Day: December 11, 2023

Natural gas futures cratered Monday, hammered by soaring natural gas production and a lack of weather-driven demand. At A Glance: Front month sinks 15.0 cents Mild weather persists California spot prices rise The January Nymex natural gas contract settled 15.0 cents lower at $2.431/MMBtu. The front-month reversed earlier losses to a $2.294 intraday low. February…

The post January Natural Gas Crashes as Winter Weather Lacks Staying Power; Cash Prices Mostly Up appeared first on Natural Gas Intelligence

Russia’s crude oil shipments jumped in the four weeks to December 10, after storms in the Black Sea that had disrupted loadings in November subsided, tanker-tracking data monitored by Bloomberg showed on Tuesday. Russia’s crude oil shipments from all i…

Venezuela is looking to revive an offshore natural gas field close to the maritime border with Guyana amid an escalating territorial dispute after Venezuelan President Nicolas Maduro held a referendum to claim two-thirds of Guyana’s territory.   Venezu…

Kazakhstan has set itself such ambitious targets on renewables that its progress will need to be frenetic rather than leisurely. Some eye-catching deals inked at the COP-28 summit offer room for optimism. On December 2, United Arab Emirates-based compa…

Could the Mediterranean Sea become the new energy hub to strengthen energy security and accelerate the energy transition in Europe? Considering the current geopolitical and geoeconomic scenario, this is a matter of the utmost importance. The issue has …

Global natural gas prices continued their spiral Monday as weather patterns across the Northern Hemisphere again shifted warmer, preserving ample stocks and further easing supply concerns.  In Europe, the prompt Title Transfer Facility (TTF) contract slid 6.4% on Monday to close near $11/MMBtu. The contract dipped 4.3% last week despite an agreement among lawmakers late…

The post Comfortable Balances, Mild Weather Keep Lid on Global Natural Gas Prices – LNG Recap appeared first on Natural Gas Intelligence

Charif Souki, Tellurian Inc. co-founder and one of the architects of the U.S. LNG export industry, has been replaced as the executive chairman of his latest firm established to build the Driftwood LNG project. Houston-based Tellurian disclosed that the company’s other co-founder, Martin Houston, had been tapped to take over as chairman of the board…

The post Tellurian Replaces Souki as Driftwood LNG Development Enters ‘Important Moment,’ CEO Says appeared first on Natural Gas Intelligence

The COP28 climate summit extended overtime on Tuesday as nations continue to disagree on wording about the use and production of fossil fuels, with former Western officials suggesting that the Dubai conference is on “the verge of complete failure”. For…

Mexico and the rest of Latin America are gaining importance on the international natural gas market stage in terms of infrastructure buildout, natural gas demand, and both imports and exports. See what NGI analysts gleaned from the recently completed 3Q2023 earnings season. KMI – Kinder Morgan Inc. –  Mexico is building a number of new…

The post NGI’s 3Q2023 Mexico Natural Gas Market Analyst Takeaways appeared first on Natural Gas Intelligence

In the latest step to advance nuclear fusion technology, the world’s biggest reactor has just opened for business in Japan. This follows a huge influx in investment from the private sector, as companies and academic institutions around the globe race t…

Summary COP28 climate change summit heads into final stretch New draft deal suggests ‘reducing’ use of fossil fuels Scraps previous call to ‘phase out’ coal, oil, gas EU, US, islands urge phase out; OPEC opposes DUBAI, Dec 11 (R…

(Bloomberg) At the world’s most important climate summit, the Organization of the Petroleum Exporting Countries — whose members supply almost 30% of the world’s oil — has a pavilion for the first time. There, staff were giving out a children’s book abo…

Some of Japan’s largest LNG players are voicing concern about the timeline of FERC’s authorization decision on Venture Global Inc.’s Calcasieu Pass 2 (CP2) LNG project as they try to balance the country’s long-term natural gas supply outlook. The CEOs of Inpex Corp. and Jera. Co. Inc. have penned letters to the Federal Energy Regulatory…

The post Japanese Offtakers Ask FERC for ‘Timely” Authorization Decision for CP2 LNG appeared first on Natural Gas Intelligence

The UN’s COP28 conclave, based in an enormous exhibition centre in Dubai Expo City, with small daily protests permitted on the premises, is coming to a denouement. Many of the almost 200 nations in the negotiations, and the environmental groups observi…

SANTA FE, N.M. (AP) — A windfall in government income from petroleum production is slowing down but far from over in New Mexico as the nation’s No. 2 oil production state grapples with how much it can effectively spend — and how to set aside billions …

Russia and Iran could see higher revenues from oil as sellers raise prices to China as a result of competition from temporary easing of sanctions on Venezuelan oil, Reuters reports.  With the temporary lifting of U.S. sanctions on Venezuela, which rema…

Shortly after pressuring Guyana to agree to talks with Venezuela over the annexation of oil-rich Essequibo, Brazil said it would resume electricity imports from Venezuela, which were halted four years ago, Reuters reports.  While the resumption of elec…

