Business & Markets
INGAA Foundation Chairman Rob Riess Takes on Challenging Year
If there is one certainty about the energy business, it’s that you never know what tomorrow will bring. Chairing a prominent and influential organization such as the INGAA Foundation is much more than an honorary title. It is bestowed upon individuals with an astute knowledge of the natural gas tra..
World News: Asian Leaders Laud TAPI Pipeline
Leaders from Afghanistan, Pakistan and India joined the president of Turkmenistan to discuss construction of a natural gas pipeline that could help ease energy deficits in South Asia: The 1,814-km Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline is expected to be operational by 20..
Only Recession Can Prevent Oil Price Spike
The biggest result from the collapse in oil prices could be a future price spike. Oil prices at $30 per barrel have put most producers under water. That has led to austere budgets and severe cuts to spending. Wood Mackenzie recently estimated that $380 billion in major oil projects have been delaye..
Falling Oil Prices Push Chevron to 1st Loss Since 2002
DALLAS (AP) — Chevron suffered its first money-losing quarter since 2002 in the final three months of last year, as plunging crude prices chopped more than one-third from its revenue. Oil traded this month at levels not seen since 2003, although it has rebounded slightly in the last few days. Che..
Russian-OPEC Coordinated Production Cut Remains Long Shot
The rumors of a coordinated production cut between OPEC and Russia continue to grow more serious. The latest comes from the Russian energy minister Alexander Novak, who insisted that Russia will hold talks with OPEC in February on a possible agreement to reduce output. “There are very many question..
Iran Wasting No Time; Inks Deals with Italy, France
Balancing Iran’s increasingly closer ties with Russia and China, Iranian President Hassan Rouhani is touring Europe to drum up as much renewed business with the West as he can now that his country is free of crippling sanctions. On Friday, Iran and Greece signed what is described as a “long-term ag..
Canada to Step Up Climate Scrutiny on Oil Pipelines
The Canadian government is set to impose stricter criteria for evaluating major energy infrastructure projects like oil and gas pipelines or liquefied natural gas export terminals. The federal government is reportedly planning on adding a “climate test” for proposed projects, an extra hurdle for la..
New Pipeline Projects Increase Northeast Natural Gas Takeaway
A number of recently completed and upcoming natural gas infrastructure projects are expected to increase the reach of natural gas produced in the Marcellus and Utica regions of the Northeastern United States. These projects are intended to transport natural gas from production centers to consuming m..
Shell Shareholders OK $49 Billion Deal to Buy UK Rival BG
LONDON (AP) — Royal Dutch Shell shareholders have overwhelmingly backed the $49 billion bid to buy BG Group, despite a slide in oil prices that have had some critics wondering about the wisdom of the mega-deal. More than 80% of shareholders approved the move on Wednesday. The deal will boost Shel..
Henry Hub, Marcellus Spread Narrows as Pipeline Capacity Grows
Natural gas spot prices around the United States are often compared to prices at the Henry Hub in Louisiana. At trading points in and around the Marcellus and Utica shale plays in Pennsylvania, West Virginia and Ohio, natural gas prices consistently trade below the Henry Hub national benchmark pric..
Oil Stranded by California Pipeline Break Could Be Trucked Out
LOS ANGELES (AP) — Eight months ago a ruptured pipeline created the largest coastal oil spill in California in 25 years, fouling beaches near Santa Barbara with crude and spreading goo as far as 100 miles away. The beaches reopened last summer, but the fallout is continuing. Santa Barbara County..
Changing Contract Expiration Dates to Alter Crude Futures Comparisons
A change to the North Sea Brent crude oil futures contract will change the way prices for Brent futures are compared to futures prices for West Texas Intermediate (WTI) crude oil, according to a new report by Energy Information Administration (EIA). Beginning Jan. 29, the Brent contract will expire..
Saudi Aramco Chairman Defends Oil Giant's Possible IPO Move
RIYADH, Saudi Arabia (AP) — The chairman of Saudi Arabia’s state oil giant, Aramco, said on Monday that plans for a possible initial public offering are not being driven by a need for cash amid a global slump in oil prices, but instead signal a desire for greater openness to outside investors. S..
Exxon Says Oil and Gas Will Still Dominate Energy in 2040
DALLAS (AP) — The way oil giant Exxon Mobil sees it, the global energy landscape won’t be radically different in 2040 than it is today. Oil and gas will remain king, accounting for an even slightly larger share of the energy supply. Coal will fall behind natural gas to become the third-largest sourc..
Natural Gas Prices Expected to Rise over next 2 Years
The average natural gas spot price at the benchmark Henry Hub for December 2015 of $1.93 per million British thermal units (MMBtu) was the lowest monthly average since March 1999, according to EIA’s latest Short-Term Energy Outlook (STEO). The EIA expects natural gas prices to rise, averaging $2.65..
