INDUSTRY NEWS
Texas Group Sets Goal to End Routine Flaring
The announcement from the Texas Methane and Flaring Coalition follows a decision Tuesday by the state’s energy regulator to defer flaring requests from various operating companies.
Arctic Blast in US Triggers Pipeline Freeze-offs
There’s no respite this weekend for much of the U.S. with temperatures likely to hit new lows. Arctic cold is already gripping much of the interior, freezing natural gas pipelines and threatening snow as far south as Houston.
Major Crude Draw Sends Oil Prices Higher
Both Brent and WTI are already trading higher than their forecast average for the year, pushed higher by Covid-19 vaccinations and tighter supply, with some analysts and hedge fund managers expecting prices to go much higher before this year’s end, with the number mentioned ranging from $70-80 to over $100, the latter seen as possible next year.
Oil’s remarkable rebound from a year of catastrophe
“The recovery is proceeding at a faster rate than people perceived,” said Ed Morse, head of commodities research at Citigroup Inc. “The demand recovery is going to look stellar. The inventory draw is significantly greater than what many people thought.”
Bill Seeks to Reverse Biden Keystone XL Decision
“In revoking this permit, the Biden Administration has chosen to listen to the voices of fringe activists instead of union members and the American consumer on Day 1,” stated the United Association of Union Plumbers and Pipefitters (UA). “When built with union labor by the men and women of the United Association, pipelines like Keystone XL remain the safest and most efficient modes of energy transportation in the world. Sadly, the Biden Administration has now put thousands of union workers out of work.”
Gov. Abbott signs executive order to protect Texas energy industry from federal overreach
Texas is a pro-energy state, and we will not sit idly by and allow the Biden administration or local governments to destroy jobs and raise energy costs for Texas families, Abbott said at a news conference Thursday in Odessa. "My executive order will help ensure that the federal government cannot take away the livelihoods of Texans who work so hard to provide our state and our nation with the energy we need."
Will Biden’s Federal Drilling Ban Raise Oil Prices?
There is no doubt that if this order remains in effect it will limit U.S. production opportunities, which will send prices higher at some point. The question is when we will start to see an impact on oil prices from this executive order.
Cheney introducing bills prohibiting Biden coal, oil, gas leasing moratoriums
The executive actions from the Biden Administration banning new leasing and permitting on federal land endanger our economy and threaten our national security, Cheney said in a statement. "The legislation I am introducing today would safeguard against these damaging orders, and prevent the job loss, higher energy costs, and loss of revenue that promises to come with them."
Report: Permian flaring could be slashed at no cost to producers
As much as 40% of the natural gas that’s expected to be flared in the Permian Basin in 2025 could be avoided at no cost to drillers if regulators abandoned their hands-off approach to the controversial practice, according to a report.
Biden Federal Land Permitting Moratorium Shocks New Mexico
Some New Mexico officials have said they did not anticipate the move from the White House although, as Blackmon notes, this is hard to believe given all the talk about banning drilling on federal land even though Joe Biden personally denied he planned an all-out ban, saying he would only consider banning new drilling.
Keystone XL Developer Cuts 1,000 U.S., Canadian Jobs After Biden Nixes Oil Project
The U.S. Administration’s decision drew harsh reactions and criticism from Canada’s center of oil industry, the province of Alberta, which says that the killing of Keystone XL would lead to thousands of job losses not only in Canada, but also in the United States, and would raise dependence on OPEC imports for the U.S. Gulf Coast refiners.
Biden suspends federal oil and gas leasing for 60 days
Wednesday's order is temporary, presumably to give the Senate time to confirm Biden's nominee for Interior secretary, Rep. Deb Haaland, D-N.M. But Biden, who pledged to halt new drilling within federal lands and waters during the campaign, appears likely to seek to extend the ban over the long-term or make it permanent, which, according to some legal opinions, could require congressional approval.
Oil Prices Rally On Large Crude Draw
U.S. oil production held steady at 110.0 million bpd for the fourth week running, according to the latest data provided by the Energy Information Administration. This is still millions of barrels below the 13.1 million bpd high reached in March 2020.
Biden may cancel Keystone pipeline permit on first day: CBC
President-elect Joe Biden may fulfill a pledge to cancel the Keystone XL pipeline permit via executive action on his first day in office, CBC News reported, citing people it didn’t identify.
Enbridge to defy Michigan’s order to shut down oil pipeline
Enbridge, which has a major presence in Houston with more than 1,000 employees, on Tuesday said Michigan lacks the authority to terminate or revoke a nearly 70-year-old pipeline easement that allows for the company’s Line 5 dual pipelines to transport heating fuel between the U.S. and Canada. The company said it plans to operate the pipelines until a replacement pipeline comes into service.
How activists successfully shut down key pipeline projects in New York
If all had gone according to plan, the Constitution pipeline would be carrying fracked gas 124 miles from the shale gas fields of Pennsylvania through streams, wetlands, and backyards across the Southern Tier of New York until west of Albany. There it would join two existing pipelines, one that extends into New England and the other to the Ontario border as part of a vast network that moves fracked gas throughout the northeastern United States and Canada.
Permian Highway Pipeline now in service
Last week Rigzone presented key oil and gas industry trends for 2020 as articulated by five informed market-watchers. Now, check out what they predict will likely be the biggest oil and gas industry developments in 2021.
What Looms for Oil and Gas in 2021?
Futures closed at a fresh nine-month high after swinging between gains and losses earlier. The U.S. began administering the Covid-19 vaccine alongside nationwide immunization campaigns in other countries, presenting a path toward a normalization of crude demand.
Oil Prices Edge Upward Despite OPEC Revision
Futures closed at a fresh nine-month high after swinging between gains and losses earlier. The U.S. began administering the Covid-19 vaccine alongside nationwide immunization campaigns in other countries, presenting a path toward a normalization of crude demand.
Peak Oil Demand, Really? Some Lessons From The Debate Over Peak Supply
The fact that many who believed in peak oil supply now wholeheartedly support the imminence of peak oil demand doesn’t mean peak oil demand predictions should be discarded as being as fallacious as peak oil supply arguments were, but it does show that there are many credulous people out there who hop on the fashionable topic of the day.