Crude And Natural Gas News

Energy companies worked to restore pipeline service and electricity after Tropical Storm Nicholas passed through on Tuesday, allowing them to return to repairing the significant damage caused by Hurricane Ida two weeks ago.Nicholas, downgraded to a tropical depression late Tuesday, caused rain, flooding, and power outages in Texas and Louisiana, where some refineries remained offline in the wake of Hurricane Ida. The earlier storm shuttered most U.S. Gulf offshore oil and gas production.Colonial Pipeline, the largest U.S.

The shortest shipping route from Europe to Asia remained blocked on Wednesday as 10 tug boats struggled to free one of the world's largest container ships after it ran aground in the Suez Canal.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement.About 30% of global container shipping volumes pass through the canal each day, carrying everything from fuel to consumer goods.

Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy."For the world’s fourth largest crude producer, natural gas is about to take pole position," said a statement from the energy research and business intelligence company.New developments are on track to triple the country’s gas production from just over 1 Bcfd in 2017 to about 3 Bcfd in 2022, according to Rystad Energy.It forecasts that gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, flying in the face of historical norms for the upstream industry in the country.“Rystad Energy sees gas as the clear frontrunner in the region over the next four years…

China's exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23.In a statement on its official website late on Wednesday, China's commerce ministry criticised the U.S.

Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the top of the list of importers of oil from the United States.China responded to $50 billion in tariffs imposed by U.S. President Donald Trump with a similar amount of levies on a variety of U.S. goods. But China also said it would impose tariffs on U.S. energy products, which analysts considered a surprise as previous tariff threats had centered on agricultural goods and automobiles."This is a big deal.

China will impose additional 25 percent tariffs on 659 U.S. goods worth $50 billion in response to the U.S. announcement that it will levy tariffs on Chinese imports, the Chinese commerce ministry said.Tariffs on $34 billion of U.S. goods including agricultural products such as soybeans will take effect from July 6, the ministry said. Soybeans are China's biggest import from the United States by value.The tariffs will also be applied to autos and aquatic products, the ministry said.The list of 659 U.S.

Kirby Corporation has announced the completion of the acquisition of Higman Marine, Inc. and its affiliated companies (“Higman”), an operator of tank barges and towboats participating in the inland tank barge transportation industry in the United States. The total value of the transaction was approximately $419 million in cash before post-closing adjustments and transaction fees. issuance of senior notes, which closed on February 12, 2018. The new senior notes provided for $500 million in fixed rate debt at 4.2% with a 10-year maturity on March 1, 2028. The unused balance of the senior notes will be used for general corporate purposes.

Kirby Corporation announced the signing of a definitive agreement to acquire Higman Marine, Inc. and its affiliated companies (“Higman”), for approximately $419 million in cash, subject to certain closing adjustments. The purchase will be financed through additional borrowings. Higman’s marine transportation fleet consists of 159 inland tank barges with 4.8 million barrels of capacity, and 75 inland towboats. Higman’s fleet moves petrochemicals, refined petroleum products, crude oil, natural gas condensate, and black oil on the Mississippi River System and Gulf Intracoastal Waterway for large midstream and global integrated oil companies. The closing of the acquisition is expected to occur in the first quarter and is subject to customary closing conditions.

Preliminary work got underway on Monday to restart three of Total's French oil refineries stopped as part of nationwide strikes against planned changes to employment laws, but workers were still on strike at the country's two main oil ports. Workers voted to end a strike at Grandpuits near Paris and preliminary work on resuming operations was underway there and at the Normandy refinery, as well as at the Feyzin refinery in the southern Rhone region, a Total spokesman said. Total operates five of the country's eight refineries. The Donges refinery on France's western coast was still blocked by about 30 members of the hardline CGT union, which is leading the campaign of stoppages and protests in the rail and energy sectors against the government's labour reforms.

On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war. Faisal's decision led directly to the introduction of a ban on U.S. crude exports, which remains in force in a slightly modified form and is now the focus of an intense struggle for reform. Following the U.S. mid-term elections next month, Congress will take up the issue again, a debate that would benefit from an understanding of the history behind the ban. On Oct.

Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The rise in output has confounded the famous forecast made by Shell geologist M King Hubbert who predicted that U.S. oil and gas production would peak in the 1970s and then decline. Hubbert's prediction was contained in a paper entitled "Nuclear Energy and the Fossil Fuels," published in 1956, in which he argued the coming decline of oil and gas output would make the development of nuclear energy essential. Hubbert's prediction of peaking oil and gas production came to be known as "Hubbert's peak" and spawned the popular and influential theory known as "peak oil".

Kirby Corporation says it is to construct an articulated 185,000 barrel tank barge and 10,000 horsepower tugboat unit (ATB unit) at a cost of $75 to $80 million for charter to a customer when completed. Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "With the coastal fleet utilization around 90%, increasing demand for the coastwise movements of crude and natural gas condensate, and continued progress in expanding our coastal business to inland customers, new capacity is needed to meet demand. About Kirby Corp.

According to an August 4 report from Bloomberg, StatoilHydro ASA, the world’s largest offshore oil and gas operator, said profit was almost wiped out in the second quarter as the global recession sapped fuel demand, denting prices for crude and natural gas. Net income fell to $12.8m the Stavanger, Norway-based company said. (Bloomberg)

Nippon Steel Engineering Co. is bolstering its operating structure in a bid to win contracts spanning everything from design to construction of crude oil and natural gas processing facilities at sea. The Nippon Steel Corp. unit plans to win complete orders for marine central processing platforms, which extract carbon dioxide, mercury and impurities from crude and natural gas drilled from the seabed. To do so, it has beefed up the functions of an Indonesian subsidiary that handles sales and engineering in Southeast Asia and it will begin undertaking some design operations and such work as heat and pipe wear analyses that have been outsourced to date. On top of upgrading a Thai plant, the company has also been hiring local engineers experienced in building central processing platforms.

Not only did most oil producing companies post increased income and revenues in the first quarter 2000, compared to 1999, but in some cases, the increases were record-setting. In fact, Conoco's first quarter was the best quarter in the company's 125-year history. Here is a capsulated report of several companies' earnings. USX-Marathon Group's net income adjusted for special items was $199 million in first quarter 2000, compared with a net loss adjusted for special items of $11 million in first quarter 1999. The Marathon Group recorded first quarter 2000 net income of $254 million, which included a $55 million favorable aftertax gain on the sale of its 33.34 percent interest in the Angus/Stellaria development in the Gulf of Mexico. Net income in first quarter 1999 was $119 million.

With 1,860 miles of waterways, our neighbors to the north are no slouches in the maritime industry. In fact, Canadian maritime companies continue to offer technological and operational innovation. The Canadian coastline stretches out 151,492 miles, making it the second largest country in the world. Canada not only supports a thriving maritime industry, with exporting ships carrying timber, crude petroleum, natural gas and aluminum, but the country is also home to a variety of companies providing the means to allow these vessels to run smoothly and efficiently. In St. Catherine's, Ontario, Port Weller Drydocks is known for its extensive knowledge of engineering connecting the design, installation and testing aspects of inter-disciplinary projects.