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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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Phillips 66 Announces $2.2bn capital programme for 2024
Phillips 66 has announced a 2024 capital budget of $2.2bn, including $923mn for sustaining capital and $1.3bn for growth capital. Excluding joint venture debt repayments due in 2024, the company’s 2024 capital budget is $2bn.
Enbridge to sell $2.3bn interests in Alliance Pipeline and Aux Sable to Pembina
Enbridge Inc. will sell its 50% interest in Alliance Pipeline and its 42.7% interest in Aux Sable joint ventures to Pembina Pipeline Corp. for a purchase price of CAD3.1bn ($2.3bn). The sale also includes Enbridge’s stake in NRGreen.
Dow awards $3bn in contracts for Alberta net-zero petrochemicals facility
Dow Inc. has awarded two contracts to Fluor Corp. for construction-related services concerning Dow Canada's upcoming petrochemicals manufacturing complex, situated just north of Fort Saskatchewan, Alberta.
Freehold Royalties agrees to buy Permian Basin royalty assets for $84mn
In another Permian Basin deal, Canadian firm Freehold Royalties has agreed to acquire prime Permian Basin royalty assets in the US for $84mn. The acreage is being bought from two private sellers, who were not named.
BP takes action against FERC’s oversight of Venture Global plant
British energy company BP has opposed the Federal Energy Regulatory Commission’s approval of Venture Global LNG’s Calcasieu Pass facility in a letter filed with the regulator claiming it has neglected to enforce its regulations.
Influential Tellurian co-founder Charif Souki removed as chairman
LNG company Tellurian has removed its influential president Charif Souki as chairman.
COP28: vague and voluntary promises
To say that COP28 in Dubai has been eagerly awaited would be an understatement.
FTC probes $53bn Chevron-Hess deal
The US Federal Trade Commission is seeking additional information on the $53bn Chevron and Hess deal, the companies have said.
COP28: US, Canada methane rules, Kerry slams Chevron
The US has issued final methane regulations while Canada has issued a draft.
Leaked hydrogen tax guidance suggests US tax credits will not be available for blue hydrogen
A leaked version of the US Treasury Department's much-awaited draft guidance on the Inflation Reduction Act's hydrogen tax credit appears to suggest that a narrow approach will be taken.
Venture Global expects lengthy start-up at second LNG plant
A second LNG export plant by Venture Global should start operations in 2024 and will have a lengthy startup similar to its Calcasieu Pass LNG facility, chief executive Mike Sabel told Reuters.
Canada requires emissions cuts of up to 38% for oil and gas sector
In an apparently unprecedented move, Canada will require its oil and gas sector to slash greenhouse gas emissions by 35% to 38% below 2019 levels starting in 2030.
Occidental reportedly in talks to acquire CrownRock
Occidental Petroleum is in talks to buy Permian Basin producer CrownRock, according to sources quoted by several news outlets.
Willow winter construction in Alaska can go ahead, says judge
A legal fight over the massive drilling project is underway. US District Court Judge Sharon Gleason denied requests to block winter construction work as an appeal on the permitting of the project is pending.
Canadian energy regulator denies variance for Trans Mountain expansion
The Trans Mountain Expansion (TMX) pipeline project may be delayed after the Canada Energy Regulator (CER) denied a request for a variance.
Michigan regulators okay Great Lakes tunnel for Line 5
Michigan regulators have approved an application by Canada’s Enbridge to build a single-line tunnel for its ageing pipeline under the Straits of Mackinac, in the Great Lakes.
Chevron announces $16bn 2024 capex budget
Chevron has announced a capital expenditure range of $15.5 to $16.5bn for consolidated subsidiaries, and an affiliate capex budget of around $3bn for 2024, an increase of 11% compared with 2023.
ExxonMobil on track for $14bn further earnings, cash flow growth by 2027
ExxonMobil expects to deliver $14bn annual earnings and cash flow growth from the end of 2023-2027, according to a new corporate plan.
Federal Trade Commission probes ExxonMobil’s $60bn deal to buy Pioneer
Federal regulators are investigating ExxonMobil’s $60bn all-stock deal to buy Pioneer Natural Resources of Texas.
US LNG exports in November near record high
US LNG exports climbed to a near record high in November as the country shipped 7.99mn tonnes abroad, according to tanker tracking data from the London Stock Exchange Group.
COP28: ExxonMobil CEO rails against fossil fuel phase-out, tells summit to focus on emissions
ExxonMobil’s CEO, Darren Woods, has told the COP28 meet in Dubai that the world should focus on reducing emissions rather than phasing out fossil fuel.
COP28 leader defends controversial remarks
Sultan al-Jaber, the oil executive who is leading the COP28 climate summit in Dubai, has rocked the conference with highly controversial remarks that there is “no science” that phasing out fossil fuels is necessary.
COP28: Major oil companies pledge to cut methane emissions
About half of the world's oil firms, totalling almost 50 companies, have committed to achieving "near zero" methane emissions and discontinuing routine flaring in their operations by 2030, and achieving net zero by 2050.
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