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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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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.
AER data show Alberta’s oil production at seven-year low
Oil production in the Canadian province of Alberta fell to a seven-year low in June amid maintenance at oil sands sites, though the data are also incomplete.
Alaska LNG faces hurdle after Japan and South Korea reject proposed project
The US’s proposed Alaska LNG project has hit a major road bump with Japan and South Korea declaring they will neither invest in or sign contracts to purchase LNG from the project, The Wall Street Journal reported on July 25.
BP vows to defend its rights in arbitration case against Venture Global
BP has declared it will defend its rights “to the absolute fullest” in its arbitration case brought against Venture Global LNG for failing to deliver contracted cargoes, BP’s chief executive officer, Bernard Looney, told Reuters on August 1.
US Supreme Court clears path for Mountain Valley completion
The US Supreme Court has lifted stays imposed by a lower court on the Mountain Valley Pipeline that had been preventing completion of a final section of the project.
US LNG exports climb in July after completion of maintenance works
The US has recorded a 9% rise in LNG exports in July compared to June, Reuters reported on August 2 citing preliminary data from Refinitiv Eikon.
Venture Global LNG’s Calcasieu Pass 2 receives final environmental approval
Venture Global LNG’s Calcasieu Pass 2 (CP2) project received environmental approval from the US Federal Energy Regulatory Commission on July 28, Reuters reports.
Canada proposes curbs on ‘inefficient’ fossil fuel subsidies
The Canadian government on July 24 unveiled a controversial framework for eliminating “inefficient” fossil fuel subsidies.
US gas prices fall 34% in first half of 2023, says EIA
The average monthly spot natural gas price at the US benchmark Henry Hub fell 34%, or $1.12, per million British thermal units (mmBtu) to $2.18/mmBtu between January and June, according to the Energy Information Administration.
TC Energy sells 40% of Columbia Gas, Columbia Gulf to GIP for $5.2bn
TC Energy has entered into an agreement to monetise a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission systems.
US energy secretary calls again for additional oil supplies
US Energy Secretary Jennifer Granholm has called again for additional crude supplies because of volatile markets.
US Bureau of Land Management proposes higher costs for leases
The US Bureau of land Management (BLM) is proposing costlier oil and gas leasing on public land to abide by the Inflation Reduction Act (IRA), signed into law in August 2022.
Biden admin mulls new restrictions on Gulf of Mexico due to whales
The American Petroleum Institute (API), EnerGeo Alliance and National Ocean Industries Association (NOIA) are objecting to what they say are the Biden administration’s proposed “baseless” restrictions on energy operations in the Gulf of Mexico.
Chevron sets new quarterly record in Permian
Chevron set a new quarterly record for Permian Basin production, of 772,000 barrels of oil equivalent per day in the second quarter of 2023. It was an 11% increase year on year.
ExxonMobil plans to double LNG production by 2030
ExxonMobil has ambitious plans to produce around 40mn tonnes per year of LNG by the end of the decade, the company’s senior vice-president of LNG marketing, Andrew Barry, told Nikkei Asia on July 19.
NorthAmOil: Alberta premier says province will not recognise Ottawa’s net-zero mandates
Alberta premier: province will not recognise Ottawa’s net-zero mandates
Tensions are still high between Alberta, Canada’s oilpatch, and the federal government over net-zero mandates.
Oklahoma may sue gas marketers over manipulation
Oklahoma may sue natural gas marketers over alleged manipulation during a winter storm that hit the central US in 2021.
Chevron to acquire PDC Energy in $6.3bn deal
Chevron is to acquire PDC Energy in an all-stock deal worth $6.3bn.
ExxonMobil to pay $4.9bn for Denbury, carbon capture and storage company
ExxonMobil will become the largest owner-operator of carbon dioxide (CO2) pipelines in the US with its recently announced $4.9bn purchase of Denbury.
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