Business & Markets
IEA Says Iran Helps Offset Problems in Canada, Nigeria
PARIS (AP) — The International Energy Agency said Thursday that higher than expected Iranian oil production has helped stabilize the global oil market by offsetting concerns generated by wildfires in Canada and violence in Nigeria. In its monthly report, the Paris-based IEA said global oil output r..
Cheniere Energy Names Jack Fusco as CEO
NEW YORK (AP) — Cheniere Energy is naming Jack Fusco as CEO after the natural gas company’s previous CEO was forced out under pressure from activist investor Carl Icahn. Fusco was most recently executive chairman of Calpine Corp., which generates electricity from natural gas. He was CEO of the Hous..
EIA Projects 48% Rise in Global Energy Consumption by 2040
The U.S. Energy Information Administration’s recently released International Energy Outlook 2016 (IEO2016) projects that world energy consumption will grow by 48% between 2012 and 2040. Most of this growth will come from countries that are not in the Organization for Economic Cooperation and Develop..
Kuwait Plans To Ramp Up Oil Production By 44% Before 2020
A senior Kuwait Petroleum Corp official has confirmed to media the company’s plans to increase production by 44 percent to almost 4 million barrels a day in 2020. The plan is a continuation of current attempts to pump as much crude as possible and tender new E&P projects in the Persian Gulf. In addi..
Study Finds Bakken Oil Field Leaks Less Methane than Reported
BISMARCK, N.D. (AP) — A new study says the oil-producing region of North Dakota and Montana leaks 275,000 tons of methane annually, an amount that’s less than previously reported. Researchers say it’s the first field study of methane emissions from the Bakken shale formation. Methane is a greenhous..
Nigeria Lifts Gas Subsidy, Nearly Doubling Price of Fuel
LAGOS, Nigeria (AP) — Nigeria’s government announced Wednesday it is lifting a controversial subsidy on gas, nearly doubling the price amid a massive fuel shortage and militant attacks on oil installations in Africa’s biggest petroleum producer. Previous attempts to end the subsidy have provoked ri..
Developing Economies in Asia Lead Projected Growth in World Energy Use
World energy consumption is projected to increase by 48% over the next three decades, led by strong increases in the developing world—especially in Asia, according to International Energy Outlook 2016(IEO2016), released today by the U.S. Energy Information Administration (EIA). Rising incomes in Ch..
Entek to Sell Off Entire Gulf of Mexico Portfolio
Australian Entek Energy Limited has entered into an agreement with Houston-based Peregrine Oil & Gas to sell the company’s entire Gulf of Mexico portfolio for almost $3 million as market conditions continue to take their toll. Entek will be divesting its 38-percent interest in the GA A133 block and..
Petrobras Sells $1.4 Billion in Assets Amid Political Turmoil
Petroleo Brasileiro, Brazil’s state-owned, heavily indebted oil giant, has closed the sell-off of its Argentinean business to local Pampa Energia for US$892 million and its Chilean subsidiary to investment firm Southern Cross for $490 million. The combined value of the deals represents a small port..
Shell Relinquishes Offshore Leases in Alaska's Chukchi Sea
ANCHORAGE, Alaska (AP) — The only company to drill an exploratory oil well in Alaska’s Chukchi Sea following a 2008 federal lease sale confirmed Tuesday it has relinquished nearly all of its leases. Royal Dutch Shell PLC formally relinquished all but one of its leases in the waters off Alaska’s nor..
Most of Canada's Oil Sands Production Shut Down by Wildfire
EDMONTON, Alberta (AP) — The majority of Canada’s oil sands industry has stopped production and will only start back up when it is “absolutely safe” but that should happen soon, Alberta’s premier said Tuesday after meeting with company officials to discuss the impact of the massive wildfire that des..
Crude Oil Volatility Decreases as Prices Rise from Early 2016 Levels
During the first three months of 2016, crude oil prices were relatively more volatile than in recent history. This elevated volatility occurred when overall oil prices were low, and volatility was driven by high uncertainty related to supply, demand, and inventories. Crude oil price volatility has d..
Anadarko to Raise Cash with More Asset Sales
The third largest gas producer in the US, Anadarko Petroleum Corp, is reportedly planning to sell assets in three states as it seeks to raise $3 billion amid setbacks stemming from depressed oil prices. The Woodlands-based energy company hopes to raise between $300 million and $600 millionfor each ..
Coastal GasLink Pipeline Receives All Remaining Construction Permits
TransCanada received the last two of 10 pipeline and facilities permits required from the BC Oil and Gas Commission (OGC) for the Coastal GasLink Pipeline Project. The project now has approval for construction and operation of the proposed pipeline and related facilities. The $4.8 billion pipeline ..
2015 U.S. Energy-Related CO2 Emissions 12% Lower Than in 2005
After increasing in 2013 and in 2014, energy-related carbon dioxide (CO2) emissions fell in 2015. In 2015, U.S. energy-related carbon dioxide emissions were 12% below the 2005 levels, mostly because of changes in the electric power sector. Energy-related CO2 emissions can be reduced by consuming le..
