Oil

Motiva Postpones Port Arthur CDU Overhaul to January; Smaller Unit Reopens This Week

Motiva Enterprises moved the start of a planned overhaul on the large crude distillation unit (CDU) and coker to January from March at its 626,000-barrel-per-day (bpd) Port Arthur, Texas, refinery, the nation’s largest, people familiar with plant operations said on Wednesday.

Eni to Invest $10 Billion in Ivory Coast's Baleine Field for Oil and Gas Development

The Baleine field, where certified reserves are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, was discovered in 2021 by the Italian energy group off the east coast of the West African country.

Venezuela Producing 850,000 bpd of Oil, Hopes to Recover Market Share in U.S.

Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country's deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation.

Geopolitical Realities Dim the Prospects for an Oil Embargo on Israel Amidst Middle East Tensions

The conflict has led many analysts, oil market watchers and politicians to draw parallels with the 1973 OPEC embargo, when Arab oil producers cut off oil exports to several allies of Israel, including the United States and Britain, following the Israeli-Arab war that year.

Gulf of Mexico Oil Spill Affects Seven Producers, Investigation Underway

U.S. officials said on Tuesday seven energy companies have been impacted by an oil discharge near Main Pass Oil Gathering Co.'s (MPOG) pipeline system in the Gulf of Mexico that is estimated to have released more than a million gallons of crude oil.

US Coast Guard Investigates Source of 1.1 Million Gallons Oil Leak in Gulf of Mexico from Underwater Pipeline

The U.S. Coast Guard on Monday said it was still looking for the source of a leak from an underwater pipeline off the Louisiana coast in the Gulf of Mexico that it estimated had released more than a million gallons of crude oil.

EACOP Unveils 897-Mile Heated Oil Pipeline with Advanced Environmental Safety Technology

Due to pump its first crude oil in 2025, the EACOP integrates a sophisticated fiber-optic network for continuous online connectivity, ensuring real-time monitoring via satellite along its entire length.

Tankers Newly Sanctioned by US Supplied Russian Oil to India

Three oil tankers, newly sanctioned by Washington, regularly shipped Sokol crude from Russia's Far East to Indian Oil Corp., the country's top refiner, in recent months, according to ship tracking data from LSEG, Kpler and trade sources.

Texas Men Convicted in Attempted Sale of Iranian Petroleum, Face 45 Years in Prison

A U.S. jury has convicted two Texas men of trying to sell Iranian petroleum in violation of sanctions imposed by Washington and of conspiracy to commit money laundering, the Justice Department said on Friday.

ConocoPhillips' $8 Billion Willow Project Approvals Upheld by US Judge

A federal judge in Alaska upheld U.S. approvals for ConocoPhillips’ multibillion-dollar Willow oil and gas drilling project in the state’s Arctic on Nov. 9, rejecting environmental and indigenous groups' concerns that the project poses too large of a climate threat.

Iraq-Turkey Pipeline Restart Talks Exclude Industry Representation, APIKUR Says

APIKUR, which represents international companies involved in upstream oil or gas contracts in Iraq's Kurdistan region, have not been contacted by Iraqi or Kurdish officials for a deal to allow the resumption of oil flows from the Iraq-Turkey pipeline.

US Coast Guard Heads Gulf of Mexico Oil Spill Cleanup After Underwater Pipeline Leak

The U.S. Coast Guard was leading an oil spill clean-up in the Gulf of Mexico on Friday, partnering with local and federal agencies and companies after a Main Pass Oil Gathering Co. (MPOG) underwater pipeline began leaking.

Oil Futures Spreads Signal Market Moving Toward Oversupply

Spot global crude oil futures traded at a discount to longer-dated contracts this week for the first time in four months, a signal that traders believe the market has become oversupplied and inventories are poised to build.

Chevron Begins Shipping Fuel to Venezuela's PDVSA in Expansion of Oil Swap

Oil

U.S. oil firm Chevron Corp. has begun supplying fuel to Venezuela's state-run oil company PDVSA under Washington's approval of expanded deals with the South American country, three people familiar with the matter said on Thursday.

