If the US and Saudi Arabia cannot reach an agreement over uranium enrichment, Saudi Arabia can partner with another country, Saudi Arabia's Energy Minister Khalid al-Falih said. "If the US is not with us, they will lose the opportunity to influence the program in a positive way," Falih said.
After performing safety inspections, South Korea's Nuclear Safety and Security Commission approved the restart of Unit 4 at the Wolsong nuclear power plant and Unit 2 at the Shin-Wolsong nuclear power plant. While the regulators found pieces of metal inside the reactors' steam generators, they didn't discover any damage or safety issues.
The installation of a containment dome on Unit 6 of the Fuqing nuclear power plant in China has been completed. The work was done 10 days ahead of schedule, and the project now enters the assembly stage, according to China National Nuclear.
US refiners have transitioned to summer-blend gasoline several weeks earlier than usual as they rush to take advantage of stronger profit margins for contracts due in June and July. However, some traders warned that the early switch could inflate inventories, putting a lid on prices.
Xcel Energy has secured approval from the New Mexico Public Regulation Commission to move forward with a pair of wind farms valued at $1.6 billion proposed for the New Mexico-Texas line. Regulators in Texas are expected to make a decision in the near future.
The advocacy of Georgetown, Texas, Mayor Dale Ross has spurred the development of renewables and, in 2017, made it the biggest city in the country in terms of population to source 100% of its electricity from renewable energy, writes Dan Solomon. "You think of climate change and renewable energy, from a political standpoint, on the left-hand side of the spectrum, and what I've done is toss all those partisan political thoughts aside," said Ross, touting renewables for their ability to deliver low-cost electricity.
The largest US auction of offshore oil and natural gas drilling rights attracted limited interest from companies, which submitted $124.76 million in winning bids that accounted for just 1% of the 77 million acres made available in the Gulf of Mexico. The average bid per acre was $153, down 35% from last year's levels, with critics partly blaming the bad timing of the auction for the weak results.
US crude stockpiles dropped by 2.6 million barrels last week, beating analyst forecasts for a 2.6-million-barrel increase, according to the Energy Information Administration. Gasoline and distillate supplies were also down by 1.7 million barrels and 2 million barrels, respectively.
Tellurian is assessing shipper support for its proposed Permian Global Access Pipeline, which would carry 2 billion cubic feet of natural gas per day from the Permian Basin to southwest Louisiana once it comes online by 2022. The $3.7 billion, 625-mile pipeline would supply gas to Tellurian's Driftwood liquefied natural gas export terminal.
Magellan Midstream Partners has decided to abandon plans for a 375-mile pipeline that would have transported up to 600,000 barrels per day of crude oil and condensate from the Permian Basin and Eagle Ford Shale to Corpus Christi, Texas, and the Houston Ship Channel. "The open season closed on March 1, and we have not received adequate commitments to proceed with the project at this time," said Magellan spokesman Bruce Heine.