Business & Markets
LaPorte, Texas, Issues Shelter in Place After Altivia Plant Leaks Toxic Gas
Altivia Chemical was working to contain a toxic gas leak from its LaPorte, Texas, plant on Monday, as the city's emergency management agency ordered some nearby residents and five neighboring facilities to shelter in place out of caution.
Exxon Mobil CEO Rebuffs IEA Criticism of Carbon Capture Strategy
Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency's recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion", saying the same could be said about electric vehicles and solar energy.
Record U.S. Oil Output Challenges Saudi Mastery
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC+ partners as they cut their own production to boost prices.
Guyana Moving Toward New Offshore Gas Pipeline in Liza Offshore Fields
(P&GJ) — With the Gas To Energy project, the government of Guyana will — for the first time — produce energy using the associated natural gas produced in the Liza offshore fields of the Stabroek Block.
CO2 Projects Look to Overcome Siting Opposition
(P&GJ) – In the last two years, while the Biden administration has been embracing direct-air capture (DAC) hubs, Houston-based Occidental Petroleum Corp. (Oxy) and its one-time spinoff, California Resources Corp. (CRC), have been leading increased industry interest in the transportation and storage of carbon, in the transition to a zero-emissions energy world.
U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleum Reserve
The U.S. Energy Department said on Thursday it has finalized contracts to purchase 2.73 million barrels of oil for the Strategic Petroleum Reserve (SPR).
Trinidad's Atlantic LNG Restructuring to Shrink Shell's Stake, Boost BP's
Shell's ownership in Trinidad and Tobago's Atlantic LNG facility will shrink, while BP and Trinidad's state-owned National Gas Co. will increase their stakes in a restructuring agreement to be signed this week, according to three people familiar with the matter.
ConocoPhillips Restarts Production, Cargo Loading at Australia Pacific LNG After Resolving Tanker Issue
Production of LNG and the loading of cargoes have resumed at Australia Pacific LNG (APLNG), said operator ConocoPhillips, after a loaded tanker that was stuck at the facility was moved.
Petroecuador Exceeds 400,000 bpd Crude Oil Output; Addresses Oil Spill in Shushufindi River
Ecuador's state oil company Petroecuador said Sunday that crude oil output surpassed 400,000 barrels per day (bpd) for the first time since January 2021.
Revenues of Russia's Top Oil and Gas Producers Fall 41% in First 9 Months of 2023
The revenues of Russia's largest oil and natural gas producers dropped by 41% in the first nine months of the year, the central bank said in its financial stability review, as export volumes and prices declined.
Investors Flock to U.S. Natural Gas ETF Despite Price Slump
Investors have been piling into an exchange-traded fund (ETF) designed to track U.S. natural gas prices, in spite of the commodity's dismal performance in 2023.
U.S. LNG Exports in November Approach Record Levels Amid Higher Output
U.S. liquefied natural gas (LNG) exports in November rose to the second highest monthly production level on record, 7.99 million metric tons of the superchilled gas, according to tanker tracking data.
U.S. Speeds Up Return of Oil to Strategic Petroleum Reserve
The U.S. Department of Energy has sped up the return of 4 million barrels of oil to the Strategic Petroleum Reserve from a previous exchange of crude to energy companies as it seeks to replenish the stockpile after a record drawdown last year.
Michigan Regulators Approve Enbridge Great Lakes Tunnel for Oil Pipeline
Michigan regulators on Friday approved Canadian pipeline company Enbridge's application to build a tunnel under the Great Lakes to house its aging Line 5 oil pipeline, a major step forward for the $750 million project.
Mountain Valley Pipeline Owner Equitrans Considering Asset Sale
While there is no certainty that the company would decide to proceed with the sale, it would likely attract interest if it were to launch a sale process in early 2024, coinciding with the expected completion of the Mountain Valley pipeline.
