Business & Markets
U.S. Oil Refiner Citgo Petroleum Posts First Profit in Seven Quarters
Citgo Petroleum reported a slim, second-quarter profit, its first in seven quarters, as higher fuel exports helped offset weak margins and the impact of a fuel pipeline shutdown.
Oil Industry Sues Biden Administration Over Drilling Auction Pause
Major U.S. oil industry groups sued the Biden administration for halting drilling auctions on federal lands and waters this year, arguing the government is required by law to hold regular sales.
U.S. Treasury to Oppose Development Bank Financing for Most Fossil Fuel Projects
The Treasury said it would oppose upstream natural gas projects, but could support midstream and downstream natural gas projects in poor countries that meet the World Bank's International Development Association targets.
New Fortress Energy to Provide Natural Gas to Unigel’s Brazilian Fertilizer Plants
The supply of gas from NFE’s Suape and Sergipe LNG terminals in Brazil’s northeast will connect Unigel’s operations to the global LNG and natural gas markets as well as significantly reduce pipeline transportation charges.
U.S. Gulf of Mexico Oil Producers Consolidation Accelerates
Oil and gas producers in U.S. Gulf of Mexico have consolidated at a faster rate during the pandemic, new government data shows, as crashing prices squeezed out smaller drillers who had been seen as the industry's future.
Saudi Aramco Aims to Raise At Least $17 billion From Gas Pipelines
Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, sources familiar with the matter said.
TC Energy’s Louisiana Pipeline Projects Should Expand Gulf Coast Natural Gas Access
TC Energy is progressing with pipeline-related projects in Louisiana that should help deliver more natural gas to high-demand markets along the Gulf Coast and beyond.
U.S. Drillers Add Most Oil Rigs in a Week Since April - Baker Hughes
U.S. energy firms added the most oil rigs in a week since April as the total rig count more than doubled from a record low a year ago amid a recovery in crude prices.
NG Imports Grow, Pipeline Construction Slows
According to the new quarterly report published by the Central Bank of Mexico, economic growth for 2021 will be between 5% and 7%, which compares favorably with the January edition, indicating between 2.8% and 6% growth.
New York's Pension Fund to Review Oil Holdings, Axes More Coal Investments
Major investors have re-evaluated holdings in fossil fuel producers and prodded energy executives to reduce emissions. After completing its shale review, the New York fund plans to turn next to oil and gas pipeline and processing investments.
PRCI Established Emerging Fuels Institute for Next-Generation Pipelines
EFI will provide PRCI members the opportunity to execute the research needed to ensure the safe transportation and storage of the next generation of energy, such as hydrogen, renewable natural gas and other potential gas and liquid fuel sources, that will help meet the world’s energy needs while reducing the impact to the environment.
EIA Reports: Gulf of Mexico Projects, Production to Grow in 2022
The U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil production in the U.S. Federal Gulf of Mexico will increase in the next two years, according to the latest Short-Term Energy Outlook.
EIA Reports: US Oil Imports from OPEC Down; Canada Imports Remain High
Voluntary OPEC production cuts have been contributing to reduced U.S. crude oil imports from OPEC so far in 2021. Comparatively stable U.S. crude oil imports from Canada, however, have been mostly the result of longer-term trends.
PennEast Aims to Complete Phase of NatGas Pipe in 2022, Despite Delay
PennEast Pipeline said it still expects to complete the first phase of its $1.2 billion natural gas pipe in Pennsylvania in 2022 even though it put off acquiring rights of way for the project due to legal and regulatory hurdles.
China to Fund Myanmar Projects in Agreement with Junta
China will transfer over $6 million to Myanmar's government to fund 21 development projects, Myanmar's foreign ministry said, in a sign of cooperation resuming under the junta that overthrew an elected government on Feb. 1.
Chesapeake Focusing on U.S. Shale Gas with $615 million Vine Energy Buy
Chesapeake Energy Corp agreed to buy Louisiana natural gas rival Vine Energy Inc. for $615 million, betting on the Haynesville shale field's proximity to the U.S. Gulf Coast export hub.
RWE CEO: Don't Expect Renewable Megadeals in Next Few Years
RWE, Europe's third-largest renewables player, does not expect large deals in the sector in the next few years, its chief executive told journalists after presenting first-half results.
2021 Midyear International Outlook: Pipeline Construction & Market Trends
As global markets claw their way back from the 2020 pandemic trough and energy demand continues to rise, oil and gas producers remain largely committed to fiscal restraint, prices have risen to multi-year highs and storage has yet to recover from historic lows.
EIA Flags Below Average U.S. NatGas Stocks Going into Winter
The U.S. Energy Information Administration said high level of natural gas exports this year, coupled with relatively flat output have led to below average injection of the fuel into storage going into the winter heating season.
Libyan Oil Output Down 60,000-70,000 BPD on Leak
A pipeline leak reduced oil output in Libya by 60,000-70,000 barrels per day on Tuesday, National Oil Corporation said.
Safe Procedure Failure Led to Natural Gas Release, Fire in San Francisco Neighborhood
Kilford Engineering Inc.’s excavation crew’s failure to follow safe excavation practices near a pipeline contributed to a 2019 natural gas release and fire in a San Francisco neighborhood, the National Transportation Safety Board determined through an investigation.
INGAA Welcomes Senate Passage of Bipartisan Infrastructure Package
The Senate’s vote to advance the INVEST in America Act, demonstrates that Congress can achieve bold energy and climate goals when it works on a bipartisan basis and collaborates with stakeholders, INGAA's CEO said.
Inpex to Delay Investment Decision on Indonesia's Abadi LNG Project
Japanese energy company Inpex Corp expects its final investment decision on the Abadi LNG project to be delayed because COVID-19 has disrupted survey work and adjustments may be needed due to climate change.
Egypt, Israel Discuss Liquefying Israeli Gas at Egyptian Plants
Egypt's petroleum minister and Israel's energy minister discussed "future plans" for Israeli gas to be liquefied at Egyptian natural gas liquefaction plants for re-export, the ministers said in a joint statement on Monday.
China's Crude Oil, Gas Imports Rebound in July
China's crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance. LNG and pipeline gas imports also showed big gains.
Oil Falls in Biggest Weekly Decline in Months
Global benchmark Brent shed more than 6% and WTI nearly 7% in their biggest weekly declines in months last week on concerns that Covid-related travel restrictions could derail the global recovery in energy demand.
Energy Transfer Completes DAPL Expansion, Updates Pipeline Projects
Energy Transfer said it has completed a phased expansion of Dakota Access Pipeline that boosted capacity to 750,000 bpd from 570,000 bpd even as it waged a legal battle for survival.
Customers Signing Long-Term LNG Deals Again – Cheniere
LNG company Cheniere Energy said customers are starting to sign long-term contracts to buy LNG again, noting that market dynamics continue to support its long-term growth expectations for natural gas worldwide
Eni to Deliver Carbon Neutral LNG Cargo to Taiwan's CPC
Italian energy group Eni said it has reached an agreement with Taiwan's CPC Corporation for the delivery of a carbon-neutral LNG cargo to CPC at the Yung An receiving terminal in Taiwan.
Cheniere Expects Louisiana Sabine 6 LNG Unit in 2022
U.S. LNG company Cheniere Energy said the sixth train at its Sabine Pass export plant in Louisiana was about 89.6% complete and was still expected to enter commercial service in the first half of 2022.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
