While Nordstream stutters on its way to Europe, Turkstream is proceeding apace: Hungary's MOL announced last week that it would join the Turkstream pipeline consortium. The regulator approved a 10-year development plan that includes the construction of a new Serbian-Hungarian gas inter-connector, with a capacity of 6 billion cubic meters annually.
The Goureh-Jask route will bring 1 million b/d of oil from the southern Bushehr province to the Iranian coast on the Sea of Oman for exports. The project, which would cost over $1.1 billion, envisages storage capacity of 10 million barrels of crude.
A portion of Enbridge's Line 5 oil and gas liquids pipeline, a 6.4-km segment dividing into two pipes lying on the bottom of the Straits of Mackinac, connecting Lake Huron and Lake Michigan between Michigan's Upper and Lower peninsulas, has been temporarily shut down pending a hearing on its safety scheduled for next Tuesday.
Harvest Midstream Company, a privately held midstream services provider based in Houston and operating crude oil and natural gas gathering, storage, transportation, treatment, and terminalling assets across the Lower 48 and Alaska, has announced the completion of the Ingleside Pipeline.
"You can't have your cake and eat it too," goes the old English adage. Yet with a record consortium offer of $20.7 billion for the lucrative midstream pipeline assets of the Abu Dhabi National Oil Company (Adnoc), the Emiratis can be pardoned for believing you can.
Exxon Mobil has succeeded in restoring crude oil production in its upstream project off of Guyana's coast after problems with its gas reinjection equipment, according to Vincent Adams, Head of Guyana's Environmental Protection Agency.
Transnet, a South African diversified rail, port and pipeline company known as the guardian of the country's pipeline assets, said today that since April of this year 26 fuel theft incidents removing over two million liters of petroleum products had been stolen from Transnet's 3000-km pipelines.
From repeated setbacks affecting the further development of Nordstream 2 to slackened Chinese demand affecting the completion of the Power of Siberia, to the $1.5 billion arbitration loss against the Polish PGNiG, Gazprom can be excused for possibly thinking the world has turned against it.
The advent of Covid19, lockdown in lower 48, slack demand, oil price crash and a corresponding slash in capital expenditure have all taken a huge toll on the upstream sector of the US petroleum industry. Many of the companies specializing in shale oil production will not survive in this low price environment.
The recent bill put forward in the US Senate by Senators Ted Cruz and Jeanne Shaheen may have been the proverbial straw that has broken the camel's back. For in its wake Germany has stiffened its spine and publicly voicing its displeasure with the current US-German relationship under President Donald Trump.
