Central & South America
TotalEnergies, APA Approve $10.5 Billion Oil, Gas Project in Suriname
The small South American country wants to follow in the footsteps of neighboring Guyana, where a consortium led by Exxon Mobil has discovered more than 11 billion barrels of recoverable oil and gas resources.
Global News October 2024
Stay informed with the latest industry news and developments in the midstream sector. From pipeline projects to regulatory updates and company announcements, P&GJ's Global News column brings you the most important insights from around the world.
P&GJ’s Europe 500 Report of Top Pipelines
The following is a list of some of the longest transportation routes on the continent of Europe as of July 2024. This third such report will be broken down into two sections: gas and liquids (oil and products), which will be updated in each of our September issues going forward.
Exxon Board Member Gregory Goff Joins Elliott Group's Bid to Acquire Citgo Petroleum
Exxon board member Gregory Goff has joined Amber Energy, an Elliott-backed company, in a bid to acquire Citgo Petroleum through a U.S. court auction. The deal aims to resolve Venezuela’s debts, placing a $7.28 billion enterprise value on the Houston-based oil refiner.
ConocoPhillips Secures Court Approval to Seize Payments to Venezuela's PDVSA
The court's decision comes as part of ConocoPhillips' ongoing efforts to recover compensation after the expropriation of its assets by Venezuela. The ruling allows the company to target PDVSA assets linked to the joint Dragon Gas Field project.
Petrobras to Reopen Offshore Well, Pumping Natural Gas for Brazil
Brazilian oil giant Petrobras is set to reopen a well in the Roncador field, aiming to boost natural gas production by 1.7 million cubic meters per day, supporting the country's energy needs.
Colombia Risks Blackouts Without Swift Natural Gas Strategy, Experts Warn
Colombia must decide soon whether to focus on imports of liquefied natural gas (LNG) or encourage domestic output of natural gas if it wants to avoid power blackouts, according to Wood Mackenzie.
EQT CEO Predicts U.S. Natural Gas Prices to Stay Below $3/MMBtu Amid LNG Demand Growth
The CEO of U.S. natural gas producer EQT Corp. on Wednesday said U.S. prices for the fuel will remain below $3 per million British thermal units in the short term.
Argentina's Reversion del Norte Pipeline Project Nears Completion After Successfully Crossing River
Argentina's 93-mile Reversion del Norte pipeline has overcome significant delays, reaching a key milestone by crossing the Tercero River. The project, crucial for gas supply to northern Argentina and exports to Bolivia and Brazil, is now on track for completion in late 2024.
MidOcean Energy Boosts Stake in Peru LNG to 35%
MidOcean Energy, a liquefied natural gas (LNG) company managed by EIG, is set to acquire an additional 15% interest in Peru LNG (PLNG) from Hunt Oil Company, raising its total stake to 35%.
Goldman Sachs Warns AI Could Weigh on Oil Prices, Reshaping Market Dynamics
Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Sept. 3.
Colombia Truck Protests Disrupt Key Pipelines, Threaten Ecopetrol Operations
Protests by truckers in Colombia, who are angry at an increase in diesel prices, have cut off the country's biggest cities and are threatening fuel supplies, though the government insists the hike is fair.
Vista Energy to Invest $1.1 Billion in Argentina's Vaca Muerta Shale Expansion
In a push to unlock more of the oil riches buried in a massive shale deposit in Argentina, Vista Energy will invest about $1.1 billion this year as it also aims to cut costs there by double digits, the firm's CEO said.
Petrobras Aims to Cut Gas Reinjection, CEO Says
The government published a decree on Monday authorizing the oil regulator ANP to order oil companies to reduce the reinjection to increase the supply of gas and lower prices.
Exxon Restores Full Oil Production in Guyana After Gas Pipeline Tie-In
An ExxonMobil consortium's crude output in Guyana has been fully restored at two floating production facilities after workers completed a natural gas pipeline tie-in, a company spokesperson said on Monday.
Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows
Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.
Gran Tierra Energy Offers $226 Million to Acquire UK’s i3 Energy
With the deal, Gran Tierra Energy aims, to create an independent energy company of scale in the Americas, with increased production, reserves, cash flows, and development options across Canada, Colombia, and Ecuador.
Projects August 2024
Explore recent developments in energy infrastructure: Allseas completes the 163-mile Barossa pipeline, FERC approves Mountain Valley's $7.85 billion Virginia gas pipeline, Nigeria's AKK pipeline set for 2025 completion, Wison exits Arctic LNG 2, Enbridge faces Line 5 legal challenges, and more!
Global News August 2024
Latest industry developments from around the world!
Exxon Claims Hidden Value in Hess Guyana Assets Could Alter $53 Billion Chevron Deal
Getting the arbitration panel to consider the appraised value is central to Exxon's claim that the deal is an asset acquisition disguised as a merger.
U.S. Oil Export Growth Slows as Output and Global Demand Wane
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
Gran Tierra Reports Fifth Oil Discovery in Ecuador with Charapa-B6 Well
Gran Tierra Energy Inc. has announced its fifth oil discovery in Ecuador with the successful drilling of the Charapa-B6 well on the Charapa block.
McDermott Wins EPCI Contract for Gas Project Offshore Trinidad and Tobago
McDermott has been awarded an EPCI contract by Shell Trinidad and Tobago Ltd. for the Manatee gas field development project, located 60 miles (100 kilometers) off the southeast coast of Trinidad and Tobago.
Citgo Posts $25 Million Q2 Loss Amid Unfavorable Market Conditions, Refinery Maintenance
Citgo Petroleum has reported a net loss of $25 million in the second quarter following unfavorable market conditions and refinery maintenance and upgrades, compared with income of $410 million in the quarter immediately prior.
New Gas Pipeline Projects Underway Across Latin America
In Latin America, at the moment, there are a series of projects to build, expand and rehabilitate gas pipelines, which are of great importance to the strengthening of midstream infrastructure of those countries.
Chevron-Hess Merger Drags On Amid Exxon Arbitration Challenge
Chevron said an arbitration panel that will evaluate Exxon's challenge to its Hess acquisition should have a decision between June and August 2025.
U.S. Court Delays Citgo Share Auction Decision Until October
A U.S. court on Thursday agreed to delay the selection of finalists in an auction that could change the ownership of Citgo Petroleum, pushing back any sale of the seventh-largest U.S. oil refiner until October.
Puerto Bahia, Gasco to Build Liquefied Petroleum Gas Facility in Cartagena, Colombia
Puerto Bahia, and Gasco have entered into an agreement to develop a liquified petroleum gas project at Puerto Bahia's port terminal in the Bay of Cartagena, Colombia. The project is expected to be operational by 2027.
Brazil's TAG, Eneva to Launch New LNG Pipeline Connection in October
TAG CEO Gustavo Labanca said on Tuesday that $62.67 million was invested in the new 25-km (15.5-mile) pipeline section, which will be able to transport as much as 14 million cubic meters of LNG per day.
Gas-Rich Venezuela Faces Production Challenges Ahead of Election
While it sits atop the world's eighth-largest natural gas reserves and the biggest in Latin America, Venezuela's output fell to 4 Bcf/d this year from almost 8 Bcf/d in 2016, data from consultancy Gas Energy Latin America showed.
- 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
