The liquefied natural gas market is growing every year, but the terminals that ship and receive the fuel are shrinking. The booming sector's next-generation infrastructure is being designed for a emerging-market buyers that want smaller volumes on shorter, more flexible contracts. LNG export terminals, where the gas is liquefied and put on vessels for shipping, have traditionally been massive, custom-built facilities that cost tens of billions of dollars. And so to justify the investment, [Read more]
Amid unrest, Canada plans to overhaul energy project assessments
The Canadian government, which faces growing protests against major energy projects, this week will present plans to improve the way oil pipelines and mines are assessed, two well-placed sources said. Three entities share responsibility for probing the environmental impact of proposed projects, a system the ruling Liberals say the public does not trust. Ottawa is due to unveil draft legislation creating a single body to look into projects on federally regulated land, said the sources, who [Read more]
Amid unrest, Canada plans to overhaul energy project assessments
The Canadian government, which faces growing protests against major energy projects, this week will present plans to improve the way oil pipelines and mines are assessed, two well-placed sources said. Three entities share responsibility for probing the environmental impact of proposed projects, a system the ruling Liberals say the public does not trust. Ottawa is due to unveil draft legislation creating a single body to look into projects on federally regulated land, said the sources, who [Read more]
Mexico says Venezuela must find peaceful way out of crisis
Venezuelans must find a peaceful solution to the democratic crisis facing their country, Mexico's Foreign Minister Luis Videgaray said on Friday, a day after U.S Secretary of State Rex Tillerson raised the prospect of a military uprising. Videgaray, who said Mexico would use all available diplomatic means to address the situation in Venezuela, spoke after meeting with U.S. Secretary of State Rex Tillerson and Canada's Foreign Minister Chrystia Freeland in Mexico City. Tillerson said on [Read more]
U.S. drillers add oil rigs for second consecutive week
U.S. energy companies added oil rigs for a second week in a row as crude prices hovered near their highest levels since 2014, prompting drillers to return to the well pad. Drillers added 6 oil rigs in the week to Feb. 2, bringing the total count up to 765, the highest level since August 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The U.S. rig count, an early indicator of future output, is much higher than a year ago [Read more]
Canada’s Imperial Oil posts lower-than-expected adj. profit
Canada's Imperial Oil Ltd on Friday reported a lower-than-expected adjusted quarterly profit, hurt by a 22 percent rise in expenses. The Calgary-based company reported a net loss of C$137 million ($111.23 million), or 16 Canadian cents per share, for the fourth quarter as it booked charges of C$566 million related to its Horn River and Mackenzie projects. The company, majority owned by Exxon Mobil Corp , posted a C$1.44 billion profit in the year-ago quarter on a C$988 million gain [Read more]
Canada’s Imperial Oil posts quarterly loss
Canada's Imperial Oil Ltd on Friday reported a quarterly loss, compared with a profit last year, when it realized a nearly C$1 billion gain from the sale of its service stations. The oil producer and refiner's net loss was C$137 million ($111 million), or 16 Canadian cents per share, in the fourth quarter, compared with a profit of C$1.44 billion, or C$1.70, a year earlier. Imperial Oil, majority owned by Exxon Mobil Corp , said production remained unchanged at 399,000 gross [Read more]
Canada’s Trudeau says Kinder Morgan pipeline expansion to proceed -radio
Prime Minister Justin Trudeau said on Thursday his government would ensure Kinder Morgan Canada's Trans Mountain oil pipeline expansion is built and added the C$7.4 billion ($6 billion) project is not a threat to Canada's West Coast. Trudeau reiterated the government's position in two separate radio interviews. His comments came two days after British Columbia proposed new laws that would temporarily ban increased shipments of crude oil through the West Coast province, adding [Read more]
U.S. oil production nears 47-year record as shale booms: Kemp
LONDON, Feb 1 (Reuters) - U.S. crude oil production topped 10 million barrels per day (bpd) in November, according to monthly estimates published by the Energy Information Administration on Wednesday. Crude output was the highest in 47 years and just 6,000 bpd below the record set in November 1970 (“Petroleum Supply Monthly”, EIA, Jan. 31). Production has doubled over the last 10 years, from a low of around 5 million bpd in 2007, reversing decades of decline since the 1970s. The most [Read more]
Shell poised to dethrone Exxon in oil titans’ cash clash
LONDON (Reuters) - Royal Dutch Shell (RDSa.L) could usurp its largest rival Exxon Mobil (XOM.N) as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production. The [Read more]