Business & Markets

OPEC Secretary General: 'End of Oil Not in Sight', Urges Focus on Emissions Reduction

The end of oil is not in sight, OPEC's top official said, as the pace of energy demand growth means that alternatives cannot replace it at the needed scale, and the focus should be on cutting emissions not oil use.

Four Killed in Drone Attack on Northern Iraq's Khor Mor Gas Field

Four expatriate workers were killed in a drone attack targeting the Khor Mor gas field in Iraq's Kurdistan region on Friday, an advisor to the Iraqi Kurdish prime minister told Reuters.

Uncertainty Clouds EastMed Gas Pipeline Project Timeline, Stakeholders Say

The timeline for a proposed 1,240-mile subsea pipeline connecting East Mediterranean gas reserves to Greece via Cyprus and Crete remains uncertain as stakeholders are reviewing its economic feasibility, delegates from Cyprus and the East Mediterranean Gas Forum (EMGF) said.

Pipeline Projects Seen as Unlikely to Involve Western-Based Companies

(P&GJ) – Inside China, there are numerous large-scale oil and gas pipeline projects that are being built, are currently in the planning stages or have been proposed. Some of these have huge potential significance, and the situation has certainly caught the attention of Western-based companies, which hope to supply equipment, technology or services to one or more of the projects.

Exxon Misses Q1 Profit Estimates Despite Guyana Gains

Exxon Mobil Corp. on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.

Trans Mountain Expansion Requires Six More Leave-to-Open Permits, Says Regulator

The Canada Energy Regulator has six leave-to-open applications left to consider for the 590,000 barrel-per-day Trans Mountain pipeline expansion project, a CER spokesperson said on Friday.

Natural Gas Price Plunge Hits Big Oil Earnings Hard

U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago.

Valero Beats Profit Expectations Amidst Strong Demand and Supply Constraints

Refiner Valero Energy beat first-quarter profit estimates on Thursday, benefiting from sustained demand supplies remained tight due to disruptions in Russia and maintenance work at U.S. refineries.

ABL Completes German Subsea Pipeline Installation Project

(P&GJ) — Energy consultancy ABL finalized its marine warranty survey scope in connection with the installation of Germany’s OAL subsea pipeline, with the first gas feed-in expected shortly.

Security Concerns Drive Interest in Subsea Clamps

(P&GJ) — Increased concerns about energy security and the desire to support net-zero targets through innovative decommissioning projects are driving up demand for subsea clamps and connectors, according to pipeline technology specialist STATS Group.

Top Tellurian Executives Stand to Earn Millions if Driftwood LNG Project Proceeds, Proxy Filing Reveals

Top executives of U.S. liquefied natural gas developer Tellurian Inc. could earn tens of millions of dollars if its proposed Driftwood LNG plant gets a green light, or if company is sold, a proxy filing released on Thursday showed.

Repsol Expanding Renewable Portfolio in U.S., Eyes More Deals

Spain's Repsol is working on a deal to sell a minority stake in a renewable portfolio in the United States as it aims to expand its footprint in a country it sees as a key market.

Hess Profit Soars on Increased Guyana Output, Positive Sign for Exxon

Hess Corp. on Thursday reported first-quarter earnings well above analysts' forecasts, driven by a 28% increase in Guyana oil output, a sign Exxon Mobil's results out Friday could also top forecasts.

TotalEnergies, Vanguard Renewables Partner to Expand U.S. Renewable Natural Gas Production

TotalEnergies and Vanguard Renewables have formed a joint venture to develop, construct, and operate Farm Powered RNG projects in the United States.

Equinor Expands LNG Trading, Eyes Europe and Asia Deals, Senior Exec Says

Norwegian energy group Equinor plans to expand its LNG trading business and is in talks with a number of potential buyers in Europe and Southeast Asia, a top official told Reuters.

Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project

Oilfield services provider Baker Hughes said on Tuesday it has received an order to supply equipment for the third phase of oil giant Aramco's gas network expansion project in Saudi Arabia.

Mountain Valley Pipeline Requests In-Service Approval as Completion Nears

(P&GJ) — The Mountain Valley Pipeline is on the verge of completion, with the company seeking federal approval to commence operations. Although some final touches are pending, the company has submitted a request to FERC to expedite the process and issue an order by May 23.

Projects April 2024

U.S. regulators approve Mexico Pacific’s Saguaro Connector pipeline; EU approves $4.9 billion German state funds for hydrogen projects; Tallgrass, Bridger begin open season for Pony Express expansion; and more!

Global News April 2024

Latest industry developments from around the world!

DOE, FERC Take Different Positions on LNG

Environmentalists hailed the announcement by the Biden administration at the end of January — which halted the further approval of LNG exports — calling it a big victory in their fight against climate change and the natural gas industry’s alleged contribution to greenhouse gas emissions.

Pipeline Industry Concerned About Methane Fee Proposal

Natural Gas industry groups are asking Congress to cancel the methane emissions fee, which goes into effect in March 2025, based on emissions in 2024.

Oman LNG Inks 10-Year Supply Deal with TotalEnergies for 800,000 Tons Annually

Oman LNG and TotalEnergies, one of its shareholders, have signed a sale and purchase agreement to supply 800,000 metric tons per year of liquefied natural gas (LNG), the companies said on Monday.

Trans Mountain Oil Shippers Raise Concerns About Risk of Delay to Full Service

Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday.

U.S. Shale Oil Sector Sees Revival Through Advanced Technology Adoption, Financial Obstacles Remain

Technology advances are making it possible for U.S. shale oil and gas companies to reverse years of productivity declines, but the related requirement to frontload costs by drilling many more wells is deterring some companies from doing so.

Russian LNG Exports Could Stall Over Next Four Years Amid Sanctions Pressure

Russia's LNG exports could stagnate in the next four years under the two less-rosy of three Economy Ministry scenarios - a sign that Western sanctions might be cramping Moscow's energy plans.

Halliburton Beats Profit Estimates, Expects International Strength to Continue

Oilfield services company Halliburton said on Tuesday it expects growth in its international business this year, but North American revenue will likely remain flat due to weak demand for drilling.

Tanker Departs Freeport LNG in Texas After 12-Day Hiatus

The first tanker in 12 days set sail from Freeport LNG's Texas export terminal on Tuesday, signaling the resumption of gas processing after an outage this month.

EQT Cuts Sales Volume Forecast, Extends Output Curbs as Natural Gas Prices Stay Low

EQT Corp. on Tuesday cut its forecast for full-year sales volume and extended production curtailments through May, as the largest U.S. natural gas producer looks to tackle persistently low prices for the commodity.

Iran-Pakistan Gas Pipeline Remains Stalled Under Cloud of Sanctions

Iranian President Ebrahim Raisi's visit to Pakistan this week put the spotlight on a major gas pipeline deal between the two neighbors which has faced delays due to geopolitical issues and international sanctions.

A Northern Light: Bullish Talk as Major Projects Now in Home Stretch

(P&GJ) – Kevin Neveu, a seasoned Canadian oil and natural gas senior executive, remains optimistic about the energy markets in the north despite global uncertainties in 2024. His positivity stems from the imminent completion of two major transmission pipeline projects in western Canada – Coastal GasLink gas pipeline and Trans Mountain oil pipeline – expected before year-end.