Inspectors with the Railroad Commission of Texas are continuing critical inspections of the Permian Highway Pipeline (PHP), one of the largest pipeline projects under construction in Texas in 2020. Stretching more than 400 miles from the Permian Basin to the Houston area, the pipeline will bring West Texas’ natural gas to the world market.
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 12th week in a row, although they added one oil rig in the first weekly increase since March as a recovery in crude prices tempt some producers back to the well pad.
PJSC LUKOIL concluded an agreement with Cairn Energy PLC to acquire a 40% interest in RSSD (Rufisque, Sangomar and Sangomar Deep) project in the Republic of Senegal for $300 million in cash. The agreement also provides for potential bonus payment to Cairn Energy PLC of up to $100 million after the commencement of production. The transaction is subject to customary conditions, including the approval by the government of the Republic of Senegal.
Renewable energy has surged to capture a record share of global electricity generation, seizing more market share during the coronavirus downturn. The steep drop in electricity demand, down by more than a fifth in some parts of the world, has hit energy producers everywhere.
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