Saudi state energy giant Saudi Aramco will increase gas output by 60% by 2030, Aramco's Executive Vice President for Strategy and Corporate Development Ashraf Al Ghazzawi said at an energy conference on Wednesday. Aramco recently halted plans to expand oil output capacity and is focused on developing unconventional gas fields similar to U.S. shale fields in the kingdom. The company has also said it is looking at opportunities to invest in liquefied natural gas (LNG) projects [Read more]
US natgas prices slide 2% on lower demand forecasts, extended Freeport LNG outage
U.S. natural gas futures slid about 2% on Wednesday on forecasts for less demand over the next two weeks than previously expected and news of a demand-destroying, extended outage of two liquefaction trains at Freeport LNG's export plant in Texas. Freeport LNG said it anticipates two of the three liquefaction trains at its liquefied natural gas (LNG) plant will remain out of service for testing and repairs through May. Front-month gas futures for April delivery on the New York Mercantile [Read more]
Trans Mountain oil pipeline begins filling ahead of final construction challenges
Canada's Trans Mountain Corp has begun filling its pipeline expansion with oil in a staged process, a senior executive said on Wednesday, as construction of the long-delayed progress nears an end. The pipeline expansion faces technical challenges in the next two weeks as it finishes work on the last segment in British Columbia, Chief Financial Officer Mark Maki told Reuters. "We feel good about progress," Maki said on the sidelines of the annual CERAWeek energy conference in Houston. [Read more]
US oil refiners’ weekly capacity seen up 337,000 bpd – IIR
U.S. oil refiners are expected to have about 773,000 barrels per day (bpd) of capacity offline for the week ending March 22, increasing available refining capacity by 337,000 bpd, research company IIR Energy said on Wednesday. Offline capacity is expected to edge down to 744,000 bpd in the week ending March 29, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday March 20 March 18 March [Read more]
Oil retreats from multi-month highs, strong dollar dents demand
Oil prices edged lower on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in the previous session. Brent crude futures for May delivery fell 16 cents, or 0.2%, to $87.22 a barrel by 0407 GMT. U.S. West Texas Intermediate futures for April delivery, which expire on Wednesday's settlement, fell 31 cents, or 0.4%, to $83.16 a barrel. The more active May WTI contract was at $82.55 a barrel, down 18 [Read more]
Exxon Mobil eyes 2 million bpd of output in the Permian by 2027
Exxon Mobil will bring its Permian basin output up to 2 million barrels per day by 2027, while it also ramps up production in Guyana, Vice President of Global Exploration John Ardill said on Tuesday at a conference in Houston. Exxon has grown its position in the Permian significantly since 2017, when it acquired some 250,000 acres from the Bass family that held an estimated 3.4 billion barrels of oil equivalent. Last year, it said it would buy shale producer Pioneer Natural Resources, further [Read more]
Canada regulator issues halt order to TMX over unauthorized work
The Canada Energy Regulator said Tuesday it ordered Trans Mountain Expansion Pipeline (TMX) to stop work on a part of its expansion project after an inspection found contractors working without authorizations near an active nesting site of a red-tailed hawk. Trans Mountain will be able to resume reclamation and clean-up activities on spread 6 of the expansion pipeline near Abbotsford, British Columbia, once an inspection officer determines the situation has been remedied, the regulator said [Read more]
Oil, gas exploration frontiers include Namibia, Guyana, SLB CEO says
Oil and gas companies have increased exploration of frontier areas in countries such as Namibia, Surinam and Guyana, and that will create a new wave of future projects, SLB CEO Olivier Le Peuch said on Tuesday. "We have seen a rebound in exploration over the past two or three years," he said at a conference in Houston, Texas. SLB is the world's largest provider of oilfield services. He pointed to developments in countries like Namibia as setting the next frontier for exploration. That [Read more]
US oil output to exceed 14 million bpd and then plateau, says Conoco chief
U.S. oil production will grow to exceed 14 million barrels per day and then plateau, ConocoPhillips CEO Ryan Lance forecast on Tuesday. Output in the top U.S. shale field, the Permian basin of West Texas and New Mexico, will rise between 300,000 bpd and 400,000 bpd this year, he said in remarks at the CERAWeek energy energy conference. Construction of the company's $8 billion Alaskan oil development project, called Willow, is fully underway and will take four years to complete, he [Read more]
Enbridge aims to expand Gray Oak oil pipeline capacity by 120,000 bpd
Energy pipeline operation Enbridge plans to expand capacity on its Gray Oak oil pipeline by 80,000 barrels per day (bpd) this year, an executive told Reuters on Tuesday. An additional 40,000 bpd expansion could come online in 2025 after the company decides on its capital expenditure plans, said Colin Gruending, an executive vice president at Calgary-based Enbridge. The company had originally announced plans for a 200,000 expansion on the Texas pipeline, but said in February revised its [Read more]
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