Day: February 14, 2024

Woodside Energy expects to book non-cash post-tax asset impairment charges of $1.5 billion for its 2023 fiscal year, mostly due to impairment for the Shenzi field in the Gulf of Mexico, which Australia’s top energy company bought as part of the merger …

South32 (ASX, LON: S32) said on Wednesday that its Hermosa project, currently the only advanced mining project in the United States capable of […]
The post South32 to invest US$2.1bn in Hermosa critical minerals project in Arizona appeared first …

March Nymex natural gas futures sank another 8.0 cents as the market searched for a low that would coax producers to trim output amid dashed hopes for enough cold weather to tighten supplies ahead of the shoulder season. At A Glance: March futures crumble 8.0 cents No demand support from weather Producer signals strong output…

The post Loveless Day for Natural Gas Futures as March Tanks Amid Heartless Fundamentals appeared first on Natural Gas Intelligence

UK banking giant Barclays has just announced that it will drop direct funding for new oil and gas projects, joining other major European banks in halting the financing of fossil fuel expansion.   Barclays has been one of the top ten banks financing fos…

Centrica, the owner of British Gas, issued a “strong 2023 financial result” today, as the company’s retail division saw a sharp jump in profits for the year. In the company’s annual results, it revealed operating profit for 2023 came in at £2.8bn, down…

Via Metal Miner   Month-on-month, rare earths prices exhibited sharp downward movement. While weaker downstream demand could potentially prove one culprit in the dropping prices, another potential factor is an increase in global rare earth production o…

ConocoPhillips’ LNG offtake interests in planned Mexico and U.S. liquefaction terminals should not be affected in the near term by a pause on federal approvals for new export capacity, executives said. The Biden administration’s current freeze on authorizations for new liquefied natural gas exports to non-free trade agreement (FTA) countries is “unfortunate” and “clearly more…

The post ConocoPhillips’ Mexico LNG Offtake Commitments Unaffected by Biden Permitting Freeze appeared first on Natural Gas Intelligence

University of Tsukuba researchers have developed highly durable electrodes without precious metals to enable direct hydrogen production from seawater. Water electrolysis utilizing renewable energy sources is emerging as a promising clean method for hyd…

OTTAWA, ON: The Canadian Taxpayers Federation is criticizing the federal government for rebranding its carbon tax rebate instead of providing relief by scrapping the tax altogether. “Prime Minister Justin Trudeau’s carbon tax rebrand is just lipstick o…

Oil rigs just off the coast of Azerbaijan’s capital, Baku, are a constant reminder of what drives this Caspian Sea nation’s economy. Later this year, though, the country’s reliance on fossil-fuel exports will come up against global-warming concerns as …

Search for bottom continuing for natural gas futures Wednesday as prices down sharply through morning and lunchtime trading March Nymex contract off 8.0 cents to $1.609/MMBtu as of 2:28 p.m. ET; $1.61 seen as “strong technical support,” according to EBW Analytics Group’s Eli Rubin Nymex front month trading at roughly 10-cent premium to day-ahead Henry…

The post Down, Down Natural Gas Goes, but Where Does It Stop? — Midday Market Snapshot appeared first on Natural Gas Intelligence

A Canadian First Nation on Wednesday said it has told the Alberta Energy Regulator that oil and gas producer Obsidian Energy cannot proceed with plans to expanded drilling on its territory due to concerns about earthquakes. The Woodland Cree First Nati…

Despite crashing prices, executives at EQT Corp. said the U.S. natural gas market is not as oversupplied as most think, suggesting the stage is being set for a rebound.  Henry Hub has traded below $2/MMBtu for seven straight sessions. The contract hasn’t been this low since June 2020 during the Covid-19 pandemic. NGI’s Weekly Spot…

The post EQT Not Ready to Curb Production Further as it Positions for Natural Gas Rebound appeared first on Natural Gas Intelligence

Midstream giant Williams reported a jump in earnings and, during accompanying investor presentations, touted an expected spike in natural gas demand through this decade and into the next even if new political or regulatory roadblocks emerge. “Under any scenario, a lot of growth is coming on the demand side,” CEO Alan Armstrong said during an…

The post Williams CEO Says Surging Natural Gas Demand Looms Large ‘Under Any Scenario’ appeared first on Natural Gas Intelligence

Jared Kushner, Donald Trump’s son-in-law and former advisor, has defended a $2-billion investment from Saudi Arabia’s sovereign wealth fund, denying that there was any conflict of interest or that the receipt of the investment was unethical.  Kusher’s …

India’s industry expansion and rising oil refining to meet higher fuel demand are set to drive a tripling of the country’s natural gas consumption by 2050, the U.S. Energy Information Administration (EIA) said on Wednesday. In 2022, India’s natural gas…

Shell plc has tempered its expectations for peak LNG demand over the next two decades, but the top natural gas trader still expects the current buildout of export capacity led by the United States to fall short of rising global consumption driven by Asia. In its latest liquefied natural gas market outlook, the London-based integrated…

