ExxonMobil cuts CAPEX by 30%
ExxonMobil has announced reductions in 2020 capital spending by 30% and cash operating expenses by 15% in response to low prices and COVID-19.
The latest oil, gas and petrochemicals storage news
EIA: US to return to being net importer of crude and petroleum products
The EIA has announced that it expects the US to return to being a net importer of crude oil and petroleum products as production declines.
Servelec Technologies reveals new company name
Servelec Technologies, along with sister company Primayer, have announced a new, unified company name and brand: Ovarro.
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PGNiG starts operations in Lithuania
PGNiG has announced that it is the sole user of a small-scale LNG reloading station in Lithuania.
Unpredictable year lies ahead for gas sector
Wood Mackenzie warns that the gas sector faces an unpredictable year due to the coronavirus, oil price crash and LNG oversupply.
Shell withdraws from Lake Charles LNG project
Shell has announced that it will not proceed with an equity interest in the proposed Lake Charles LNG project.
MAN Cryo develops liquefied methane terminal
The multi-functional terminal extends Swedish methane infrastructure significantly and improves access for the country’s industry.
Dentons advises Petronas on sale
Dentons has announced that it advised Petronas on the sale of its wholly owned subsidiary Humbly Grove Energy Ltd to EP UK Investments Ltd.
Rystad Energy: oil production cuts imminent in Western Canada
Rystad Energy has reported that oil production cuts in Western Canada are likely as it nears full storage capacity.
Odfjell Terminals US concludes financing deal
Odfjell Terminals US has announced the closure of a new five-year revolving credit facility.
European natural gas storage inventories at record levels
The EIA has reported that European natural gas storage inventories are at record-high levels at the end of winter.
Pembina receives FERC approval for Jordan Cove LNG
Pembina Pipeline Corp. has received FERC approval for its Jordan Cove LNG project.
Strategic agreement signed for Abu Dhabi storage terminal
Abu Dhabi Ports and Arabian Chemical Terminals have signed a strategic agreement for the development of a commercial bulk liquid storage terminal.
Wood Mackenzie: China’s crude reserves to reach 1.15 billion bbl
Wood Mackenzie analysis has revealed that China’s crude stock could reach 1.15 billion bbl in 2020.
Marathon Petroleum names new President and CEO
Michael J. Hennigan has been appointed to the position of President and CEO of Marathon Petroleum Corp.
USD Partners affirms terminals to remain fully operational
USD Partners has announced that it has taken measures in response to the COVID-19 outbreak and will remain fully operational.
Golar Power signs LNG terminal agreement in Brazil
Golar Power has signed a protocol of intentions with the State Government of Pernambuco in Brazil for the development of an LNG terminal.
EIA: OPEC shift will cause global inventory increases and lower prices
The EIA has reported that moves by OPEC to maintain its market share will cause global oil inventory increases and lower prices.