DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy…
Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050…
India to End Federal Control of Gas prices, Lift LNG transport Use
India will gradually end federal controls on gas pricing as it seeks to attract foreign investment and technology to lift local output, oil minister Dharmendra Pradhan said on Friday.India, which is a large emitter of greenhouse gases and has multiple gas pricing regimes, aims to raise the share of gas in its energy mix to 15% by 2030…
Asian LNG Prices Steady on Ample Supply despite U.S. Cargo Cancellations
Asian spot liquefied natural gas (LNG) prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics. The average LNG price for August delivery into northeast Asia was estimated to be about $2.20 per million British thermal units (mmBtu)…
Market in Focus: Gas Ships
Liquefied natural gas (LNG) shipping hasn’t been able to avoid the negative impact of COVID-19 as gas demand fell during the first quarter of 2020.The residential sector recorded the largest drop in consumption this year compared to 2019 which wasn’t helped by the mild winter seen in the US. The shut-downs of major…
Wintershall Dea Earnings Drop
German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration.Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement on Wednesday.Due to a weaker price environment for commodities…
Snam Sees Limited Impact from Coronavirus on Targets
Italian gas company Snam can't reliably calculate the effects of the coronavirus pandemic on its business outlook but doesn't see any major impact, it said on Thursday."The company expects a limited impact on its economic targets and to the investment programme, proportional to the speed of recovery of operations,"…
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll…
Oilfield Equipment and Services Spending to Fall to 2005-Low
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending.The decline comes as the coronavirus pandemic has crushed oil and gas demand…
Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure
At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output…
Indian LNG Importers Issue Force Majeure Notices
Indian liquefied natural gas (LNG) importers have started to issue force majeure notices as domestic gas demand slumps and as port operations in the country get hit by a lockdown to curb the spread of coronavirus, sources told Reuters."Demand has reduced drastically and it is likely to go down further, a company source with Gail (India) said."Only fertilizer…
Xodus: A Rapid Pivot to Gas Needed
Xodus Group launched a new analysis showing that a rapid pivot to gas will be required to deal with rising global energy demand.In contrast to some recent future energy scenarios, Xodus believes worldwide energy consumption will continue to increase, driven by economic growth in developing countries, and that approximately…
LNG Tanker Diverted from China in Sign of Weaker Demand
A liquefied natural gas (LNG) tanker that had been heading to China has been diverted, data intelligence firm Kpler and two industry sources said on Tuesday, probably due to lower demand for the fuel as businesses are hit by the coronavirus outbreak.The Tangguh Foja tanker loaded a cargo at the Tangguh LNG plant in…
Europe Dominates LNG Import Story in 2019
Global liquefied natural gas (LNG) production jumped in 2019, triggering oversupply and low prices that are expected to persist in 2020. Initial full-year data from LNG Edge shows exports at 355 million tonnes in 2019, up from 314.9 million tonnes in 2018.This represents the largest ever increase in production.While East Asian…
China to Launch State Pipeline Group
China plans to launch its long-awaited national oil and gas pipeline company on Monday, part of a sector-wide reform aimed at providing fair market access to infrastructure and boost investment in oil and gas production.Most of the country's pipeline infrastructure is controlled by energy giant PetroChina, CNPC's listed arm, and small, non state-owned oil and gas producers and distributors of
Exceptional Growth in LNG Trade, Says Awilco
The exceptional growth in LNG trade recorded in the first half of the 2019 continued in Q3, says Awilco LNG Group, the Norwegian based fully integrated pure play LNG transportation provider.According to Fearnleys LNG total LNG trade is up about 13 % in the first nine months of the year vs last year. In line with normal…
BP, Total Pact for Adnoc LNG Supply
The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements…
China Expects Balanced Energy Supply/Demand
China's state planner expects this winter's energy supply and demand to be generally balanced amid increasing natural gas output and liquefied natural gas (LNG) imports, state news agency Xinhua reported on Tuesday.Citing unidentified officials from the National Development and Reform Commission (NDRC), Xinhua reported…
RWE Delivers its First LNG to Britain
German utility RWE has delivered its first liquefied natural gas (LNG) cargo to Great Britain.The cargo, comprised of approximately 150 000 m3 of LNG, was regasified through a Milford Haven LNG Terminal, located close to RWE’s 2000 MW Pembroke B gas-fired combined cycle gas power plant (CCGT).The cargo has been sourced from the portfolio of RWE Supply & Trading…
Rebooting What’s Possible in India’s Gas Market
‘To lose patience is to lose the battle’ -Mahatma GandhiIndia is something of a conundrum for global LNG players. I recently returned from a week in Delhi, just as the capital was making headlines for one of the worst episodes of air pollution, while the country’s energy mix remains dominated by cheap domestic coal.
