Business & Markets

Energean to Invest $1.2 Billion in Israel's Katlan Gas Project

Energean will invest about $1.2 billion to develop the Katlan project off Israel, the company said on Tuesday as it announced its final investment decision, with gas output expected to commence in the first half of 2027.

Illinois Governor Signs Bill Implementing Two-Year Pause on CO2 Pipeline Construction

Governor JB Pritzker has signed the SAFE CCS Act, establishing new safety standards for carbon capture in Illinois and implementing a two-year pause on CO2 pipeline construction.

Archrock to Buy Natural Gas Compression Firm TOPS for $983 Million

The transaction comes as dealmaking in the Permian shale basin, the largest U.S. oilfield that straddles West Texas and New Mexico, has extended to this year after a bumper 2023.

U.S. Senators Propose Bill to Fast-Track Energy Project Approvals

Senate energy committee leaders introduced legislation to expedite permitting for LNG export projects. The bill sets a 90-day deadline for the Secretary of Energy to approve or deny LNG export applications, aiming to end the current pause on such approvals.

California Secures $12.6 Billion for Hydrogen Hub Development

ARCHES and the U.S. DOE signed a $12.6 billion agreement to develop clean hydrogen projects across California. Key projects include hydrogen-powered equipment at major ports and building over 60 hydrogen fueling stations.

QatarEnergy-Exxon’s Texas LNG Project Construction to Speed Up After Contractor Settlement

Work to complete the QatarEnergy and ExxonMobil $11 billion liquefied natural gas project in Texas could speed up following a settlement agreement allowing the joint venture to choose a new contractor to take over the development, according to court documents.

BP, PDVSA Rush to Complete Gas Deal Before Venezuela Election

BP, Venezuela's PDVSA and Trinidad and Tobago's National Gas Company are speeding negotiations for a Venezuelan license to develop natural gas deposits in the Caribbean Sea, four people familiar with the matter said.

Canada's Trans Mountain Pipeline Eyes Debt Deal Before Potential Sale

Oil pipeline operator Trans Mountain plans to borrow in the bond market to refinance some of its outstanding debt before the Canadian government eventually sells it, Bloomberg News reported on Monday, citing people familiar with the matter.

Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects

Global pipeline construction surged to nearly 42,000 miles in mid-2024, driven by increased LNG and hydrogen infrastructure needs, with significant expansions in North America and Europe.

Projects July 2024

Enbridge selects Barnard, CBNA for Great Lakes Tunnel; Energy Transfer joins carbon capture initiative in Louisiana; YPF advances $2.5 billion Vaca Muerta pipeline project; Piñon Midstream boosts Delaware Basin gas capacity; Mexican developer seeks U.S. permit for LNG export.

Global News July 2024

Latest industry developments from around the world!

New Fortress’ FLNG Asset Achieves First LNG Offshore Mexico

New Fortress Energy Inc. has announced that it has achieved First LNG for its initial Fast LNG asset located offshore Altamira, Mexico.

South Korea's KOMIPO Cancels LNG Import Terminal Due to High Costs, Declining Demand

South Korea's Korea Midland Power Co. (KOMIPO) has cancelled plans to build a LNG import terminal on the western coast of the country due to high costs and declining demand for the fuel.

Equinor Awards Valaris $500 Million Drilling Contract for Brazil's Raia Field

Equinor has awarded a drilling contract in Brazil worth $498 million to Valaris on behalf of partners in the Raia field development project, the Norwegian company said on Monday.

Freeport LNG Resumes Exports in Texas as Gas Processing Ramps Up

The U.S.' second largest liquefied natural gas exporter Freeport LNG has resumed shipments after shutting operations ahead of Hurricane Beryl, with processing on track to reach about half its capacity on Monday, according to preliminary LSEG data.

Woodside Energy to Acquire Tellurian for $1.2 Billion, Securing Future of Driftwood LNG Project

The agreement could strengthen the United States' position as the world's largest producer of the superchilled gas by securing the completion of Tellurian's 27.6 million metric ton per annum facility in Lake Charles, Louisiana.

Editor’s Notebook: Landowners and CO2 Pipelines Amid South Dakota Legislation

(P&GJ) — South Dakota's new bill empowers landowners to challenge forced easements for CO2 pipelines, enhancing rights amid eminent domain concerns. The legislation impacts projects like Summit Carbon Solutions, aiming for fairer terms and compensation for affected property owners.

U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication

The current investigation of communication with OPEC officials is part of the U.S. antitrust regulator's review, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.

Ecuador, Chile's ENAP Renegotiate Oil Block Agreement with $90 Million Investment

The new agreement, signed on July 15 between the ministry and the company ENAP SIPEC, which already operates the block, will allow an increase in reserves by 5.6 million barrels of crude oil

Freeport Prepares to Restart LNG Exports After Two-Week Halt

A LNG tanker was docked at the Freeport LNG terminal for the first time in almost two weeks on Friday, likely signaling the resumption of exports of the superchilled gas from the second-largest LNG exporter.

Drilling Rig Arrives at Russia's Sakhalin, Supporting Potential Gas Pipeline to China

A semisubmersible drilling rig called Polar Lights is due to arrive at the Russian Pacific island of Sakhalin on Saturday to drill a well at a field hit by U.S. sanctions, the Russian agency for sea and river transport said.

Canadian Crude Exports from U.S. Gulf Coast Dip Slightly Despite TMX Startup

About 150,000 barrels per day of Canadian crude were exported from the U.S. Gulf Coast in June, slightly lower than average, despite the expansion of the Trans Mountain pipeline, which pulled some barrels west to Vancouver, shipping tracking data showed.

WTI Futures Backwardation Hits 8-Month High as Cushing Stocks Fall

The premium for front-month U.S. crude oil futures over the second-month contract CLc1-CLc2 widened to its highest since October on Wednesday, LSEG data showed, as stocks at the WTI delivery point, Cushing, Oklahoma, fell last week to a three-month low.

LNG’s Role in a Realistic Energy Transition

We are observing remarkable expansion and diversification within the global LNG market. It is projected that the market will grow from 400 million tons in 2023 to over 600 million tons by 2029.

Circular Economy Initiatives for Offshore Piping and Related Infrastructure

Circular economy is a sustainable business model that aims to ensure use of resources, extraction of maximum value from the equipment during operation and the recovery and regeneration of products and materials at the end of each’s service life.

Exxon to Sell Malaysian Oil, Gas Assets to Petronas, Sources Say

Exxon has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, an exit from a country where it used to be a dominant producer, sources said.

Crescent Energy, SilverBow Resources Set to Close $2.1 Billion Merger by July 30

The merger, which follows industry consolidation trends, will position Crescent as the second-largest operator in the Eagle Ford basin.

ONEOK to Build 230-Mile Refined Products Pipeline from Kansas to Denver

ONEOK plans to boost its pipeline capacity by constructing a new 230-mile pipeline from Scott City, Kansas, to Denver International Airport, enhancing its refined products supply between the Mid-Continent and Gulf Coast.

Ukraine Halts Lukoil's Russian Oil Transit, Slovakia and Hungary Affected

The move highlights the volatile nature of the remaining Russian oil supplies to Europe via the Soviet-built Druzhba pipeline, the last major functioning Russian oil supply route to the continent.

Sempra, Bechtel Ink Deal for Port Arthur LNG Phase 2 Expansion

Sempra has signed a fixed-price agreement with Bechtel Energy to build the second phase of the Port Arthur liquefied natural gas (LNG) export plant in Texas.