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The publication continues to provide weekly coverage of upstream, midstream and downstream news, spanning shale oil and gas, LNG, oil sands, transport by pipeline and rail, company performance and regional energy policy – on both national and state or provincial levels. NorthAmOil provides regular updates on the status of major proposed projects in both the US and Canada. The publication also looks at more distant prospects, such as offshore Arctic drilling.
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Prince Abdulaziz to maintain caution on production
LNG sale and purchase agreements in US up in 2022
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.
Bill on Strategic Petroleum Reserve passes US House of Representatives
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.
ExxonMobil, Chevron profits soar
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 buys additional stake in Fort Hills
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 starts up new renewable diesel, naphtha plant on Gulf Coast
Valero Energy’s Diamond Green Diesel Holdings (DGD) has started up a second renewable diesel and renewable naphtha plant on the Gulf of Mexico
NorthAmOil: ExxonMobil, Chevron profits soar
FortisBC signs benefits agreement with First Nation group
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 increases earnings
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.
Imperial outlines output growth plans
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.
Three new areas to be opened up for 2023 bidding round in Newfoundland and Labrador
Canada’s Newfoundland and Labrador will include three new areas in its 2023 offshore bidding round, according to a senior provincial government official.
Newfoundland and Labrador targets new offshore oil, gas investment
Newfoundland and Labrador is optimistic about additional oil production from its offshore acreage in 2023 – compared with 2022 – and incremental investments, according to senior provincial government officials.
Oilfield services firms may face structural upcycle
The “Big Three” oilfield services companies have registered high profits for 2022. The combined net income of Halliburton, Baker Hughes and SLB, formerly Schlumberger, last year was $4.4bn, the highest since the peak of the US shale boom in 2014.
NorthAmOil: Hess to focus in 2023 on Bakken shale play
Hess to focus in 2023 on Bakken shale play
Hess Corp. will focus more than 80% of a $3.7bn capital and exploratory budget in 2023 on a four-rig drilling programme in the Bakken shale, and also on development in Guyana.
ExxonMobil ends routine flaring in Permian Basin
ExxonMobil says it has halted routine flaring of gas in the Permian Basin, reports Reuters. Flaring is the practice of burning off excess gas from drill sites.
Matador Resources is buying Advance Energy in $1.6bn deal
Matador Resources is buying Advance Energy Partners. The Delaware Basin bolt-on is for $1.6bn plus $7.5mn cash for each month in 2023 in which the average price of oil exceeds $85 per barrel.
HighPeak to explore sale of company
HighPeak Energy will explore a potential sale of the company, it has announced. This is to maximise shareholder value, the Texas-based, oil-oriented exploration and production company said.
US waives sanctions for Dragon gas project
OFAC has given Trinidad and Tobago permission to work with PdVSA and Shell at the Dragon offshore gas field.
Freeport completes repairs and requests to restart facility
Freeport LNG revealed on January 23 that repairs at its plant located on Quintana Island in Texas have been completed.
Bill advances to prevent China buying oil from US emergency stockpile as Sino-American tensions continue
The US House of Representatives has passed a bill to stop China from buying oil from the US’s Strategic Petroleum Reserve
Chesapeake Energy to sell Eagle Ford assets to WildFire Energy for $1.425bn
Chesapeake Energy has announced that it will sell the Brazos Valley region of its Eagle Ford asset to WildFire Energy for $1.425bn. Chesapeake expects the transaction to close in the first quarter of 2023.
Federal regulators approve Transco gas pipeline expansion, appeal likely
The Federal Energy Regulatory Commission has approved Transcontinental Gas Pipe Line’s Regional Energy Access expansion project in the north-eastern US.
BP ups oil production in deepwater Gulf of Mexico
Oil supermajor BP has doubled oil production from the deepwater 15-year-old Thunder Horse project in the Gulf of Mexico. Production, for the first time in over a year, has been increased to more than barrels of oil equivalent per day.
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