Saudi Arabia Ousts Longtime Oil Minister
DUBAI, United Arab Emirates (AP) — Saudi Arabia on Saturday announced the ouster of its longtime oil minister as part of a larger ongoing government shakeup. A royal decree announced that Ali al-Naimi has been replaced by former Health Minister and Saudi Aramco board chairman Khaled al-Falih. Al-N..
South Korean Company Pays $21 Million to Fake Aramco
After making a $21-million wire payment to a fraudulent company account claiming to be that of Saudi Aramco, South Korea’s largest petrochemical company, LG Chem, is now seeking a full investigation and state assistance to recover its loss. The $21-million payment was destined for Saudi Aramco, whi..
NextDecade Files Application to Site Rio Grande LNG, Rio Bravo Pipeline
The Woodlands, TX-based NextDecade, a development and management company of liquefied natural gas (LNG) projects, filed an application with the Federal Energy Regulatory Commission (FERC) to site, construct and operate Rio Grande LNG. The proposed 27 mtpa LNG export facility near Brownsville, TX. F..
Recent U.S. Oil Imports Generally Heavier than Domestic Production
In 2015, more than 70% of the crude oil produced in the Lower 48 states was light oil with an API gravity above 35 degrees. At the same time, 90% of imported crude oil was heavier, with a gravity below 35 degrees API. To accommodate increasing U.S. production of light crude oil, refineries have adju..
50,000 Laid Off In Saudi Arabia As Oil Crisis Bites Deeper
Saudi construction giant Binladin group has laid off tens of thousands of workers, leading to rare protests, as workers torch seven buses demanding compensation as low oil prices begin to bite in earnest. The numbers of layoffs range from 50,000 to 77,000, many of who say they were not paid for sev..
As Oil Markets Tighten, Geopolitical Events Matter Again
Oil prices jumped on Thursday as surprise outages came from Canada and Libya, reversing several days of losses. WTI and Brent surged by more than 4 percent in early trading on May 5. The hellish wildfires sweeping swathes of Alberta near Fort McMurray forced the evacuation of tens of thousands of p..
Convoy Waits for Dawn, Hoping to Flee Canadian Oil Sands Wildfire Zone
FORT MCMURRAY, Alberta (AP) — Canadian officials waited for dawn Friday to see whether it will be safe for a convoy of evacuees to get out of the fire-ravaged Fort McMurray area. Gasoline tankers were being sent in to top up fuel tanks for a drive to the south. Meanwhile, a mass airlift of evacuee..
PHMSA Extends Comment Period for Natural Gas Transmission Pipelines
The Pipeline and Hazardous Materials Safety Administration (PHMSA) pushed back the deadline for comments on the proposed natural gas transmission rule until July 7. The proposed regulations would update critical safety requirements for natural gas transmission pipelines and expand risk-based safety..
Cost Estimate of Los Angeles-Area Gas Leak Reaches $665 Million
LOS ANGELES (AP) — The estimated cost of a massive gas well blowout that spewed methane uncontrollably for nearly four months and uprooted 8,000 Los Angeles families has more than doubled to $665 million, Sempra Energy announced Wednesday. San Diego-based Sempra had estimated costs of $330 million ..
Possible Flaw in Weld Coating Cited in PA Pipeline Incident
Investigators have found evidence of corrosion on a natural gas pipeline that exploded in a massive fireball in Pennsylvania last week, scorching trees a quarter-mile away, damaging homes and burning a fleeing homeowner, the federal pipeline safety agency said Wednesday. The cause of Friday’s blast..
Fracking Wells Provide Two-Thirds of US Natural Gas Production
For decades, hydraulic fracturing had been referred to as an unconventional completion technique, but over the past 10 years it has become the technique by which most natural gas is produced in the United States. Based on the most recent data from states, EIA estimates that natural gas production fr..
Southern Company, AGL Resources Receive Merger Approval From Maryland Regulators
Southern Company and AGL Resources have received regulatory approval of the companies’ proposed merger from the Maryland Public Service Commission, with all intervening parties in support of the previously announced settlement agreement. AGL Resources is the parent company of Elkton Gas, a regulat..
Consumers Energy Ups Investment in Michigan Natural Gas System
Consumers Energy is investing nearly $225 million to enhance safety and reliability of its natural gas system throughout lower Michigan. This year’s commitment includes infrastructure replacement projects across the state, upgrades to compressor and pressure regulation facilities, and upgrades to a..
Sunbury Pipeline Receives FERC Approval
UGI Sunbury, a subsidiary of UGI Energy Services, received a certificate of public convenience and necessity from the Federal Energy Regulatory Commission (FERC) to construct and operate the 35-mile-long Sunbury Pipeline in central Pennsylvania. The pipeline, comprised of 20-inch steel pipeline and..
Enbridge Predicts $62 Million in Fines, Penalties Tied to Oil Spill
MARSHALL, Mich. (AP) — A pipeline company says it expects $62 million in fines and penalties related to a 2010 Michigan oil spill. In a filing Monday with the Securities and Exchange Commission, Enbridge says $55 million represents penalties under federal water law. The Alberta-based company says n..
- 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
- Caspian Pipeline Consortium Lowers 2024 Oil Export Forecast Again
