Oil Rises on Likely OPEC+ Supply Cuts
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.Front-month Brent crude futures, the international benchmark for oil prices, were at $63.71 at 0017 GMT, 42 cents, or 0.7%, above Friday's close.U.S.
LNG to Fuel Central American Plant
Finnish technology group Wärtsilä said it recently started site work for a new 378 megawatt power plant in El Salvador, Central America to be fired by liquefied natural gas (LNG).The technology group said that this facility, ordered by Energía del Pacífico, will be the largest and most efficient power plant in El Salvador, and one of the first in Central America to be fired by liquefied natural gas (LNG). The installation will feed electricity to the national grid.
US Crude Oil Exports to China Stalled
The development that saw no U.S. seaborne exports of crude oil to China in August has continued into September, according to BIMCO. This is despite crude oil not being a part of the ‘official trade war’.“The trade war between the U.S. and China is now impacting trade in both tariffed and some un-tariffed goods with both countries looking elsewhere for alternative buyers and sellers,” said Peter Sand, BIMCO’s Chief Shipping Analyst.“Ton mile demand generated by total U.S.
Asian LNG Demand to Grow
Currently planned regasification capacity expansions in Asia will allow LNG demand to grow towards 2030, said energy consultent Rystad Energy.Total planned capacity additions is forecasted to reach 700 Mtpa by 2030 driven by expansions in China and India. Asia LNG demand of 392 Mt in 2030 would imply an average utilization rate of 56% if all regasification projects were sanctioned.The seasonality in East Asian demand will require China to continue its capacity development…
Panama, U.S. to Sign Pact to Expand Regional Access to LNG
Panama on Friday will sign an agreement with the U.S. Treasury and Energy departments aimed at paving the way for more private investment to expand the importation and distribution of U.S. liquefied natural gas in Latin America.David Malpass, Treasury undersecretary for international affairs, said he hopes the "framework agreement" is the first of several with countries in the region to encourage investment to increase access to cheaper…
Trump Bets on New European LNG Terminals
U.S. President Donald Trump expects the European Union to fund 9 to 11 liquefied natural gas (LNG) ports to absorb "vastly" more shipments from the United States but current EU investment in new projects will only help open small markets.In a White House press conference with Italian Prime Minister Giuseppe Conte late on Monday, Trump said part of the U.S.-EU trade talks sought to expand America's…
Panama Imports Its First LNG Cargo
Panama has imported its first liquefied natural gas (LNG) cargo to commission the newly built $1 billion Costa Norte facility and power plant at Colon, expected to be a launch-pad for LNG trade across Central America.Many utilities in Central America and the Caribbean remain reliant on burning oil to generate electricity, but LNG offers a cleaner, cheaper and more efficient alternative.Shipping data shows the Engie-chartered Provalys tanker arrived last week…
Crowley, PowerSecure Partner on LNG Microgrids Development
Industry partners aim to develop and deploy microgrid solutions incorporating liquefied natural gas (LNG), renewables and storage to provide greater reliability and resiliency to customers and economies throughout the Caribbean and Central America.Microgrid solutions provided by partners Crowley FUELS and PowerSecure, a Southern Company subsidiary, will provide end users with quality, efficient, clean and resilient power.
Exceed Investment Yields Record Results
Aberdeen-headquartered Exceed, well management and performance improvement specialist, has announced a record-breaking start to 2018, amassing a number of international contract wins totalling a revenue of approximately of £18 million. With projects lasting more than a year, Exceed will deploy its expertise in well management and performance improvement projects across the UK, Middle East, West Africa, South East Asia, Norway and North and Central America.
Live Oil Discovered Onshore Jamaica
CGG GeoConsulting and Petroleum Corporation of Jamaica Announce First Reported Discovery of Live Oil Onshore Jamaica. CGG GeoConsulting and the Petroleum Corporation of Jamaica (PCJ) have announced the discovery of two independent live oil seeps from different parts of the island of Jamaica. This significant find marks the first documented occurrence of ‘live’, or flowing, oil from onshore…
T/S Nate Kills 22 in Central America, Bears Down on U.S. GoM
Tropical Storm Nate killed at least 22 people in Central America on Thursday as it pummeled the region with heavy rain while heading toward Mexico's Caribbean resorts and the U.S. Gulf Coast, where it could strike as a hurricane this weekend. In Nicaragua, at least 11 people died, seven others were reported missing and thousands had to evacuate homes because of flooding, said the country's vice president Rosario Murillo.