The post Asia Could Drive 50% Rise in Global LNG Demand By 2040, Shell Says appeared first on Natural Gas Intelligence

Mining giant Glencore is exiting its 49 percent stake in a major nickel mine, weeks after lowering expectations for its performance in a slumping global market for the commodity. The firm inherited its stake in the Koniambo nickel operation when it acq…

The latest drill results have allowed New Found Gold (TSXV: NFG; NYSE-A: NFGC) to extend the near-surface, high-grade part of the Iceberg-Iceberg […]
The post New Found Gold cuts 7.56 g/t over 13.4 metres and 15.4 g/t over 5 metres appeared first…

Barrick Gold (TSX: ABX; NYSE: GOLD) credits a rising gold price and a strong fourth quarter as it recorded adjusted net earnings […]
The post Fourth quarter boosts Barrick year-end earnings to US$1.47 billion appeared first on Canadian Mining Jou…

Whittle Consulting has announced that their founder, Jeff Whittle, died peacefully on Monday, Feb. 5, 2024, at the age of 93. Whittle […]
The post Passing of mining pioneer Jeffrey Whittle appeared first on Canadian Mining Journal.

BinMaster’s new BMRX-300 rotary level switch is the first to feature a large LED built-in indicator light. The bright LED changes from […]
The post BinMaster rotary level indicator with light that can be read 30 metres away appeared first on Cana…

CONKLIN, AB, Feb. 14, 2024 /CNW/ – Conklin, a predominantly Métis community in northern Alberta, situated just south of the Alberta oil sands, has long grappled with housing shortages and limited economic opportunities despite its proximity to Alberta’…

Battery minerals are vital for the clean energy transition. They power cost-effective, on-demand energy systems and are at the core of decarbonizing transportation. In the following graphic from Visual Capitalist’s Tessa Di Grandi, Sprott examines the …

Centerra expects to complete a PEA in the first half of 2025 to evaluate a mine life extension beyond 2035.
The post Royal Gold strikes deal with Centerra Gold to boost mine life of Mount Milligan appeared first on Canadian Mining Journal.

Russia’s Novatek restarted earlier this week fuel processing at its complex on the Baltic Sea damaged last month in a suspected Ukrainian drone attack, industry sources told Reuters on Wednesday.   Novatek’s export terminal and processing site at Russi…

From 2021 to 2022, Canada’s coal exports jumped 60%, according to the NDP, as reported by the Global News, while coal exports have risen by more than eight times since 2018.    In 2018, thermal coal exports from Canada reached one million tonnes, conti…

The Department of Energy has issued a challenge to the U.S. solar power industry. It urged developers to increase the amount of total installed community solar to 20 GW by 2030. To date, the total installed capacity of community solar is 7 GW. The 20-G…

Amidst the growing influence of American rivals in the Middle East, the United States appears to be reassessing its ties with regional allies just as it nears completion of its pullout policy from the region. President Biden’s administration has initia…

Tight rules on government debts by the IMF are hampering more investments in clean energy in Africa, where countries are not always available to guarantee loans due to said rules, according to the chief executive of French supermajor TotalEnergies.   W…

Mountain Valley Pipeline LLC (MVP) is conducting an open season for natural gas deliveries along its revamped Southgate extension planned for 550,000 Dth/d capacity. The non-binding open season runs through Friday (Feb. 16) and is for firm transportation service in Rockingham County, NC. MVP said it is targeting an in-service date of mid-2028. After years…

The post MVP Gauges Support for Southgate Natural Gas Extension as Mainline Shows Heartbeat appeared first on Natural Gas Intelligence

Crude oil prices trended lower today after the U.S. Energy Information Administration reported an estimated inventory increase of 12 million barrels for the week to February 9. The change compared with a build of 5.5 million barrels for the previous we…

U.S. decision to pause approvals of new licenses to export liquefied natural gas is welcome, Wilkinson says Bloomberg News The United States’ decision to pause approvals of new licences to export liquefied natural gas is welcome, and there are “real” r…

On Wednesday, non-OPEC oil producer Kazakhstan vowed to compensate over the coming months for a lack of compliance with the voluntary cuts in the OPEC+ deal in January.    “Kazakhstan has always supported the initiatives of the OPEC+ member countries,”…

Occidental Petroleum reported its strongest quarterly financial results in three years for the final three months of 2023, beating analyst expectations. Net income attributable to shareholders came in at $1 billion for the period, which translated into…

Stuart Burgess, chairman and co-founder of Salt Lake City-based Burgex Mining Consultants, recounts how his rappelling into abandoned mines as a hobby […]
The post JV Video: Give ’em enough rope and Burgex Consulting is born appeared first on Can…

For the better part of the last 6 months we have been documenting the slowdown in EV adoption, with major legacy automakers scaling back on investments, switching to hybrid plugin models and saturating the market with competition. And a new note from R…

CALGARY, AB, Feb. 14, 2024 /CNW/ – Keyera Corp. (TSX: KEY) (“Keyera”) announced its 2023 year-end financial results today, the highlights of which are included in this news release. To view Management’s Discussion and Analysis (the “MD&A”) and fina…