EAI Expects Iran to Clear Storage Prior to Ramping Up Production
Implementation day for the Joint Comprehensive Plan of Action (JCPOA), an agreement among Iran, the the five permanent members of the United Nations Security Council and Germany (P5+1), and the European Union (EU), occurred Jan. 16 when the International Atomic Energy Agency verified that Iran ha..
Frost & Sullivan Director Discusses Likelihood of Oil Price Rebound
Carl Larry is the director of Oil and Gas at Frost & Sullivan, a consultancy that conducts research on oil and gas markets, to get his thoughts on the state of oil in 2016. Oilprice.com: I saw that you were on Bloomberg in December, and you said that you thought oil would go to the low $30s per b..
Coast Guard Issues Final EIS for Deepwater Port Project
The federal Maritime Administration and U.S. Coast Guard issued a 4,242 page final Environmental Impact Statement (EIS) for the proposed Port Ambrose Project deepwater port. The EIS confirms that the project is needed, the location is safe, and that impacts to the environment are minimal. According..
Company Executive Blames Decade-Old Oil Leak on 'Act of God'
BATON ROUGE, La. (AP) — A decade-old oil leak that could last for another century was caused by an “act of God” during a hurricane in the Gulf of Mexico, the president of the company responsible said Wednesday. Taylor Energy President William Pecue told a gathering of industry experts and environ..
U.S. Production to Fall to 8.1 MMbpd by Year End, Genscape Says
With sustained weakness in crude prices and oil rigs at the lowest level since the economic crisis of 2008, production in the United States is set to see significant year-over-year declines. U.S. production for the year peaked at 9.6 MMbpd in April and declined to 9.2 MMbpd by December. Industry..
KMI, TrailStone Form Mexican Gas Marketing Company
A subsidiary of Kinder Morgan signed a joint venture letter of intent with a subsidiary of the TrailStone Group to form a Mexican natural gas marketing company. The JV between KMI and TrailStone subsidiaries will combine North American gas supply and transportation to provide competitively priced g..
More Quakes Rattle Oklahoma but State Avoids Tough Measures
OKLAHOMA CITY (AP) — In Oklahoma, now the country’s earthquake capital, people are talking nervously about the big one as man-made quakes get stronger, more frequent and closer to major population centers. Next door in Kansas, they’re feeling on firmer ground though no one is ready yet to declare vi..
Russia Warns Cuts Needed to Avoid Repeat of '98 Crash
MOSCOW (AP) — Russia’s leaders are warning the government will need to make more cutbacks if the nation is to avoid a repeat of the 1998 financial crash, the country’s biggest post-Soviet economic trauma. The economy, which is heavily reliant on its massive oil and gas industry, is getting hammer..
Warm Weather, Low Prices Reducing Home Heating Expenditures
Warmer temperatures and lower energy prices have contributed to a reduction in EIA’s current forecast average heating expenditures this winter compared with the forecast in the October 2015 Winter Fuels Outlook. Each October, EIA produces a Winter Fuels Outlook that projects heating fuel expenditur..
Industry Becoming More Comfortable with Excess Flow Valves
When I first joined the natural gas industry in 1981, excess flow valves (EFVs) were the most controversial issue in distribution pipeline safety. EFVs are simple devices installed in gas-service lines at the connection to the main that remain open under normal flows but close if a surge in flow exc..
TDW Repairs Exposed Beach Gas Pipeline in 3 Weeks
A beach in a highly populated tourist area is hardly an ideal work site. But when a 42-inch gas pipeline laid parallel to the seashore shifted and became exposed on the beach near Ubhrat, India, crews had to overcome several unusual challenges posed by the surrounding landscape and notable environme..
Willbros Wins Utility Contracts
Willbros Group’s Utility T&D segment won two projects with an aggregate contract value of $29 million. One project is for the installation of 115KVA duct bank in a congested urban setting. Project work is expected to begin shortly and scheduled for completion in 12 months. The second is for replac..
P&GJ’s 2016 Worldwide Construction Report
P&GJ’s 2016 survey figures indicate 94,799 miles of pipelines are planned and under construction worldwide. Of these, 49,848 miles represent projects in the engineering and design phase; 44,951 miles are in various stages of construction. Following is a list of new and planned pipeline miles in the..
Tennessee Gas Seeks Approval for $170 Million Expansion
Kinder Morgan’s Tennessee Gas Pipeline has applied to FERC for a $170 million expansion of its gas transportation system to serve shippers that also have signed on with the Cameron LNG liquefaction and export facility. The Southwest Louisiana Supply Project would provide 295,000 Dth/d of incrementa..
EN Engineering President on Acquisitions, Growth and the Future
EN Engineering has been on an acquisition mode, both acquiring and being acquired, in recent years. On July 1, the company welcomed General Atlantic, a leading growth equity investment firm, as a partner and majority investor in the firm. In 2011, Thomas C. Ziegenfuss became president of EN Engineer..
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