US Seeks Faster Approval of Small-scale Natural Gas Export
The United States is proposing to speed up approval of small-scale exports of natural gas, including liquefied natural gas (LNG), the U.S. Department of Energy said in a statement released on Friday. The department said the proposed rule would "expedite the review and approval of applications to export small amounts of natural gas in the emerging small-scale LNG export market," which it said includes the Caribbean, Central America and South America.
Obama Concerned About Venezuela's Economy
U.S. President Barack Obama, in an interview that aired on Monday, voiced concern about the struggling Venezuelan economy and said he did not want to see the country fail despite the tense relations between Washington and Caracas. "It's not in America's interest to see Venezuela fail, because if Venezuela fails then that could have an impact on the economies of Colombia or Central America or Mexico, and that in turn can affect U.S. economies," Obama told CNN Espanol.
Schlumberger Debuts Real-Time Downhole Flow Measurement Service
HOUSTON, March 23, 2016—Schlumberger today introduced the ACTive Q* CT real-time downhole flow measurement service, which delivers real-time injection diagnostics and treatment evaluation in just one run in a well. “Fluid injection monitoring and placement often requires customers to reach conclusions through trial and error or time-consuming logging operations,” said Amerino Gatti, president, Well Services, Schlumberger.
Global Renewables Grew at Fastest Rate on Record in 2015
Renewable energy generation capacity expanded by 8.3 percent last year to 1,985 gigawatts globally, the fastest annual rate on record, data from the International Renewable Energy Agency (IRENA) showed on Thursday. The strong growth was mainly due to a continued decline in technology costs. Overall, capacity has increased by roughly a third over the last five years, mostly fuelled by new installations of wind and solar energy.
ENGIE, AES to Expand LNG Partnership to Central America
ENGIE and The AES Corporation have agreed to enter into a joint venture to market and sell liquefied natural gas (LNG) to third parties in Central America. The joint venture will utilize the Costa Norte LNG terminal currently under construction in Colón, Panama, which is owned 50/50 by AES and Inversiones Bahía. The total capacity of the Costa Norte LNG terminal is approximately 1.5 million metric tons per annum (mtpa)…
US Refiners Process Record Volume of Crude as Demand Climbs
U.S. oil refineries are processing record volumes of crude but stocks of refined fuels remain well contained thanks to strong exports and demand at home. U.S. refineries processed 17.5 million barrels per day (bpd) of crude in the week ending on May 26, according to the U.S. Energy Information Administration ("Weekly Petroleum Status Report", EIA, June 1). Throughput was more than 1.2 million…
Fortis Ink Belize Electricity Deal
Fortis Inc. announced today that it has agreed to terms of a settlement with the Government of Belize (the Government") regarding the Government’s expropriation of the Corporation’s approximate 70% interest in Belize Electricity Limited ("BEL") in June 2011. The terms of the Settlement include a one-time US$35 million cash payment to Fortis from the Government and a reduction of the Corporation’s common equity position in BEL to approximately 33%.
Climate-threatened Nations Aim for 100% Renewable Energy
A group of the countries most at risk from climate change said they would strive to make their energy production 100 percent renewable "as rapidly as possible", as part of efforts to limit global warming to below 1.5 degrees Celsius. The Climate Vulnerable Forum (CVF), which numbers 48 nations, also committed to update their climate action plans submitted as part of the U.N. climate pact agreed in Paris last year and prepare low-carbon development strategies for mid-century…
EnerMech Forms US Partnership with Hydratron
EnerMech has signed a distributorship agreement with Pressure Technologies Plc owned company Hydratron which covers North, South and Central America. In addition to providing sales and technical support for Hydratron’s range of high pressure and flow control products, EnerMech will also act as a service and build-center for the Americas. Formed more than 35 years ago, Hydratron are widely recognized…