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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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Plains predicts 2023 Permian output to grow by 500,000 bpd
Plains All American Pipeline (PAA) said it expects total crude oil production in the Permian Basin to rise by up to 500,000 barrels per day (bpd) in 2023, according to officials on an earnings call for the fourth quarter of 2022.
US oil M&As down in 2022 but 2023 could see a surge
In 2022, US upstream M&As totalled $58bn in 160 deals, with $13bn transacted in 26 deals during the fourth quarter, according to Enverus Intelligence Research. The full-year figure was down 13% compared with 2021.
Biden administration to sell 26mn barrels from SPR
The administration of US President Joe Biden is to sell 26 mn barrels of oil from the Strategic Petroleum Reserve (SPR), one of the releases mandated by the US Congress in 2015 to bolster the budget.
TC reveals cause of Keystone spill in Kansas
TC Energy has pointed to several factors that it says caused the Keystone pipeline to rupture in December in rural Kansas.
Thailand’s largest coal producer to pursue US shale gas
Banpu, the largest coal producer in Thailand, has reaffirmed its plans to boost investments in US shale gas as it moves into lower-carbon resources.
Talos Energy completes acquisition of EnVen Energy
Houston-based oil and gas company Talos Energy has completed its acquisition of EnVen Energy. The deal doubles the deepwater facility footprint of Talos.
Freeport receives first LNG vessel since shutdown
Chevron exits Myanmar
Equinor receives licence from oil regulator for “significant” discovery off Newfoundland
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has issued a licence to Equinor for the Cappahayden K-67 discovery. The board estimates that it holds about 385mn barrels of recoverable oil.
Bakken holds back US oil production growth
North Dakota’s Bakken shale field is holding back the US’s oil production growth
Biden acknowledges oil will remain necessary in the US
US President Joe Biden has conceded that oil will be needed in America for some time yet, despite the energy transition.
ConocoPhillips profits double in 2022
ConocoPhillips saw doubled profits in 2022 of $18.7bn as crude prices rose, its highest earnings in a decade. This was compared with a year earlier when profits were $8.1bn. ConocoPhillips spun off its refining business in 2012.
NuStar to move 600,000 bpd from the Permian in 2024 to Gulf Coast
NuStar Energy plans to transport 600,000 barrels per day of crude from the Permian Basin to the Gulf Coast in 2024 for refining or export, company executives said.
Nearly 200 permits in New Mexico violate federal law, says appeals court
A federal appeals court said the government wrongly ignored the dangers of greenhouse gas and other hazardous emissions when it issued permits to drill nearly 200 oil and gas wells in New Mexico.
Freeport restarts liquefaction in Train 3, ending 8-month halt
Freeport LNG revealed on February 3 that it has restarted the liquefaction process of Train 3 at the Texas liquefied natural gas export plant.
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.
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