Monday, December 23, 2024

Texas Gulf Coast: Get Ready for SPOT to Export Up to 2 Million More Barrels a Day of Permian, Eagle Ford Crude Oil

Enterprise Products Partners’ SPOT crude oil export project, offshore Texas, officially kicks off permitting phase, targets 2020 for exports By Bevo Beaven, Editor, Oil & Gas 360 The United States Maritime Administration (MARAD) and the United States Coast Guard (USCG) announced on Monday that the agencies received an application from SPOT Terminal Services LLC (SPOT) for federal authorizations required for

Oil Driller Weighs Selling Itself After Canadian Crude Collapse

From Bloomberg Pengrowth Energy Corp. is considering selling itself as the driller moves to lighten its debt load following a collapse in Canadian oil prices that pummeled the nation’s energy industry. The Calgary-based explorer is weighing a sale, merger or other business combination as part of a strategic review, which it said will look for ways to improve the company’s balance

Exxon Boosts Spending to $32 Billion, Raises 2025 Profit Target

From Bloomberg Exxon Mobil Corp. tumbled more than any other blue-chip stock after boosting spending to heights not seen since the historic oil-market collapse began in 2014, bucking the cost-cutting trend among rival energy explorers. Exxon’s annual capital outlays will average $32 billion through the end of next year, a 24 percent increase from 2018, the Irving, Texas based driller said

Sinopec May Ink 20-Year LNG Deal with Cheniere When Trade Spat Ends

From Reuters China Petroleum and Chemical Corp plans to sign a 20-year liquefied natural gas (LNG) supply agreement with Cheniere Energy once China and the United States end their trade dispute, two sources with knowledge of the matter said on Wednesday. Cheniere and China Petroleum and Chemical, known as Sinopec, reached a consensus in late-2018 on commercial terms after months

Ecopetrol to Spend $500 Million on Unconventionals Over Three Years: CEO

From Reuters Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its chief executive said on Tuesday, starting with pilot programs in the Magdalena Medio region. “We’ve applied for some licenses, we will apply for more… roughly 20 wells that will need to be drilled, fracked, cored, lobed,

Why China’s Putting All Its Oil Pipes in One Company

From Bloomberg Chinese President Xi Jinping has a plan to help meet the country’s growing energy needs and clear its dirty air: Spin off the tens of thousands of miles of pipelines held by three state-owned oil and gas giants and merge the networks into a new company. The resulting “China Pipelines Corp.” would aim to attract private investors to help expand