Canadian Natural Resources Ltd. will increase its crude oil production capacity by 128,300 b/d before royalties with the purchase of Devon Canada for $3.775 billion (Can.) cash. Devon Energy announced early this year its plan to shed Canadian operations and natural gas production to focus on US oil. Source: News
MARKET WATCH: Crude oil prices rise on US rig count
Oil prices climbed May 28 for a second trading session with light, sweet crude oil for both the July and August contracts settling above $59/bbl as traders returned after a long Memorial Day weekend. Source: News
Court blocks BC anti-Trans Mountain bill
The British Columbia Court of Appeal has ruled against provincial legislation that could have blocked expansion of the federally owned Trans Mountain Pipeline system. The legislation would have enabled the BC government to require a permit for the handling of heavy oil and thus to disallow the expansion project, which Premier John Horgan strongly opposes. […]
Stonepeak invests $1.3 billion in Calcasieu Pass LNG
Venture Global LNG Inc. has received a $1.3 billion equity investment from Stonepeak Infrastructure Partners for its 10-million tonne/year Calcasieu Pass LNG export facility in Cameron Parish, La. Total committed capital to fund construction of Calcasieu Pass and the continued development of Venture Global’s 20 million-tpy Plaquemines LNG and 20 million-tpy Delta LNG facilities is […]
Equinor granted North Sea drilling permit
Equinor Energy AS has been granted a drilling permit by the Norwegian Petroleum Directorate for well 16/5-7 in production license 502 in the North Sea. Source: News
NextDecade lets contract for Rio Grande LNG Phase 1
NextDecade has let an engineering, procurement, and construction contract to Bechtel for Phase 1 of the 27 million-tonne/year Rio Grande LNG plant at the Port of Brownsville in South Texas. Source: News
US Senate bill would boost carbon capture research
US Sen. John Cornyn (R-Tex.) introduced legislation on May 23 that would require the US Department of Energy to establish a research, development, and demonstration program for carbon capture technologies at natural gas-fired power plants. Source: News
Consortium launches industrial-scale CCS project
A consortium of 11 European stakeholders including ArcelorMittal, Axens, IFP Energies nouvelles (IFPEN), and Total SA, has launched a project to demonstrate an innovative process for capturing carbon dioxide from industrial activities. The so-named DMX project is part of a more comprehensive study dedicated to the development of the future European Dunkirk North Sea carbon […]
Officials outline trials, prospects at USEA meeting
The US will need to equally address global climate change and other substantive trials if it expects to benefit from promising energy opportunities worldwide, speakers at the US Energy Association’s annual meeting and public policy forum generally agreed on May 23. Source: News
MARKET WATCH: NYMEX crude contract ends week below $59/bbl
The light, sweet crude oil contract for July gained modestly to settle under $59/bbl on May 24, stabilizing after the biggest single-day drop of this year and ending a volatile week on the New York market. Brent crude also gained less than $1 to settle at under $69/bbl on May 24. Source: News