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Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

CDN and International News, Conventional Energy, Latest, Natural Gas / By

Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, …

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China Sets Up New State Body to Drill Deep for Oil and Gas Reserves

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – China is setting up a new entity that groups national oil producers and other state firms to search for ultra-deep oil and gas reserves and tackle harder-to-extract non-conventional resources, state energy group CNPC said on Monday. This is in answer to President Xi Jinping’s call for the sector to have “new productive forces” …

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Canada’s Trans Mountain Oil Pipeline Just Shy of Target for First-Month Loadings

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines / By

(Reuters) – About 20 ships loaded crude oil on Canada’s West Coast in the first full month of operation on the newly expanded Trans Mountain pipeline, according to vessel-tracking data on Sunday, slightly below the operator’s forecast. Loadings from the pipeline expansion are closely watched because the Canadian government wants to sell the $24.84 billion …

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Growing Number of European Money Managers are Axing Oil Stocks

CDN and International News, Conventional Energy, Latest, Oil / By

Denmark’s largest commercial pension fund just offloaded its US$170 million stake in Shell Plc Bloomberg News There’s a growing list of institutional investors in Europe who are stripping oil and gas stocks out of their portfolios, in a move they say reduces the risk of ending up with stranded assets and financial losses. The latest to do …

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Gulf Oil Giant Adnoc With $150 Billion Turns Into Top Dealmaker

CDN and International News, Energy Topics & Technology, Latest, Mergers and Acquisitions / By

Adnoc is attempting to clinch $12.5 billion Covestro takeover Gulf buyers have faced challenges on large international deals For years, Abu Dhabi’s main oil producer was known as a sleepy state company content to churn out crude from its vast oil fields. But that stodgy reputation is getting a dramatic makeover as it uses a …

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The Complexity of Transforming Rare Earths From Mine to Magnet

CDN and International News, Energy Topics & Technology, Latest, Minerals / By

(Reuters) – The EU will struggle to meet ambitious goals for rare earths in new legislation designed to boost domestic output of critical minerals and reduce dependence on China. The 17 silvery-white rare earth minerals are not uncommon in the earth’s crust. But deposits that are economically viable are more difficult to find, and the real rarity …

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Is Natural Gas a Fossil Fuel Trap or a Bridge to Clean Energy?

CDN and International News, Conventional Energy, Latest, Natural Gas / By

Never before has natural gas played a bigger role in fulfilling the world’s energy needs. While consumption of oil and coal are poised to peak, demand for gas is rapidly growing, setting it up to be the last fossil fuel standing as nations adopt cleaner sources in an effort to avert the worst consequences of climate change. …

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Guyana Selects Former Exxon Exec’s Firm to Engage with Exxon in Gas Project

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(Reuters) – A newly formed company headed by a former Exxon Mobil  executive was selected to support the Guyana government and Exxon to create a new independent natural gas development in the country, Guyana’s Ministry of Natural Resources said. Fulcrum LNG offered “the most comprehensive and technically sound proposal” among 17 bidders, the government said in …

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Hedge Funds Rebuild Oil Position After OPEC⁺ Round Trip

CDN and International News, Energy Topics & Technology, Latest, Oil, OPEC / By

By John Kemp (Reuters) – Portfolio investors have rebuilt their position in crude oil after reassurance from Saudi Arabia and its OPEC⁺ allies that any planned future increases in production would be contingent on market conditions. Last week hedge funds and other money managers turned their attention to boosting Brent positions, after a large jump in …

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Major Canadian LNG News: Cedar LNG Announces Positive Final Investment Decision

CDN and International News, Conventional Energy, Latest, LNG, Natural Gas / By

World’s First Indigenous Majority-Owned, Hydro-Powered, Floating LNG Facility Becomes a Reality KITAMAAT VILLAGE, British Columbia–(BUSINESS WIRE)–The Haisla Nation and Pembina Pipeline Corporation (“Pembina”) (TSX: PPL; NYSE: PBA), partners in Cedar LNG Partners LP (“Cedar LNG”), today announced a positive Final Investment Decision (“FID”) on the Cedar LNG Project, a floating liquefied natural gas (“LNG”) (“FLNG”) facility with a …

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