By Mark Jaffe, EUCI energy writer A combination of demand for refined products and limited refining capacity will keep margins high through 2035 for the global refining industry, but a drop in demand for gasoline and the rise in biofuels will pressure the sector after 2040, according to consultant Rystad Energy. “Refining margins are expected…
By Mark Jaffe, EUCI energy writer Natural gas inventories heading into the winter heating season are at their highest level since 2016, 6% above the five-year average, but electric reliability regulators remain concerned about the impact of freezing temperatures on deliveries to power plants. “While the natural gas industry is making progress on commercial practices…
Gulf of Mexico Oil, Gas Production Almost Fully Restored After Hurricane September 17, 2024 Gulf of Mexico oil and gas production is almost fully restored following hurricane Francine, a statement posted on the Bureau of Safety and Environmental Enforcement’s (BSEE) website on Monday revealed. In the statement, the BSEE noted that, from operator reports, it…
Natural gas pipeline capacity from the Permian Basin is set to increase September 10, 2024 Natural gas pipeline takeaway capacity in the Permian Basin will soon increase as the Matterhorn Express Pipeline, with a capacity of 2.5 billion cubic feet per day (Bcf/d), is expected to begin service this month, according to EnLink Midstream, one…
Brent Crude Tumbles Below $75 a Barrel, Erasing 2024 Gains September 3, 2024 Brent erased its 2024 gains as concerns about demand in the world’s two biggest economies overshadow heightened geopolitical risks. The global benchmark dropped below $75 a barrel and touched the lowest intraday price since December 2023. Read more
Halliburton says hackers removed data in August cyberattack September 3, 2024 U.S. oilfield services firm Halliburton (HAL.N), opens new tab said on Tuesday an unauthorized third party had accessed and removed data from its systems, providing details regarding the cyberattack in August first reported by Reuters. The company said it is evaluating the nature and…
Exxon looks to sell non-core oil assets in the US Permian Basin August 27, 2024 Top U.S. oil company Exxon Mobil (XOM.N), opens new tab is looking to sell oil assets in the U.S. Permian Basin that could fetch $1 billion, Bloomberg Law reported on Tuesday. Exxon, which purchased Pioneer Natural Resources for $60 billion…
Shell to shut-in portions of Louisiana Zydeco oil pipeline for maintenance Aug 26, 2024 Oil major Shell on Monday said it plans to shut-in different portions of its Zydeco pipeline system for maintenance for three to four days starting Sept 24, limiting flows of some light crude to Louisiana. The Zydeco pipeline system, which spans…
Brazos Midstream completes new gas processing facility and announces further expansion plans 19 August 2024 Brazos Midstream, a company focused on the Permian Basin, has announced the completion of a new gas processing facility and further expansion plans, reports GlobalData. The Sundance I facility in Martin County, Texas, with a capacity of 200 million ft3/d,…
Canada has become the main exporter of oil to the U.S. meeting demand from refineries Energize Weekly, August 14, 2024 Canada has become the main source of imported oil for U.S. refineries, accounting for 60 percent of crude imports as of January 2024 – almost doubling its share in 10 years, according to the federal…
U.S. oil and gas M&A tops $30 billion for the third straight quarter Energize Weekly, August 7, 2024 Oil and gas mergers and acquisitions (M&A) in the second quarter of 2024 marked the third consecutive quarter of $30 billion or more in transactions, according to energy consultant Enverus Intelligence Research. Before this run, quarterly deals…
Texas crude oil pipelines full to the brim, getting worse Jul 29, 2024 Crude oil pipelines connecting the busiest Texas oil fields to a critical export hub across the state are nearly out of space, threatening to cap US oil exports at a time when the world needs more. Key pipelines that transport barrels produced…
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