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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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Permian Resources to buy Earthstone in $4.5bn deal
Permian Resources is buying Earthstone Energy in a $4.5bn deal that illustrates some of the shifts in consolidation patterns across the US shale patch
Cheniere Energy reaches deal with BASF to supply LNG
Houston-headquartered Cheniere Energy has come to agreement with German chemical company BASF to supply it with 0.8mn tonnes per year of LNG.
Energy Transfer seeks new export licence for Lake Charles LNG
Midstream player Energy Transfer has requested a new, expedited export licence for its proposed Lake Charles LNG export terminal in Louisiana, according to a filing with the US Department of Energy.
Iran calls US 'pirates' for offloading its oil
US rig count continues steady decline
Active US oil and gas rig counts have been trending downward for several months as shale drillers scale back activity, even as overall production continues to edge upwards.
Equinor hires rig for more exploration offshore Eastern Canada
Norway’s Equinor has hired a drilling rig to carry out more exploration for oil and gas offshore Newfoundland and Labrador.
Chesapeake to offload remaining Eagle Ford assets for $700mn
US independent Chesapeake Energy announced this week that it had struck a deal to sell its remaining Eagle Ford shale assets to SilverBow Resources for $700mn.
Commonwealth LNG closes funding for planned export facility
Commonwealth LNG announced on August 14 that it had closed an investment of development capital from private funds managed by alternative asset management firm Kimmeridge Energy Management.
Exxon Mobil submits arbitration awards for Citgo shares to US court against Venezuela
Exxon Mobil has submitted arbitration awards against Venezuela to a US court. The company's major oil ventures were expropriated and nationalised in 2007 by then-President Hugo Chavez, a move that led to protracted arbitration proceedings.
Suncor CEO indicates intention to re-focus on oil
Suncor Energy’s CEO, Rich Kruger, said this week that the company has been too focused on the energy transition in recent years and needs to re-focus on an oil-centred business strategy.
Occidental agrees to buy Carbon Engineering for $1.1bn
A subsidiary of Occidental Petroleum has struck a deal to acquire direct air capture technology player Carbon Engineering.
Unravelling the controversial decision: Alberta's renewable energy moratorium
Alberta, the largest oil and gas producing province in Canada, is facing pushback after imposing a seven-month halt on new wind and solar projects.
Woodfibre LNG moves ahead with construction of modules
Woodfibre LNG, a unit of Singapore-based Pacific Energy, has announced that it has given approval to a Chinese fabrication plant to commence building the 19 modules that will comprise the CAD6.8bn ($5.1bn) LNG facility.
NorthAmOil: Tourmaline joins Ksi Lisims LNG project
Southwestern’s earnings down 80% y/y
Southwestern Energy announced last week that its net income for the second quarter of 2023 totalled $231mn, and came in at $95mn on an adjusted basis. This represents an 80% year-on-year decline in net income from $1.17bn a year ago.
Chevron signs MoU with Cummins on lower-carbon fuels, completes PDC acquisition
Supermajor Chevron announced this week that it had signed a memorandum of understanding with Cummins to “leverage complementary positioning in hydrogen, natural gas and other lower-carbon fuel value chains”.
Cedar LNG partners push back targeted FID date
The partners in Canada’s Cedar LNG project, the Haisla Nation and Pembina Pipeline, have pushed back the target date for a final investment decision on the project to the fourth quarter of this year.
Tourmaline joins Ksi Lisims LNG project
Canada’s Tourmaline Oil announced last week that it had joined Rockies LNG Partners, the group developing the proposed Ksi Lisims LNG project on the British Columbian coast.
Talos makes Gulf discovery with Sunspear
Talos Energy said in its second-quarter earnings release this week that it had made a discovery at its Sunspear prospect in the US Gulf of Mexico.
Preparing for Trans Mountain expansion’s start-up
The Trans Mountain pipeline expansion is nearing start-up and trying to clear some final hurdles, after which the Canadian government faces the challenge of trying to sell the project
Driftwood LNG’s supply deal with Gunvor terminated
A 10-year LNG supply agreement between Driftwood LNG, the subsidiary of US LNG developer Tellurian, and Gunvor Singapore Pte Ltd has been annulled, according to a filing by Tellurian to the US Securities and Exchange Commission on August 1.
ExxonMobil reports drop in second-quarter profit
Supermajor ExxonMobil posted its results for the second quarter of 2023 on July 28. The company’s second-quarter earnings came in at $7.9bn, or $1.94 per diluted share, falling short of analyst expectations.
ConocoPhillips raises production forecast despite profit miss
US-based ConocoPhillips has raised its production forecast for the whole of 2023 slightly to 1.80-1.81mn barrels of oil equivalent per day, from prior guidance of 1.78-1.80mn boepd.
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