Norway’s Ministry of Petroleum and Energy has offered one more license for carbon dioxide storage covering five blocks in the North Sea. A consortium of Neptune Energy Norge AS, Storegga Norge AS and Sval Energi AS is now expected to conduct seismic studies and draw up a field development plan, the ministry said in a press release last week. The project straddles blocks 16/4, 16/5, 16/7, 16/8 and 16/11 on the Norwegian continental shelf, according to a work program published by the Norwegian Petroleum Directorate (NPD). The area is east of the Sleipner East camp, according to the ministry. “This…
Author: Automotivedealernews.com
There’s a lot going on in the US crude markets these days. Exports are underway. Midland WTI can now be delivered to Brent (but only if it meets specifications). Pipelines from the Permian to Corpus Christi are maxed out, driving incremental production in Houston. The price differential between WTI in Midland and Houston is approaching zero. And the value of heavy Western Canadian Select (WCS) delivered to the US continues to bounce around. Are they random and unrelated events in the peculiar physical US crude market, or are they logical developments linked by the economics of refinery preferences, quality changes,…
The US Department of Energy (DOE) has awarded $48.4 million to three states and nine tribal nations to help protect their electricity transmission system from natural disasters. The government has now awarded more than $455.5 million in total from state and tribal grid resilience formula grants, the department said last week. The financial support is a five-year, $2.3 billion program aimed at improving the reliability of power grids against extreme weather, wildfires and other weather-exacerbated disruptions. Initiatives selected for grants focus on improving network infrastructure and maintaining a skilled workforce. The latest cohort consists of Alaska, Utah, Virginia, the Blackfeet…
Chevron Corp. terminated its debt swap offer with bondholders of PDC Energy Inc. after receiving a low turnout, according to a statement Monday. Earlier this month, the oil giant offered to exchange PDC’s 5.75% notes due 2026 for new notes with the same coupon and maturity issued by one of its units. Bondholders who agreed to participate by an early August 16 deadline could have received $1,001 of new Chevron notes for every $1,000 of PDC debt they paid off. But noteholders said the compensation for the exchange was not enough, Bloomberg reported. A substantial majority of PDC bondholders said…
Oil fell on signs that supplies may recover and concerns that economic growth in China is headed for a slowdown. West Texas Intermediate fell below $81 a barrel after trading in a range of nearly $2 on Monday. Oil prices diverged from broader markets after Reuters reported that Iraq’s oil minister plans to discuss reviving oil exports through Turkey’s Ceyhan terminal. Adding to bearish sentiment is Iran’s rise in monthly oil exports, which are boosting global flows at a time when other producers are cutting back. Traders also continue to monitor economic unrest in China that has contributed to recent…
At any other time in history, the current state of the world diesel market would have sent some countries into a panic. Around the world, fuel prices are sky high relative to the crude it’s made from, pointing to a shortage that should alarm inflation-obsessed governments everywhere. And in a few months, the northern hemisphere will enter winter, increasing the demand for heating. The good news is that the market looked even worse at this time last year after the Russian invasion of Ukraine, and prices eventually came down, helped by a relatively mild winter. However, current reserves mean the…
At the time of writing, the US National Hurricane Center (NHC) is tracking five disturbances in the Atlantic. An unnamed disturbance is in the Gulf of Mexico and has an 80 percent chance of cyclone formation within 48 hours, as of 8 a.m. EDT, the NHC site said. “Showers and thunderstorms are showing signs of organization in association with a broad area of low pressure located in the central Gulf of Mexico,” noted a statement posted on the NHC site this morning. “Environmental conditions appear favorable for the development of this system, and a tropical depression or tropical storm is…
The oil and gas industry is currently a hot job market. That’s according to Tom Twinn, head of contract procurement, oil and gas, Europe and Africa at Petroplan, who told Rigzone that “a number of factors” are driving this trend. “The first and most obvious is that there have been billions of dollars of projects that have been delayed due to the Covid-19 pandemic, so there is an artificial increase in demand while the delayed projects are being delivered ” Twinn said. “Strong oil/gas prices post-pandemic are also a factor as operating companies grow in confidence with significant investments being…
ADNOC Gas PLC has signed a five-year agreement with Japan Petroleum Exploration Co. Ltd. (JAPEX) for the supply of liquefied natural gas (LNG). The deal is worth between $450 million and $550 million, Abu Dhabi National Oil Co’s integrated gas unit said. (ADNOC) in a press release last week, without specifying the volume. “Japan is one of the UAE’s largest and most important energy partners and we are very pleased to strengthen this relationship through this LNG supply agreement with JAPEX,” ADNOC Gas CEO Ahmed Alebri said in a statement “The agreement strengthens ADNOC Gas’ position as a preferred global…
With the Mountain Valley Pipeline (MVP) project clearing some major legal hurdles in recent weeks and construction resuming, it’s increasingly likely that Appalachian gas producers will soon have 2 Bcf/d of new capacity to take away , potentially by the end of 2023. However, the degree to which the pipeline will translate into increased production from the supply basin and better access to supply for gas-thirsty premium markets in the Southeast will largely depend on the availability of transport capacity downstream of MVP. As such, the race is on to expand pipeline capacity from the pipeline’s termination point at Station…