Day: July 10, 2023

Given the economic mayhem that energy price-fuelled inflation has caused for Western governments since Russia’s invasion of Crimea, the last thing they want is another oil production shutdown in Libya that would push oil prices higher again. However, l…

The world’s largest crude oil exporter, Saudi Arabia, is paying the economic price of its oil production cuts, especially if oil prices fail to rise materially in the second half of this year.  Saudi Arabia’s efforts to prop up oil prices with large pr…

Algerian state energy producer Sonatrach has honored all gas contracts with Spain, whatever the circumstances, Chief Executive Tewfik Hakkar said on Monday.

Eventually, three all-electric and two dual fuel LNG tugs will support the LNG Canada project.

Natural gas futures forged ahead on Monday, bolstered by forecasts for peak summer heat and robust cooling demand. The August Nymex gas futures contract settled at $2.669/MMBtu, up 8.7 cents day/day. September rose 7.1 cents to $2.641. At A Glance: Prompt month gains 8.7 cents Cooling demand set to mount Production recovers in July  NGI’s…

The post Natural Gas Futures, Spot Prices Find Fresh Footing as Forecasts Show Intense Heat appeared first on Natural Gas Intelligence

On June 30th the second quarter and first half of 2023 came to a close. The S&P 500 returned 8.3% for the quarter, but that performance was highly uneven. As in Q1, eight of 11 sectors underperformed the S&P 500 in Q2. This is primarily because the S&P…

Natural gas and oil investments around the world may be lower today, but activity and production levels remain on par with the industry’s halcyon period between 2010 and 2014, according to Rystad Energy. “Persistent claims of chronic underinvestment in the global oil and gas industry are overblown,” researchers said. Upstream Investments have declined since spending…

The post World’s Natural Gas, Oil Reserves Seen Gaining on Efficiencies, Led by Lower 48, Deepwater appeared first on Natural Gas Intelligence

Two people who worked for an unnamed private company died and one person was still missing Monday following a fire early Friday at the Nohoch-A offshore natural gas processing facility operated by Mexico’s state oil company Petróleos Mexicanos (Pemex). The infrastructure serves the Cantarell field in shallow waters of Campeche Bay off southeastern Mexico. Pemex…

The post Two Deaths Confirmed, One Person Missing as Pemex Offshore Fire Knocks 700,000 b/d Offline appeared first on Natural Gas Intelligence

Via AG Metal Miner Plummeting zinc metal prices and rising energy costs recently prompted Boliden to place its Tara zinc mine on care and maintenance until further notice. “The business is currently cash flow negative due to a combination of factors,” …

European natural gas prices fell again on Monday, picking up where they left off last week as the market is for now well supplied and storage inventories are on track to fill ahead of winter. The prompt Title Transfer Facility (TTF) fell by 10% Monday and settled below $10/MMBtu. The contract has lost steam after…

The post European Natural Gas Prices Fall as Supply Outages Ease – LNG Recap appeared first on Natural Gas Intelligence

Via the Jamestown Foundation From June 27 to 29, the second round of the United States–mediated negotiations between the foreign ministers of Armenia and Azerbaijan was held in Washington (State.gov, June 29; see EDM, May 8). The statements from both s…

Beijing is furious with the Biden administration mulling over a broader semiconductor chip export ban and, in response, decided last week to announce export restrictions on two metals, gallium and germanium, which are heavily imported by Western countr…

Recently nationalized German utility Uniper will continue to look for LNG cargoes on the spot market due to a perceived uncertainty of long-term gas demand. This is what the company’s new chief executive Michael Lewis has said, as quoted by Reuters. Le…

Berkshire Hathaway, Warren Buffett’s investment vehicle, has bought Dominion Energy’s share in the Cove Point LNG project in Maryland. The stake, which cost Berkshire $3.3 billion, has brought the company’s stake in Cove Point to 75%, with the rest hel…

China’s Passenger Car Association confirmed this weekend that Tesla sold 74,212 vehicles and exported 19,468 units for the month of June, solidifying a 20.6% sequential rise for the EV maker, per Bloomberg’s calculations. Even more impressive for Tesla…

Proximity to Asian markets will be a key advantage for all Canadian LNG projects. [Image: Cedar LNG]

Centrica plc has boosted capacity at the UK’s largest natural gas storage facility months after it reopened to help keep the market balanced and prices in check following Russia’s move to significantly reduce natural gas exports to Europe when it invaded Ukraine.  Centrica, Great Britain’s largest energy supplier, said the Rough storage facility 18 miles…

The post Centrica Expands Natural Gas Storage Capacity at UK’s Rough Facility appeared first on Natural Gas Intelligence

We humans now face an era of climate that is uncharted for the size and complexity of the human community. Our roads, rails, ports, buildings, electric grid, water systems and food systems are not designed for this new climate. For example, we continue…

Eight projects underway will add 86 MTPA of new capacity.

