CDN and International News - Today in Oil and Gas

BP’s Auchincloss Named CEO, Reaffirms Energy Transition Plan

Summary Auchincloss was interim CEO Says he will continue BP’s strategy Shares have underperformed rivals since Looney’s departure (Reuters) – BP interim boss Murray Auchincloss was named permanent CEO on Wednesday, pledging to stick with energy transition plans as the board seeks to steady the company which was rocked by the sudden resignation of Bernard Looney …

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Aramco CEO Predicts Tighter Oil Markets, Sees Red Sea Risks

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

Summary Nasser says Red Sea attacks may cause tanker shortage Global oil demand to grow by 1.5 mln bpd in 2024 Oil stocks getting depleted as demand grows OPEC’s spare capacity main source to meet demand DAVOS, Switzerland, Jan 17 (Reuters) – Global oil markets will cope with Red Sea disruptions in the short run, …

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Canada Regulators Face Activist Ire for Trans Mountain Variance Approval

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

(Reuters) – Environmental campaigners are criticizing Canada’s energy regulator for approving a “variance” request on a section of the Trans Mountain Expansion pipeline project, calling new conditions around material procurement accompanying the approval too lenient. Last week the Canada Energy Regulator (CER) agreed to Trans Mountain’s request for a variance that will enable the Canadian-government-owned pipeline to …

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Climate Activists in Norway Disrupt Gathering of Oil Chiefs

CDN and International News, Latest / By mark

Bloomberg Protesters calling for an end to oil and gas exploration by Europe’s biggest supplier of natural gas have blockaded a planned gathering of oil executives and politicians in southern Norway. About 35 demonstrators from Extinction Rebellion blocked the entrance of the Scandic Park Sandefjord, making it impossible for some conference attendees to enter ahead …

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Shell to Exit Nigeria’s Troubled Onshore Oil After Nearly a Century

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

(Reuters) – Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s. It has struggled …

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More Oil Tankers shun Southern Red Sea After U.S.-led Strikes in Yemen

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

At least six further oil tankers have either diverted their course away from, or paused before entering the southern Red Sea since the weekend, ship tracking data from LSEG and Kpler show. That takes the total number of shipping disruptions counted by Reuters to at least fifteen in total since the U.S.-led strikes on Houthi …

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China’s Dams Are Refilling, and That’s Good News for the Climate

CDN and International News, Hydro, Latest, Renewable Energy / By mark

Hydropower has underperformed since 2022’s historic drought, causing widespread economic pain. That’s finally changing. Visitors view the shipping locks of China’s Three Gorges Dam, where water storage is up about 25% from the previous year. Despite the much-deserved excitement surrounding China’s rapid build-out of wind turbines and solar panels, the country’s biggest source of clean energy remains one …

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DONE DEAL! Canadian Trans Mountain Oil Pipeline Change Approved by Canadian Regulator

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

(Reuters) – The Canada Energy Regulator (CER) on Friday approved a request for a change in construction for the final stretch of the Trans Mountain oil pipeline expansion project, clearing the path for its completion early this year. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta …

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China’s 2023 Crude Oil Imports Hit Record as Fuel Demand Recovers

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

Summary 2023 crude imports 11.28 mln bpd, +11% on yr 2023 natgas imports 2nd highest on record; Dec imports at record 2023 refined fuel exports +16.7% on yr (Reuters) – China’s annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite …

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Oil Tankers Divert From Red Sea After U.S., UK Strikes in Yemen

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

At least four oil tankers have diverted course from the Red Sea since overnight strikes by the U.S. and Britain on Houthi targets in Yemen, shipping data from LSEG and Kpler showed. The attacks were carried out from the air and sea in response to the Iranian-backed Houthi militia’s attacks on ships in the Red …

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