Google and environmental group Environmental Defense Fund on Wednesday unveiled a partnership to expose sources of climate-warming emissions from oil and gas operations that will be detected from space by a new satellite. MethaneSAT will launch next mo…

March Nymex natural gas futures searched for a bottom but had more downside on Tuesday, sinking another 7.9 cents, strangled by a healthy supply of natural gas and no significant demand for it. At A Glance: March futures tumble 7.9 cents Additional losses expected Cash markets sink The prompt-month contract settled at $1.689/MMBtu, off the…

The post Natural Gas Futures Look for Bottom Amid Lack of Fundamental Support, Cash Prices Down  appeared first on Natural Gas Intelligence

Weak weather-driven demand and robust production intersected this winter to depress natural gas prices, deflating market bulls. But lower heating costs contributed to falling inflation levels, saving consumers money and supporting expectations for continued economic growth in 2024. The U.S. Department of Labor said Tuesday its Consumer Price Index (CPI) increased at a rate of…

The post Soft Natural Gas Prices Disappoint Bulls but Buoy Consumers, Tame U.S. Inflation appeared first on Natural Gas Intelligence

Haynesville Shale pure play Comstock Resources Inc. is pumping the brakes on natural gas drilling and shareholder distributions because of low commodity prices. “In response to weak natural gas prices, Comstock plans to suspend its quarterly dividend until natural gas prices improve,” management said. “In addition, the company plans to reduce the number of operating…

The post Comstock Shedding Rigs, Suspending Dividend Amid Natural Gas Price Slump appeared first on Natural Gas Intelligence

China’s rebuilding of oil inventories and higher crude purchases elsewhere for fear of escalating shipping disruptions in the Red Sea are set to support global oil demand and benchmark prices in the near term, traders and analysts tell Reuters.  Global…

With seemingly nowhere to go but down for prices, weak winter weather and continued production strength kept natural gas futures bulls on the defensive in early trading Wednesday. The March Nymex contract was off 1.8 cents to $1.671/MMBtu as of 8:38 a.m. ET. April was down 2.4 cents to $1.718. Weather models underwent a mix…

The post Love in the Air? Not for Natural Gas Bulls as Forecasts Disappoint appeared first on Natural Gas Intelligence

(Reuters) – Oil prices were little changed on Wednesday, holding on to Tuesday’s gains on a robust demand growth forecast from OPEC and a sharp decline in U.S. fuel stocks. Brent crude futures rose by 12 cents, or 0.14%, to $82.89 a barrel …

Summary As renewables advance, companies rush to shed costly oilfields Shareholder payouts taking more cash than capital expenditures (Reuters) – Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 p…

Two explosions along Iran’s main south-north gas pipeline network on Wednesday were caused by sabotage, the Iranian oil minister told state TV, without naming any suspects.

Developed economies need to provide at least $1 trillion per year to climate finance for developing countries to meet the national and global climate targets, one of the biggest developing economies and a major carbon polluter, India, said in a proposa…

(Reuters) – Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use LNG to support their economic growth, Shell said in an annual report on Wednesday. Glo…

UK energy supermajor Shell has projected that liquefied natural gas (LNG) will replace coal as a leading driver of Chinese and other Asian economies. According to the firm’s LNG Outlook published today, demand will rise by 50 percent by 2040 and global…

This partnership aims to leverage the combined capabilities and proven expertise of both entities for the development of a competitive gas portfolio in Egypt.

A search for nine workers buried after a landslide hit SSR Mining’s (TSX: SSRM; ASX: SSR) gold mine in eastern Turkey continued […]
The post Four held over SSR gold mine landslide in Turkiye appeared first on Canadian Mining Journal.

How Technology Helps Garner Information from Work Already Done Are you managing your Asset Retirement Obligations (ARO) effectively? Despite software solutions purpose-built for oil and gas companies to manage, track, and calculate ARO, many companies …

By Yogi Schulz Here’s the link to my IT blog at IT World Canada Engineers at engineering, procurement and construction companies (EPCs) continually face pressure to design, build and commission their products better, faster, and cheaper. This pressure …

Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as China and countries in South and Southeast Asia use more LNG to support their economic growth, Shell said in an outlook report on Wednesday.

The upcoming Navoi 3 facility is set to feature a combined cycle gas turbine (CCGT), designed to generate 600 MW of electric power. [Image: Mitsubishi Power]

President Joe Biden’s decision to pause approvals of new exports of liquefied natural gas will have no affect on U.S. supplies to Europe over the next two or three years, a European Commission official said on Tuesday after meeting U.S. officials.

The total consideration, including both the headline and deferred contingent payments, amounts to $33.4mn.

This infusion of funds positions the company well for advancing its Mahalo joint venture and Mahalo North projects towards a final investment decision, it said.

EQT Corp, the largest U.S. natural gas producer, missed fourth-quarter profit estimates on Tuesday, as higher sales volumes were offset by lower gas prices.