Oil Pipeline

In an interview with the Calgary Herald published on Sunday, Prime Minister Mark Carney said that a new oil pipeline along the coast of British Columbia is likely to make the list of projects considered to be of national significance by the Canadian government. Carney stated in an interview on Saturday that "given the size of the economic opportunity and the resources, expertise, and knowledge we have that it's highly, highly probable that we will be proposing a pipeline as one of these national-interest projects." The Prime Minister said it was up to the private industry to come up with...

On Friday, the discount between West Texas Intermediate and Western Canada Select futures remained unchanged. WCS for August in Hardisty (Alberta) settled at $10.30 per barrel below the U.S. benchmark WTI according to brokerage CalRock. The price was flat compared to Thursday's trading. Due to the U.S. Independence Day holiday, trading volumes were low. Independence Day is a holiday in the United States. The summer and the return to road construction season is a strong season for Canadian heavy crude. This crude is used by U.S. refiners to make asphalt. * The WCS Discount has increased slightly since last week,...

A company executive revealed late Thursday that Petroperu, Peru's state oil company, is in discussions with five companies, including Canada’s PetroTal and U.S. based Upland Oil and Gas. The company is looking for a partner to help reactivate an important Amazon oil block. Tomas Diaz is the manager of Petroperu’s exploration and exploitation division. He said that Petroperu expects to sign an agreement on Lot 192 between mid-late July. Reactivating Lot 192 near the Ecuadorian border is vital for Petroperu to supply its newly modernized Talara refining plant. After a $6.5 billion revamp of the plant, the company is in...

On Thursday, the discount between West Texas Intermediate (WTI), a North American benchmark futures contract, and Western Canada Select (WCS), a West Canada Select futures contract, remained unchanged. WCS for Hardisty, Alberta delivery in July settled at $9.10 per barrel below the U.S. benchmark WTI according to brokerage CalRock. The price was flat from Wednesday's closing. As wildfires raged in Canada's oil producing province of Alberta, several oil sands companies evacuated workers to be on the safe side. As a result, about 344,000 barrels of production per day, or 7% of Canada’s average daily crude oil production, were disrupted. Canadian...

On Wednesday, the discount between the North American benchmark West Texas Intermediate (WTI) and Western Canada Select (WCS), widened as some oil sands output that was temporarily halted due to the threat from nearby wildfires this week was restarted. WCS for Hardisty, Alberta delivery in July settled at $9.10 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $9 per barrel below the U.S. standard on Tuesday. As wildfires raged in Canada's oil producing province of Alberta, several oil sands companies evacuated workers to be on the safe side. As a result, about 344,000...

The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select (WCS), widened Tuesday, but was still in historically tight territory due to wildfires that continue to disrupt Canadian oil output. WCS for Hardisty, Alberta delivery in July settled at $9 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $8.80 per barrel under the U.S. standard on Monday. Calculations show that wildfires in Canada's oil producing province of Alberta reduced Canada's daily crude output by about 7%. Although no significant infrastructure was damaged, companies shut down production of...

U.S. Pipeline Operator ONEOK announced on Tuesday that it has purchased the remaining stake in Delaware Basin Joint Venture from NGP XI Midstream Holdings for $940 million in cash and stock. By acquiring the remaining interest of 49.9%, ONEOK gained the sole ownership of this basin. It operates natural gas gathering, processing, and storage facilities in West Texas, and New Mexico’s Delaware Basin. The total processing capacity is over 700 million cubic feet a day. In the last two years, the operator of the pipeline has diversified its portfolio through acquisitions. These include a Gulf Coast NGL system from Easton...

On Monday, the discount between West Texas Intermediate (WTI), North America's benchmark futures contract, and Western Canada Select (WCS), widened but remained within historically tight ranges as wildfires affected Canadian crude oil production. WCS for Hardisty, Alberta delivery in July settled at $8.80 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $8.50 below the U.S. standard on Friday. According to calculations, wildfires in Canada have disrupted the production of more than 344,000 oil sands barrels as of Monday. This is about 7% of Canada’s oil output. Two trading sources reported that Cenovus Energy,...

