NorthAmOil - North America Oil & Gas
State-owned PetroChina is reported to be considering exiting its investments in Australia and Canada in a bid to divert funds to more profitable opportunities elsewhere.
The US LNG industry continues to take strides forward, with Cheniere Energy announcing an FID on its Corpus Christi expansion, while Chevron has struck deals to buy LNG from both Cheniere and Venture Global.
Private equity-backed Percussion Petroleum II is reportedly seeking buyers for acreage in the prolific Permian Basin that could be worth up to $1.5bn.
The Canadian government-owned Trans Mountain oil pipeline is no longer profitable as a result of cost overruns and delays to its expansion project, according to a report released on June 22 by the country’s Parliamentary Budget Officer.
US President Joe Biden this week called for Congress to suspend federal gasoline and diesel taxes for three months amid soaring average gasoline prices that have reached close to $5 per gallon ($1.32 per litre) on a nationwide basis.
The US has held talks with Canada and other allies to consider imposing a price cap on Russian oil in the latest attempt to limit Moscow’s energy revenue amid the ongoing war in Ukraine.