Top stories today:
Ovintiv expands Montney assets with $2.3bn acquisition from Paramount Resources
KBR Scores FEED Contract for Oman LNG Project
Trump Picks Big Oil Ally and Drilling Enthusiast Doug Burgum for Interior Secretary
Ovintiv expands Montney assets with $2.3bn acquisition from Paramount Resources
Ovintiv has announced a $2.37 billion acquisition of Montney assets from Paramount Resources, following unanimous board approval. The deal adds approximately 70,000 barrels of oil equivalent daily production and 109,000 net acres to Ovintiv's portfolio, with 80% of the property yet to be developed. The acquired assets are strategically positioned near existing Ovintiv operations and have access to available midstream infrastructure capacity. CEO Brendan McCracken highlighted that these assets, located in the Montney oil window, represent top-tier return potential and align with the company's technical analysis for identifying high-value undeveloped oil resources. The acquisition is expected to enable mid-single digit growth in Ovintiv's Montney oil and condensate volumes, leveraging existing infrastructure and operational synergies.
KBR Scores FEED Contract for Oman LNG Project
KBR Inc. has received a contract to design the expansion of Oman's Qalhat LNG facility. The project includes adding a fourth LNG train that can produce 3.8 million tons of LNG per year, along with new storage tanks and infrastructure. This project is part of Oman's plan to meet growing global energy needs while focusing on sustainable operations. KBR's President for Sustainable Technology Solutions, Jay Ibrahim, emphasized that LNG will be increasingly important for global energy. KBR has also recently won other significant LNG projects. These include the Beachfield Manatee upgrade in Trinidad and Tobago for Shell, and a joint venture with Technip Energies for Energy Transfer's Lake Charles LNG project in the United States. The Lake Charles project will convert an import facility into an export facility capable of producing 16.45 metric tons of LNG annually. These projects showcase KBR's growing role in global LNG infrastructure development.
Trump Picks Big Oil Ally and Drilling Enthusiast Doug Burgum for Interior Secretary
President-elect Trump has chosen North Dakota Governor Doug Burgum to lead the Interior Department. Burgum, a billionaire with strong ties to the oil industry, will oversee federal lands and waters in this role. He is particularly close to oil billionaire Harold Hamm and helped connect Trump's campaign with fossil fuel industry leaders during the 2024 election. Burgum and Hamm are already working to shape Trump's energy policies, including efforts to remove electric vehicle tax credits that were part of Biden's climate law. During his campaign, Burgum strongly supported increasing oil and gas production, criticizing the Biden administration's energy policies. Environmental groups oppose this appointment. The Center for Biological Diversity's director called Burgum "an oligarch" who is disconnected from Americans who want to protect natural areas. In his current role, Burgum is promoting a controversial 2,000-mile carbon pipeline project in North Dakota, despite significant local opposition.