Business & Markets

Peninsula Pipeline Completes $11 Million Natural Gas Expansion Project in Florida

(P&GJ) — Chesapeake Utilities Corp. has announced that its subsidiary, Peninsula Pipeline Company Inc., has completed an 11.3-mile expansion that will bring additional natural gas capacity to the Vero Beach, Florida, area.

Natural Gas Producer Novatek Expected to Win Big from Shell's Sakhalin-2 Stake

Russian natural gas producer Novatek has scooped a lucrative deal with its purchase of Shell's stake in the Sakhalin-2 energy project, analysts said on Thursday.

ADNOC Expands Shipping Fleet with Five New VLGCs

United Arab Emirates' ADNOC Logistics & Services (ADNOC L&S) has expanded its fleet with the deployment of five new-build Very Large Gas Carriers (VLGC), state news agency WAM reported on Thursday.

Biden's Subdued Reaction to OPEC+ Cuts Foreshadows Economic Slowdown, Carries Risk

When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug – a far cry from his declaration that there would be “consequences” for Saudi Arabia, the de facto head of the oil cartel, when it lowered output in October.

Kinder Morgan Launches Expansion Open Season for SFPP Pipeline System

(P&GJ) — Kinder Morgan Inc. has announced the launch of a binding open season to solicit commitments to support a proposed expansion of a portion of its SFPP, L.P. (SFPP) pipeline system from El Paso, Texas, to Tucson, Arizona.

US Plans to Refill Strategic Reserve If Advantageous to Taxpayers This Year

The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon and hopes to refill it at lower oil prices if it's advantageous to taxpayers during the rest of the year, U.S. Energy Secretary Jennifer Granholm said on Wednesday.

Malaysia's Petronas to Restart Gas Pipeline Operations by Q1 2024

Malaysia's national oil company Petroliam Nasional Berhad aims to restart a gas pipeline currently under force majeure by the first quarter of 2024, a senior company executive said on Wednesday.

Iraq Petitions US Court to Enforce Oil Export Arbitration Award Against Turkey

Iraq has petitioned a U.S. federal court to enforce an arbitration award against Turkey related to Iraqi oil exports through a pipeline to a Turkish port, according to documents filed with the court.

Poland Sets Exclusion Zone Around Swinoujscie LNG Terminal

Poland will introduce a temporary 200-meter exclusion zone around its Swinoujscie LNG terminal on Thursday, the interior minister said on Wednesday, citing concerns about Russian espionage.

China's Sinopec to Take Stake in Qatar's North Field LNG Project

The state-owned Chinese gas giant will take a 5% stake in the equivalent of one North Field East LNG train with capacity of 8 million tonnes per year, a QatarEnergy statement said.

Seven US States Submit Joint Proposal for New Clean Hydrogen Hub in Northeast Region

(P&GJ) — New York, New Jersey, Maine, Rhode Island, Connecticut, Vermont and the Commonwealth of Massachusetts have submitted a group proposal for its Northeast Regional Clean Hydrogen Hub project to the U.S. Department of Energy.

Hungary Agrees on Option for More Russian Gas Shipments, Oil Transit Fees

Hungary's foreign minister said on Tuesday that Russian energy giant Gazprom would maintain an option to supply additional gas to Hungary this year on top of the shipments agreed under a long-term deal.

G7 Climate Ministers Drop Language on Growing LNG Demand in Draft

Climate ministers of the Group of Seven countries have backtracked for now on earlier language touting growing future demand for LNG, instead noting there may be "considerable uncertainty" for consumption.

Sinopec to Build China 259-Mile Hydrogen Transmission Pipeline, Xinhua Reports

The pipeline will stretch 400 km (roughly 259 miles) from Ulanqab in sparsely populated Inner Mongolia to the capital Beijing, and will have an initial capacity of 100,000 tonnes per year, said the report, citing Sinopec chairman Ma Yongsheng.

Libya's Mellitah Oil Reopens Gas Well in Mediterranean

Libya's National Oil Corp. announced on Saturday the reopening of a gas well operated by Mellitah Oil and Gas Company on its Sabratha Platform in the Mediterranean Sea.

