The Limetree Bay oil refinery in the U.S. Virgin Islands, long under environmental and financial pressure, said this week it would close indefinitely. Citing “severe financial” hardship, owner Limetree Bay Energy said it had suspended plans to restart the 210,000 b/d facility on the island of St. Croix. The refinery has been offline since May…
Oil
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Oil Price Boom Forecast to Reach $100, Potentially Marking Crude’s Last Great Rally
As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…
Maine Moves to Purge Fossil Fuels from Pension Fund
Maine will no longer invest in companies with big oil and gas portfolios, making it the first state in the country to divest from the fossil fuel industry. Gov. Janet Mills last week signed into law a bill forbidding any state pension fund or annuity from making new investments in stocks or securities of the…
Devon Paring Flared Gas, Freshwater Use in Permian Completions to Reach Net-Zero Carbon Goals
Oklahoma City-based Devon Energy Corp. on Monday joined many of its Lower 48 oil and gas peers in establishing environmental performance targets to reduce the carbon intensity of its operations and cut overall emissions from its supply chain. By 2030 the onshore producer plans to reduce methane emissions intensity by 65%. Flaring intensity is set…
Magellan, Enterprise and ICE to Launch Houston Oil Futures Contract
A new oil futures contract is coming to the Gulf Coast. Magellan Midstream Partners L.P., Enterprise Products Partners LP and Intercontinental Exchange Inc. (ICE) said Monday they would partner to create a contract for the physical delivery of crude in the Houston area. The companies said the Midland WTI American Gulf Coast contract (ICE: HOU)…
Pony Express Testing Support for Wyoming-to-Colorado Oil Pipe Expansion
Tallgrass Pony Express Pipeline LLC has launched a binding open season to gauge interest from crude oil shippers in securing expansion capacity on a section of the 830-mile pipeline. Pony Express has a capacity of roughly 400,000 b/d, and sources crude from the Williston, Denver Julesburg and Powder River basins. The system stretches from Guernsey,…
Natural Gas Set for Bigger Role in Ontario Energy Mix
Natural gas use is set to grow in Ontario with boosts from both the provincial government and industrial demand. The government recently announced it would allocate more than C$234 million ($191 million) to add 43 rural, northern and native communities to the distribution network in Canada’s most populated province. It authorized 28 projects to connect…
ExxonMobil, Partners Strike More Oil in Stabroek Offshore Guyana
Offshore Guyana continues to prove fruitful for ExxonMobil and its partners, with the Irving, TX-based supermajor announcing another discovery in the Stabroek Block. The Longtail-3 well encountered 230 feet of net pay, including newly identified hydrocarbon-bearing reservoirs below the original discovery intervals, according to ExxonMobil. “Longtail-3, combined with our recent discovery at Uaru-2, has the…
North Dakota Oil, Natural Gas Production Climb in April
North Dakota exceeded its monthly production level projections for April, but it may be losing its bragging rights to New Mexico as the second largest oil producing state. Oil production was up 1% in April month/month to 33.6 million bbl, or 1.126 million b/d. Natural gas output grew at a 3.1% rate to 88.89 Bcf,…
New Mexico Topples Natural Gas, Oil Production Records in March
New Mexico, which shares a prolific slice of the Permian Basin with Texas, in March produced the most natural gas and oil production on record, the Energy Information Administration (EIA) reported. Oil output averaged 1.16 million b/d in March, while gas production climbed to 6.19 Bcf/d, EIA researchers led by Emily Geary noted. The increases…