Oil

OPEC+ Committee Trims 2022 Oil Surplus Forecast

The OPEC+ Joint Technical Committee revised its projected oil 2022 surplus to 1.3 MMbpd this year, slightly less than its previous forecast of 1.4 MMbpd, but left its demand forecast unchanged.

Shell Re-Routes Oil Supplies after Cyberattack on German Firm

Shell said on Tuesday it was re-routing oil supplies to other depots following a cyberattack on two subsidiaries of German logistics firm Marquard & Bahls that disrupted IT systems and supply chain.

US Unveils $1.15 Billion for Abandoned Oil and Gas Well Cleanup

The Biden administration said it would make $1.15 billion available to states to clean up abandoned oil and gas wells as part of a broad effort to reduce U.S. climate warming emissions.

Ecuador Oil Spill Affected Protected Area in Amazon, Government Says

A burst pipeline in Ecuador caused an oil spill within a protected area of the country's Amazon rainforest, the environment ministry said, adding that the pipeline operator will face legal consequences.

Pipe Burst Leads Ecuador Pipeline Operator to Suspend Pumping Crude

OCP Ecuador, the operator of Ecuador's privately held heavy crude pipeline, suspended pumping crude as a preventative measure after it ruptured in the Amazon.

Thai Oil Spill Cleanup to Take 5 More Days, Navy Says

An oil spill caused by a leak from an undersea pipeline 20 km (12.4 miles) off Thailand's eastern coast will take at least five more days to clear, its navy said on Thursday.

Peru Reports Small New Oil Leak During Clean-Up of Prior Spill

Spain's Repsol SA, which was removing remnant crude oil from a pipeline 18 meters (59 feet) under the surface of the sea, said the escaped oil was an expected part of the process and contained.

Kinder Morgan Profit Tops Expectations on Higher Gasoline, Jet Fuel Volumes

Kinder Morgan beat Wall Street expectations for fourth-quarter profit, as the U.S. pipeline operator transported higher volumes of gasoline and jet fuel with demand rising.

Oil Hits 2014 Highs as Turkey Outage Adds to Supply Concerns

Oil prices rose for a fourth day on Wednesday after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short term supply outlook.

Added Transnational Oil Pipeline Capacity Could Reduce Oil by Rail

The Enbridge Line 3 replacement pipeline, which delivers crude oil from Edmonton, Alberta, Canada, to Superior, Wisconsin, became fully operational on Oct. 1, increasing the pipeline’s capacity to 760,000 bpd.

Crude Oil Demand Returns Faster Than Supply

The price of U.S. benchmark West Texas Intermediate crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020.

Oil Flow Resumes in Kirkuk-Ceyhan Pipeline After Blast in Turkey

The flow of crude oil through the Kirkuk-Ceyhan pipeline has resumed, after it was halted on Tuesday due to a blast near the pipeline in the southeastern Turkish province of Kahramanmaras.

Mega-Field of Zama Draws Big Investment in Mexico

Although Pemex has yet to present a development plan for the Zama oil field, exploration company Talos Energy recently said its value, regardless of operator and equity splits, will be in “multiples of invested capital to date.”

Saudi-Polish Deal Dents Russian Oil Dominance in Baltic

Saudi Arabia’s planned purchase of Polish refining assets is set to put OPEC's top producer in charge of two thirds of Poland's oil supply, eroding previously dominant supplier Russia's leverage.

Canada's Trans Mountain Oil Pipeline Returns to Normal Operating Pressure

Canada's Trans Mountain pipeline returned to normal operating pressure on Saturday, it said in a statement, after functioning at reduced pressure for over a month.

Kazakh Ex-Leader's In-Laws Leave Key Energy Sector Jobs

Two members of former Kazakh president Nursultan Nazarbayev's extended family have resigned from the leadership of state oil and gas shipping companies.

Indian Oil to Invest $944 Million on Gas Sales Network in Nine New Areas

Indian Oil Corp, the country's top refiner and fuel retailer, aims to invest 70 billion rupees ($944.02 million) to build gas sales network infrastructure, including pipelines.

Aramco Oil Pipelines Investors Miss Funding Goal With $2.5 Billion Bond Sale

A group of institutional investors that took a stake in Saudi Aramco's oil pipelines network sold $2.5 billion in dual-tranche amortizing bonds, significantly below the amount sought.

Norway Oil and Gas Output to Rise 9% by 2024, Regulator Says

Norway is set to boost its petroleum output by more than 9% by 2024 buoyed by a jump in investment in the country's biggest export sector.

Illinois Court Vacates Approval of Dakota Access Pipeline Capacity Expansion

An Illinois appellate court vacated approval from the Illinois Commerce Commission to allow expanding the Dakota Access pipeline capacity up to 1.1 million barrels per day.

Worrying About Moving More Swiftly than Usual

In January 2020, Russia’s government approved a number of acts concerned with rendering new economic benefits and subsidies to businesses or investors willing to engage in projects in the country’s High North.

Russia Making Moves Affecting the Arctic’s Hydrocarbon Future

This is Part 2 of PGJ's article on Russia’s moves under its Strategic Development Act. The strategy gives particular significance to Murmansk Oblast, emphasizing a broad range of complex and multifaceted transformative measures targeting this province.

Oil Slips, But Gains 5% in the Week on Kazakh, Libyan Concerns

Production in Libya has dropped to 729,000 barrels per day from a high of 1.3 million bpd last year, partly due to pipeline maintenance work.

Extreme Cold Grips Much of Western Canada, Hits Restart of Key Pipeline

Icy weather across western Canada has hampered efforts to restart a key oil pipeline and will persist at least until Friday before temperatures rise, weather forecasters said on Thursday.

Caspian Pipeline Consortium Says it is Operating Normally

The Caspian Pipeline Consortium, a group which runs Kazakhstan's crude oil blend to export terminals, continues to operate normally amid the state of emergency.

TC Energy's 590,000-bpd Keystone Pipeline Resumes Operations

TC Energy's 590,000-barrels-per-day Keystone oil pipeline resumed operations after it was shut the previous evening for unplanned maintenance.

Venezuela Halts a Free-Fall in its Oil Exports as Output Recovers

Venezuela last year halted the steep drop in oil exports that had crimped state oil firm PDVSA's ability to pay suppliers and sustain output.

Iran Leads Midstream Project Starts in the Middle East by 2025, GlobalData Projects

Iran is likely to set to start operations at 27 midstream oil and gas projects between 2021 and 2025, accounting for 22% of upcoming midstream projects in the Middle East.

Oil Rises Above $78 on Optimism About 2022 Outlook

Oil gained some support from an outage in Libya. Oil output will be cut by 200,000 barrels per day for a week due to pipeline maintenance.

Ecuador State-Owned Oil Pipeline Restarts Pumping Operations

Ecuador's state-owned SOTE oil pipeline has restarted pumping after works to address erosion in the country's Amazon region were completed.