Oil

Energy shortages and price spikes suggest the world needs more oil to meet global needs in the near term. Just how much more – and how quickly – remains a moving target. With Lower 48 producers hesitant to boost output in the pandemic’s wake, the Organization of the Petroleum Exporting Countries (OPEC) and its allies,…

The environmental fight over Enbridge Inc.’s dual-pipe oil Line 5 across Michigan escalated Monday into the first-ever use of a 44-year-old energy traffic treaty between Canada and the United States. Canadian Foreign Affairs Minister Marc Garneau announced that a formal request has been made to save the 540,000 b/d conduit with a dispute resolution and…

The Biden administration said it would continue to review the “deficiencies” in the federal oil and gas leasing programs, but to comply with a court order, it is holding a Gulf of Mexico (GOM) sale in November. Shortly after taking office in January, President Biden ordered a review of the federal oil and gas leasing…

An oil spill offshore Southern California over the weekend has shut down some local beaches and a cleanup effort is ongoing. Houston-based Amplify Energy Corp. in a note Monday said subsidiary Beta Offshore notified the U.S. Coast Guard (USCG) on Saturday of an oil sheen about four miles off the coast. As of 8 a.m.…

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,…

Solid growth continued across some of the biggest oil and natural gas production regions in the country during the third quarter, but supply costs are rising and executives are a bit more wary than earlier this year, the Federal Reserve Bank of Dallas said Wednesday. The Dallas Fed, as it is known, collected data across…

BP plc’s largest production and drilling platform in the Gulf of Mexico (GOM), Thunder Horse, has ramped up an expansion project to boost deepwater output by up to 25,000 boe/d. The Thunder Horse South Expansion Phase 2 project, with an initial two-well tie-back, added a subsea drill center roughly two miles from the main platform,…

The Alberta government and Canadian oil exporters celebrated Wednesday after Enbridge Inc. confirmed that its Line 3 pipe replacement project had been completed and would start deliveries Friday (Oct. 1). “It’s fantastic news for our province’s economic recovery,” said Premier Jason Kenney. “Our government will continue to fight for all projects that help bring our…

Global oil and natural gas explorers made some wrong-way bets on the direction of commodity prices during 2Q2021, with hedging losses for 90 of the biggest U.S. and overseas producers totaling $11 billion, the Energy Information Administration (EIA) said Wednesday. The net hedging losses among the world’s largest exploration and production (E&P) companies were the…