Trump issues new permit for TransCanada’s $8bn Keystone XL project
US President Donald Trump issued a new presidential permit for the construction of TransCanada’s long-delayed $8bn Keystone XL pipeline project, which will transport crude from Alberta to the US Gulf Coast.
The Keystone XL pipeline would carry 800,000bbl/d of crude from Canada’s oil sands to refineries located along the US Gulf of Mexico.
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The latest move replaces Trump’s previous permits in an attempt to get around the blocking of the project by the US District Court for Montana last November.
Stonepeak Infrastructure Partners to buy Oryx Midstream in $3.6bn deal
Funds affiliated to private equity firm Stonepeak Infrastructure Partners reached an agreement to purchase all the assets of Oryx Southern Delaware and Oryx Delaware (collectively Oryx) in a $3.6bn transaction.
Oryx is a midstream crude operator serving clients in the Permian Basin.
The sellers in the transaction are affiliates of Quantum Energy Partners, Post Oak Energy Capital, Concho Resources, WPX Energy and other investors.
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By GlobalDataSaudi Aramco to acquire 17% stake in Hyundai Oilbank for $1.25bn
Saudi Aramco signed an agreement to acquire a 17% stake in South Korean oil refiner Hyundai Oilbank for a $1.25bn consideration.
Hyundai Oilbank is a subsidiary of South Korean industrial group Hyundai Heavy Industries Holdings.
Under the agreement, Saudi Aramco subsidiary Aramco Overseas Company (AOC) will buy the aforementioned stake in the refining unit.
ExxonMobil to invest more than $1bn to expand Fawley refinery in UK
ExxonMobil decided to invest more than $1bn to expand the capacity of the Fawley refinery in the UK.
Along with logistical improvements, the capacity expansion will increase the existing ultra-low-sulphur diesel production by 45%, the equivalent of 38,000 barrels per day (bpd).
The scope of works under the investment includes a hydrotreater unit to remove sulphur from fuel, supported by a hydrogen plant.
Oneok to invest $100m for Bakken NGL Pipeline extension
US-based energy midstream service provider Oneok is set to invest $100m to build a 75-mile extension of the Bakken natural gas liquids (NGL) pipeline.
The extension will connect the pipeline with a third-party natural gas processing plant in eastern Williams County, North Dakota.
The construction of the project will facilitate transportation of NGL to Williams County, which has limited shipment options. It will also provide connectivity with key NGL market centres.
Novatek signs deals to offload 20% stake in Arctic LNG 2
Novatek has reached separate agreements with two Chinese firms to sell a 20% stake in its planned Arctic LNG 2 liquefied natural gas (LNG) project.
The agreements were signed with China National Oil and Gas Exploration and Development Company (CNODC) and CNOOC.
According to these agreements, CNODC and CNOOC will enter the Arctic LNG 2 project by acquiring a 10% stake each.
Saudi Aramco to acquire Shell’s stake in refining JV for $631m
The Saudi Arabian Oil Company (Saudi Aramco) signed a $631m agreement to acquire Shell’s 50% stake in the Saudi Aramco Shell Refinery (SASREF) joint venture (JV).
Saudi Aramco will acquire the stake from Shell Saudi Arabia Refining.
Based in Jubail Industrial City, Saudi Arabia, SASREF has a production capacity of 305,000bpd. It started production in 1985 and currently produces liquefied petroleum gas, kerosene, diesel, fuel oil, naphtha and sulphur.
Diversified Gas & Oil buys gas producing assets in US for $400m
Diversified Gas and Oil closed the acquisition of certain gas producing assets in Pennsylvania and West Virginia in the US in a $400m transaction.
The mature, unconventional assets were acquired from HG Energy II Appalachia, an affiliate of natural gas producer HG Energy.
Diversified reached an agreement last month with HG Energy to purchase these assets, which complement its existing asset base across the Appalachian Basin.
Minnesota regulator confirms approval for Line 3 pipeline replacement
Minnesota regulator refused petitions to reconsider the approval of Enbridge’s $7bn Line 3 crude oil pipeline replacement project.
The approval was originally awarded last June. The Minnesota Department of Commerce and environmental groups petitioned the regulator to scrap the approval.
A petition was also filed by Minnesota’s governor, challenging the regulator’s nod.
Callon Petroleum to sell non-core Midland Basin assets for $260m
Callon Petroleum Company agreed to sell certain non-core assets in the Midland Basin for $260m to streamline its business and focus on core assets.
Under the definitive agreement, a provision for potential incremental cash payments of up to $60m related to future commodity prices is also included.
The proposed sale covers Callon’s Ranger operating area in the southern Midland Basin. The buyer, whose identity was not revealed, will acquire the company’s 66% working interest in 9,850 net Wolfcamp acres.
