-Enbridge was selected to build, own and operate a pipeline that will transport crude oil from the $6 billion Stampede development in the Gulf of Mexico. The $130 million pipeline will run from the Stampede field — located about 220 miles southwest of New Orleans — to a third-party pipeline system. Stampede co-owners Union Oil, Hess Corp., Statoil and Nexen reached a final investment decision on the project in October. The pipeline is expected to start up in 2018.
-EnLink Midstream agreed to acquire Permian Basin midstream firm LPC Crude Oil Marketing for $100 million. The deal will add crude oil first purchasing and logistics capabilities to EnLink’s Permian portfolio. The transaction is expected to close in the current quarter.
-The Energy Information Administration (EIA) predicts the price of Brent crude will average $58 per barrel this year and $75 per barrel in 2016. EIA said in its January Short-Term Energy Outlook annual West Texas Intermediate prices would average $3 to $4 below Brent crude. Brent prices are expected to hit a monthly average low of $49 per barrel in January and February, but will rise steadily throughout the remainder of the year, reaching an average of $67 per barrel during the fourth quarter. Global oil inventories are expected to keep climbing this year.
-The oil price drop will slow job growth in Texas this year, but not to recession levels, a Federal Reserve Bank of Dallas economist said today. Via FuelFix, Keith Phillips of the Dallas Fed said Texas jobs will increase by up to 2.5% this year. The state was expected to add 3.6% more jobs in 2014 — a jobs report for December will be issued later this month.
-The American Petroleum Institute (API) formed a new midstream department that will focus on energy infrastructure and oil and gas transport. API’s midstream policy activity was previously split up between its upstream and downstream departments. Plains All American President and COO Harry Pefanis will lead a committee that will oversee the department’s work. API veteran Robin Robrick will serve as group director of Midstream and Industry Operations.
