Oil And Gas

Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs

ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend. Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue…

February 2, 2021
California’s Kern County Oil, Gas Rules Undergoing Further Review

California’s Kern County Oil, Gas Rules Undergoing Further Review

Kern County, CA, has begun a process that could lead to resuming oil and gas well permitting in April if county supervisors approve a draft environmental report prepared after an appellate court last year set aside efforts to streamline the process. The Fifth District Court of Appeals based in Fresno, CA, halted the permitting system…

February 2, 2021
FERC Opens Door to Adding Landowner Protections in Natural Gas Pipeline Decisions

FERC Opens Door to Adding Landowner Protections in Natural Gas Pipeline Decisions

Under the direction of new Chairman Richard Glick, FERC is revisiting an order issued last year designed to prevent natural gas pipelines from starting construction with rehearings pending, opening the door to potentially implement additional landowner protections. However, in doing so the Federal Energy Regulatory Commission is leaving pipeline developers in the lurch by not…

February 2, 2021
BP ‘Greening,’ as Oil, Natural Gas Alternatives Evolve, Says Looney

BP ‘Greening,’ as Oil, Natural Gas Alternatives Evolve, Says Looney

BP plc CEO Bernard Looney is juggling dozens of balls as the supermajor ramps up oil and natural gas projects worldwide, but the focus long term, he said Tuesday, is centered on ways to expand the opportunities toward a low carbon future. Speaking from London during a webcast to discuss quarterly results, Looney said last…

February 2, 2021
EIA Reports Increase in U.S. Crude Inventories, Decline in Exports

EIA Reports Increase in U.S. Crude Inventories, Decline in Exports

Commercial crude oil inventories in the United States increased by 4.4 million bbl during the week ending Jan. 15 amid an uptick in net imports, according to data published Friday by the Energy Information Administration (EIA). Crude inventories excluding the Strategic Petroleum Reserve increased to 486.6 million bbl for the period, about 9% above the…

January 22, 2021
Baker Hughes Foresees Ramp in LNG FIDs, Opportunities in CCUS, Hydrogen

Baker Hughes Foresees Ramp in LNG FIDs, Opportunities in CCUS, Hydrogen

Global natural gas demand is rising, setting the stage for up to four export projects to be sanctioned this year, the Baker Hughes Co. CEO said Thursday. Only one liquefied natural gas (LNG) project was sanctioned during pandemic-plagued 2020, but there are signals from customers for positive final investment decisions (FID) this year, CEO Lorenzo…

January 22, 2021
ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

ExxonMobil Decries ‘Demonstrably False’ Report Regarding Permian Valuation

ExxonMobil on Friday fired back in response to a report that it was under federal investigation for overvaluing its Permian Basin assets. According to a story published on Friday by The Wall Street Journal, the Securities and Exchange Commission is investigating ExxonMobil following a whistleblower complaint filed last fall. The complaint, said the newspaper, claims…

January 15, 2021
Oil Market Seen Swinging from Oversupply to Deficit in 2021 on Vaccine Rollout, Boosting WTI Price

Oil Market Seen Swinging from Oversupply to Deficit in 2021 on Vaccine Rollout, Boosting WTI Price

The new year could see the global oil market swing from its current state of oversupply to some of the highest monthly supply deficits in years as the rollout of Covid-19 vaccines propels a recovery in demand, according to experts. Raymond James & Associates Inc. analysts said Monday they expect “hefty” crude oil inventory draws…

January 4, 2021
Private Sector Upstream Industry in Mexico Said Committed to Developing Nation’s Oil and Gas

Private Sector Upstream Industry in Mexico Said Committed to Developing Nation’s Oil and Gas

Private firms operating in the Mexican upstream oil and gas sector have maintained their commitment to the country despite the impacts of coronavirus and have even upped exploratory activity this year. This is according to a panel of experts who spoke during a virtual event last week organized by the #WeTweetEnergy group, an online community…

December 22, 2020
Clear Rules Will Boost Mexico Energy Investor Confidence, Veteran Expert Says

Clear Rules Will Boost Mexico Energy Investor Confidence, Veteran Expert Says

“Based on my day-to-day experience dealing with clients and different actors in the energy sector, I think the main concern in the industry is that the rules established for private investment are respected,” said Graciela Álvarez Hoth, CEO of risk management and energy consultancy firm NRGI Broker, who has more than 30 years of experience…

December 11, 2020