Business & Markets

Italy's New LNG Terminal to Begin Operations by March 2025, Snam Says

Italy's gas grid group Snam said on Friday it expected a new LNG terminal to become operational by March 2025, allowing the country to diversify further its energy supplies.

Qingdao Port International to Acquire Oil Terminal Assets for $1.3 Billion

Qingdao Port International said on Friday it agreed to purchase assets from Rizhao Port and Yantai Port for $1.30 billion as part of its restructuring efforts.

Hydrogen Energy Firm Huture Announces $1 Billion SPAC Merger

Hydrogen energy firm Huture has agreed to go public in the U.S. through a merger with a blank-check firm Aquaron Acquisition Corp. in a deal that would value the combined company at $1 billion.

WhiteWater's ADCC Pipeline in South Texas Starts Transporting Natural Gas

WhiteWater said the pipeline provides Cheniere direct access to Permian and Eagle Ford volumes in addition to volumes sourced along the Gulf Coast.

ConocoPhillips, Marathon Oil Face Second FTC Inquiry on $22.5 Billion Merger

Top U.S. independent oil producer ConocoPhillips said on Friday it received a second request from the U.S. Federal Trade Commission for information on its proposed acquisition of rival Marathon Oil.

Shell's Gas Bet Takes Shape with New LNG Deals

Shell has replaced LNG volume it lost after exiting Russia in 2022 with a string of deals that underpin CEO Wael Sawan's bet on growing demand for the fuel as he reduces the focus on renewable energy.

Kurdish Oil Smuggling to Iran Flourishes

Heading for Turkey to the north and Iran to the east, hundreds of oil tankers snake each day from near Kurdistan's capital Erbil, clogging the Iraqi region's often winding and mountainous highways.

Kansas Fed: Q2 Oil, Gas Activity Declines in U.S. Rockies and Midwest, Rebound Expected

Oil and gas activity in the U.S. Midwest and Rockies declined during the second quarter, but is expected to rebound over the next six months, the Federal Reserve Bank of Kansas City said on Friday in a quarterly energy survey.

Diamondback Energy Reports 10 Cents/Mcf for Q2 Natural Gas Prices

U.S. oil and gas producer Diamondback Energy's average unhedged realized price for natural gas was 10 cents per thousand cubic feet (Mcf) in the second quarter, the company said in a regulatory filing on Thursday.

Heatwave Drives Record Natural Gas Use by U.S. Power Generators

U.S. power generators burned a record amount of natural gas on July 9, the hottest day so far of this summer, according to preliminary data from financial firm LSEG on Thursday.

Woodside Energy Signs 10-Year LNG Supply Deal with Taiwan's CPC

Australia's Woodside Energy has signed a deal with Taiwanese state-owned natural gas firm CPC Corp. to supply LNG for a period of 10 years to Taiwan, the company said on Thursday.

Hedge Funds Launch Rival Bid for Martin Midstream Amid Takeover Battle

Hedge funds Nut Tree Capital Management and Caspian Capital are making an offer for Martin Midstream Partners, a letter seen by Reuters showed, aiming to scupper a bid from the fuels storage and transporter's largest shareholder to buy it out.

Marathon Oil Faces Record $241 Million Fine for North Dakota Air Pollution Violations

U.S. officials on Thursday announced a $241 million settlement with Marathon Oil over alleged air pollution violations at dozens of the company's oil and gas facilities on a North Dakota Indian reservation, saying it was part of an ongoing crackdown.

U.S. to Buy 4.5 Million Barrels of Oil to Replenish Strategic Petroleum Reserve

The U.S. Energy Department said on Wednesday it is offering to buy up to 4.5 million barrels of oil to help replenish the Strategic Petroleum Reserve, though oil prices are now higher than the target price it wants to make such purchases.

Engie, Macquarie to Partner on 434-Mile Gas Pipeline Expansion in Mexico

French energy company Engie has agreed to partner with Australian infrastructure investor Macquarie Asset Management to expand the Mayakan natural gas pipeline in Mexico.

