Oil & Gas
Top stories summarized by our editors
12/11/2018

The Energy Information Administration expects the US to become the third-largest liquefied natural gas exporter in the world by the end of 2019, with capacity increasing from the current 3.6 billion cubic feet per day to 8.9 Bcf/d. Several LNG export facilities are due to enter service next year, including Cameron LNG in Louisiana and Elba Island LNG in Georgia.

12/11/2018

US District Judge Brian Morris of Montana on Friday ruled that TransCanada cannot conduct any physical pre-construction work related to the Keystone XL oil pipeline, such as setting up camps. The decision clarifies Morris' Nov. 8 ruling that blocked construction on the pipeline until the Trump administration finalizes a new environmental review.

12/11/2018

Enbridge Energy Partners and Enbridge Energy Management will hold a shareholder meeting Monday to vote on a proposed merger. Over a dozen master limited partnerships related to oil and gas infrastructure have been bought out by their parent companies over the past two years amid tax changes.

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Enbridge Energy Partners
12/11/2018

Alberta's plan to impose 325,000-barrel-a-day production cuts starting in January has lifted Western Canada Select crude's spot price by more than 70%, halving its discount to US oil to about $13 per barrel. The output reductions are also expected to significantly alleviate the Canadian province's pipeline bottlenecks and may encourage producers to rethink strategy.

12/11/2018

A Chinese research vessel equipped with geophysical, marine chemical, biological and acoustic research equipment on Monday launched a 230-day expedition to study the Indian and Atlantic oceans. The Dayang Yihao will spend 80 days collecting samples and data in a seabed polymetallic sulfide ore deposit in the southwestern Indian Ocean.

12/11/2018

Eni says it has found at least 170 million barrels' worth of light crude oil in the Afoxe field, about 121 kilometers off the Angolan coast. The Afoxe well, with a total depth of about 1,722 meters, has the capacity to produce over 5,000 oil barrels daily, the Italian company says.

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Eni
12/11/2018

Cuba is expected to accept international bids in April for 24 oil blocks in its Gulf of Mexico exclusive economic zone, state-owned Cuba Oil Union says. Cuba, which has 79 blocks in all, will offer more of them at auction after the first tender, a company official says.

12/11/2018

Jordan will solicit bids for oil and natural gas exploration in six parcels next year, Energy and Mineral Resources Minister Hala Zawati said Monday. Four companies are conducting feasibility studies for shale oil production in the country, which also plans to increase production at the Al Reisha natural gas field, she said.

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Jordan
12/11/2018

US shale's low production costs, fast returns and quick growth have earned it somewhat of a safeguard status among oil majors, which are increasingly betting on their US assets to help them weather oil price volatility. ConocoPhillips plans to spend half of its 2019 budget in the Lower 48 and Chevron has earmarked $3.6 billion for the Permian Basin, while Hess and Anadarko Petroleum intend to boost their US spending by over 40%.

12/11/2018

OPEC's supply cuts are unlikely to cause US shale production to rise much, as doubts over the agreement persist and pipeline constraints in the Permian Basin limit growth, analysts say. Amy Myers Jaffe, director of the Council on Foreign Relations' energy security and climate change program, says that factors including stock market worries and emerging markets' currency crisis have a bigger effect on US shale production decisions than the OPEC deal.