Sentinel Midstream, Exxon Form JV to Connect Oil Terminals in Louisiana
Pipeline operator Sentinel Midstream said on Friday it has formed a joint venture (JV) with Exxon Mobil to provide pipeline connectivity between crude oil terminals in Louisiana.
U.S. Refiner Phillips 66 Retains Big-Name Advisers for Elliott Duel
U.S. oil refiner Phillips 66 has retained two top financial and legal advisers for its duel with activist investor Elliott Investment Management, according to a person familiar with the matter.
Williams Becomes Third Largest DJ Basin Gatherer with Cureton Front Range, RMM Acquisitions
(PGJ) — Williams secures the third-largest DJ Basin gathering position by acquiring Cureton Front Range LLC, including gas gathering pipelines and two processing plants, and 100% ownership in Rocky Mountain Midstream Holdings LLC.
Global News December 2023
Latest industry developments from around the world!
Drones Used to Improve Safety of Pipelines
(P&GJ) — There’s no way around it — infrastructure inspection is as risky and dangerous as it is vital. For the past few years, companies have begun experimenting with unmanned aerial systems (known as UAS, or drones) to help improve worker safety, among other benefits.
APGA Continues Focus on Advocacy of Natural Gas
(P&GJ) – Formed in 1961, the American Public Gas Association (APGA) has played an instrumental role in the operations of more than 700 member companies in 36 states ever since, by representing its members before Congress and other federal agencies through careful assembling of regulatory and legislative positions.
Editor’s Notebook: Trouble in the Heartland
(P&GJ) — It seems that even CO2 pipelines — a centerpiece of the Biden administration’s net zero greenhouse gas reductions policy — can’t catch a break when it comes to getting out of the starting block where permitting and public opinion are concerned.
Green Hydrogen Projects by Spain's Enagas Poised to Receive EU Funding
Two renewable hydrogen projects partially managed by Spain's gas grid operator Enagas have been included in the European Commission's list of Projects of Common Interest (PCI), the company said on Tuesday, meaning they could benefit from accelerated permitting procedures and subsidies.
Elliott Takes $1 Billion Stake in U.S. Pipeline Operator Phillips 66, Urges Board Revamp
Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance.
Occidental in Talks to Buy Permian Producer CrownRock
Occidental Petroleum is one of the finalists in the auction for CrownRock, an energy producer in the west Texas area of the Permian basin, with a bid of more than $10 billion. ConocoPhillips, Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources were also studying potential bids.
Kyiv Proposes Reversing Trans-Balkan Gas Pipeline Flows Through Ukraine
Ukraine's state gas transit operator on Wednesday proposed reversing gas flows through the Trans-Balkan pipeline, which would allow gas to be pumped from the Balkans to Central and Eastern European countries through Ukraine.
Centrica Pumps Gas from Rough Storage into U.K. Grid as Demand Rises
British Gas owner Centrica has released stored gas from its largest storage facility into the national grid for the first time this winter, it said on Tuesday, seeking to manage rising heating demand and contain prices.
Caspian Pipeline Consortium Resumes Oil Loadings at Black Sea Terminal
The Caspian Pipeline Consortium (CPC), a main export route for Kazakhstan's crude oil, said on Thursday it has resumed oil loadings at its Black Sea terminal which had been suspended due to storms, disrupting exports since last Friday.
Riposte Capital Pushes for Board Overhaul at Energy Producer SilverBow
One of SilverBow Resources Inc.'s largest investors is pushing the U.S. oil and gas producer to revamp its board to address governance concerns and boost its lagging performance, according to a letter reviewed by Reuters on Thursday.
Cambodia Scraps Coal Power Project to Build Gas-Fired Plant, Import LNG
Cambodia has abandoned plans to build a $1.5 billion 700 megawatt (MW) coal-fired power project in a protected reserve along the southwestern coast and will build an 800 MW natural-gas fired plant instead, its energy minister told Reuters.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- 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
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