CPC, the operator of the Caspian Pipeline Consortium in Russia, said that a pumping station damaged in February has been restored to service. This route is Kazakhstan’s main way of exporting crude oil. It also transports Russian oil from the Black Sea to be exported by tanker. A drone attack was said to have damaged the Kropotkinskaya pumping stations. The General Staff of Ukrainian Armed Forces has acknowledged that Moscow accuses Ukraine of having struck the site. CPC delivered products while the pumping station is being repaired. The pipeline transports more than 1% daily oil supply in the world. The...

On Thursday, the discount between West Texas Intermediate (WTI), a North American benchmark futures contract, and Western Canada Select (WCS), a Canadian commodity, widened. WCS for Hardisty, Alberta delivery in June settled at $9.25 per barrel below the U.S. benchmark WTI according to brokerage CalRock. It had settled at $9.15 per barrel below the U.S. standard on Wednesday. Canadian heavy crude is trading at a discount, in part because the Trans Mountain expansion pipeline was opened a year ago. This increased the country's capacity to export oil. According to RBC Capital Markets, the average differential between WCS and WTI has...

Enbridge, a Canadian pipeline operator, sold a stake in the Westcoast Natural Gas System to a group of 36 First Nations. This was the first deal that included financing through a federal loan program designed to help Indigenous groups to own parts of resource project. Enbridge announced on Thursday that Stonlasec8 Indigenous Alliance would buy a 12.5% share in its Westcoast Pipeline for C$715,000,000 ($511.19million). The pipeline runs 2,900 km (1,802 mi) from the northeast of British Columbia to Canada-U.S. Border, with a daily capacity of 3.6 Billion cubic feet of gas. First Nations in Canada are buying more stakes...

Two sources familiar with data on Thursday reported that Black Sea CPC blend oil exports were down to 1.6 million barrels a day in April, or 6.093 millions metric tons. This is down from 1.7million bpd for March. The Caspian Pipeline Consortium does not comment on the results of its operations. According to sources, April shipments comprise 5.523 million tons of Kazakhstan-originated oil from 5.942 million in March, and 0.570 million tons originated from Russia, compared to 0.660 million tons in March. Two industry sources previously stated that CPC Blend oil exported for May was set at 1.5 millions bpd...

Sources in the trade and industry said that oil exports from Russia's western port are expected to increase this month due to lower crude production at Russian oil plants. However, the OPEC+ production limits may only have a small impact on Moscow’s export plans. The port of Primorsk may increase its daily loadings to an average of 2.0-2.1 million barrels next month, up from the 1.9 million barrels planned for April. Calculations showed that this is an increase of 5-10% per day. On account of low margins, refinery runs could fall by 80,000 to 100,000 barrels per a day. The...

Russia has ordered Kazakhstan’s main oil terminal to shut down two of its three moorings. The terminal handles crude pumped from the U.S. by majors Chevron, Exxon Mobil and others. This comes amid a standoff with OPEC+ and Kazakhstan over excessive production. The operator of the Caspian Pipeline Consortium, which exports about 1% of the global oil supply through the Russian Black Sea Terminal, announced late on Monday that two moorings had been halted after a quick inspection by Russia's transportation watchdog. Trading sources said that if the stoppage lasts more than one week, it could more than half CPC...

The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric lots of oil in 2024 in a most current estimate, further downgrading its exporting prospects, according to an investor. It had initially prepared to export more than 70 million heaps (1.5 million barrels per day) of oil in 2024, up from a. record high of 63.5 million loads in 2023. However, the consortium stated in May it expected its oil. exports to fall 7% except an initial target owing to lower. loadings from Tengiz, a crucial field. The plans might have...

The United States released fresh sanctions on Wednesday on several Russiabased entities over their involvement in the Nord Stream 2 gas pipeline, the State Department said, consisting of brand-new measures versus the operator of the project. The U.S. State Department said in a declaration it was re-imposing sanctions on a variety of entities associated with the building of the pipeline that were already designated, as well as several brand-new owners of vessels already under sanctions. Among those targeted on Wednesday were Russia-based marine services and water transport entities, the state-owned maritime rescue service and over a lots vessels, the State...

