Daily GPI

Midstream giant Enterprise Products Partners LP executives said Thursday demand for petrochemical products has stayed resilient through the coronavirus pandemic, and said oil prices could see a boost as early as next year. “The global economy is in the early stages of reopening from a self-imposed sudden stop due to Covid-19,” said Enterprise’s Jim Teague,…

ConocoPhillips’ Alaska division won an important approval this week from the Interior Department’s Bureau of Land Management (BLM), clearing the path for construction of the long-planned Willow project. Located within the Bear Tooth Unit of the National Petroleum Reserve in Alaska, the Willow project could produce up to 160,000 b/d, with a processing capacity of…

Total SA has made a second significant gas condensate discovery offshore South Africa, management at the French major said Wednesday. The latest discovery is in the Luiperd prospect, in Block 11B/12B in the Outeniqua Basin, 175 kilometers (109 miles) off the southern coast of South Africa. The Luiperd well was drilled to a depth of…

A bipartisan group of lawmakers in the U.S. House of Representatives has launched the Congressional Energy Export Caucus aimed at strengthening the country’s trade role in a post Covid-19 world.  Reps. Carol Miller (R-WV), Henry Cuellar (D-TX), Jodey Arrington (R-TX) and Lou Correa (D-CA) announced the caucus last week. The lawmakers said the group would…

A five-year construction deadline extension has been granted to the C$1.6 billion ($1.2 billion) Woodfibre liquefied natural gas (LNG) export project on the southern Pacific coast of British Columbia (BC). The BC Environmental Assessment Office (BCEAO) set a new permit expiry date of October 2025. The schedule extension does not create hazards or harm rights…

As the Gulf Coast braced for the imminent arrival of Hurricane Zeta, and as traders mulled a mixed temperature outlook, natural gas futures hovered close to even early Wednesday. The expiring November Nymex contract was up 1.1 cents to $3.030/MMBtu at around 8:40 a.m. ET; December was off 1.1 cents to $3.300. Zeta had reached…

Natural gas futures soared to a nearly two-year high for the second time this week, but the price spike had little to do with supply or demand. Instead, analysts said options trading and massive speculative positioning ahead of the November Nymex contract’s upcoming expiration factored into Tuesday’s price behavior. The prompt month went on to…

EQT Corp., the Lower 48’s largest natural gas producer, said Tuesday it would acquire all of Chevron Corp.’s Appalachian assets in the Marcellus Shale for $735 million.  Expected to be completed by year’s end, the sale includes 450 MMcfe/d of production, 335,000 net acres, 100 wells in progress, two water systems and associated infrastructure in…

In a final push to win Pennsylvania, among a handful of battleground states crucial for his re-election chances, President Trump this week ramped up attacks on rival and Democratic nominee Joseph R. Biden Jr. over hydraulic fracturing, aka fracking. Following a slew of television and online advertisements striking at Biden’s energy stances, Trump held several…