Inspectioneering

Industry News

In order to keep the Inspectioneering community up-to-date with current events and breaking stories, we routinely share relevant, useful, and/or interesting stories related to the topics we cover and the industries we serve.

News

Chevron has agreed to sell their 20% non-operated interest in the Athabasca Oil Sands Project, 70% operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Limited for $6.5 billion.

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BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence.

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Houston-based Summit Midstream has agreed to acquire Tall Oak Midstream III for a mix of cash and equity consideration valued at $450 million.

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Covestro has signed an Investment Agreement with certain entities of the ADNOC Group stipulating, among other items, that ADNOC will make a public takeover offer for all outstanding shares of Covestro at a price of €62.00 per share.

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Honeywell has completed its acquisition of Air Products' liquefied natural gas process technology and equipment business for $1.81 billion in an all-cash transaction.

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The North Dakota Public Service Commission has approved a $3.2 billion gas-to-liquids plant proposed by Canadian company Cerilon.

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Amber Energy Inc., a newly formed company backed by a group of U.S. energy investors including Elliott Investment Management LP, is acquiring PDV Holding Inc., the parent of refiner and marketer CITGO, for approximately $7.3 billion.

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OCI Global has completed the $2.35 billon sale of its 1.1 MMtpy Clean Ammonia project under construction in Beaumont, Texas to Woodside Energy Group Ltd.

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U.S. regulators said Venture Global LNG has taken adequate steps to correct equipment problems at a Louisiana gas-processing plant.

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CITGO Petroleum shut down its 177,000 bpd refinery in Lemont, Illinois, due to a power blip from its electricity supplier

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Chesapeake Energy will rebrand as Expand Energy after completing its $7.4 billion merger with Southwestern Energy. The deal, expected to close in the first week of October, will create the largest natural gas producer in the US.

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News

Oil refiners are facing a drop in profitability to multi-year lows due to slowing global demand and new refineries coming on stream in Africa, the Middle East, and Asia.

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Rio Tinto will develop Pongamia seed farms in Australia as part of a new biofuels pilot. The project will explore the potential of Pongamia seed oil as a feedstock for renewable diesel, a cleaner alternative to traditional fossil fuels.

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U.S. refineries are planning to take about 529,000 barrels of daily crude-processing capacity offline during the fall turnaround season, the lowest for the period since 2021.

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Industry giant and household brand Procter & Gamble has announced it is investing $96.7 million to install new advanced production lines and increase production capacity at its Rapides Parish facility in Central Louisiana.


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