Crude rises Friday, falls for the week

Crude oil prices inched up Friday, as strong U.S. economic data boosted demand feelings, and as production drops in sanctions-hit Iran and Venezuela tightened the market, Kallanish Energy reports. Oil futures posted weekly declines on a jump in U.S. crude inventories reported recently. U.S. West Texas Intermediate crude futures settled 13 cents higher, at $61.94 per

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Opec is ‘likely to collapse,’ Iran’s oil minister warns

Iran’s oil minister last week warned Opec is “likely to collapse” because some members of the 14-nation group are working against their fellow producers, Kallanish Energy learns. It’s not hard to figure out the comments referred to Saudi Arabia and the United Arab Emirates. When U.S. Secretary of State Mike Pompeo first announced sanction waivers

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Va. company proposes 200 MW wind farm in Illinois

The Goose Creek Wind Project, which would include up to 120 turbines producing as much as 200 megawatts of power in northern Piatt County, Illinois, has been proposed by Virginia-based Apex Clean Energy, Kallanish Energy reports. Apex hopes to have the wind farm project online by the end of 2021, the Piatt County Journal-Republican newspaper

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Kenney sworn in as Alberta’s premier

United Conservative Party leader Jason Kenney was sworn in Tuesday as the 18th premier of Canada’s largest crude-producing province, Alberta, and named a cabinet he says will go to bat for the energy sector, Kallanish Energy reports. Kenney, a former conservative federal cabinet minister, won the election in a landslide victory against Rachel Notley’s New

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Catch The Buzz

Welcome to this week’s edition of The Buzz, a weekly feature where Kallanish Energy editors select the quartet of stories this past week we feel were the most important – have the chance to make the biggest impact on the oil and gas industry — and energy as a whole. This week’s selections include: Venezuela bypasses U.S. sanctions

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Venezuela bypasses U.S. sanctions by selling crude via Russia

Venezuelan President Nicolas Maduro is moving cash from Venezuelan oil sales through Russian state energy giant Rosneft, as he looks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters. The sales are the latest sign of Venezuela’s growing dependence on Russia, as the U.S. tightens sanctions on Maduro,

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Executive order aims to prevent states from blocking pipelines

President Trump today will sign an executive order designed to prevent states from blocking pipelines and other energy infrastructure by using authority they feel is afforded them under the federal Clean Water Act, Kallanish Energy reports. Under Section 401 of the Clean Water Act, companies must obtain certifications from a state before they can build federally-approved

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Aramco breaks demand record, bond tops $100B

Orders for Saudi Aramco’s debut international bonds topped $100 billion, a strong vote of market confidence for the world’s largest oil company, Kallanish Energy reports. State-owned Aramco raised roughly $12 billion from the deal, which was to be priced late Tuesday and is seen as a gauge of potential investor interest in the Saudi company’s eventual initial

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Engie, Caisse to buy Petrobras pipe unit for $8.6B

Petroleo Brasileiro SA (Petrobras) agreed to sell its 90% stake in a Brazilian natural gas pipeline company to France’s Engie SA and Canadian pension fund Caisse de Depot et Placement du Quebec for $8.6 billion. Engie and Caisse won the bidding war for the unit, Transportadora Associada de Gas, known as Tag, beating out Australia’s Macquarie

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U.S. adds companies, ships to Venezuela sanctions list

The U.S. Friday added two companies which ship crude oil from Venezuela to Cuba, along with 34 ships, to a financial sanctions list aimed at increasing pressure on Venezuelan President Nicolas Maduro to step down and turn over power to his opposition. A Treasury Department statement announcing the designation identified one of the companies as Ballito Bay

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Venezuela oil output is said to have dropped by 50%

Power failures that kept Venezuela in darkness for much of March also briefly slashed the country’s crude production by 50%, people familiar with the situation told Bloomberg. Rolling blackouts across much of the country that started on March 7 temporarily paralyzed most of the country’s oil industry, Kallanish Energy finds. Oil output averaged less than

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Governor approves review of Mass. natgas lines

Massachusetts Gov. Charlie Baker has signed legislation funding an examination of the state’s natural gas distribution system, a move prompted by recent gas pipeline explosions, Kallanish Energy reports. In September, gas explosions and resulting fires in the state’s Merrimack Valley killed one person, injured at least 24, and damaged or destroyed more than 100 homes,

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PG&E names new CEO, 10 new directors to be appointed

Embattled PG&E Corp. and its utility Pacific Gas and Electric, on Wednesday announced the appointment of William “Bill” Johnson as president and CEO, Kallanish Energy reports. In addition, the company, currently operating under Chapter 11 bankruptcy protection, named 10 new board members, to be appointed at the company’s next board meeting. The San Francisco-based utility

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LNG will be big part of China-U.S. trade once tensions resolved: CNOOC

Liquefied natural gas is expected to become a big part of China-U.S. trade once the dispute is resolved between the two countries, a senior executive from China National Offshore Oil Corp. (Cnooc) said Wednesday. LNG will also continue to dominate China’s natural gas imports, having accounted for 60% of its gas imports in 2018, said Cnooc vice

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Federal judge places new probation terms on PG&E

A federal judge in San Francisco is barring utility giant Pacific Gas and Electric from re-issuing dividends in favor of using the funds for reducing the risk of wildfires in the company’s service area. U.S. District Judge William Alsup, in a court hearing Tuesday, also said he will monitor PG&E’s compliance with new wildfire prevention

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