Business & Markets
TC Energy Announces Layoffs in Houston, Calgary as Part of Pipeline Unit Integration Plan
Canadian oil and gas pipeline firm TC Energy said on Wednesday it has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units.
Mexico's Pemex, Billionaire Investor Carlos Slim Discuss Reviving Deepwater Gas Project
Mexican state energy company Pemex and billionaire investor Carlos Slim's team are discussing ways to revive development of the country's first deepwater natural gas field that was shelved twice before, two sources told Reuters.
Exxon Challenges Hess's Guyana Asset Sale, Signals Potential Bid
Exxon Mobil Corp. on Wednesday said it filed a contract arbitration disputing Hess Corp.'s proposed sale of its Guyana oil properties and suggested it may counter Chevron Corp.'s pending deal for the assets.
Montfort in Talks to Sell UAE Fuel Oil Facility to Sinopec
Geneva-based trading house Montfort Group is in discussion to sell part or all of its refining facility in the United Arab Emirates to the fuel oil arm of Chinese state giant Sinopec Corp., at least five industry sources told Reuters.
Tullow Oil Reports Loss in 2023, Aims for Operational Improvements Beyond 2025
Tullow Oil swung into a loss in 2023 after cutting the value of reserves in one of its West African oilfields, as its chief executive said the company would consider shareholder returns after 2025.
Turkish Oil Terminal Stops Accepting Russian Imports Amid U.S. Sanctions Pressure
One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.
Saudi Aramco, UAE's ADNOC in Talks for Investments in U.S. LNG Projects
Gulf oil giants Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said.
Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
Pipeline operator Enbridge raised its short-term profit growth forecast on Wednesday and said it will invest about $500 million in expanding its pipeline and storage assets to improve its U.S. Gulf Coast presence.
Canadian Oil Producer Cenovus Plans 19% Production Increase Over Five Years
Cenovus Energy, Canada’s third-largest oil producer, said on Tuesday it plans to boost energy production by 19% during the next five years as the country's pipeline capacity expands.
HVO: Fuel for the Future
The advancement of the energy transition is leading to a growing imperative to reduce carbon emissions in challenging-to-transform sectors. Various industries are adopting alternative fuels and embracing increased electrification to promote sustainable practices within the construction and extraction sectors. In this regard, hydrated vegetable oil (HVO) represents a pioneering alternative fuel source.
Vitol Nears Acquisition of Exxon, QatarEnergy Stakes in Italy LNG Terminal
Vitol-backed energy storage company VTTI is close to acquiring a majority stake in Italy's biggest LNG import terminal from Exxon Mobil and QatarEnergy, two sources with knowledge of the matter said on Monday.
Temasek Shortlists Saudi Aramco, Shell for Pavilion Energy Asset Sale
Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of LNG trading firm Pavilion Energy, sources with knowledge of the matter said.
Canada Energy Regulator Approves Enbridge Mainline Toll Settlement
The Canada Energy Regulator said on Monday it has approved a toll settlement between pipeline operator Enbridge and shippers for moving oil along the Canadian mainline.
India Plans $4.95 Billion Natural Gas Pipeline Network for Kashmir, Northeast Region
India expects investment of about $4.95 billion from companies to build natural gas pipeline infrastructure in its northeastern states and northern federal territories of Kashmir and Ladakh, a minister said on Monday.
Exxon to Complete Beaumont, Texas, Hydrocracker Overhaul by End of March, Sources Say
Exxon Mobil Corp. plans to finish an overhaul of the hydrocracker at its 619,024 barrel-per-day Beaumont, Texas refinery by the end of March, said people familiar with plant operations on Monday.
Sypris Awarded Contract for Gorgon Project's Carbon Capture and Storage Systems
Sypris Technologies, Inc., a subsidiary of Sypris Solutions Inc., has recently received an award to supply specialty high-pressure closures for use in the Gorgon Project to support the optimization of the existing carbon capture and storage facilities.
U.S. Considers Selling Northeast Gasoline Reserve in 2024 as Part of Draft Bill
Once the Northeast Gasoline Supply Reserve is closed, the secretary of energy cannot establish any new regional petroleum product reserve unless funding is explicitly requested in advance of an annual budget.
EQT to Curtail Natural Gas Production Through March Amid Low Prices
EQT will curtail nearly 1 billion cubic feet per day of natural gas production through March, the top U.S. natural gas producer said on Monday, as companies respond to persistently low prices of the commodity.
Valero Joins Summit's Carbon Capture Project, Extending Pipeline to 57 Ethanol Plants
Valero Energy is joining Iowa-based Summit Carbon Solutions' proposed carbon capture and storage project, which involves a pipeline spanning more than 2,000 miles across Iowa, North Dakota, South Dakota, Nebraska, and Minnesota.
Tellurian CEO Octavio Simoes' Term Not Extended, Company Eyes Asset Sale
LNG developer Tellurian said on Monday it would not renew or extend the employment term of CEO Octavio Simoes beyond June 5, and aims to sell its upstream business, sending its shares up as much as 3% before the bell.
TC Energy to Sell 295-Mile Portland Natural Gas Transmission System for $1.14 Billion
TC Energy said on Monday it has agreed to sell its Portland Natural Gas Transmission System to BlackRock and Morgan Stanley Infrastructure Partners for $1.14 billion.
Projects March 2024
FERC approves MVP’s Southgate gas pipeline extension; Regulator clears Trans Mountain, completion back on; Santos’ subsea pipeline clears construction hurdle; and more!
Chevron Indefinitely Closes Two U.S. Midwest Biodiesel Plants as Profits Slip
Chevron has indefinitely idled two biodiesel production facilities in the U.S. Midwest, the company confirmed on Friday, citing poor market conditions.
Philippines' Top Energy Firms Collaborate on $3.3 Billion LNG Facility Project
Three top Philippine energy firms have partnered for the first time to form a large-scale integrated LNG facility, the companies said on Sunday, in a deal two of them valued at $3.3 billion.
MEG Energy Confirms Trans Mountain Pipeline Expansion to Begin Line Fill in April
Oil producer MEG Energy said on Friday that line fill on Canada's long-delayed Trans Mountain oil pipeline expansion would start from April.
Low U.S. Natural Gas Prices Pose Challenges for Tellurian Asset Sale Plans
Low U.S. natural gas prices will hurt Tellurian Inc's ability to sell Louisiana gas producing properties in order to pay off enough debt to salvage its LNG export project, analysts said.
New Fortress Energy Launches Barcarena LNG Terminal in Brazil
New Fortress Energy Inc. has announced the operational status of its 6 MTPA Barcarena LNG terminal in Pará, Brazil, with the Energos Celsius Floating Storage Regasification Unit now in operation on-site.
EPA Excludes Existing Natural Gas Plants from Proposed Carbon Rule
The U.S. Environmental Protection Agency on Thursday said it will exclude existing natural gas power plants from its proposed carbon regulations that it plans to finalize in April, narrowing the scope of the initial proposal that would have required stringent controls on those facilities.
Helix Energy and Talos Energy Strike Deal for Gulf of Mexico Decommissioning
Helix Energy Solutions Group Inc. has announced a five-year joint framework agreement with Talos Energy Inc. in which Talos has agreed to provide Helix the first right of refusal regarding specific annual work scopes for Talos’s decommissioning requirements in the U.S. Gulf of Mexico.
Global News March 2024
Latest industry developments from around the world!
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
