager said.
Canada Grimaces Amid Hail of U.S. Trade Blows
Signs of trouble emerged early. Within hours of taking power, Biden revoked the permit needed to build the Keystone XL oil pipeline, killing an $8 billion project that would have brought Canadian crude to U.S. markets.
Magellan, Enterprise Working with Intercontinental Exchange for Houston Crude Oil Futures Contract
Magellan Midstream Partners, Enterprise Products Partners and Intercontinental Exchange announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area.
Congo Says Israeli Investor Gertler's Oil Permits No Longer Valid
Democratic Republic of Congo said exploration permits from companies controlled by Israeli investor Dan Gertler for two huge oil concessions near the eastern border with Uganda were no longer valid, but the companies said they still held the rights.
EIG-Led Consortium Closes $12.4 Billion Aramco Pipelines Deal
U.S.-based EIG Global Energy Partners said on Friday a consortium it led has closed a deal to buy 49% of Saudi oil producer Aramco's pipelines business for $12.4 billion.
Pony Express Pipeline Announces Open Season for Transportation
Tallgrass Pony Express Pipeline announced a binding open season soliciting shipper commitments for crude oil transportation utilizing expansion capacity from Pony Express’ Guernsey origin to Sterling, Colo.
Federal Judge Orders Biden Admin to Lift Oil Lease Ban
A federal judge in Louisiana ordered an end to the pause after Louisiana and 12 other states that support drilling on federal lands sued, arguing the suspension was against the law and would cause economic damage and kill jobs.
Brace for Huge Oil Volatility, U.S. Trading Group Says
Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favor of renewables, U.S.-based Castleton Commodities International said.
Key Win for Enbridge Oil Pipeline as Minnesota Court Affirms Regulator Approval
The Minnesota Court of Appeals on Monday affirmed a state regulator's decision that there is sufficient need for Enbridge Inc to replace its Line 3 pipeline, handing the Canadian company a crucial victory in its lengthy battle with environmental opponents.
Shell Weighs Blockbuster Sale of Texas Shale Assets
Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions.
National Poll Finds Strong Support for Oil and Gas Pipelines
By a margin of more than 3-to-1, Americans believe pipelines are the best option to transport oil and gas compared to the alternatives of truck and train, both of which present additional risk and produce higher levels of carbon emissions.
Oil on Track for Two-Year High in Volatile Trade
Oil prices edged up to their highest in over two years in volatile trade on Thursday, on optimism for strong economic demand after new U.S. unemployment claims fell to their lowest since the country's first wave of COVID-19 last year.
TC Energy Terminates Keystone XL Pipeline Project
Energy infrastructure company TC Energy said on Wednesday it had terminated the $9 billion Keystone XL pipeline project, months after U.S. President Joe Biden revoked a key permit in a blow to Canada's oil sector.
Oil Falls on Weak Summer Kickoff for U.S. Fuel Demand
The poor weather up and down the U.S. East Coast may have reduced consumption, following a period of gasoline hoarding that artificially boosted demand during the Colonial Pipeline outage last month from a ransomware attack.
Transneft Halting Oil Supplies to Poland Due to Pipeline Maintenance
Russian oil pipeline monopoly Transneft said on Wednesday it will halt oil shipments to Poland via the Druzhba pipeline for four days to carry out maintenance work, the Interfax news agency reported.
Libya Oil Pipeline Leaks Hitting Output, NOC Chief Says
The head of Libya's National Oil Corp (NOC) reiterated on Wednesday the need for funds for much needed repairs in the oil industry after corroded pipelines recently hit production.
Abu Dhabi's Mubadala Joins EIG-Led Consortium Buying Aramco Pipeline Stake
Abu Dhabi state investor Mubadala said on Tuesday it has joined a consortium led by U.S.-based EIG Global Energy Partners that had agreed to buy a 49% equity stake in Aramco Oil Pipelines Co.
Protesters Clash with Police at Enbridge Pipeline Construction Site in Minnesota
Environmental protesters clashed with police after occupying a pump station as they rallied against Enbridge Inc's Line 3 pipeline in Minnesota, while Enbridge said it had evacuated 44 workers from its site.
Pew Research Poll Shows Majority of U.S. Opposes Phasing Out Fossil Fuels
The Pew Research Center released a new poll which found that nearly two-thirds of the U.S. public opposes phasing out fossil fuels as a means of addressing climate change.
Ecuador's Lasso Names Former State Oil Executive as Energy Minister
Bermeo oversaw Petroamazonas' restoration of crude output following the bursting of two pipelines in April of 2020. The company, which focused on crude production, later merged with Petroecuador, which had focused on oil transport and refining.
U.S. Crude Stocks Fall, Fuel Stocks Rise After Colonial Pipeline Restoration
U.S. crude stocks fell more than expected last week, while fuel stocks rose in a pre-holiday rebound from drawdowns that occurred during the Colonial Pipeline outage, the Energy Information Administration said on Thursday.
Colombia Oil Industry Ready for New Jobo-Transmetano Gas Pipeline
Since the beginning of the pandemic, apart from the three critical months of March, April and May 2020, the Colombian oil industry best knew how to face this difficult situation in Latin America. The $400 million Jobo-Transmetano, expected to go into service in December 2024, is the biggest evidence of this.
Savannah Energy in Talks to Buy Exxon's Chad, Cameroon Stakes
Africa-focused Savannah Energy and Exxon Mobil Corp are in exclusive talks over the sale of Exxon's interest in energy assets in Chad and Cameroon. The British oil and gas producer is proposing to buy a 40% operated interest in the Doba oil project in Chad, and a 40% interest in the Chad-Cameroon oil transportation pipeline.
Canada's Inter Pipeline Seals $7 Billion Sector Sale to Pembina After Blocking Brookfield
Pembina Pipeline Corp said on Tuesday it would buy rival Inter Pipeline Ltd in an all-stock C$8.3 billion ($6.90 billion) deal to create one of Canada's top oil and gas transportation companies.
Environmentalists Condemn Biden's Backing of Alaska Oil Drilling Project
Climate activists had previously said they were encouraged that upon taking office in January, President Joe Biden signed an order to rejoin the Paris Accord and revoked federal permits for the Keystone XL oil pipeline.
U.S. Drivers to Get Hit by Soaring Pump Prices Over Memorial Day Holiday
U.S. motorists will see the highest gasoline prices in seven years when they hit the roads this Memorial Day weekend, the traditional start of the summer driving season, as fuel demand surges alongside coronavirus vaccination rates.
Ecopetrol Operations Impacted by Colombia’s Protests
Colombia’s Ecopetrol has accumulated high levels of inventories in wholesale plants and the pipelines network due to protests that “have resulted in blockades of the country's main roads and isolated incidents against certain of the Ecopetrol Group's infrastructure."
Cabot Oil & Gas, Cimarex to Create $17 Billion Firm in 'Surprise' Merger
Cabot Oil & Gas Corp and Cimarex Energy Co agreed a merger on Monday to form a U.S.-wide oil and gas firm with an enterprise value of some $17 billion, a deal analysts termed surprising in a sector recently focused on "pure-play" models.
- 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