The following are the top stories in the Wall Street Journal. Reuters has actually not confirmed these stories and does not vouch for their precision. - U.S. satellite television service provider DirecTV said on Thursday it had ended its contract to acquire Echostar's. satellite tv service, which includes rival Dish TV,. over a stopped working debt-exchange offer. - U.S. President-elect Donald Trump is considering picking Kevin. Warsh as his Treasury secretary with the understanding that he. could later on be chosen to lead the Federal Reserve when Jerome. Powell's term as chair ends in 2026. - U.S. President-elect Donald Trump...

The budget plan committee of Russia's parliament on Thursday approved to increase to 40% from 20% the tax on earnings of stateowned oil pipeline monopoly Transneft starting from 2025. Transneft's shares in Moscow fell by more than 10% after tax rise was authorized throughout a live-streamed committee meeting. Russia is seeking to raise taxes as it needs to fund its military project in Ukraine. A major tax reform is anticipated to create additional profits worth 1.7% of GDP in 2025. Financial experts argue this will not be enough. Deputy financing minister Alexei Sazanov told the committee that the taxes are...

Three industry sources said that Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron has reduced its oil production by about 21% in average since October 26. This is equivalent to 496,200 barrels of oil per day. As a member OPEC+ (an alliance between OPEC, other top producers, and Russia), the Central Asian nation is bound by output targets. The decline in production may allow Kazakhstan to meet its output quota as part of an agreement with OPEC+. According to one source, the maintenance on the field has led to a decline in production. Tengiz's operator did not respond...

Two market sources said that Novatek, a Russian energy company, launched its new gas condensate processing unit in the Baltic Sea Port of Ust-Luga at the end of August. The new refinery unit can process 3 million tons of gas condensate per year. This liquid feedstock is similar to crude oil. It is then processed into jet fuel, gasoil, heavy naphtha and fuel oil. Novatek didn't immediately respond to an inquiry for comment. Novatek opened the Ust-Luga Complex in 2013, with two refinery units, to process gas produced by its Arctic fields. It also ships oil products and gas condensate...

Russia may hold back oil export cuts for its western ports in October or even increase loadings, regardless of set up rise of readily available primary oil refining capability at regional oil plants which makes it possible for Moscow to increase crude runs, market sources stated. I expect a little rise in Russia's oil exports in October - by several hundred thousand (metric) tons. I question that all the repair work will be completed on time, while the circumstance with oil plants in Russia's south is unclear yet, an industry source said. Russia's primary oil refining capacity is expected to...

Russian business, primarily Tatneft, have actually boosted oil exports to Slovakia and Hungary to replace materials lost after Ukraine sanctions halted exports from Moscowbased Lukoil, Kommersant paper stated on Thursday. Lukoil was prohibited by Kyiv from utilizing the part of the Druzhba, or Friendship, pipeline that goes through Ukrainian territory, partially providing Hungarian and Slovakian refineries. The two landlocked nations alerted of possible fuel lacks from September unless an option was found. Hungarian energy company MOL has still not received required oil volumes, including for the Slovnaft refinery in Bratislava, Kommersant reported, mentioning unnamed sources. Tatneft did not respond immediately...

Slovakia and Hungary on Friday rebuffed a European Commission recommendation that they might replace lost Russian oil supplies via an alternative path through Croatia saying it was too expensive. Products from Russia's biggest oil exporter Lukoil through Ukraine were stopped in July following a ban by Ukrainian authorities on Lukoil utilizing the Druzhba pipeline, which connects Russia to eastern Europe. Hungary and Slovakia earlier this month asked the European Commission to step in and moderate as the threatened their security of supply. But they are declining the European Commission's proposition to usage spare capability on the JANAF Adriatic pipeline in...

Hungary and Slovakia have threatened to take Ukraine to court for blocking materials of oil by Russian manufacturer Lukoil through the Sovietbuilt Druzhba (Relationship) pipeline, the last remaining path for Russian crude to Europe. The following sets out the relevant realities. RUSSIA'S REMAINING OIL LINK TO EUROPE After Moscow's invasion of Ukraine in 2022, the European Union (EU), which used to purchase up to a third of its fuel from Russia, enforced sanctions and stopped buying Russian oil. Nevertheless, it offered 3 member states - Hungary, Slovakia and the Czech Republic - exemptions from sanctions because of their dependence on...