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
Read More...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
Read More...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
Read More...Oilfield services firm Parker Drilling Co. announced its common stock has been approved for listing on the New York Stock Exchange. Parker expects its common stock will begin trading tomorrow under the trading symbol “PKD,” the same trading symbol used for the company’s common when it was listed previously on the exchange. Last December, the
Read More...Japanese refineries have stopped importing Iranian oil after buying 15.3 million barrels between January and March ahead of the expiration of a temporary waiver on U.S. sanctions, according to industry sources and data on Refinitiv Eikon, Reuters reported. The waiver, which allowed Japan to buy crude from Iran for an extra 180 days, expires in early May,
Read More...Bankrupt California power provider PG&E Corp. won court approval last week for a $5.5 billion loan to help maintain electricity and natural gas delivery and for investments to reduce the risk of wildfires as it reorganizes. The financing will comprise a $3.5 billion revolving credit facility, a $1.5 billion term loan and a $500 million
Read More...An environmental group is taking its battle against an oil refinery being developed near Theodore Roosevelt National Park to the North Dakota Supreme Court. The National Parks Conservation Association (Npca) argued in its filing an air quality permit issued by the state Health Department for the $800 million Davis Refinery and upheld by a state
Read More...U.S. crude oil inventories for the week ended March 22 (excluding the Strategic Petroleum Reserve), increased by 2.8 million barrels (Mmbbl) from the previous week, according to Energy Information Administration data. At 442.3 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early spring, the report showed. Trade group the American
Read More...While U.S. coal consumption has generally declined since its 2008 peak, the Energy Information Administration projects U.S. coal exports reached 116 million short tons (Mmst) in 2018 — the highest level in five years — based on foreign trade data collected by the U.S. Census Bureau. Exports of coal from the U.S. have increased since 2016, as
Read More...Venezuela’s main oil port of Jose, operated by state-run oil giant Pdvsa, was virtually shut down following a massive power blackout Monday, two oil industry workers and a union leader close to the facility told Reuters. The most recent oil shipment for export, on very large crude carrier Dragon, chartered by Russia’s Rosneft, left the
Read More...The Trump administration is granting Iraq a renewed 90-day waiver, exempting it from U.S. sanctions on Iran, a State Department official told CNBC Tuesday. The waiver, last issued in December and expired Tuesday, will allow Iraq to continue buying electricity from its neighbor, Kallanish Energy reports. “While this waiver is intended to help Iraq mitigate
Read More...Russian energy minister Alexander Novak said Sunday his country will be fully compliant with Opec+ supply cuts over the coming weeks. “As far as the meeting is concerned we, of course, discussed the situation with the execution of the agreement (and) we stressed once again that Russia is discharging its obligations in accordance with the agreement
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