President Donald Trump said on Tuesday he does not know if Iran is going to "give up yet" but cast the country as doing "very poorly" in its war with the US. DETAILS AND QUOTES: * "I don't know if they are going to give up yet but they'll give up," Trump told reporters. * "They are doing very poorly," he added. * A US blockade has cut Iran's financial lifeline - oil exports, and economic costs of the war have made life tougher for Iranians. * Iran's president told the UN General [Read more]
Canada investing C$1.2 billion to boost marine protection, cays Carney
Canada will invest an additional C$1.2 billion to protect marine life and strengthen conservation enforcement in the face of increasing tanker traffic, Prime Minister Mark Carney said on Tuesday. The money will help improve seabed mapping, weather forecasting and the capacity to monitor marine traffic, he told reporters in Vancouver. (Reporting by David Ljunggren, editing by Caroline Stauffer) [Read more]
Record supply, strong El Nino seen weighing on US natgas prices this winter
US natural gas is expected to be cheaper this winter than last, with a strong El Nino weather pattern curbing demand and ample production keeping supplies well balanced, analysts said. Lower gas prices during peak heating months of December to February could ease heating costs and help contain electricity prices, offering some relief to consumers as broader inflationary pressures persist. About 40% of US power generation comes from gas-fired plants. Gas futures contracts on the New York [Read more]
BP proposes six-year labor contract at Whiting refinery
BP said on Tuesday it is proposing a six-year labor contract for workers at its 440,000-barrel-per-day Whiting refinery in Indiana as negotiations with United Steelworkers (USW) Local 7-1 continue. * The company said the six-year term would provide stability for the refinery and employees. * "6-year term would give you certainty in your pay, your benefits, and your working conditions for years," BP said. * The final two years of the proposed agreement would match future National Oil [Read more]
US to release 40 million barrels of crude from Strategic Petroleum Reserve, Energy Department says
The US Government said on Tuesday it is offering to loan energy companies up to 40 million barrels of oil from the Strategic Petroleum Reserve, the last US batch of crude from a global deal to unleash reserves in the wake of the war on Iran. Washington agreed in March to loan 172 million barrels of oil from the SPR as part of a wider deal with about 30 countries in the International Energy Agency to release 400 million barrels from reserves around the world. In June, the US offered to loan [Read more]
BP appoints Ben Monaghan as M&A chief from early 2027
BP has appointed former JPMorgan banker Ben Monaghan as senior vice president for mergers and acquisitions and business development from early 2027, a BP spokesperson said on Tuesday. Meg O’Neill, who became CEO in April, has prioritised a more disciplined approach to investment, saying decisions must be rooted in profitability, cash generation and market realities. The group has continued to pursue divestments as part of its drive to become more profitable. Sam Skerry led BP's mergers and [Read more]
GeoPark to invest $7 billion to lift output at Venezuelan oilfield
Colombia's oil and gas producer GeoPark is planning a $7 billion investment in Venezuela's large Bare oilfield to increase crude output there to some 90,000 barrels per day by 2038 from a current 11,000 bpd, the company's chief executive, Felipe Bayon, said on Tuesday. With 15.7 billion barrels of original oil in place, Bare will mark GeoPark's entrance into Venezuela, following a 25-year production-sharing agreement signed with the government earlier this month. The company plans to begin [Read more]
Shell-led LNG Canada greenlights Phase 2 expansion, doubling export capacity
Shell and its partners on Tuesday gave the green light to a LNG Canada Phase 2 expansion in Kitimat, British Columbia, a multi-billion-dollar bet that will double the facility's production capacity to 28 million tonnes per annum (mtpa) and put Canada on a trajectory to become one of the world's largest LNG exporters. * The expansion will add two additional liquefaction trains, increasing LNG Canada's total export capacity from 14 mtpa to roughly 28 mtpa. * Shell, which holds a 40% stake in [Read more]
TC Energy advances Coastal GasLink after LNG Canada decision
TC Energy said on Tuesday its Coastal GasLink Phase 2 project will proceed after LNG Canada and its joint venture partners made a positive final investment decision on the LNG Canada expansion project. Here are more details * The company said Coastal GasLink (CGL) Phase 2 will nearly double the pipeline's capacity through the addition of new compressor stations and upgrades along its existing 670-km route linking Dawson Creek and the LNG Canada export facility in Kitimat, British [Read more]
Alternative capital powers America’s next wave of LNG and pipeline projects
Alternative asset managers deploying cash from their insurance arms are reshaping how America's energy infrastructure is financed, emerging as major backers of LNG export projects and the pipelines moving crude and natural gas around the country. The influx of cash is dominated by a trio of the finance world's biggest names: Apollo Global Management, Blackstone and KKR. For the industry, the investments are well timed, as liquefied natural gas developers and pipeline operators face some of [Read more]
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