Trans Mountain is halting construction work on the expansion of the oil pipeline in a voluntary safety stand-down of more than two weeks until January 4, the company said on Thursday, days after a worker was seriously injured. On Tuesday, an employee of a contractor working on the Trans Mountain Expansion Project at the Burnaby Terminal was seriously injured and…
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As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by about 25% by the end of 2021, or by about 200,000 barrels per day (bpd) compared to current output levels, a Rystad Energy analysis shows. The loss puts the projected…
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Commodity trading giant Trafigura expects a strong rebound in oil demand next year thanks to mass vaccinations, which will push crude oil prices to $55-60 a barrel, Argus Media reported, citing the company’s chief economist Saad Rahim. “You have already seen a strong recovery in many places — certainly in China, but also in Europe and Japan, for example. The…
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Iranian authorities seem confident they could be able to sell as much as 2.3 million barrels per day (bpd) of oil in the next Iranian year that begins in March 2021, according to Iran’s budget bill. The bill, which has been recently submitted for discussion and approval at the Iranian Parliament, assumes that Iran will get revenues from the sale…
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China is looking to attract investments in shale gas developments by easing restrictions on foreign entities and subsidizing costs in a bid to boost its natural gas production while its demand continues to grow. China has shale gas reserves but the geology to extract those resources is challenging, so it is not clear if the incentives will attract major international…
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The U.K. government will target an emissions cut of at least 68% by the year 2030, compared to 1990 levels, under plans announced Thursday. The new goal to reduce greenhouse gas emissions comes before a Climate Ambition Summit on Dec. 12 which the U.K. will co-host. In a statement, the U.K.’s Prime Minister Boris Johnson described the new target as…
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Italian energy firm Eni is taking a 20% stake in what is set to be the world’s largest offshore wind farm. The energy firms Equinor and SSE are both selling 10% stakes in the first two phases of the project, which is situated off the U.K. coast. Eni will now take a share of Dogger Bank A & B, which…
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Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd, Bloomberg reported, citing preliminary and historical data from the Energy Information Administration. In the week to November 27 alone, the volume of Saudi oil shipments to the U.S. fell to as little as 73,000 bpd. The average…
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Days after reports emerged that the newly opened Belarus nuclear power plant suffered an incident, authorities in neighboring Lithuania told the Baltic country’s population on Thursday to stock up on food in case of an incident at the nuclear power facility in Belarus, which is just 30 miles away from Lithuania’s capital city Vilnius. “We recommend that the population create…
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Islamic State militants launched a rocket strike against an Iraqi refinery causing its shut-down, Reuters has reported, citing officials from the facility. In a statement on the terrorist group’s official channel, IS took responsibility for the attack, which caused a fire at a fuel storage tank, which has been put under control. “We completely shut down production units to avoid…
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