Over 1 Million Without Power in Texas After Hurricane Beryl; Freeport LNG Restart Pending

About 1.3 million homes and businesses in Texas remained without power on Thursday, four days after Hurricane Beryl lashed the state with fierce winds and flooding, sparking frustration among companies, officials and residents who were facing extreme heat.

Strathcona and CGF to Build $2 Billion Carbon Capture Infrastructure in Canada

Canadian oil producer Strathcona Resources said on Wednesday it has partnered with Canada Growth Fund (CGF) to build carbon capture and sequestration infrastructure in Saskatchewan and Alberta provinces.

Enbridge Faces Pipeline System Overhaul Under Proposed Modified Consent Decree

Enbridge faces mandated pipeline repairs under a proposed consent decree modification for Clean Water Act and Oil Pollution Act violations. The Department of Justice's plan requires addressing circumferential cracks, revising assessments, and potentially terminating specific requirements early.

MET Group Secures 10-Year U.S. LNG Supply Deal with Shell

Switzerland-based energy trader MET Group has struck a 10-year deal for Shell to supply it with liquefied natural gas from the U.S. on a free-on-board basis, it said on Tuesday.

Corinth Pipeworks to Provide Steel Pipes for Woodside Energy's Trion Offshore Development

Corinth Pipeworks has been awarded a significant contract by Woodside Energy, the operator of the Trion deepwater field, to manufacture and supply approximately 118 kilometers (73 miles) of steel pipes.

Montana Appeals to Overturn Landmark Climate Ruling on Fossil Fuel Project Approvals

Montana's top court is set to hear the state's appeal of a landmark ruling holding that it was violating the rights of young people to a clean and healthful environment by barring regulators from considering the impacts on climate change when approving fossil fuel projects.

Honeywell to Acquire Air Products' LNG Unit for $1.81 Billion

The deal would complement Honeywell's LNG pretreatment business by adding technologies such as heat exchangers and cryogenic equipment to its portfolio amid growing demand for the fuel in key end-markets including power and data centers.

Shell Invests in Abu Dhabi's Ruwais LNG Project, Eyes Expansion in Global LNG Portfolio

Shell Overseas Holdings Ltd. has announced plans to invest in ADNOC’s Ruwais LNG project, securing a 10% participating interest in the venture.

Diversified Acquires East Texas Gas Assets, Including 500 Miles of Pipelines, for $106 Million

Diversified Energy Company has agreed to buy natural gas assets, including over 500 miles of pipelines and compression facilities, in eastern Texas from Crescent Pass Energy for $106 million.

Enagas Sells Tallgrass Energy Stake for $1.1 Billion to Support Hydrogen Projects

Enagas has agreed to sell its 30.2% stake in U.S. energy infrastructure company Tallgrass Energy to finance green hydrogen projects, the Spanish gas grid operator said on Wednesday.

Post Oak Energy, Genesis Park Sell Layne Water Midstream Stake in All-Cash Deal

Both firms had invested in LWM since early 2019, collaborating closely with LWM's management to expand its customer base and presence in the Permian Basin.

Bulgaria Initiates Arbitration Against Gazprom Over Gas Contract Breach

Bulgarian state gas company Bulgargaz EAD has started arbitration proceedings against Russia's Gazprom Eksport OOO, seeking compensation of $432.76 million for breach of contract in 2022, the company said on Tuesday.

BP Shares Drop 4% After Warning of Weak Refining Impact on Q2 Profit

Weak refining margins and lower oil trading results will dent BP's second-quarter profit by up to $700 million, the company said on Tuesday, sending its shares down by over 4%.

Gas Prices Drop as Hurricane Beryl Impact on U.S. LNG Facilities Eases

Dutch and British wholesale gas prices were down on Tuesday morning amid easing concerns over the impact of Hurricane Beryl on U.S. LNG facilities after Freeport LNG said it will resume production after it has passed.

U.S. Natural Gas Output to Decline in 2024, While Demand Rises to Record High, EIA Says

U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook on Tuesday.