The Interstate Natural Gas Association of America is calling on Republican lawmakers to maintain tax breaks for pipeline companies and amend a provision in the Senate's tax bill limiting interest deductions, arguing that the legislation would hurt companies and hinder infrastructure development. "Failure to address the issues below could result in a higher cost of capital for infrastructure projects in the future, resulting in higher delivered energy costs to consumers," INGAA President Don Santa wrote in a letter to House Republicans.
US crude stockpiles dropped by 5.1 million barrels last week, beating expectations for a 4-million-barrel decline, according to the American Petroleum Institute. Gasoline supplies climbed by 5.7 million barrels, while distillates were down by 1.4 million barrels.
Harvest Pipeline, a subsidiary of Hilcorp, has entered into an agreement with energy trader Vitol to explore jointly developing a crude storage and export project in Corpus Christi, Texas. "Our new pipeline and terminal will facilitate the efficient delivery of US crude to global markets, thereby increasing marketing opportunities and optimizing value for US producers," Vitol Head of Crude Oil Mark Couling said.
Noble Midstream Partners, the pipeline unit of Noble Energy, has formed a joint venture with Greenfield Midstream to buy Colorado's Saddle Butte Pipeline for $625 million. "Saddle Butte is a strategic expansion of our footprint in the DJ Basin, which creates a premier DJ Basin crude gathering system and significantly enhances our third-party customer base," said Noble Midstream CEO and Director Terry Gerhart.
Lawmakers from corn-producing states on Wednesday said they are open to proposals that would help ease oil refiners' burden in complying with the Renewable Fuel Standard without undermining the integrity of the program. One potential solution would be addressing the cost of the compliance credits that refiners that aren't equipped to blend biofuels into their products must purchase.
A consortium made up of Total, Eni and Novatek has received approval from Lebanon to search for oil and natural gas off the country's coast. Natural gas fields have been discovered in the eastern Mediterranean's Levant Basin, which extends into Lebanese waters.
Scientists are using drones to gather information that may help predict eruptions at the active Agung volcano in Bali, Indonesia. The drones created a 3D map of the volcano and sent a carbon dioxide and sulfur dioxide sensor through the volcano's plume.
Syria has signed contracts for the exploration of five offshore natural gas blocks starting in early 2019, Petroleum and Mineral Resources Minister Ali Ghanem says. Syria, which has an estimated 1,250 billion cubic meters of offshore gas reserves, wants to produce 24.5 million cubic meters per day by the end of 2019, he says.
Oil companies plan to increase their investments in exploration and production in Colombia by up to 45% next year, Colombian Petroleum Association President Francisco Jose Lloreda says. The expected investment of between $4.5 billion and $4.9 billion will include the opening of between 60 and 70 wells, he says.
Eni has sold a 25% stake in part of the Rovuma Basin off the coast of Mozambique to ExxonMobil in a $2.8 billion deal that makes the two companies and China National Petroleum the primary owners. Eni will run the upstream operations and ExxonMobil will head the construction and operation of onshore natural gas liquefaction facilities.
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