Cenovus Energy's 172,000-barrel-per-day Lima, Ohio, refinery experienced mechanical issues caused by a major winter storm that hit much of the United States over the weekend, industry monitor IIR Energy said on Monday. The refinery experienced mechanical issues brought about by the storm on Sunday, IIR Energy said, adding that efforts to fix the issue were underway. A full restart may be delayed until later this week due to extreme cold, it added. Cenovus Energy did not immediately respond to [Read more]
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US energy sector reels after winter storm knocks out 2 million bpd of crude output
U.S. oil producers lost up to 2 million barrels per day or roughly 15% of national production over the weekend, analysts and traders estimated, as a winter storm swept across the country, straining energy infrastructure and power grids. Oil production outages peaked on Saturday, consultancy Energy Aspects estimated, with the Permian Basin likely to have experienced the largest share of that decline at around 1.5 million barrels per day. Production losses eased on Monday, with Permian shut-ins [Read more]
Tanzania expects to sign $42 billion mega LNG project before June, minister says
Tanzania expects to sign before June a deal for its stalled project to construct a $42 billion liquefied natural gas (LNG) plant, a senior government minister said on Monday, with production set to start in eight years' time. Equinor and Shell are joint operators of the mega gas project, which would unlock 47.13 trillion cubic feet of natural gas deposits, while Exxon Mobil, Pavilion Energy, Medco Energi and Tanzania's national oil company TPDC are partners. The development was stalled by [Read more]
US shale production could fall by 400,000 barrels per day if prices dip to $40 a barrel, analyst says
U.S. shale production could fall by as much as 400,000 barrels of oil per day in 2026 if OPEC countries try to increase market share and oil prices fall to as low as $40 a barrel, according to Rystad Energy CEO Jarand Rystad. U.S. shale production could remain flat if prices stay close to $60 a barrel, but that will require OPEC countries to hold production at present levels, Rystad said at an energy conference on Monday in Trinidad and Tobago. "For 2026 we see a flat development of shale at [Read more]
Trump administration takes first step toward offering new offshore oil drilling leases in California
The Trump administration on Monday invited the oil and gas industry to nominate areas for a potential sale of offshore oil and gas leases in Southern and Central California to be held as soon as next year. WHY IT'S IMPORTANT The move is part of a push by U.S. President Donald Trump's Interior Department to expand offshore drilling. It faces strong opposition in California, a state known for ambitious climate change policies, strong environmental regulations and an iconic coastline. KEY [Read more]
Baker Hughes sees significant revenue opportunity in Venezuela
Oilfield services company Baker Hughes said on Monday that there is significant revenue opportunity in Venezuela, with the main considerations for operating there being safety and conditions for employees, and clarity on legal and regulatory frameworks. The Houston-headquartered company has been working with authorities on Venezuela after the U.S. earlier this month removed President Nicolas Maduro from power and called on oil companies to rebuild the South American country's dilapidated oil [Read more]
US natgas futures soar 114% over five days as freezing wells cut output to two-year low
U.S. natural gas futures soared by a record 114% over five days to a three-year high on Monday after an Arctic blast over the weekend froze oil and gas wells and pipes, cutting gas production to a two-year low on Sunday. On Monday, front-month gas futures for February delivery on the New York Mercantile Exchange rose $1.37, or 15.2%, to $6.644 per million British thermal units (mmBtu), putting the contract on track for its highest close since December 2022. That price jump came despite a [Read more]
Esso Named Official Partner of the Scotia Place Community Arena
CALGARY, AB, Jan. 26, 2026 /CNW/ - The Calgary Flames and Imperial today announced a partnership in support of the Esso Community Arena, a 1,000-seat indoor community rink located at Scotia Place, scheduled to open in 2027. As Calgary's only downtown indoor community rink, the Esso Community Arena will be an integral component of the Scotia Place development and surrounding district. The Esso Community Arena will support both professional and community hockey. Designed to [Read more]
Used Motor Oil Refinery Receivership Sale: KSV Restructuring Inc. – Independent Renewable Resources Corp.
On November 13, 2025, the Court of King’s Bench of Alberta granted an order pursuant to the Bankruptcy and Insolvency Act, appointing KSV Restructuring Inc. (“KSV”) as the receiver and manager (the “Receiver”) over all the current and future assets, undertakings, and properties (collectively, the “Property”) of Independent Renewable Resources Corp. (“IRRC”) and Independent Energy Holdings Inc. (“IEHI”, and collectively, the “Companies”). On January 15, 2026, the Receiver obtained an order, [Read more]
US natgas futures soar 89% over five days as freezing wells cut output to two-year low
U.S. natural gas futures soared by a record 89% over five days to a three-year high on Monday after an Arctic blast at the weekend froze oil and gas wells, cutting gas production to a two-year low on Sunday. On Monday, front-month gas futures for February delivery on the New York Mercantile Exchange (NYMEX) rose 64.3 cents, or 12.2%, to $5.918 per million British thermal units (mmBtu), putting the contract on track for its highest close since December 2022. Financial firm LSEG said average [Read more]
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