Santos, Australia's gas supplier, signs a deal with Orica to supply Narrabri to Orica
Santos, Australia's second largest gas producer, announced on Thursday that it had signed an agreement to discuss a possible domestic gas supply contract from its Narrabri Gas Project located in New South Wales. Santos will supply Orica with up to 15 petajoules per year and for ten years. Kevin Gallagher, Santos managing director and chief executive officer, said that the memorandum of agreement highlights Santos’s interest in domestic supply from Narrabri. It builds on an earlier deal made with Engie's supply utility company in August. A tribunal in Australia approved a project worth A$3.6 billion (2.38 billion dollars) earlier this year.
Sources say that Italy is seeking guarantees for a potential sale of IP refiners to Azerbaijan SOCAR.
Two sources confirmed on Thursday that Italy wants guarantees from Azerbaijan on the security of fuel supplies if the founding families of Italiana Petroli accept a sale to Azerbaijan’s state energy company SOCAR. Separate sources have previously stated that IP's private owners, the Brachetti peretti family, are currently in negotiations with SOCAR and seeking an enterprise valuation of approximately 2.5 billion euros (2.93 billion dollars) for the refiner. According to the same sources, an Abu Dhabi investor also expressed interest in purchasing the refinery. SOCAR and the Azerbaijani government were not available for comment outside of business hours.
Indonesia regulator announces that the delivery of 27 BBTUD gas from West Natuna Supply Group will begin
SKK Migas, Indonesia's upstream oil regulator, said that a gas exchange delivery by West Natuna Supply Group of 27 Billion British Thermal Units per Day (BBTUD), which will help maintain domestic industry supplies, began on Friday. SKK Migas announced that the gas will be delivered by Medco E&P Grisssk Ltd and PetroChina International Jabung Ltd to the state-owned gas utility company Perusahaan Gas Negara. In a press release, SKK Migas Chairman Djoko Siswanto stated that the multi-party swap arrangement would ensure that domestic industrial requirements for additional gas supplies are met.
Russian energy exports disrupted since the start of Ukraine War
One of the bargaining chips that Donald Trump will use to convince Vladimir Putin to progress towards a ceasefire agreement in Ukraine when he meets him on Friday is to reduce U.S. restrictions on Russia's exports and energy industry. Trump has also warned of tougher sanctions in the event that there is not progress. See how the sanctions have affected Russian energy exports. Before the war, Russia was Europe's largest natural gas supplier. The majority of gas was transported via four pipeline routes, including Nord Stream, which runs under the Baltic Sea; the Yamal Line, which crosses Poland; transit via Ukraine and Turkstream.
Norway spy chief accuses Russian hackers of dam sabotage April
The head of Norway's counterintelligence agency revealed on Wednesday that Russian hackers temporarily took control of a Norwegian dam earlier this year. This is the first official time Oslo has attributed the cyberattack by its neighbor. Authorities previously stated that on April 7, while in control of the Bremanger dam, west Norway, the hackers opened a flooding gate and released 500 litres of water (132 gallons per second) for four hours until the attack was detected. The attack did not result in any injuries. Norway generates most of its electricity through hydropower dams.
Norway spy chief accuses Russian hackers of dam sabotage April
The head of Norway's counterintelligence agency revealed on Wednesday that Russian hackers temporarily took control of a Norwegian dam earlier this year. This is the first official time Oslo has attributed the cyberattack by its neighbor. Authorities previously stated that on April 7, while in control of the Bremanger dam, west Norway, the hackers opened a flooding gate and released 500 litres of water (132 gallons per second) for four hours until the attack was detected. The attack did not result in any injuries. Norway generates most of its electricity through hydropower dams…
Documents show that EU lawmakers are looking to phase out Russian gas faster.
Documents seen by revealed that the European Parliament is examining proposals to accelerate the EU's phase-out of Russian gas by an additional year, until January 2027. Officials in Brussels are preparing to negotiate the legally binding ban. European Union legislators and countries are preparing for negotiations on the EU plan to ban the imports of Russian Gas. The starting point is a legal proposal made by the European Commission last month, which aims to eliminate all Russian gas imports before January 1, 2028. Documents detailing…
Equinor Q2 Core Profit drops as expected due to lower oil prices
Equinor reported on Wednesday that its second-quarter profits fell by 13% compared to a year ago, as expected, due to the decline in oil prices, which outweighed an increase in gas. Equinor's poll of 21 analysts predicted that the adjusted earnings for April-June would be $6.54 billion, down from $7.48 billion in the previous year. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year. It also kept its forecast of capital expenditures for 2025 at $13 billion.
Greece's DEPA signs out-of-court agreement with Gazprom on gas prices
DEPA Commercial, the Greek gas supplier, announced on Tuesday that it had reached an agreement outside of court in its dispute with Gazprom regarding gas prices. DEPA signed with Gazprom a contract in January 2022 for 2 billion cubic meters of gas annually through 2026. The price was 80% index to the Dutch TTF benchmark price, with the remaining 20% index to oil prices. DEPA, however, struggled to sell gas in 2022 after the Russian invasion of Ukraine. The drop in Russian pipeline deliveries also contributed to a rise in European gas prices. Eventually DEPA was unable accept its minimum annual quantities.
