Peru plans to cancel a contract for construction of the Southern Peruvian Gasline (GSP) after the consortium hired to build it failed to meet its financing deadline. Odebrecht SA, the subject of a multinational corruption investigation, led the consortium with a 55% stake. Enagas SA held 25% and Grupo Grana y Montero 20%. Source: […]
MARKET WATCH: Crude oil prices wavering on OPEC talk, US inventory
Light, sweet crude oil prices for March delivery rose modestly on the New York market Jan. 24 as did Brent crude oil prices on the London market, but the US crude benchmark fell in early trading Jan. 25 pending release of the weekly US oil and products inventory report. Source: News
Conference: Atlantic LNG executive touts firm’s competitive edge
LNG from the US cannot compete with supplies from Atlantic LNG (ALNG), says Nigel Darlow, ALNG’s chief executive officer. Speaking this week at the Trinidad and Tobago Energy Chamber’s annual energy conference in Port of Spain, Darlow noted that much was made of the US becoming an LNG exporter and its potential impact on ALNG, […]
Trump executive orders may revive Dakota Access, Keystone XL projects
US President Donald J. Trump signed executive orders aimed at reviving the Dakota Access and Keystone XL crude oil pipeline projects, but it was not immediately clear how quickly their consequences will be felt. Source: News
Eni, NNPC to partner on Port Harcourt refinery revamp
Italy’s Eni SPA and Nigerian National Petroleum Corp. will work together on the modernization of NNPC subsidiary Port Harcourt Refining Co Ltd.’s (PHRC) refining complex in Rivers State, Nigeria. Source: News
EnQuest to buy stakes in Magnus field, other assets from BP
EnQuest PLC is to buy a 25% stake in Magnus oil field in the UK North Sea from BP PLC, along with smaller interests in the Sullom Voe oil terminal, the Northern Leg Gas Pipeline, and the Ninian Pipeline System for $85 million. Source: News
Magellan Pipeline settles federal charges from spills in 3 states
Magellan Pipeline Co. LP settled federal charges that it violated the federal Clean Water Act in gasoline, diesel, and jet fuel spills in Texas City, Tex.; Nemaha, Neb.; and El Dorado, Kan., the US Department of Justice and Environmental Protection Agency jointly announced. Source: News
Targa to buy Permian midstream assets for up to $1.5 billion
Targa Resources Corp. has agreed on behalf of subsidiary Targa Resources Partners LP to acquire 100% of the membership interests of Outrigger Delaware Operating LLC, Outrigger Southern Delaware Operating LLC, and Outrigger Midland Operating LLC for $565 million cash and up to $935 million in additional cash as potential earn-out payments. Source: News
Oil Search exits Middle East, will focus on Papua New Guinea
Sydney and Port Moresby-based Oil Search Ltd. has relinquished its interest in the Taza production-sharing contract in the Kurdistan section of Iraq. The company also is close to completion of the sale of its interest in Block 7 onshore Yemen to Sydney-based Petsec Energy Ltd. That deal is expected to close early this year. […]
MARKET WATCH: NYMEX crude oil for March drops under $53/bbl
Light, sweet crude oil prices for March delivery fell on the New York market Jan. 23 to settle under $53/bbl, but prices climbed in early trading Jan. 24 on reports of a weakening US dollar. Source: News