Business & Markets
Oil Undervalued as Market Faces Deficit, Iran's Supply at Risk, Analysts Warn
Oil prices are undervalued due to a market deficit and potential supply risks from Iran, analysts from Goldman Sachs and Morgan Stanley warn. Factors such as OPEC+ output cuts and strategic reserve restocking could push prices higher in the short term.
Shell Completes Sale of Houston-Area Pipeline Assets to Edgewater Midstream
Shell Pipeline Company and its subsidiary Triton West have completed the sale of the Sinco pipeline system and Colex terminal to Edgewater Midstream.
Nut Tree and Caspian Urge Martin Midstream Unitholders to Reject Merger with MRMC
Nut Tree and Caspian Capital argue that MMLP’s merger proposal relies on a "deeply flawed" valuation and disproportionately benefits Ruben Martin III, MRMC's controlling figure, at the expense of unitholders.
Summit Midstream Completes Acquisition of Tall Oak Midstream III
This acquisition significantly boosts Summit’s natural gas portfolio, bringing its balance to about 50% natural gas-focused operations.
Guest Perspective: Canadian LNG Will Not Boost Japan’s Energy Security
(P&GJ) — With LNG Canada set to start up next year, LNG exporters in Canada are racing to build new projects along the country’s western coast. Many are enamored by the prospect of selling the fuel to Asian countries, particularly Japan.
QatarEnergy Signs Long-Term LNG Deal with Shell for China Delivery
State-owned QatarEnergy has signed a long-term sales and purchase agreement with oil and gas major Shell to supply it with liquefied natural gas (LNG) for delivery to China.
Rising LNG Terminal Costs to Weaken Competitiveness of New U.S. Projects, Analyst Says
Rising construction costs for U.S. LNG export plants, such as Venture Global's Plaquemines and Golden Pass LNG, are expected to reduce the competitiveness of new U.S. projects, analysts at Poten & Partners predict. Increased natural gas demand and a potential rise in prices could further challenge U.S. gas exports.
Biden Administration Disburses Over $100 Billion in Clean Energy Grants as Term Winds Down
U.S. President Joe Biden's administration has awarded over $100 billion in grants created by its signature climate law, the Inflation Reduction Act, a senior administration official said.
Pipeline Operator Enbridge Forecasts Higher 2025 Core Profit on Strong Oil, Gas Demand
Enbridge on Tuesday forecast higher core profit for 2025 as the Canadian pipeline operator expects strong oil and gas demand to lift volumes, sending its U.S.-listed shares up 1% in premarket trading.
More U.S. LNG is Needed to Support Asia’s Emissions Reduction Goals, New Study Finds
Coal use and emissions from power generation in Asia will surge in coming decades unless there is significant new supply of U.S. liquefied natural gas (LNG), a new study by data and analytics company Wood Mackenzie has shown.
Electric-Drive Compressor On-Line in North Sea
(P&GJ) — North Sea Midstream Partners (NSMP) confirmed the start-up of a new onshore electric-drive compressor at its Teesside Gas Processing Plant (TGPP).
Amazon to Pilot A.I.-Designed Material for Carbon Removal
Amazon.com Inc. plans to pilot a new carbon-removal material for data centers, which are at risk of worsening emissions from artificial intelligence systems they power, a startup behind the deal said.
Colombia's Ecopetrol to Build Green Hydrogen Plant at Cartagena Refinery
Colombia's majority state-owned energy company Ecopetrol ECO.CN plans to build a new green hydrogen plant at its refinery in the Caribbean city of Cartagena for some $28.5 million, it said in a statement on Monday.
U.S. Natural Gas Storage Volumes Highest Since 2016 as Winter Heating Season Starts
The United States started the winter heating season with the highest levels of natural gas in storage since 2016, the U.S. Energy Information Administration said.
China Completes Full Pipeline for Power-of-Siberia Gas
China has built and connected the 5,111-km (3,175-mile) Power-of-Siberia pipeline to deliver gas from Russia's Siberian fields to users as far as the financial hub of Shanghai, Chinese state media reported on Monday.
