Oil

North American oil and natural gas producers are likely to increase their capital spending by more than one-third this year, as they boost short-term cycle projects and deal with rising inflationary costs, Halliburton Co. CEO Jeff Miller said Tuesday. The Houston-based company, the No. 1 hydraulic fracturing company in North America, kicked off the first…

Canada’s Trans Mountain Pipeline expansion (TMX) has reportedly reached “a major milestone” by passing its halfway mark to completion. The oil pipeline system reported that since August 2019, about 20,000 workers cleared 344 miles of right-of-way, laid 247 miles of pipe and made 32 trenchless river and stream crossings. “The way we are constructing this…

Demand for petroleum products dropped last week amid lofty prices while U.S. producers held output at the highest level so far in 2022, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. production for the week ended April 8 held even with the prior week at 11.8 million b/d — after hovering around 11.6 million…

Global crude oil prices are on track to average $108/bbl in the second quarter and $102 in the second half of 2022 as Russia’s invasion of Ukraine roils energy markets, according to updated projections from the Energy Information Administration (EIA). Brent crude oil prices averaged $117 in March, a $20 increase from February, EIA said…

After months of environmental debates and studies, the Canadian government Wednesday approved a $12 billion oil development offshore Newfoundland led by Norwegian producer Equinor ASA. The Liberal federal cabinet accepted a favorable verdict following a four-year review on Bay du Nord, a 200,000 b/d project, 300 miles east of St. John’s. The approval was by…

As oil refiners worldwide seek to distance themselves from Russian crude imports, a consultancy recently predicted a “rebalance” in the global crude oil trade. The shift would occur via “‘crude swapping’ between ‘self-sanctioning’ advanced economies and developing markets,” said Wood Mackenzie’s Alex Sun, managing consultant. After the United States imposed sanctions on Russian crude oil…

Russia’s war in Ukraine threatens global crude supplies, but a resurgence of the coronavirus in China is curbing demand as the United States and other countries prepare to release oil from strategic reserves. The result: volatile prices. Brent crude prices on Tuesday climbed more than 6% to about $104/bbl intraday following OPEC Secretary General Mohammad…

U.S. oil and natural gas producers don’t set global commodity prices, nor are they attempting to gouge consumers, executives of the leading domestic explorers told Congress on Wednesday. Top executives of BP America Inc., Chevron Corp., Devon Energy Corp., ExxonMobil, Pioneer Natural Resources Co. and Shell USA Inc. discussed the reasons for sustained high prices…

ExxonMobil has announced a $10 billion commitment to a new development in Guyana’s prolific offshore Stabroek block. The company has received approval from the government of Guyana for the Yellowtail project, which would be the company’s largest to-date asset in the country. Production is slated for 2025 and is expected to hit 250,000 b/d. “Yellowtail’s…