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Oil rallied to a 13-month high as cold weather in Texas disrupted flows from America s largest shale patch.
(Bloomberg) Oil rallied to a 13-month high as cold weather in Texas disrupted flows from America’s largest shale patch, exposing the fragility of global supplies amid sharp cutbacks by OPEC and its allies.
U.S. West Texas Intermediate futures surged as much as 2.5% and rose above $60 a barrel for the first time since January last year. Brent crude in London, meanwhile, rose above $63. Permian oil production has fallen by as much as 1 million barrels a day as temperatures fall to minus 1 Fahrenheit (minus 18 degrees Celsius) in Midland, Texas, the de facto capital of U.S. shale production, according to the National Weather Service Midland.
The Norwegian Ministry of Petroleum and Energy has approved a revised plan for development and operation for partial electrification of the Sleipner field center.
The Norwegian Ministry of Petroleum and Energy has approved a revised plan for development and operation (PDO) for partial electrification of the Sleipner field center, Equinor (NYSE: EQNR) has revealed.
The revised PDO was submitted to the authorities by Equinor - and its partners Vår Energi, LOTOS and KUFPEC - back in June last year. Sleipner is scheduled to be tied in to the Utsira High area solution by the end of 2022.
“Partial electrification of the Sleipner field center will contribute to major cuts in emissions from our activities and provide significant assignments for the supplier industry in a demanding time,” Arne Sigve Nylund, the executive vice president for technology, projects, and drilling at Equinor, said in a company statement.
The decision means continued delays during the already brief seasonal construction window in the harsh climate of northern Alaska.
(Bloomberg) The Ninth Circuit Court of Appeals extended an emergency order blocking ConocoPhillips Alaska Inc. from opening a gravel mine site and building roads to support its Willow oil development project in the National Petroleum Reserve-Alaska.
The decision means continued delays during the oil company’s already brief seasonal construction window in the harsh climate of northern Alaska.
An Alaska-based federal district judge issued an order barring construction activities on Feb. 6, and the new ruling leaving that injunction in place allows time for further proceedings in a case challenging the government’s approval of the project. Arguments aren’t expected until late April, at the earliest.