Official says Weirton area should be considered for ethane 'cracker' plant

Upon learning of China Energy's plans to invest $83.7 billion to develop West Virginia's shale gas and chemical industries, Business Development Corp. of the Northern Panhandle Director Patrick Ford said the Chinese firm should look at the Weirton, West Virginia area as a site for an ethane "cracker" plant, reports the Times Leader in Martins Ferry, Ohio. Ford said Weirton was in the running for the Royal Dutch Shell and PTT Global Chemical cracker projects, but did not have enough contiguous acreage to offer the companies at the time. "Now, we are ready," he said, pointing to potential sites that include the former Weirton Steel Corp. property along the Ohio River. For more, read the full story.

Global, West Virginia

Chinese company to invest $83.7 billion in West Virginia shale, chemical industries

West Virginia officials say they have an agreement that calls for China Energy Investment Corp. to invest $83.7 billion in shale gas development and chemical manufacturing in the state over 20 years, according to the Associated Press. The news service says West Virginia Commerce Secretary Woody Thrasher and China Energy President Ling Wen signed the memorandum in Beijing as part of a U.S.-China trade mission during President Donald Trump's recent visit there. West Virginia officials say project planning will focus on power generation, chemical manufacturing and underground storage of natural gas liquids and derivatives. For more, read the full story.

Global, West Virginia

Argentina eyes natural gas pipeline to ease reliance on energy imports

Natural gas transportation company TGS has proposed an $800 million pipeline and gas treatment plant in Argentina’s Vaca Muerta shale fields as it aims “to address a key barrier to increasing production” in that South American country, according to Reuters. The news service says the project could be built in a year and a half and would transport shale gas produced by companies such as state-run YPF SA, Dow Argentina and Exxon Mobil Corp. Reuters says Argentina’s President Mauricio Macri has made attracting investments to ramp up natural gas production a priority of his government, which is trying to end reliance on energy imports. For more, read the full story.

Global

PTT delays plan to develop Canadian oil sands project

Thailand’s PTT, which is considering construction of an ethane “cracker” facility in eastern Ohio, has delayed plans to develop its Mariana oil sands project in Canada due to weak oil prices, Reuters reports. The news service says PTT’s decision “marks the latest blow to the oil sands industry in Canada, where dozens of projects have been shelved due to high start-up costs and low oil prices.” Reuters also says the delay fits with PTT’s strategy of focusing on liquefied natural gas capacity and natural gas assets. For more, read the full story.

Global, Ohio

Ineos makes move to create shale boom in Great Britain

Bloomberg reports that Great Britain’s Ineos AG “has taken another step toward creating a shale boom on its side of the Atlantic” with the promotion of Ron Coyle to chief executive officer of its shale division. The news service says Coyle will oversee a subsidiary that includes three of the engineers who helped start the U.S. hydraulic fracturing boom in Texas. Ineos, the largest holder of United Kingdom shale gas exploration licenses with more than 1 million acres, foresees drilling dozens of oil and natural gas wells within the next year. For more, read the full story.

Global, National

BP to take delivery of six tankers to support LNG business

BP PLC will take delivery of six new liquefied natural gas (LNG) tankers in 2018 and 2019 to support its expanding global LNG portfolio, according to Oil & Gas Journal. The news site says BP finance partners KMarin and ICBC Leasing are investing more than $1 billion in the tankers. The vessels will help service BP's 20-year liquefaction contract with the Freeport LNG facility in Texas as well as other international LNG projects. For more, read the full story.

Global, National

TransCanada cancels Energy East pipeline project

Oil and natural gas pipeline company TransCanada is cancelling a plan to flow 1.1 million barrels of oil per day from western Canada to the Atlantic coast, according to the Associated Press. The news service says TransCanada did not specify why the Energy East project will not go forward. The pipeline would have shipped oil to the U.S. Eastern Seaboard, Asia and Europe. For more, read the full story.

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South Korean company buys stake in Eureka Midstream

SK Holdings, a unit of SK Group in South Korea, plans to invest $100 million in Eureka Midstream, an oil and natural gas midstream company that operates in Ohio and Pennsylvania, according to The Investor. The financial site says Morgan Stanley, which is Eureka’s major shareholder, has reportedly decided to sell its stake in the company to SK to develop a strategic partnership. For more, read the full story.

Global, Ohio, Pennsylvania

Hurricane’s impact shows importance of U.S. Gulf as energy hub

A new report from the International Energy Agency (IEA) argues that the effects of Hurricane Harvey shutting down the Texas oil refining industry for several weeks “could soon all but evaporate the world's glut of gasoline and other fuels,” according to the Houston Chronicle. The Paris-based agency said the hurricane episode shows how important the Gulf Coast has become to global markets as a trading center that exports 4 million barrels of petroleum products a day. "The rise of the Gulf Coast as a major energy hub means that, in some respects, it can be compared to the Strait of Hormuz in that normal operations are too important to fail," IEA said. For more, read the full story.

Global, National

U.S. shale gas puts pressure on Canadian producers

Cheap and plentiful natural gas from U.S. shale plays is putting pressure on western Canadian gas producers in U.S. and eastern Canada markets, reports E&P. The magazine says the Canadian Association of Petroleum Producers’ expectation is that natural gas exports to the United States will decline perhaps to about half of their current levels by the end of the next decade. The problem for Canadian producers is that shipping gas on TransCanada pipelines to eastern markets often costs as much as the price of the commodity itself, giving U.S. shale producers an advantage because of their proximity to market demand. For more, read the full story.

Global, National
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