Crude Imports from Canada Hit Record Level with TMX Expansion
(P&GJ) — U.S. imports of crude oil from Canada reached a record of 4.3 MMbpd in July 2024 following the expansion of Canada’s Trans Mountain pipeline, according to recently updated supply data.
Jordan Signs Deal to Use Egyptian FSRU Until 2026
Egypt and Jordan have signed an agreement to allow Jordan to use an Egyptian floating storage and regasification unit (FSRU) until 2026, Jordan's energy ministry said on Monday.
Key Vaca Muerta Gas Pipeline Project Approved by Argentina Government
Argentina's government has approved a key $500 million private sector gas pipeline expansion project, the energy secretariat said on Monday, a key signal of state support to boost transport capacity as it ramps up domestic energy production.
Global News December 2024
Stay informed with the latest industry news and developments in the midstream sector. From pipeline projects to regulatory updates and company announcements, P&GJ's Global News column brings you the most important insights from around the world.
TCP Jumpers Installed at Sabah Project, Off Malaysia
Strohm, the world’s first and leading thermoplastic composite pipe (TCP) company, has overseen the successful installation of its TCP Jumper technology at the Deepwater Sabah project offshore Malaysia.
Azerbaijan Caps Kazakh Oil Flow in BTC Pipeline Over Sulfur Content
Azerbaijan has capped Kazakhstan’s oil transit through the BTC pipeline at 2.2 million tons per year, citing quality concerns. This move limits Kazakhstan’s efforts to reduce its reliance on Russian routes for crude exports.
U.S. Natural Gas Prices Plunge 8% as Mild Weather Weakens Heating Demand
U.S. natural gas futures dropped 8% due to milder weather forecasts and reduced heating demand. Despite rising output and high market volatility, gas prices are expected to rebound with increased LNG exports.
Argentina's Pampa Energia Joins LNG Export Venture Aiming for 11.5 Million Cubic Meters Daily
Argentina’s Pampa Energia has joined a $2.9 billion LNG export project with Pan American Energy and Golar. The initiative aims to export 11.5 million cubic meters of LNG daily, boosting Argentina’s role in global energy markets.
Guyana’s $2 Billion Gas-to-Energy Project Secures Initial U.S. Loan Support
Guyana’s $2 billion gas-to-energy project has secured preliminary approval for a $500 million U.S. ExIm Bank loan guarantee. The project, including a 300-MW power plant and gas processing facility, aims to cut power costs by 50%.
U.S. LNG Natural Gas Demand Nears Record Level
U.S. LNG export facilities are driving natural gas demand close to record highs, reaching 14.6 Bcf—just shy of December 2023's peak. Increased output from key plants like Freeport and Cheniere boosts U.S. global energy impact.
Woodside Targets Partnership Deals for Louisiana LNG Project by Early 2025
Woodside Energy expects to bring several partners into its Louisiana liquefied natural gas development by the time the company gives the financial go-ahead to the U.S. project in the first quarter of 2025, its CEO told Reuters.
Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
Originally proposed by Canadian firm TC Energy in 2010, the project faced repeated policy shifts: rejected under President Obama in 2015, approved by Trump in 2017, and canceled again by President Biden in 2021.
Austrian Expert: OMV Could Legally End Gas Contracts with Gazprom
An Austrian legal expert suggests OMV could legally terminate its gas supply contract with Gazprom, citing contractual defaults and Swedish law provisions, amid ongoing disputes and halted supplies.
Brazil, Argentina Secure Deal with Bolivia's YPFB for Vaca Muerta Gas Transport
Brazil and Argentina have signed a deal with Bolivia's YPFB to transport natural gas from Argentina's Vaca Muerta shale formation to Brazil, marking a step toward regional energy integration amid shifting supply dynamics.
Goldman Warns Asia LNG Prices May Surge Due to European Gas Crunch
Goldman Sachs warns that Asia's LNG prices could surge above $20/MMBtu if European gas supply tightens this winter, driven by competition for limited resources and potential Russian flow disruptions.
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Michigan Court Backs Permits for Enbridge’s Line 5 Pipeline Tunnel Project