According to Russia's spy agency, Serbia sold ammunition via Bulgaria and Czech Republic to Ukraine
Russia accused Serbia of selling artillery to Ukraine via Eastern Europe through intermediaries, the second time in a week that it has made such an accusation against its traditional Balkan allie. The Russian Foreign Intelligence Agency, SVR, posted a statement on its website in which it said that two Serbian companies had sold rockets or mortar shells to multiple rocket launchers, as well as components for these rockets, via two companies located in the Czech Republic and Bulgaria. Both Bulgaria and Czech Republic are members of NATO and the European Union and provide weapons and ammunition to Ukraine. Serbian officials did not immediately comment.
Hungary's Orban calls on EU to lift Russian energy ban amid US/Iran conflict
Hungarian Prime Minster Viktor Orban urged on Sunday the European Union not to impose a ban on Russian Energy due to the expected increase in energy prices after the US bombings of Iran. The European Commission proposed on Tuesday a legally-binding ban on EU imports from Russia of gas and liquefied gas by 2027. Legal measures were used to ensure that EU members Hungary, and Slovakia could not block the plan. The proposals outline how the EU plans to put into law its pledge to end decades-old relations with Europe's former number one gas supplier following Moscow's invasion of Ukraine in 2022.
Japan returns to long term LNG deals on AI boom and national energy plan
The liquefied gas industry in Japan is once again in the spotlight, as artificial intelligence booms and rising costs of cleaner energy drive the appetite for long-term LNG contracts. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources increased. The AI boom will require enormous power consumption from data centres.
Tokyo Gas does not expect any direct impact from the conflict between Israel and Iran on LNG purchases by Tokyo Gas
Tokyo Gas, Japan's largest city gas supplier, said that the conflict between Israel and Iran has no impact on its LNG procurement. Nobuhiro Sugawara, Senior Managing Executive Officer, said on the sidelines the Japan Energy Summit that "since we do not import LNG from Qatar and UAE, our LNG acquisition is not directly affected" at this time. He said that the situation was being monitored with great interest, and noted that the rising tensions in the Middle East may cause LNG prices to rise and disrupt the global supply. On Wednesday, the conflict entered its sixth day with fears that it could expand. U.S.
The EU's plans to ban Russian gas
The European Commission proposed Tuesday legally binding measures to end the European Union's imports from Russia of gas and liquefied gas by the end 2027. This would put an end to decades-old energy relationships with Europe's ex-top gas supplier. The details of the proposals are below. They still require approval by EU countries and the European Parliament. The ban will be implemented in phases. The EU will first ban imports of Russian gas and LNG under any new deals signed by the end this year. From June 17, 2026 the EU will ban imports of short-term contracts for contracts signed prior to June 17, 2025.
Edison Confident In Venture Global LNG Arbitration
The chief executive of Italian utility Edison said on Thursday he was confident of a positive outcome in arbitration involving U.S. liquefied natural gas supplier Venture Global, expected by the end of the year.Edison is one of several European energy companies, including Shell, BP and Galp, that have filed arbitration claims saying Venture Global deliberately failed to fulfil its supply contracts, dragging its feet when commissioning one of its plants so it could profit from higher spot prices.Commissioning, or making sure a new plant's systems are functioning as intended…
Sources say Egypt is in talks with suppliers to purchase 40-60 LNG cargoes during this year due to the energy crisis.
Three sources familiar with the matter said that Egypt is in discussions with international energy companies and trading houses about buying 40-60 cargoes (LNG) of liquefied gas to ensure emergency fuel imports ahead of summer peak demand amid an worsening energy crisis. According to the latest available data from the Joint Organisations Data Initiative, Egypt's gas production fell by 39% in February to its lowest level in 9 years. It was 3.3 billion cubic meters. The most populous Arab nation has been a net gas importer since early 2024.
Documents show that Eni, an Italian company, delivered Russian gas to Turkey in the last year.
Eni supplied gas to Turkey last year, according to documents published on the Italian energy company's website on Monday. This confirms that the company is still dealing with Russian gas, despite the suspension of supplies within Europe. Documents show that in a response to a written question from an Eni shareholder, ahead of the AGM scheduled for Wednesday, the company stated that Algeria would be the largest gas supplier to the group by 2024. Norway and Russia were the next two biggest suppliers. According to Eni's written response, Russian gas accounted 12% of its total gas supplies.
TurkStream gas pipeline may slow down EU-Russia decoupling
May 7 - While the European Commission has announced a revised plan to wean Europe off Russian energy completely by 2027, some parts of Europe have taken the opposite approach. The TurkStream pipeline is not only still operating, but has expanded its gas supply. Since the beginning of the conflict in Ukraine, Russian gas exports have dropped dramatically. They went from more than 155 billion cubic meters (bcm), in 2021, to less than 40 bcm by 2024. In the same time period, Russian LNG exports to the EU almost doubled, reaching around 25 bcm. France, Belgium Spain and the Netherlands bought over 90% of these volumes.
Norway Parliament orders restart of frontier oil and Gas Exploration Licensing
The Norwegian Parliament on Tuesday directed the Labour Minority Government to launch a round of new oil and gas exploration licenses in frontier areas, setting the stage towards increased oil drilling. Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union. The Centre Party, who quit the government last January, backed the motion, which was originally brought forward by the Conservatives. On the request of the Centre Party…
Equinor Q1 profits rise more than expected
Equinor announced a higher than expected increase in its first quarter profit on Wednesday. This was boosted by an increase in European gas prices compared to the same period last year. Equinor's poll of 20 analysts predicted that the Norwegian oil and gas company would earn $8.51 billion in January-March, but it actually increased to $8.65 from $7.53. Equinor has maintained its projections that oil and gas production will increase by 4% in this year's compared to the previous year. It also kept its forecast of capital expenditures for 2025 at $13 billion.