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Oil

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
Oil Demand Possibly at Record Levels in 2022, IEA Says

Oil Demand Possibly at Record Levels in 2022, IEA Says

Oil consumption could surge more than previously expected and reach record levels this year, a global energy watchdog said, as restrictions to combat the coronavirus ease faster than anticipated, global economic growth mounts and pent-up travel demand unfurls. The International Energy Agency (IEA), in its monthly oil outlook report on Friday, projected global oil demand…

February 14, 2022
Inclusive Energy Gains Williston Foothold for OFS Across Canada, U.S. Region

Inclusive Energy Gains Williston Foothold for OFS Across Canada, U.S. Region

Calgary-based Inclusive Energy Ltd. has secured a market for its oilfield services (OFS) with an agreement to fund drilling in the northeastern corner of the Williston Basin, both in the United States and Canada. The agreement announced Wednesday by the oilfield services (OFS) company is to provide services in Manitoba and Saskatchewan, as well as…

December 17, 2021
CFE Maintenance Works Could Benefit Entire Mexico Grid, Seasoned Lawyer Says

CFE Maintenance Works Could Benefit Entire Mexico Grid, Seasoned Lawyer Says

The overhaul of some of Mexico’s aging power plants by state utility Comisión Federal de Electricidad (CFE) could improve the working of the power grid, José Luis Herrera Vaca, founding partner of Herrera Abogados SC and seasoned Mexico energy lawyer, told NGI’s Mexico GPI. “One of the most ambitious projects the CFE is carrying out…

December 10, 2021
NOLA Terminal on Mississippi Designed for Largest Crude Tankers Ever

NOLA Terminal on Mississippi Designed for Largest Crude Tankers Ever

NOLA Oil Terminal LLC has begun construction on the first phase of a $930 million oil and refined products terminal on the Mississippi River in Plaquemines Parish, LA. “NOLA Oil Terminal will be the first of its kind in the region, allowing Mississippi River access for much larger vessels, such as the New-Panamax and the…

December 10, 2021
Canada Regulators Say No to Long-Term Oil Contracts on Enbridge Mainline

Canada Regulators Say No to Long-Term Oil Contracts on Enbridge Mainline

A 28-month fight over access to Enbridge Inc.’s oil Mainline ended in defeat Friday for its plan to sell decades-long contracts to fill 90% of the conduit’s capacity for 3 million b/d to a handful of refineries and brokers. “Mainline contracting would likely reduce the access to pipeline capacity realistically available to certain shippers,” said…

November 29, 2021
Canada Natural Gas, Oil Drilling Forecast to Accelerate in 2022, Topping Pre-Pandemic Levels

Canada Natural Gas, Oil Drilling Forecast to Accelerate in 2022, Topping Pre-Pandemic Levels

Canadian natural gas and oil drilling should expand  in 2022 at a brisk pace that tops activity in 2019, before Covid-19 disrupted the industry, according to the Petroleum Services Association of Canada. A new forecast by the industry group is projecting there will be 5,400 Canadian wells in 2022, up from 5,100 in 2019, 2,850…

November 12, 2021
Valero Says Gasoline Sales Near Pre-Pandemic Levels, Natural Gas-to-Oil Switching Imminent

Valero Says Gasoline Sales Near Pre-Pandemic Levels, Natural Gas-to-Oil Switching Imminent

Management of refining giant Valero Energy Corp. painted a bullish picture for oil products demand on Thursday, citing low inventories and surging global natural gas prices among factors boosting healthy crack spreads for U.S. refineries. “Refining margins were supported by strong recovery in product demand coupled with product inventories falling to low levels during the…

October 22, 2021
OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

OPEC-Plus Holds Line on Oil Production Targets Even as Demand, Prices Jump

Citing rising global energy needs, the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Monday affirmed a plan to increase crude production through November. The cartel stopped short of further boosting output levels, however, a decision that fueled supply concerns and sent oil futures to seven-year highs. OPEC, led by Saudi Arabia,…

October 4, 2021