A secretive Indian company that rose to infamy for its role in shipping Russian oil has disappeared suddenly and mysteriously, Bloomberg has reported. Mumbai-based Gatik Ship Management, which was able to amass 60 oil carriers for transporting Russian …

Russia will have more refining capacity offline this month than initially planned, Reuters has estimated, which could mean that Moscow may not deliver the 500,000-bpd crude oil export cut it has promised for August. Some big Russian refineries have ext…

Russia will have more refining capacity offline this month than initially planned, Reuters has estimated, which could mean that Moscow may not deliver the 500,000-bpd crude oil export cut it has promised for August. Some big Russian refineries have ext…

The United Arab Emirates has announced that it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets. This is hardly surprising considering that the UAE has in the pas…

Debt-laden Thames Water has secured an extra £750m of equity funding from shareholders, as the firm races to avoid nationalisation. The UK’s largest water supplier – which provides water to over 15m customers – insisted it “maintains a strong liquidity…

Debt-laden Thames Water has secured an extra £750m of equity funding from shareholders, as the firm races to avoid nationalisation. The UK’s largest water supplier – which provides water to over 15m customers – insisted it “maintains a strong liquidity…

Petrobras is discussing seven new potential natural gas supply contracts in its efforts to increase Brazil’s domestic gas supply and lower prices for consumers, Reuters reports, quoting sources close to the talks. Brazil’s state oil and gas giant is un…

U.S. President Joe Biden, who is scheduled to attend an important NATO summit later this week, said in an interview prior to his departure that Ukraine is not ready for membership in the alliance, asserting that the war with Russia must end before an i…

Given low growth in renewables, plans to scale back coal-fired power generation and limited prospects for major increases in domestic gas supply, Indonesia could end up as a net LNG importer. [Gas in Transition, Volume 3, Issue 5]

Norwegian oil and gas operator, DNO ASA, has made a  significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea. Preliminary evaluation of comprehensive data indicates gross recoverable resources in the range of 120-230 …

Spain’s imports of natural gas from Russia more than doubled in May compared to a year earlier and Russia accounted for 27.9% of Spain’s gas imports, second only to Algeria, data from the Spanish Energy Ministry showed on Monday. Spain imported the equ…

Hiring and keeping construction workers and operators for the next wave of U.S. LNG export facilities could be a challenge and raise the costs of the projects, Paul Marsden, president of the Energy global business unit at one of the top contractors in …

FERC staff has issued a favorable final environmental impact statement (FEIS) for Tennessee Gas Pipeline Co.’s (TGP) Cumberland natural gas pipeline project, clearing the way for its approval by the Commission. The 32-mile, 30-inch diameter pipeline would provide up to 245,040 Dth/d of new firm transportation service to the Tennessee Valley Authority’s (TVA) Cumberland natural…

The post TGP’s Cumberland Natural Gas Pipeline to Have Minimal Impact, Says FERC appeared first on Natural Gas Intelligence

Natural gas futures appeared poised to snap their recent losing streak in early trading Monday, surging higher as analysts pointed to a strengthening cooling demand outlook heading into the back half of July.  The August Nymex contract was up 9.5 cents to $2.677/MMBtu at around 8:40 a.m. ET. Weather models over the weekend indicated “intensifying…

The post Looking to Snap Losing Streak, Natural Gas Futures Rebound Early on ‘Intensifying Heat’ appeared first on Natural Gas Intelligence

Europe’s electric vehicle industry faces pressure from imports of vehicles from China, which dominates the supply chain for raw materials for batteries, Jean-Dominique Senard, chairman of France’s automaker Renault, told Reuters in an interview this we…

The government of Iraq and TotalEnergies earlier today signed a long-awaited deal worth $27 billion that should see Iraq’s oil production grow and boost its reliance on domestic gas for power generation. The deal also involves the development of low-ca…

The companies will cooperate in the areas of natural gas, LNG and renewables.

TotalEnergies and its joint venture partner SOCAR began natural gas production from the Absheron gas and condensate field in the Caspian Sea in Azerbaijan, the French supermajor said on Monday. The first phase of the development of the Absheron field h…

Japan Gas Association (JGA) Chairman Takahiro Honjo said on Monday he hoped that Prime Minister Fumio Kishida’s planned Middle East trip this month will help Japan ensure stable supplies of liquefied natural gas (LNG) and other fuels.

TotalEnergies and Socar each hold a 50% interest in the Absheron gas and condensate field.

Global warming isn’t science for climate bullies. It’s a religious cult for these true believers and a sweet spot for the corporatist funders who enable them. Continue reading →

The post Climate Bullies and Cultists Confronted by Unafraid Realist appeared first on Natural Gas Now.

Russia provided 27.9% of Spain’s gas imports in May, up from 11.9% a year earlier, Spanish government data showed on Monday.

Oil prices slipped in Asian trade early on Monday, retreating from Friday’s ten-week high amid profit-taking and continued concerns about the world’s two biggest economies, the U.S. and China. As of early trade in Europe, WTI Crude traded at $73.15, do…

The 70,000 metric ton (mt) shipment arrived at PV Gas’ Thi Vai LNG import terminal. [Image: PV Gas]

The project involves replacing an existing gas-fired power plant with a modern and high-efficiency combined cycle power plant. [Image: MHI]

A German resort town on Friday said it will take legal action against the federal government’s plans to build liquefied natural gas (LNG) terminals off the Baltic Sea coast after the parliament passed a reform to speed up the process.

Kuwait and Saudi Arabia have “exclusive rights” in the Durra gas field in the Arabian Gulf, Kuwait Oil Minister Saad Al Barrak said on Sunday, and he called on Iran to validate its claim to the field by demarcating its own maritime borders first.

The company has signed a deal to sell 10% interest in its Bedout assets offshore Western Australia to Taiwan’s CPC Corporation.