Day: May 30, 2023

Pressure from investors, customers and governments is pushing the industry to improve its environmental performance. It is one of the factors driving consolidation.

Natural gas futures started the new week as they finished the last – comfortably in the red. Amid mild weather and modest cooling demand, the July Nymex gas futures contract on Tuesday fell 9.0 cents day/day and settled at $2.327/MMBtu. August lost 8.9 cents to $2.416. NGI’s Spot Gas National Avg. gained 33.0 cents to…

The post July Natural Gas Futures Stumble as Weak Weather Demand Prevents Progress; Spot Prices Recover appeared first on Natural Gas Intelligence

Germany’s antitrust regulator said on Tuesday it was widening its investigation into whether energy suppliers abused an energy price cap introduced by the government to safeguard citizens and companies from surging prices.

Mexican conglomerate Grupo Carso SAB has bought into the Zama shallow water oil and gas field, considered to be one of the country’s richest hydrocarbon assets. Carso subsidiary Zamajal SA de CV will acquire a 49.9% interest in the Mexican subsidiary of Houston-based Talos Energy Inc. The purchase price was $124.75 million. The transaction is…

The post Mexican Billionaire Carlos Slim Snaps Up Zama Stake as Oil-Rich Project Awaits Sanctioning appeared first on Natural Gas Intelligence

Indonesia has renewed its threat to take back Shell’s stake in the gas-rich Masela block if it fails to sell it by next year, according to a senior government official, who confirmed Malaysia’s state-run Petronas was a potential buyer.

Despite slight gains on Tuesday, European natural gas prices continued to trade at some of the lowest levels since April 2021, following eight straight weeks of losses that have more consistently widened the spread to Japan-Korea Marker (JKM) prices.   The July Title Transfer Facility (TTF) contract dipped below $8/MMBtu for the first time in more…

The post JKM Trading at Premium as European Natural Gas Prices Stunted by Eight-Week Slide – LNG Recap appeared first on Natural Gas Intelligence

ConocoPhillips will raise its profile in the top rank of Canadian natural gas users, the Alberta oilsands, by way of its purchase of a bitumen underground extraction asset for about $3 billion. The Houston-based firm exercised its contractual right to double ownership to 100% of the 140,000 b/d Surmont oil site near Fort McMurray. The…

The post ConocoPhillips Taking Full Ownership of Canada’s Surmont for $3B appeared first on Natural Gas Intelligence

An affiliate of Shell plc has agreed with state regulators to pay $10 million for a fine and environmental projects in Western Pennsylvania after the company admitted to exceeding emissions limits at its massive ethane cracker outside of Pittsburgh. Under a consent order agreement (COA), Shell Chemicals Appalachia LLC will pay a roughly $4.9 million…

The post Shell Agrees to Pay $10M Air Pollution Fine at Pennsylvania Ethane Cracker appeared first on Natural Gas Intelligence

Expansion will allow increased exports to Mexico, including for planned LNG projects.

In what could mark a major turning point in the Mountain Valley Pipeline’s (MVP) arduous permitting journey, Congress is set to legislate approval of the project’s perpetually contested permits as part of an agreement to raise the debt ceiling. The Biden administration over the Memorial Day weekend announced a bipartisan budget agreement reached with House…

The post Congress Ready to Rescue MVP from Quagmire as Debt Deal Takes on Permitting Reform appeared first on Natural Gas Intelligence

Pompano Resource Transformation has acquired some oil and natural assets in the Gulf Coast region, including 33 wells, from Houston-based Paloma Natural Gas LLC.  The acquisition is Pompano’s first upstream investment, X Machina Capital Strategies (XCM) President Catherine Flax said. Pompano is an XMC subsidiary. XMC specializes in acquiring oil and gas assets, managing them…

The post Paloma Sells Package of Gulf Coast Oil, Natural Gas Wells to Pompano appeared first on Natural Gas Intelligence

Global energy reliability concerns are triggering a surge in oil and gas investments – but this uptick is only temporary, and service companies should capitalize now before the focus returns to the energy transition.

Africa may not possess the vast conventional gas resources of the Middle East or Russia, and it may not be able to match the combined conventional and unconventional resources of North America.

Volumes would come from QatarEnergy’s North Field expansion project.

Sponsoring U.S. natural gas projects will be a solid bet for years to come as overseas demand grows, and as the fuel supports the energy transition, according to private equity (PE) investors. At the Enverus Evolve conference held in mid-May, a panel of PE executives said upstream investments overall are in the money. “On the…

The post Natural Gas Eyed as ‘Multi-Decade’ Investment for LNG Exports, Low-Carbon Transition appeared first on Natural Gas Intelligence

Spire Inc. is expanding its portfolio of natural gas infrastructure with a $175 million deal to buy the 263-mile MoGas Pipeline LLC, an interstate system in Missouri. MoGas, owned by CorEnergy Infrastructure Trust Inc., interconnects with Omega Pipeline Co. LLC’s 75-mile gas system and with Spire’s 65-mile STL Pipeline.  “These businesses fit well with our…

The post Spire Expanding Reach with Missouri’s MoGas Interstate Natural Gas Purchase appeared first on Natural Gas Intelligence

In this latest podcast, Anders Hove, Philip Andrews-Speed and Michal Meidan take stock of China’s energy and climate policies in the first few months of 2023. In this latest podcast, Anders Hove, Philip Andrews-Speed and Michal Meidan take stock of China’s energy and climate policies in the first few months of 2023.

Continued mild temperatures in the outlook had natural gas futures trading lower to test technical support early Tuesday. The July Nymex contract was down 7.1 cents to $2.346/MMBtu at around 8:45 a.m. ET.  The June Nymex contract expired Friday at $2.181, down 12.6 cents on the day. Prices were weighed down by sub-$2 physical prices…

The post Natural Gas Bulls ‘Running Out of Room’ as Futures Continue to Slide Early appeared first on Natural Gas Intelligence

After reporting some of the best annual earnings in their history, China’s big three state-owned energy companies are buoyant about prospects for this year as global oil prices and a post-pandemic recovery back home gather pace. [Gas in Transition, Vol…

The fields delivered natural gas to the Nigeria LNG plant.

The third and final well, named Lucky Fox – 3, has intersected approximately 68 m of gassy coal. [Image: TMK Energy]

Eastward natural gas flows on the Yamal-Europe pipeline to Poland from Germany stopped after briefly resuming on Tuesday, data from operator Gascade showed.

Cyprus wants to establish itself as a gateway from east Mediterranean gas resources to Europe via a shipping corridor of LNG carriers, its president said on Monday.

Malaysia’s Anti-Corruption Commission (MACC) last week said it is investigating allegations of corruption involving Petronas and an international oil and gas company. [Image: Petronas]

The proposed activities are aimed at identifying commercially viable natural gas reserves “to contribute to Australia’s energy needs”, partner 3D Oil said.

The company will supply TC11 connection systems to ExxonMobil.

State Gas is planning to truck CNG to the market to commercialise its proven gas resource at Reid’s Dome project in Queensland.