NorthAmOil - North America Oil & Gas
LNG exports in the US are booming as supply in Europe remains tight following sanctions on Russia because of its war in Ukraine. World supplies of LNG had already been constrained, with demand in Asia especially high.
A bill on the Strategic Petroleum Reserve (SPR) has passed the US House of Representatives. The legislation, HR21, requires that any release of crude from the SPR is tied to a plan to increase oil and gas leasing on federal land.
The US’s two largest oil companies have posted record profits as blowback continues including from politicians and consumer groups, and in particular from US President Joe Biden.
TotalEnergies EP Canada, a subsidiary of French supermajor TotalEnergies, is purchasing an additional 6.65% interest in the Fort Hills project from Teck Resources for CDN 312mn ($234mn). This is in advance of its spin-off from parent TotalEnergies.
Valero Energy’s Diamond Green Diesel Holdings (DGD) has started up a second renewable diesel and renewable naphtha plant on the Gulf of Mexico
Canadian LNG producer FortisBC announced in late January the signing of a benefits agreement with the Snuneymuxw First Nation band to facilitate the expansion of its Tilbury project at Delta, British Columbia.
Marathon Petroleum Corp. (MPC) announced that for the full year 2022 its net profit attributable to MPC was $14.5bn, or $28.12 per diluted share, A year earlier it had net income attributable to MPC of $9.7bn or $15.24 per diluted share.
Leading Canadian oil sands producer Imperial Oil has various oil sands expansion projects on its radar in Alberta that it is planning to develop in stages, depending on various factors.