Canada to stop funding Trans Mountain oil line project as costs soar 70%
Canada said on Friday it will halt any further public funding for the Trans Mountain oil pipeline...
Canada said on Friday it will halt any further public funding for the Trans Mountain oil pipeline expansion after the government-owned company behind the project said costs had surged 70% to C$21.4 billion ($16.8 billion).
With the latest cost overrun, the government has told TMC to secure the necessary financing from public debt markets or financial institutions, Finance Minister Chrystia Freeland said.
The company now expects to finish the expansion in the third quarter of 2023, when it will nearly triple the capacity of the pipeline running from Alberta to the Pacific Coast to 890,000 barrels per day. That would be a boost for Canada's oil producers, which are keen to export more crude.
Private-equity-backed Permian Basin operator Colgate Energy is considering a sale that...
Private-equity-backed Permian Basin operator Colgate Energy is considering a sale that could value it at up to $5 billion, among strategic alternatives, according to sources familiar with the matter. In the meantime, the company is pushing ahead with preparations for a potential initial public offering.
Colgate Energy is among dozens of private equity-backed explorers established in recent years in the Permian. It was started in 2015 with backing from Pearl Energy and NGP Energy and has built a large position in a fast-growing patch of the Permian known as the Delaware Basin, where it operates on more than 100,000 net acres, according to its website.
It grew aggressively last year with its purchase of assets from Occidental Petroleum Corp. and Luxe Energy LLC.
Energy Transfer weighs building new Permian gas pipeline
Energy Transfer is evaluating a new pipeline project that would expand the natural gas...
Energy Transfer is evaluating a new pipeline project that would expand the natural gas takeaway capacity from the Permian Basin to Gulf Coast markets by up to 2 billion cubic feet per day and could come online two years after a final investment decision has been reached. The company also announced that construction has begun on the 1.65-Bcf/d Gulf Run gas pipeline from the Haynesville Shale in Louisiana to the Gulf Coast, with completion expected by the end of this year.
Oil ends week mixed on geopolitical uncertainty, supply hopes
Oil prices ended the week mixed on Friday as investors weighed a potential supply disruption...
Oil prices ended the week mixed on Friday as investors weighed a potential supply disruption resulting from the Russia-Ukraine crisis against the prospect of increased Iranian oil exports.
Brent crude futures settled 57 cents, or 0.6%, higher at $93.54 a barrel, while U.S. West Texas Intermediate (WTI) crude ended down 69 cents, or 0.5%, at $91.07 a barrel. U.S. markets will be closed on Monday for the Presidents Day holiday.
Both benchmarks hit their highest levels since September 2014 on Monday, but growing prospects of easing oil sanctions against Iran have weighed on the market. ~(Reuters)~
Cyberattacks on oil surge as hackers target commodities
Oil assets and infrastructure emerged as the biggest targets for hackers and cyber attacks since 2017,...
Oil assets and infrastructure emerged as the biggest targets for hackers and cyber attacks since 2017, accounting for a third of all incidents over the period. Electricity networks were the next most vulnerable, making up a quarter of all incidents, data collected by Platts showed.
Last year, incidents included a ransomware attack by hackers on Saudi Aramco, the world's largest single exporter of crude, which involved a data leak and an attempt to extort $50 million from the state-controlled oil producer.