Pioneer Natural Jumps on Report of Buyout Talks with Exxon

Pioneer Natural Resources Co.'s shares rose as much as 8.5% on Monday following a report that Exxon Mobil Corp. held preliminary talks with the U.S. shale oil producer about a possible acquisition.

Hawaiʻi Gas Issues Request for Proposals for Renewable Natural Gas, Renewable Hydrogen

(P&GJ) — Hawaiʻi Gas is seeking proposals from local and national suppliers who can provide up to 65,000 therms of RNG or up to 2,300 kg per day of renewable hydrogen. This request is the equivalent of replacing nearly all of the utility’s synthetic natural gas with RNG.

WSJ: Exxon Eyes Potential Purchase of Shale Driller Pioneer

Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Energy Trader Gunvor Posts Record $2.36 Billion Net Profit in 2022

Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously posting record net profits of $15 billion and $2.98 billion, respectively.

Shell Sees Stronger LNG Volumes and Oil Product Performance in Q1

Shell, which recorded a record $40 billion profit last year, said in an update ahead of results due on May 4 that it expected first-quarter liquefaction volumes of 7 to 7.4 million tonnes, up from 6.8 million tonnes in the previous quarter.

Sources: New Exxon Beaumont, Texas Crude Unit Completes Startup

The new 250,000 bbl/d Crude C CDU lifts the Beaumont refinery's capacity to 619,024 bbl/d, second only to the Motiva Enterprises refinery in nearby Port Arthur, Texas, the people said.

Rare Shipments of Forties Crude Head to East Coast Refiners

U.S. and Canadian refiners have turned to North Sea "Forties" crude oil for the first time in seven years in the latest sign of changing global oil flows from Russia's invasion of Ukraine.

Tellurian to Sell Land for $1 Billion and Lease Back for Driftwood LNG Project

U.S. LNG developer Tellurian Inc. has entered into an agreement with an institutional investor to sell 800 acres of land in Louisiana for $1 billion, a regulatory filing by the company showed on Thursday.

WSJ: Dominion Energy, National Grid Pursuing Sale of Natural Gas Pipelines

Utility firms Dominion Energy and National Grid Plc are separately considering a potential sale of parts of their natural gas pipeline networks, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

QatarEnergy Awards LNG Contract to Baker Hughes for North Field South Gas Project

(P&GJ) — Baker Hughes has been awarded a contract from QatarEnergy to supply two main refrigerant compressors for the North Field South project, which will be executed by Qatargas. The project will boost Qatar’s LNG production capacity from 110 million to 126 million tons by 2027.

Pipeline Operator Enbridge Expected to Enter Carbon-Capture Cement Partnership

Pipeline operator Enbridge and German firm Heidelberg are expected to enter a partnership to develop a facility to capture carbon emissions from cement production.

US Official: White House Got 'Heads Up' on OPEC Cut Plans, Disagreed with Move

The Biden administration told Saudi Arabia officials that it disagreed with OPEC’s surprise decision to cut oil production when it was given a ‘heads up’ on the move, John Kirby, coordinator for strategic communications at the National Security Council, told reporters on Monday.

Technip Energies Bags LNG Contract Valued at $273 Million

(P&GJ) — Shaanxi LNG Reserves & Logistics Co. Ltd. has given Technip Energies a large contract for the 3 million normal cubic meter per day Xi'An LNG Emergency Reserve & Peak Regulation Project in China. The deal is valued between $54.53 million and $272.67 million.

Sources: Baghdad Agrees to 30% Stake in TotalEnergies $27 Billion Iraq Energy Project

Baghdad has reached an agreement to hold a 30% stake in TotalEnergies long-delayed $27 billion Iraq project, three sources told Reuters on Tuesday, reviving a deal that Baghdad hopes could lure back foreign investment into the battered country which craves stability.

EIA: US Crude Output Rose in January to Highest Since March 2020

The EIA said that among the top oil-producing states, monthly output in Texas rose 1.5% to 5.24 million bbl/d, the highest since March 2020. In North Dakota, output jumped 10.2% to about 1.05 million bbl/d, the highest since November 2022.

Search