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]
Petronas starts construction of floating LNG facility for Argentina
Malaysia's state energy firm Petronas has begun the construction of a floating liquefied natural gas (FLNG) processing unit to be placed off the coast of Argentina, which aims to begin exports by 2027, a senior executive told Reuters on Tuesday. The first unit planned for Argentina will be able to produce up to 2 million metric tons per annum (MTPA) of the superchilled gas, said Petronas Senior Vice President of LNG Abang Yusuf. "The floating LNG project is progressing good and we expect [Read more]
Oil shipments from Trans Mountain pipeline expansion to start in June, Alberta premier says
Line fill of Canada's Trans Mountain crude oil pipeline expansion will be complete by the end of May, with the first waterborne exports from the expanded system starting a month later, Alberta Premier Danielle Smith said on Tuesday in an interview, Her comments on the sidelines of the CERAWeek energy conference in Houston are in line with March 1 statements by oil producer MEG Energy that Trans Mountain has called for 2.1 million barrels in April and the same amount of oil in May. The [Read more]
Chevron surprised when Exxon filed for arbitration over Guyana – CEO
Chevron was surprised when Exxon Mobil filed for arbitration over Chevron's plans to buy Hess's Guyana oilfield stake, Chevron CEO Michael Wirth said on Tuesday. The dispute threatens to derail Chevron's $53 billion takeover of Hess. The 30% stake in the prolific Exxon-operated Stabroek oilfield in Guyana is Hess's most valuable asset. Exxon says it has the right of first refusal for Hess's stake. Chevron had been in talks with Exxon over the matter, Wirth said. "We were surprised when [Read more]
US natgas prices up 3% to 1-week high on colder forecasts, lower output
U.S. natural gas futures climbed about 3% to a one-week high on Tuesday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected. Energy traders also noted that futures were supported by a continued drop in U.S. output after gas prices collapsed to a 3-1/2-year low in February. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 4.80 cents, or 2.8%, to $1.751 per million British thermal units (mmBtu) at 8:37 [Read more]
Oil slips as Russia lifts supplies, jet fuel demand stirs caution
Oil prices dipped on Tuesday due in part to the prospect of rising supply from Russia, slower-than-expected downstream demand in sectors such as jet fuel, and cautious trading ahead of the Fed's decision on U.S. interest rates. The Brent crude oil futures contract for May delivery slipped 15 cents to $86.74 a barrel as at 0433 GMT, while U.S. West Texas Intermediate (WTI) prices fell 14 cents to $82.02. The WTI April contract, with expires tomorrow, fell 15 cents to $82.57. Both [Read more]
Lower LNG prices should boost gas demand, executives say
Liquefied natural gas (LNG) prices have fallen about a third over the past nine months, propping up demand, which should tighten the LNG market in the near-term, executives said on Monday at the CERAWeek energy conference. LNG prices have tumbled as supplies have swelled. LNG for April delivery into northeast Asia was at $8.60 per million British thermal units (mmBtu) last week, its lowest since April 2021. Executives from companies including Chevron and trading firm Trafigura estimated [Read more]
Big Oil executives push back against calls for fast energy transition
Top oil executives took to the stage of a major energy conference on Monday to vocally oppose calls for a quick move away from fossil fuels, saying society would pay a steep cost to replace oil and gas. Big oil companies including BP and Equinor have written down renewable energy projects and others have been forced to push back their greenhouse gas reduction targets due to greater uncertainties with the transition to clean fuels. That and unexpected strong demand for oil has stiffened the [Read more]
Alaska LNG seeks funding on path to final investment decision in 2025
Alaska Gasline Development Corp (AGDC) said on Monday it was working to secure funding for Front-End Engineering Design (FEED) for its proposed Alaska LNG project in 2024, which would lead to a final investment decision (FID) in 2025. FEED focuses on technical requirements and identifying main costs for a proposed project. Alaska LNG, which is expected to cost roughly $44 billion, is one of several North American liquefied natural gas (LNG) export projects that have been under development [Read more]
U.S. to return emergency oil reserve to prior levels by year-end
U.S. oil stocks in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level that would have existed prior to massive sales two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday. Stocks will reach those levels in part on the cancellation of congressional-mandated sales of about 140 million barrels, the secretary added. The reserve currently holds about 362 million barrels, down from 638 million three years ago. Other congressionally mandated sales [Read more]
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