Oil and gas services giant Baker Hughes Co sees the need for global liquefied natural gas (LNG) capacity to rise to 800 million tonnes by 2030, more than double current capacity, its chairman said on Monday. Baker Hughes sees strong prospects for gas in the transition to cleaner energy, with LNG combined with carbon capture and storage helping to reduce the industry's carbon footprint. "We've taken up our estimate of the required installed base of LNG by 2030 up to 800 million tonnes," [Read more]
Oil producer Canadian Natural Resources to require worker vaccinations
Canada's biggest oil producer, Canadian Natural Resources will require employees and contractors at Canadian sites to be vaccinated by Dec. 1, as Alberta grapples with a deadly new wave of the COVID-19 pandemic. Canadian Natural (CNRL), the first oil sands company to announce such a policy, made the decision after the recent rise in infections in Alberta, spokesperson Julie Woo said. Alberta has the highest rate of active cases among Canada's 10 provinces, with 456 per 100,000 people, [Read more]
U.S. drillers add oil and gas rigs for 14th month in a row
U.S. energy firms this week added oil and natural gas rigs for a 14th month in a row as more offshore units in the Gulf of Mexico returned to service after shutting when Hurricane Ida slammed into the coast in late August. This week, 3 offshore rigs returned in the Gulf of Mexico, energy services firm Baker Hughes Co said in its closely followed report on Friday. During the week ended Sept. 3, all 14 offshore oil rigs operating in the Gulf of Mexico, all of which were located off [Read more]
Oil edges higher on supply concerns, China releases 4.43 mln barrels
Oil prices rose on Friday for a fourth straight day due to global supply concerns following powerful storms in the United States, with China's first public sale of state crude reserves causing a momentary blip in the rise. U.S. West Texas Intermediate (WTI) was up 16 cents, or 0.22%, at $73.36 a barrel, having closed 1.5% in the previous session, the highest since the start of August. Brent crude was up 19 cents, or 0.25%, at $77.44 a barrel, after touching two-month high on Thursday and [Read more]
Canada’s Federated Co-operatives looks to sell oil-producing business, keep refinery
Canada's Federated Co-operatives Limited (FCL) put its oil production business up for sale this week, according to a marketing document obtained by Reuters, but the co-op said it plans to keep its Saskatchewan refinery. FCL spokesperson Cam Zimmer did not comment on the reason for offering to sell the production business but said the co-op is committed to owning its Regina, Saskatchewan refinery long-term. FCL, which made C$7.9 billion in sales last year from energy, crop supplies and [Read more]
Canadian oil sands project Syncrude cuts September crude deliveries, say sources
The Syncrude oil sands project in northern Alberta has cut September deliveries after declaring a force majeure earlier this month, two market sources told Reuters on Thursday. Syncrude, which is majority-owned by Suncor Energy, expects to cut 15-20% of deliveries to customers, one source said. Another source said that amounted to 1.5 million barrels for the month. Suncor did not immediately respond to a request for comment. [Read more]
Oil prices rise on tight supply, renewed risk appetite
Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes. The market was also supported by a broad plunge back into risk assets as concerns eased over a potential default by huge property developer China Evergrande and its possible fallout on the world's second-largest economy. U.S. West Texas Intermediate (WTI) crude rose 69 cents, or [Read more]
Inter Pipeline CEO, CFO to step down; Brookfield executives to assume interim roles
Inter Pipeline Chief Executive Officer Christian Bayle and Chief Financial Officer Brian Heagy will step down from their posts on Oct. 28, the Canadian energy infrastructure firm said on Wednesday. Brian Baker and Paul Hawksworth, executives at Brookfield Infrastructure that bought a controlling stake in the pipeline operator last month, will assume the roles of interim CEO and CFO, respectively, Inter Pipeline added. Brookfield Infrastructure had received 65.6% shares of Inter Pipeline in [Read more]
Advocacy group Iron & Earth wants victorious Trudeau to keep retraining pledge
Prime Minister Justin Trudeau's narrow election victory this week reinforced Canada's commitment to reach net-zero greenhouse gas emissions by 2050, but workers in the country's sizable fossil fuel sector said they also expect him to keep his promises to retrain them for jobs in a clean-energy economy. Oil worker advocacy group Iron & Earth estimates Canada will need around C$10 billion ($7.8 billion) over 10 years to retrain fossil fuel workers, but is skeptical about government promises [Read more]
Oil rises over 1% after report of big draw in U.S. crude stocks
Oil prices climbed more than 1% on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. U.S. West Texas Intermediate (WTI) crude futures rose 84 cents, or 1.19%, to $71.69 a barrel, adding to a 35 cent gain from Tuesday. Brent crude futures climbed $1.02, or 1.37%, to $75.70 a barrel, after gaining 44 cents on Tuesday. After coming under pressure on [Read more]
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