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Released April 08, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
TERMINALS
Enterprise's Deepwater Terminal Clears Environmental Challenge - A U.S. appeals court on Thursday upheld federal approval of a deepwater oil-export facility planned off the Texas Gulf Coast, saying the proposed Enterprise Products Partners LP (NYSE:EPD) (Houston, Texas) facility had met environmental review criteria. Environmental groups, including the Sierra Club, had called for a review arguing that the project's environmental assessment failed to fully assess the danger of oil spills, emissions or its effect on protected marine life.
The U.S. Maritime Administration "adequately considered the environmental consequences of the facility before approving its deepwater port license," Judge Dana Douglas wrote on behalf of a Fifth Circuit Court of Appeals three-judge panel. Enterprise received a record of decision, a major milestone for its Sea Port Oil Terminal (SPOT) late last year. But the pipeline operator has yet to receive a U.S. license for the project and has not disclosed a final investment decision. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Database can click here for related project reports. (Reuters)
LNG
Shell Sees Lower First-Quarter LNG Trading Results - Shell plc (NYSE:SHEL) (London, England) said on Friday it expects significantly lower results from its liquefied natural gas (LNG) trading business in the first quarter of 2024 compared with the previous three months. Shell, the world's largest oil and gas trader, said its LNG volumes are expected to be between 7.2 million and 7.6 million metric tons in the first three months of 2024, more than the prior three months but bringing in less revenue. (Reuters)
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since October, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week ending April 5, the lowest since early February. Baker Hughes said oil rigs rose two to 508 last week, while gas rigs fell by two to 110, their lowest since January 2022. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
TERMINALS
Enterprise's Deepwater Terminal Clears Environmental Challenge - A U.S. appeals court on Thursday upheld federal approval of a deepwater oil-export facility planned off the Texas Gulf Coast, saying the proposed Enterprise Products Partners LP (NYSE:EPD) (Houston, Texas) facility had met environmental review criteria. Environmental groups, including the Sierra Club, had called for a review arguing that the project's environmental assessment failed to fully assess the danger of oil spills, emissions or its effect on protected marine life.
The U.S. Maritime Administration "adequately considered the environmental consequences of the facility before approving its deepwater port license," Judge Dana Douglas wrote on behalf of a Fifth Circuit Court of Appeals three-judge panel. Enterprise received a record of decision, a major milestone for its Sea Port Oil Terminal (SPOT) late last year. But the pipeline operator has yet to receive a U.S. license for the project and has not disclosed a final investment decision. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Database can click here for related project reports. (Reuters)
LNG
Shell Sees Lower First-Quarter LNG Trading Results - Shell plc (NYSE:SHEL) (London, England) said on Friday it expects significantly lower results from its liquefied natural gas (LNG) trading business in the first quarter of 2024 compared with the previous three months. Shell, the world's largest oil and gas trader, said its LNG volumes are expected to be between 7.2 million and 7.6 million metric tons in the first three months of 2024, more than the prior three months but bringing in less revenue. (Reuters)
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since October, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week ending April 5, the lowest since early February. Baker Hughes said oil rigs rose two to 508 last week, while gas rigs fell by two to 110, their lowest since January 2022. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
