BP plc’s decision to rethink one of its long-planned mega-projects in the deepwater Gulf of Mexico (GOM) is one of a growing list of big industry projects that today are being reconfigured because of cost overruns and changing market conditions.
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Kinder Morgan Energy Partners LP has signed a long-term contract to support the expansion of its Sweeny Lateral pipeline, which it is building from the Kinder Morgan Crude Condensate pipeline to Phillip 66’s Sweeny Refinery in Brazoria County, TX. The expansion will increase the capacity on the 27-mile, 12-inch diameter lateral from an initial 30,000 b/d to 100,000 b/d. Kinder Morgan will add new pumps and an additional 120,000 bbl storage tank at its Wharton Pump Station in Wharton County, TX, and increase the truck offload capabilities at its DeWitt Station in DeWitt, County, TX. “We are pleased to provide Phillips 66 with a flexible option to move more crude and condensate out of the Eagle Ford Shale to their refinery in Sweeny,” said KMP Products Pipelines President Ron McClain. Kinder Morgan’s crude/condensate pipeline, which went into service last June, transports crude/condensate from the Eagle Ford to the Houston Ship Channel.
Cost Overruns, Labor Shortages Dogging Mega Projects
BP plc’s decision to rethink one of its long-planned mega-projects in the deepwater Gulf of Mexico (GOM) is one of a growing list of big industry projects that today are being reconfigured because of cost overruns and changing market conditions.
Experts Outline Foreign Policy Benefits of LNG Exports
Exports of liquefied U.S. natural gas would be a boon to the country’s economy, its trade balance and its relations with friends and enemies alike, as long as the price is right (and markets will take care of that part), a U.S. House subcommittee was told by a quintet of witnesses on Thursday.
Devon’s Permian, Mississippian Topping Expectations
Devon Energy Corp. is increasing its oil-directed drilling this year across the Permian Basin and in the emerging Mississippian Lime as it continues its transition from a natural gas heavyweight, CEO John Richels said Tuesday.
Legislation Targeting Natural Gas Industry Fails in West Virginia
A long list of legislation that targeted the natural gas industry in West Virginia failed to receive enough support from lawmakers before they adjourned last Saturday. However, the House of Delegates enacted a series of resolutions, perhaps offering a glimpse of things to come.
Obama Again Seeks to Axe Oil, Gas Tax Breaks
In his long-awaited $3.77 trillion budget for fiscal year (FY) 2014 unveiled last Wednesday and forwarded to Congress, President Obama again sought to repeal tax breaks for oil and natural gas producers. He also proposed tacking on new fees and increasing oil and gas royalties to fund renewable fuel development, as well as elevating spending for the Commodity Futures Trading Commission (CFTC).
More Science, Risk-Taking Needed in Monterey Shale
An independent California-based geologist who has studied the Monterey Shale thinks it could eventually fulfill some of the hype surrounding its long-term reserves, but first it is going to take more serious geologic study and some small operators willing to take the risks that the big companies are not going to take.
Obama’s Budget Again Seeks to Axe Oil, Gas Tax Breaks
In his long-awaited $3.77 trillion budget for fiscal year (FY) 2014 unveiled on Wednesday and forwarded to Congress, President Obama again sought to repeal tax breaks for oil and natural gas producers. He also proposed tacking on new fees and increasing oil and gas royalties to fund renewable fuel development.
Appalachia a Star in Record Resource Assessment
The United States has 2,384 Tcf of technically recoverable natural gas, the Potential Gas Committee (PGC) and the American Gas Association (AGA) said Tuesday. That’s more reserves than the PGC has calculated in its 48-year history and beats the previous high seen in 2010 by 486 Tcf.