Business & Markets

U.S. Democrats Urge Antitrust Probe into Oil, Gas Mergers

Nearly 50 Democrats in the U.S. Congress on Wednesday urged the Federal Trade Commission to probe oil and gas company deals and expand current investigations to protect consumers and industry competition.

AG&P LNG Acquires 49% Stake in Vietnam's Cai Mep LNG Terminal

Singapore-based Atlantic, Gulf and Pacific LNG (AG&P), a unit of U.S. investment and development firm Nebula Energy, has acquired a 49% stake in Vietnam's Cai Mep LNG terminal, it said in a statement on Thursday.

Argentina's YPF to Invest $3 Billion in Shale, Eyes LNG Facility Expansion in 2024

Argentina's national oil company YPF on Thursday said it would invest $3 billion of a $5 billion capital spending plan this year in shale, as it looks to generate more cash by exiting some major conventional fields.

Hess Reassesses Chevron's $53 Billion Merger Timeline Amid Exxon's Bid

U.S. oil producer Hess said on Thursday it was reviewing the timeline for closing its merger with Chevron, after oil major Exxon Mobil signaled a potential counter offer for Hess's Guyana assets.

U.S. Natural Gas Prices Steady Ahead of Federal Storage Report

U.S. natural gas futures were little changed on Thursday as the market waited for direction from a federal report expected to show a much smaller-than-usual storage withdrawal last week when warmer-than-normal weather kept heating demand low.

Turkey Inks Oil and Gas Cooperation Pact with Somalia

Turkey signed an offshore oil and natural gas cooperation deal with Somalia on Thursday, the Turkish Energy Ministry said, further strengthening bilateral ties after agreeing a defense deal last month.

IEA Forecasts Well-Supplied Oil Market in 2024 Despite Demand Slowdown

The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas, the head of the International Energy Agency's (IEA) oil markets and industry division told Reuters on Thursday.

Santos Faces Fresh Legal Setback Over $2.4 Billion Narrabri Gas Project

The decision returns the project to the uncertainty of a legal dispute months after Santos won a court battle allowing it to resume pipeline construction at its Barossa gas project.

Xcel Energy Says Its Facilities Likely Started Texas Fire, Faces Negligence Allegations

The Minneapolis-based utility, which provides power and natural gas to parts of Texas and seven other U.S. states, disputed "claims that it acted negligently in maintaining and operating its infrastructure."

U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September

The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022.

TC Energy Announces Layoffs in Houston, Calgary as Part of Pipeline Unit Integration Plan

Canadian oil and gas pipeline firm TC Energy said on Wednesday it has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units.

Mexico's Pemex, Billionaire Investor Carlos Slim Discuss Reviving Deepwater Gas Project

Mexican state energy company Pemex and billionaire investor Carlos Slim's team are discussing ways to revive development of the country's first deepwater natural gas field that was shelved twice before, two sources told Reuters.

Exxon Challenges Hess's Guyana Asset Sale, Signals Potential Bid

Exxon Mobil Corp. on Wednesday said it filed a contract arbitration disputing Hess Corp.'s proposed sale of its Guyana oil properties and suggested it may counter Chevron Corp.'s pending deal for the assets.

Montfort in Talks to Sell UAE Fuel Oil Facility to Sinopec

Geneva-based trading house Montfort Group is in discussion to sell part or all of its refining facility in the United Arab Emirates to the fuel oil arm of Chinese state giant Sinopec Corp., at least five industry sources told Reuters.

Tullow Oil Reports Loss in 2023, Aims for Operational Improvements Beyond 2025

Oil / Africa / E&P

Tullow Oil swung into a loss in 2023 after cutting the value of reserves in one of its West African oilfields, as its chief executive said the company would consider shareholder returns after 2025.

Turkish Oil Terminal Stops Accepting Russian Imports Amid U.S. Sanctions Pressure

One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.

Saudi Aramco, UAE's ADNOC in Talks for Investments in U.S. LNG Projects

Gulf oil giants Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said.

Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline

Pipeline operator Enbridge raised its short-term profit growth forecast on Wednesday and said it will invest about $500 million in expanding its pipeline and storage assets to improve its U.S. Gulf Coast presence.

Canadian Oil Producer Cenovus Plans 19% Production Increase Over Five Years

Cenovus Energy, Canada’s third-largest oil producer, said on Tuesday it plans to boost energy production by 19% during the next five years as the country's pipeline capacity expands.

HVO: Fuel for the Future

The advancement of the energy transition is leading to a growing imperative to reduce carbon emissions in challenging-to-transform sectors. Various industries are adopting alternative fuels and embracing increased electrification to promote sustainable practices within the construction and extraction sectors. In this regard, hydrated vegetable oil (HVO) represents a pioneering alternative fuel source.

Vitol Nears Acquisition of Exxon, QatarEnergy Stakes in Italy LNG Terminal

Vitol-backed energy storage company VTTI is close to acquiring a majority stake in Italy's biggest LNG import terminal from Exxon Mobil and QatarEnergy, two sources with knowledge of the matter said on Monday.

Temasek Shortlists Saudi Aramco, Shell for Pavilion Energy Asset Sale

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of LNG trading firm Pavilion Energy, sources with knowledge of the matter said.

Canada Energy Regulator Approves Enbridge Mainline Toll Settlement

The Canada Energy Regulator said on Monday it has approved a toll settlement between pipeline operator Enbridge and shippers for moving oil along the Canadian mainline.

India Plans $4.95 Billion Natural Gas Pipeline Network for Kashmir, Northeast Region

India expects investment of about $4.95 billion from companies to build natural gas pipeline infrastructure in its northeastern states and northern federal territories of Kashmir and Ladakh, a minister said on Monday.

Exxon to Complete Beaumont, Texas, Hydrocracker Overhaul by End of March, Sources Say

Exxon Mobil Corp. plans to finish an overhaul of the hydrocracker at its 619,024 barrel-per-day Beaumont, Texas refinery by the end of March, said people familiar with plant operations on Monday.

Sypris Awarded Contract for Gorgon Project's Carbon Capture and Storage Systems

Sypris Technologies, Inc., a subsidiary of Sypris Solutions Inc., has recently received an award to supply specialty high-pressure closures for use in the Gorgon Project to support the optimization of the existing carbon capture and storage facilities.

U.S. Considers Selling Northeast Gasoline Reserve in 2024 as Part of Draft Bill

Once the Northeast Gasoline Supply Reserve is closed, the secretary of energy cannot establish any new regional petroleum product reserve unless funding is explicitly requested in advance of an annual budget.

EQT to Curtail Natural Gas Production Through March Amid Low Prices

EQT will curtail nearly 1 billion cubic feet per day of natural gas production through March, the top U.S. natural gas producer said on Monday, as companies respond to persistently low prices of the commodity.

Valero Joins Summit's Carbon Capture Project, Extending Pipeline to 57 Ethanol Plants

Valero Energy is joining Iowa-based Summit Carbon Solutions' proposed carbon capture and storage project, which involves a pipeline spanning more than 2,000 miles across Iowa, North Dakota, South Dakota, Nebraska, and Minnesota.

Tellurian CEO Octavio Simoes' Term Not Extended, Company Eyes Asset Sale

LNG developer Tellurian said on Monday it would not renew or extend the employment term of CEO Octavio Simoes beyond June 5, and aims to sell its upstream business, sending its shares up as much as 3% before the bell.