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Canada’s Pipeline Squeeze Set to Return Despite Trans Mountain Start-Pp

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

(Reuters) – As Canada’s oil industry celebrates the start of the Trans Mountain pipeline expansion (TMX), some company executives and analysts are already warning that long-term production growth plans will depend on new takeaway capacity becoming available. TMX, which started commercial operations last week after years of delays, will ship an extra 590,0000 barrels per day (bpd) of …

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Australia Backs Long-Term Gas Exploration Despite 2050 Climate Goals

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, LNG, Natural Gas / By

Australia’s resources minister said on Thursday she backs the long-term exploration of potential natural gas projects, setting up a potential clash with opposition lawmakers and some in the incumbent Labor Party that oppose its use. Australia, one of the world’s largest producers of liquefied natural gas (LNG), is committed to reducing its emissions to net …

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Goldman Sachs Sees OPEC+ Unlikely to Raise Production at June Meeting

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

Goldman Sachs on Wednesday said they no longer expect OPEC+ to announce a partial unwind of voluntary production cuts in June. The bank said inventories have recently surprised to the upside, and as a result, their model now estimates only a 37% chance of a production increase decision in June. “While our interpretation of OPEC+ …

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BP Softens Tone on 2030 Oil Output Cut to Reassure Investors

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

BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals. CEO Murray Auchincloss has in recent months pivoted the London-based firm’s strategy to focus heavily on returns. He has been less …

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Europe Braces for Billions in Writedowns at Stranded Gas Assets

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

Germany prepares for gas grids and boilers to become redundant Other European countries are still investing in gas networks For the past four years, the Bavarian city of Augsburg has been warning homeowners that gas supplies could be switched off by 2030 as fossil fuels are phased out. It’s a blunt message on the potentially …

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Iran’s Capacity to Move Oil Reliant on Malaysian Providers, U.S. Official Says

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

The United States sees Iran’s capacity to move its oil as reliant on service providers based in Malaysia, with oil being transferred near Singapore and throughout the region, the U.S. Treasury Department’s top sanctions official said on Tuesday. Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, was speaking during a four-day visit to Singapore …

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How Western Sanctions Are Strangling Putin’s Arctic Gas Ambitions

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

Pipeline exports to Europe have slumped, turning focus to LNG Novatek’s Arctic LNG 2 is crucial to expanding export capacity Bloomberg Russia’s fortress economy has proved remarkably resilient to an onslaught of Western sanctions. Two years after the Kremlin’s invasion of Ukraine, it continues to fund a costly war and to prop up President Vladimir Putin. …

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OPEC+ Likely to Extend Production Cuts in June

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

Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far. If OPEC+ (Organization of the …

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FTC’s Surprise Attack on U.S. Oil Icon Rattles Shale Sector

CDN and International News, Latest, Oil, Pinned Primary, US News / By

Antitrust regulators cited former CEO’s email, dinner partners Exxon agrees to exclude Pioneer Natural founder from board Bloomberg The Federal Trade Commission’s allegations that shale trailblazer Scott Sheffield tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals. While Thursday’s green light from the FTC …

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Explainer: What OPEC+ Oil Output Cuts are Currently in Place?

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

(Reuters) – OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut. These curbs from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, come on top of earlier reductions …

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