The Permian basin saw a surge in mergers and acquisitions this year, with the total value already exceeding a record $100 billion, led by the mega deals announced by ExxonMobil and Chevron, energy consultancy Wood Mackenzie said on Tuesday.   The Permi…

A ship in the Red Sea has been hit by a missile fired from Houthi-controlled Yemen, a day after the Houthis said they would target every vessel bound for Israel. The information came from two unnamed U.S. officials who spoke to the War Zone. Per the re…

Australia holds one of the biggest lithium reserves in the world and will be a key mining area for the green transition. The country is no stranger to mining, with major gold, nickel, and iron ore reserves already contributing to the green energy and c…

There’s only one problem with the federal government’s messaging about saving money: the feds aren’t actually saving money. “The foundation of our Fall Economic Statement is our responsible fiscal plan,” said Finance Minister Chrystia Freeland. The mid…

As the COP28 conference draws to an end, the climate summit in Dubai has not only chosen its next host but also stirred heated discussions on fossil fuels in its final declaration. The spotlight is now on the South Caucasus nation of Azerbaijan, as COP…

Deal follows recent consolidation acquisitions by ExxonMobil, Chevron. [Image credit: Oxy]

Transaction Highlights Sale of the facilities identified in the Competition Tribunal’s March 3, 2023, divestiture order resulting from SECURE’s acquisition of Tervita Corporation Target closing in the first quarter of 2024, subject to regulatory approv…

Occidental Petroleum Corp. (Oxy) has agreed to acquire privately held Permian Basin oil and natural gas producer CrownRock LP in a deal valued at roughly $12 billion. Oxy plans to finance the acquisition by incurring $9.1 billion in new debt, issuing about $1.7 billion of common equity and assuming CrownRock’s $1.2 billion of existing debt,…

The post Oxy Joining Permian M&A Fray with $12B CrownRock Acquisition appeared first on Natural Gas Intelligence

Highlights 123,000 gross acres (2,670 net royalty acres) predominately in the core of the Midland basin; Adds 600 boe/d of US production in 2024; 85% liquids weighted production stream; 40% increase to Freehold’s Permian land position; and 25% increase…

CALGARY, Alberta–(BUSINESS WIRE)–Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today the preliminary results of its substantial issuer bid (the “Offer”), pursuant to which Imperial offered to purchase for cancellation up to $1.5 billion…

All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles (“GAAP”), …

Niger aims to start exporting its first crude oil in January, the military leader of the African country, Abdourahamane Tiani, has said on state television. The commercial stage of the exports is expected to start in January from the Benin port of Coto…

Case centres on Italian contractor Bonatti’s ouster from project in 2022. [Image credit: Coastal GasLink]

Ford is reducing the planned number of F-150 Lightning EV trucks by half from next year, Automotive News has reported, citing a company memo sent to suppliers. Per the new plans, Ford will churn out 1,600 F-150 Lightning trucks a week beginning January…

The benchmark U.S. natural gas prices slumped by more than 10% early on Monday amid high inventories and forecasts of warmer-than-usual weather suggesting very light demand for space heating. As of 9:24 a.m. ET on Monday, the front-month futures at the…

Having had to make his travel plans even more furtively than usual – given the International Criminal Court arrest warrant out for him due to war crimes in Ukraine – Russian President Vladimir Putin arrived in the Middle East last week looking like a m…

Solaris Resources (TSX:SLS) (OTCQB:SLSSF) has announced finalized agreements with Orion Mine Finance Management LP for a funding package totaling US$80 million, aimed at supporting the development of the Warintza Project in Ecuador through studies and permitting. The financing package is diverse, consisting of several components. Firstly, there is a senior secured debt facility amounting to […]

The post Solaris Resources (TSX:SLS) Secures US$80 Million Financing Package for Advancement of Warintza Project in Ecuador appeared first on MiningFeeds.

Demand is surging for natural gas pipeline and storage capacity in North America, and as a purveyor of both, that’s good news for Kinder Morgan Inc. (KMI), CEO Kim Dang said Thursday. Dang, a KMI veteran who took over the top job this year, said there are “a lot of fantastic tailwinds” for the company…

The post Kinder Morgan’s Dang Touts ‘Fantastic Tailwinds’ for Natural Gas Transport, Storage Business appeared first on Natural Gas Intelligence

    BRINGING THE HEAT! Artic Therm provides an efficient Flameless Heat and clean Breathable Air for multiple applications using portable equipment to remote locations for extreme climate challenges. If your project is going to require Flamel…

Suzanne Ogle, CEO of the Southern Gas Association, says talk of natural gas going away is not realistic or responsible.  Quite the opposite, it’s “really the critical remaining dispatchable fuel source” available, one that offers the quickest way to reducing global emissions, she said in an interview with NGI.  “If your goal is to eliminate…

The post Southern Gas Association CEO Sees Critical Role for Natural Gas in Evolving Energy World appeared first on Natural Gas Intelligence

