The $4.6 billion in capital budget outlay for Phillips 66 next year -– an increase of $700 million, or 17 percent compared to 2014 -– will mostly pay for midstream projects including pipelines, rail infrastructure and natural gas processing, FuelFix reports.
The U.S. saw a 9.7 percent increase in proved natural gas reserves in 2013 -– to a record 354 trillion cubic feet -– on the back of the shale gas boom, according to annual figures from the Energy Information Administration, Bloomberg reports.
Despite President Vladimir Putin’s announcement that Russia was abandoning the idea of building the South Stream pipeline to bring his country’s gas into Europe, leaders of Bulgaria and the European Union are not giving up on the project, with European Commission President Jean-Claud Juncker declaring differences with Moscow “are not insurmountable,” The Wall Street Journal reports.
HARRISBURG, Pennsylvania (AP) — U.S. energy regulators have approved a $700 million pipeline project designed to bring cheap shale natural gas from Pennsylvania into high-priced markets in New England and New York.
The project's backers said Wednesday that the Federal Energy Regulatory Commission's approval means the 124-mile (200-kilometer) Constitution Pipeline could be operational by next winter, if it gets the remaining regulatory approvals from various state and federal agencies in a timely fashion.
The Federal Energy Regulatory Commission has approved construction of the Constitution Pipeline, which would bring natural gas from the Marcellus Shale to New York and New England, the Pittsburgh Post-Gazette reports.
The Energy Information Administration's predictions that U.S. shale gas production will continue to increase through 2040 may be overly optimistic, according to a news feature in the science journal Nature, FuelFix reports.
Nearly a third of natural gas pipelines going to the Northeast could be capable of handling two-way flows in another two years, the Energy Information Administration said in a new report Tuesday, according to FuelFix.
Senate Finance Energy, Natural Resources, and Infrastructure Subcommittee hearing, "Natural Gas Vehicles: Fueling American Jobs, Enhancing Energy Security, and Achieving Emissions Benefits." Expert witnesses.
The fracking ban -– the first in Texas -- that was approved by Denton voters on election day formally took effect Tuesday, but since the town had already imposed a moratorium on issuing new well permits there didn’t appear to be any immediate impact, the Fort Worth Star-Telegram reports.
ANKARA, Turkey (AP) — Turkey's energy minister says his country will weigh a Russian proposal to set up a new natural gas link to Turkey and the possible creation of gas hub on its border with Greece.
Taner Yildiz spoke Tuesday a day after visiting Russian President Vladimir Putin announced that Moscow is spiking a multibillion dollar gas pipeline project for southern Europe amid spiraling tensions with the West. Putin said Russia will instead focus on boosting energy ties with Turkey.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.