Energy Transfer, TotalEnergies Ink Deal for Crude Offtake from Blue Marlin Offshore Port

(P&GJ) — U.S. pipeline operator Energy Transfer said on Thursday it has signed a non-binding agreement to supply crude oil to French energy major TotalEnergies from its upcoming Blue Marlin oil export project.

Texas Regulator Assesses Over $1 Million in Fines for Oil, Gas Operators

(P&GJ) — The Railroad Commission of Texas assessed $1,063,647 in fines involving 342 enforcement dockets against operators and businesses at the Commissioners’ Conference on Nov. 15.

Russian Pipelines Facing Significant Pressure from Tightening Sanctions

(P&GJ) — The Russian pipelines’ sector is experiencing serious pressure amid ever tightening sanctions and the ever-growing isolation of the country in the international arena. Historically, pipelines have been a strategic asset in Russia, with the largest volume of cargo coming in the form of crude oil and natural gas.

Editor’s Notebook: It Could Have Been Worse, Revisited

(P&GJ) — With its approval of the Willow Project on the North Slope Alaska early this year, along with its continued of drilling permits on federal lands, the Biden administration has begun to show at least some desire to play ball where oil projects are involved, much to the chagrin of the anti-fossil fuel forces.

Chevron Reviewing Options for East Texas Assets After Shale Acquisitions

Chevron Corp. said it is evaluating options for around 70,000 net acres of land in East Texas' Haynesville shale formation after pausing development earlier this year, with sources saying a full sale is one option under consideration.

Pipeline Operators Increase Quality Checks Over Concerns of Metal Contamination in Texas Shale Oil

U.S. oil pipeline and export terminal operators are stepping up quality checks after finding an out-of-specification cargo that raised worries of excess metals contaminating Texas shale oil, operators and sources said.

US Plans to Buy 1.2 Million Barrels of Oil for Strategic Petroleum Reserve

The U.S. plans to buy 1.2 million barrels of oil to help replenish the Strategic Petroleum Reserve after it sold off the largest amount ever last year, the Energy Department said on Monday.

Exxon Moves Up Beaumont, Texas, CDU Overhaul to June 2024

Exxon Mobil moved up the start date for a crude distillation unit (CDU) overhaul at its 619,024 barrel-per-day (bpd) Beaumont, Texas, refinery from August 2024 to June 2024, said people familiar with the company’s plans.

EIA: US Shale Oil Output Expected to Fall in December

U.S. oil output from top shale-producing regions is set to decline in December for a second consecutive month, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday.

US Probes 30 Ship Managers for Suspected Russia Oil Sanctions Violations

The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents.

Mach Natural Resources to Buy Anadarko Basin Assets for $815 Million

Mach Natural Resources said on Monday said it will buy certain oil and gas assets in the Anadarko Basin in Oklahoma from privately-held Paloma Partners for $815 million in cash.

Oil Prices Settle Up as Iraq Backs More Output Cuts from OPEC+

Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+'s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.

Big Traders Strike Deals with Middlemen to Tap Venezuela's Free-Flowing Oil

A broad easing of U.S. sanctions on Venezuela's oil industry has forged marriages of convenience between global commodities traders and little-known middlemen that dominated its exports during the period of restrictions.

Maurel & Prom Signs Pact to Expand Venezuela Oil, Gas Development

Venezuelan state oil firm PDVSA and French energy company Maurel & Prom have signed an agreement aimed at expanding operations and increasing crude and gas output at their joint venture in Venezuela's western region, the companies said.

EOG Resources Beats Quarterly Profit Estimates on Strong Production

U.S. shale oil producer EOG Resources on Thursday soared past Wall Street estimates for third-quarter profit and raised its annual production forecast amid resilient fuel demand.

Diamondback Energy Aims to Be a Buyer in U.S. Shale Consolidation

Diamondback Energy on Monday said it expects to be a buyer of rivals, rather than their target, amid consolidation in the shale industry, and raised its full-year oil production forecast.