As leaders and negotiators are racing to adopt a final declaration from the COP28 climate summit in Dubai, the fossil fuel debate is at the center again, with the latest draft circulated on Monday containing language about “reducing both consumption an…

BP has approached the Federal Energy Regulatory Commission for assistance in a dispute between the supermajor and Venture Global, the LNG producer that several energy majors are suing for breach of contract. In a filing from Monday, BP said Venture Glo…

Natural gas futures continued to deteriorate early Monday after the weekend served up another round of mild forecasts and soaring production figures.  The January Nymex contract was off 20.6 cents to $2.375/MMBtu at around 8:40 a.m. ET. February was down 20.2 cents to $2.302. While declines were weighted toward the current winter months, contracts across…

The post January Natural Gas Collapses Below $2.50 as Bearish Weather, Production Trends Continue appeared first on Natural Gas Intelligence

Flip to the glossary of any climate report and it will look like a cat ran over a keyboard. That’s particularly true when it comes to talking about carbon capture. The acronyms — DAC, MRV and EOR, to name just a few — are head-spinning. Throw in phrase…

Summary Some members balk at fossil fuel phase-out inclusion Saudi, Russia push for focus on emissions not fuels Nations most affected by climate change demand its inclusion DUBAI, Dec 9 (Reuters) – Some countries are resisting a proposed pledge …

Occidental Petroleum will buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12 billion, including debt, Oxy said on Monday announcing the latest large acquisition in the U.S. oil industry. Reports of a potential …

As leaders and negotiators are racing to adopt a final declaration from the COP28 climate summit in Dubai, the fossil fuel debate is at the center again, with the latest draft circulated on Monday containing language about “reducing both consumption an…

Summary Business executives outnumber government officials Deals on nuclear power, natural gas, renewables signed (Reuters) – A stand in the COP28 “startup village” has proved the arena to gain high level access and even clinch deals …

With just one day left of the COP28 climate summit in Dubai, negotiators and delegates were still discussing on Monday a possible agreement on phasing down fossil fuels and scaling up finance for mitigation of climate change. The COP28 President, Sulta…

(Reuters) – Occidental Petroleum (OXY.N) said on Monday it would buy energy producer CrownRock in a cash-and-stock deal valued at $12 billion, to boost its acreage in the oil-rich Permian basin. Houston-based Occidental will finance the purchase …

Endeavor Energy Partners is exploring a sale that could value the largest privately-held oil and gas producer in the Permian basin of the United States at between $25 billion and $30 billion, according to people familiar with the matter.

Summary Excess 2024 supply expected from growth in non-OPEC output China experiencing rising deflationary pressures Investors await central bank interest rate decisions (Reuters) – Oil prices dipped on Monday as worries persisted around crude ove…

Ukraine faces another wartime winter with a high risk of Russian attacks on energy infrastructure. But compared to last winter, Kyiv hopes to be better prepared this time around. [Gas in Transition, Volume 3, Issue 10]

In today’s fast-paced business world, companies are constantly seeking ways to improve efficiency, productivity, and profitability. One way to achieve these goals is by investing in the right equipment for the job. However, choosing the right equ…

Western Engineered Containment – Leaders in Containment Solutions WATCH THIS SHORT VIDEO! PRIMARY CONTAINMENT Western Engineered Containment (WEC) can provide permanent large volume produced water storage (50,000m3) in above-ground API 650 storag…

Serbia on Sunday completed the interconnector to a pipeline in Bulgaria which would allow the Balkan country to diversify its gas supplies and reduce its dependence on Russia.

Westech Industrial is excited to announce an upcoming webinar in by our partners VAISALA, a leader in industrial measurement. This webinar is specially designed for professionals in the chemical and petrochemical industries, focusing on the latest adva…

Saskatchewan’s oilpatch emits a potent greenhouse gas at a higher rate than almost anywhere else in North America, indicates new research from one of Canada’s premier climate labs.
A published paper from Carleton University’s Energy and Emissions Res…

CALGARY — Unifor says representatives from its energy locals have ratified a tentative agreement that sets a pattern for more than 7,500 workers.
The workers are part of the union’s National Energy Program.
In a press release Friday, Unifor says it …

(Bloomberg) The COP28 climate summit in Dubai entered its final hours as Sultan Al Jaber, the Emirati oil executive who’s presiding over this year’s talks, sought to produce a text that would include a commitment to reduce the world’s consumption of oi…

The agreement covers three years, encompassing engineering, technology, and process safety support for the DSLNG-owned LNG plant.

Tellurian ousted its chairman and co-founder Charif Souki as an executive officer, the U.S. liquefied natural gas (LNG) developer said on Friday, weeks after auditors raised doubts about the company’s ability to cover future expenses. [Image: Tellurian]

This collaboration aims to develop joint projects focused on improving network management, seismic resilience, and green gas distribution. [Image: Tokyo Gas]