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Aramco to Expand Oil Deliveries to China for Refinery and Petrochemical Growth

Aramco to Expand Oil Deliveries to China for Refinery and Petrochemical Growth

Saudi Arabian Oil Co. is taking a 10% stake in a Chinese petrochemical company to expand its crude oil presence in the country. Aramco, as it is known, said it would pay around $3.6 billion to buy the interest in Rongsheng Petrochemical Co. Ltd.  Aramco Overseas Co. (AOC) would manage the stake. Under a long-term…

March 27, 2023
American E&Ps Maintain Pandemic-Era Peak Oil Production; Inventories Mount

American E&Ps Maintain Pandemic-Era Peak Oil Production; Inventories Mount

U.S. crude output last week held at robust levels as American exploration and production (E&P) companies remained active to bolster domestic supplies and help meet global demand. E&Ps generated 12.3 million b/d for the week ended Feb. 24. That was on par with the highest level since March 2020, when the pandemic was declared. U.S.…

March 1, 2023
Keystone Restarts Canada Oil Exports to All Lower 48 Destinations

Keystone Restarts Canada Oil Exports to All Lower 48 Destinations

After a 29-day interruption to repair a leak in Kansas, oil flows resumed Thursday to all destinations on Keystone Pipeline for up to 600,000 b/d of Canadian exports into the United States. TC Energy Corp. said added precautions enabled the restart, including a reduction to a high operating pressure previously allowed by a special permit…

December 30, 2022
U.S. Drilling Tally Rises on Natural Gas, Oil Activity Gains

U.S. Drilling Tally Rises on Natural Gas, Oil Activity Gains

Bolstered by modest gains in both natural gas and oil drilling, the combined U.S. rig count climbed three units to 782 for the week ended Friday (Nov. 18), according to updated numbers published by Baker Hughes Co. (BKR). Changes in the United States for the week included gains of two natural gas-directed rigs and one…

November 18, 2022
Oil, Natural Gas Booming in Guyana as Offshore Production Ramps Up

Oil, Natural Gas Booming in Guyana as Offshore Production Ramps Up

Not only is Guyana set to become one of Latin America’s shining economic stars, but the once poor backwater could soon be a key player in the new global energy map. The International Monetary Fund (IMF) sees the Guyanese economy growing by a staggering 47% this year, even as the rest of the world could…

July 29, 2022
Biden Administration Resumes Oil, Natural Gas Leasing on Federal Land – With New Twists

Biden Administration Resumes Oil, Natural Gas Leasing on Federal Land – With New Twists

The Biden administration aims to substantially curb new oil and natural gas drilling on public lands as it attempts to combat climate change and emphasize renewable fuels. The White House said it would resume selling leases to drill for oil and gas on federal lands, though the number of acres available declined dramatically and it…

April 18, 2022
Cowboy Saddles Up for PRB Crude Offload Terminal

Cowboy Saddles Up for PRB Crude Offload Terminal

Cowboy Midstream LLC is set to bring online a crude oil truck offload facility in the Powder River Basin (PRB) next month. The Casper, WY-based midstream provider began construction on the Ross Road Terminal in October. The terminal is being built along Cowboy’s Powell Lateral II Pipeline, to which the terminal would be connected.  The…

March 11, 2022
U.S. Energy Sector Pledges Support for Ukraine Amid Russian Invasion

U.S. Energy Sector Pledges Support for Ukraine Amid Russian Invasion

U.S. oil and natural gas leaders this week pledged to support Ukraine in light of Russia’s unprovoked invasion, which roiled financial markets around the world. Russia’s attack against Ukraine, forewarned by Russian President Vladimir Putin for months, came on the heels of major sanctions by the United States and its allies. It also followed Germany’s…

February 25, 2022
Even at $150 Oil, Pioneer Natural to Maintain 0-5% Production Growth, CEO Says

Even at $150 Oil, Pioneer Natural to Maintain 0-5% Production Growth, CEO Says

Pioneer Natural Resources Co. will limit its net annual oil production growth to 0-5% even if the oil price hits $150, a possibility that CEO Scott Sheffield is not ruling out. “I’m getting more and more confident about the long-term oil strip being much higher than we had expected,” Sheffield told analysts on Thursday during…

February 18, 2022
BP, Equinor Pull Out of Mexico Deepwater Block

BP, Equinor Pull Out of Mexico Deepwater Block

Mexican upstream regulator Comisión Nacional de Hidrocarburos (CNH) has given the green light for the local subsidiaries of European energy giants BP plc and Equinor ASA to pull out of their participation in a deepwater block offshore Veracruz and Tabasco states. The Mexico branch of France’s TotalEnergies SE will now assume control of the Salina…

February 15, 2022
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