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Released January 26, 2022 | SUGAR LAND
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Energy Market highlights gathered by Industrial Info and IIR Energy
PIPELINES
U.S. Court Vacates Federal Permit for Mountain Valley Natural Gas Pipeline - The U.S. Court of Appeals for the 4th Circuit on Tuesday invalidated federal approvals for Equitrans Midstream Corporation's (NYSE:ETRN) (Pittsburgh, Pennsylvania) $6.2 billion Mountain Valley natural gas pipeline under construction from West Virginia to Virginia. The court vacated the record of decisions of the U.S. Forest Service and the Bureau of Land Management allowing the pipe to cross about 3.5 miles through the Jefferson National Forest, and sent the case back to the agencies. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pipeline Project Database can click here for the related reports. (Reuters)
CRUDE OIL
U.S. Awards 13 Million-Barrel Oil Exchange from Strategic Reserve - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to seven companies as part of President Joe Biden's effort to help control oil prices. The Biden administration announced a plan in November to release up to 50 million barrels from the SPR after oil prices hit seven-year highs. Nearly 40 million barrels of that has now been released through previous exchanges and a sale of 18 million barrels. Companies that take part in exchanges have to return the oil to the reserve at a later date with interest in the form of crude oil. (Reuters)
GOVERNMENT
Canada Watchdog Says Funds for Inactive Well Cleanup May Fall Short - Funds allocated by the Canadian government to help clean up the country's orphan oil and gas wells may fall short if the main oil producing province of Alberta continues to give the money to financially viable companies, the parliamentary budgetary watchdog said on Tuesday. In April 2020, the federal government allocated C$1.7 billion (US$1.3 billion) to clean inactive oil and gas wells. About half the funds in Alberta went to 10 companies that are expected to remain financially viable over the next few years, including some of Canada's largest energy producers, budgetary officials said. There are approximately 225,000 inactive and plugged wells in Alberta and Saskatchewan, the two largest energy-producing provinces. Around 11,000 are orphans, and the watchdog estimates the cleanup cost for those wells will reach C$1.1 billion (US$871 million) by 2025. (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), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
PIPELINES
U.S. Court Vacates Federal Permit for Mountain Valley Natural Gas Pipeline - The U.S. Court of Appeals for the 4th Circuit on Tuesday invalidated federal approvals for Equitrans Midstream Corporation's (NYSE:ETRN) (Pittsburgh, Pennsylvania) $6.2 billion Mountain Valley natural gas pipeline under construction from West Virginia to Virginia. The court vacated the record of decisions of the U.S. Forest Service and the Bureau of Land Management allowing the pipe to cross about 3.5 miles through the Jefferson National Forest, and sent the case back to the agencies. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pipeline Project Database can click here for the related reports. (Reuters)
CRUDE OIL
U.S. Awards 13 Million-Barrel Oil Exchange from Strategic Reserve - The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to seven companies as part of President Joe Biden's effort to help control oil prices. The Biden administration announced a plan in November to release up to 50 million barrels from the SPR after oil prices hit seven-year highs. Nearly 40 million barrels of that has now been released through previous exchanges and a sale of 18 million barrels. Companies that take part in exchanges have to return the oil to the reserve at a later date with interest in the form of crude oil. (Reuters)
GOVERNMENT
Canada Watchdog Says Funds for Inactive Well Cleanup May Fall Short - Funds allocated by the Canadian government to help clean up the country's orphan oil and gas wells may fall short if the main oil producing province of Alberta continues to give the money to financially viable companies, the parliamentary budgetary watchdog said on Tuesday. In April 2020, the federal government allocated C$1.7 billion (US$1.3 billion) to clean inactive oil and gas wells. About half the funds in Alberta went to 10 companies that are expected to remain financially viable over the next few years, including some of Canada's largest energy producers, budgetary officials said. There are approximately 225,000 inactive and plugged wells in Alberta and Saskatchewan, the two largest energy-producing provinces. Around 11,000 are orphans, and the watchdog estimates the cleanup cost for those wells will reach C$1.1 billion (US$871 million) by 2025. (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), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
