Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday. The deal would be a boon to Exxon's plans to accelerate asset sales, as it seeks to raise cash to return to shareholders and fund major projects. Suppressed oil prices have weighed on the appetite of oil majors to buy such assets. There is no certainty a deal will be agreed, the [Read more]
Heavy differential holds steady
The Canadian heavy crude discount was steady against U.S. benchmark crude futures on Monday:* Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, last traded at $12.50 per barrel below WTI, according to Net Energy Exchange, unchanged from Friday's settle.* The differential remains relatively tight, helped by showing western Canadian crude inventories declined for a fourth straight month in August. * Last month, the government of Alberta extended [Read more]
Western Canadian crude inventories decline in August
Western Canadian crude oil inventories dropped by 1.2 million barrels in August to total just under 26 million barrels, levels last seen in November 2017, energy information provider Genscape said on Friday. The draw on inventories is good news for Canada's main oil-producing province Alberta, which this year imposed production curtailments on oil companies to ease congestion on export pipelines and help reduce the amount of crude in storage. Last month, the Alberta government extended [Read more]
U.S. oil drillers cut rigs for third week in a row -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year. Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down to 738, the lowest since November 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the same week a year ago, there were 860 active rigs. The [Read more]
Billionaire Li Ka-Shing offered C$12.4 bln for Canada’s Inter Pipeline -Globe and Mail
Canada's Inter Pipeline Ltd rejected a C$12.4 billion ($9.37 billion) buyout offer from Hong Kong billionaire Li Ka-Shing's CK Infrastructure Holdings Ltd in July, the Globe and Mail reported late on Thursday, citing sources familiar with the two companies. Inter Pipeline had said previously that it had received a takeover bid in August without naming the buyer. It also said then it was not in talks to sell. Shares of the company, which owns pipelines in Alberta and Saskatchewan as well as [Read more]
Dozens of Enbridge oil shippers wade into dispute over proposed pipeline overhaul
More than two dozen oil companies wrote to Canada's energy regulator on Thursday to support or oppose it intervening in Enbridge Inc's contentious proposal to overhaul shipping contracts on the Mainline pipeline network. The Mainline is North America's largest pipeline system, shipping around 3 million barrels per day of crude from western Canada to the U.S. Midwest. Enbridge currently allocates capacity based on monthly nominations from shippers, but is proposing to switch to long-term [Read more]
Exxon agrees $4 bln sale of Norway oil and gas assets -sources
Exxon Mobil has agreed to sell its Norwegian oil and gas assets for up to $4 billion, ending its production in a country where it started operations more than a century ago, three sources familiar with the matter said on Thursday.U.S. oil major Exxon said in June it was looking to sell its Norwegian upstream portfolio, which comprises minority stakes in more than 20 fields, operated by local producer Equinor and Anglo-Dutch oil major Royal Dutch Shell . An Exxon spokeswoman said: [Read more]
U.S. natgas futures fall from 7-week high on big storage build
U.S. natural gas futures fell almost 2% from a seven-week high on Thursday following the release of a bigger than expected weekly storage build and a projected decline in the amount of gas flowing to liquefied natural gas (LNG) export plants. The U.S. Energy Information Administration said utilities added 84 billion cubic feet (bcf) of gas into storage during the week ended Aug. 30. That is higher than the 78-bcf build analysts forecast in a Reuters poll and compares with an injection of [Read more]
Federal Court of Appeal allows new challenges to Trans Mountain oil pipeline expansion
Canada's Federal Court of Appeal on Wednesday agreed to hear six challenges to the Canadian government's earlier approval of an expansion of the Trans Mountain oil pipeline, potentially adding to delays ahead of an October election. In a ruling posted on its website, the court said the six challenges relate to the adequacy of the government's consultations with indigenous groups, and that they must proceed on strict, short deadlines. The decision marks the second time in just over a year [Read more]
Suncor sees increased political risk for Keystone XL oil pipeline
Canada's second-largest oil producer, Suncor Energy , believes the political situation in the United States has increased the risks to companies counting on construction of TC Energy Corp's proposed Keystone XL oil pipeline, its chief executive said on Wednesday. A legal fight between TC, previously known as TransCanada, and environmental activists has delayed the Canada-to-Texas pipeline for a decade. A court in Nebraska last month affirmed an alternative route through the state, raising [Read more]