From an economic standpoint, one of the most significant aspects of today’s US-Iran nuclear deal is that it could open up Iran’s vast crude oil reserves to the rest of the world. Once Europe and the US lift their sanctions, Iran will be able to ramp up crude production and exports, pushing down global oil prices even further. But here’s the catch: that won’t all happen immediately. It will likely take at least six months before we see any ...
Continue Reading ?The pipeline operator MPLX said on Monday that it had agreed to acquire MarkWest Energy Partners, in a deal that values the company at about $20 billion, including debt. The deal would combine two companies structured as so-called master limited partnerships to own oil pipelines and petroleum or natural gas storage assets. The combined company would have a market capitalization of about $21 billion. Under the terms of the deal, MarkWest shareholders would receive the equivalent of $78.64 ...
Continue Reading ?A proposal requiring pipeline operators to report spills within an hour of their discovery will help mitigate damage, the U.S. transportation secretary said. The Department of Transportation’s Pipeline and Hazardous Materials Safety Administration is proposing a mandate that would require pipeline operators to issue spill notifications no later than one hour after a confirmed release. « We constantly seek to raise the bar on safety, » Transportation Secretary Anthony Foxx said in a statement. « This proposed rule will improve safety ...
Continue Reading ?Negotiations on the company, which will head the Turkmenistan-based pipeline project through Afghanistan and Pakistan to India are underway with the French company Total and a member of the Rostec company RT Global resources, Pakistani Prime Minister Nawaz Sharif said Monday. « Negotiations with France’s Total and Russian RT Global Resources regarding the syndicate for the TAPI project are under way. The parties reached agreement on the schedule during the last meeting of TAPI’s steering committee. It is expected that ...
Continue Reading ?The federal government and Gulf Coast states have reached an $18.7 billion settlement agreement with the oil company BP for the 2010 Deepwater Horizon spill in the Gulf of Mexico. The settlement deal, announced by the Department of Justice on Friday, issues penalties for all remaining federal and state claims, such as civil penalties for violations of the Clean Water Act and for damages to natural resources. It is the largest settlement with a single company to date, according ...
Continue Reading ?Almost 110 energy companies, manufacturers, economic developers, labor unions and civic groups have joined the EnergySure Coalition to support the proposed Atlantic Coast Pipeline. The four energy companies that formed the ACP joint venture
Continue Reading ?The Mexican government has announced plans for nearly $10 billion worth of electricity and natural gas infrastructure projects, including a gas pipeline under the Gulf of Mexico from Texas to the port of Veracruz. The Federal Electricity Commission said Monday that the costliest project would be the 500-mile underwater pipeline for carrying natural gas from South Texas. The pipeline is intended to go into operation in June 2018. Officials hope that facilitating the importation of cheap natural gas ...
Continue Reading ?