Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have since bought liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the United States.The world's largest crude importer is boosting U.S.
Yamal LNG Resumes Loading Operations in Norway
Yamal LNG, controlled by Russia's largest liquefied natural gas (LNG) producer Novatek, is resuming ship-to-ship transfers in Norway, Novatek said on Monday, after plans to shift the operations to Russia fell through due to coronavirus.Novatek suspended transfers in Norway in June last year due to what it termed "pressure from the West".According to Refinitiv Eikon data, the Arc7 tanker Vladimir Vize is due to arrive at the Norwegian Arctic port of Honningsvag on April 1…
Shell to Exit Lake Charles LNG Project
Royal Dutch Shell said on Monday it will exit the Lake Charles liquefied natural gas export project in Louisiana, citing the plunge in oil prices due to the coronavirus pandemic.The project is a 50-50 venture with U.S. midstream company Energy Transfer, which said in a separate statement it will take over development of the project.(Reporting by Shradha Singh in Bengaluru; Editing by Aditya Soni)
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, forcing LNG tankers in several regions to remain at sea fully laden with no immediate destination…
Origin Energy to Defer Shale Drilling in Australia
Origin Energy will defer shale exploration drilling in Australia's Northern Territory until the second half of this year in a bid to protect workers from a coronavirus, the company said on Thursday.Origin, operator of a joint venture with Dublin-based Falcon Oil & Gas Ltd, resumed drilling in the Beetaloo Basin last year after a three-year break when drilling was banned, and had hoped to get first test results…
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, power and refineries are running at parcel loads.
U.S. Offshore Oil Lease Sale Weakest Since 2016
A major sale of oil and gas leases in the U.S. Gulf of Mexico on Wednesday generated $93 million in high bids, the lowest total for any U.S. offshore auction since 2016, reflecting caution in the drilling industry amid a steep slide in oil prices.Firing up offshore drilling is a crucial part of U.S. President Donald Trump's "energy dominance" agenda to maximize domestic production of crude oil, natural gas, and coal.
Taiwan Gets 1st Carbon Neutral LNG Shipment
Taiwan accepted its first carbon neutral shipment of liquefied natural gas (LNG). State-owned CPC Corporation, a natural gas, and gasoline company in Taiwan announced receipt of LNG cargo from Shell.Nature-based carbon credits have been used to compensate the full carbon dioxide (CO2) emissions generated – from exploring for and producing the natural gas, to use by the final consumer.The cargo, which was delivered at the Yung-An LNG Receiving Terminal…
Oil Falls, OPEC Backs Deeper Supply Cuts
Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S. West Texas Intermediate (WTI) was down 20 cents, or 0.4%, at $46.58.OPEC agreed to cut oil output…
BV Appoves Cryo-Powered Regas System Design
Bureau Veritas Marine & Offshore (BV) has issued the first approval in principle for a new cold energy ‘Cryo-Powered’ regas system for use in FSRU applications.The approval has been issued to both Mitsui O.S.K. Lines, Ltd. (MOL) and Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME). The ‘Cryo-Powered Regas’ system is a cold power generation technology based on the Organic Rankine Cycle - a proven technology…
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 half of that demand will need to be fulfilled by natural gas.The ‘Rapid Pivot to Gas’ report by Xodus’ Advisory team…
Sempra to Decide on U.S., Mexican LNG Export Plants in 2020
California energy company Sempra Energy said on Thursday it expects to make final investment decisions (FID) this year to build two new liquefied natural gas (LNG) export plants - one in the United States and one in Mexico:Sempra said it plans to make FIDs on the first phase of the Costa Azul export plant in Baja California in Mexico in the first quarter and the Port Arthur export plant in Texas in the third quarter.At Costa Azul…
Blount Named CEO at BCCK
Midland, Texas-based engineering, procurement and construction (EPC) firm BCCK, Inc. said its founder, Clark Butts and its Board of Directors have unanimously chosen Kevin Blount as the organization's next Chief Executive Officer.Blount, who currently serves as BCCK’s Chief Operating Officer, will succeed Butts, the company's founder and current CEO, who after leading the company for 40 years has chosen to step aside from some aspects of the day-to-day operations.
Saudi Aramco Launches Largest Shale Gas Development Outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States, which in just a decade have developed…
India Set to Import Record LNG Volumes
India is set to import record volumes of liquefied natural gas (LNG) this month, data shows, taking advantage of the super-chilled fuel's price hitting all-time lows due to the coronavirus outbreak dampening demand in China. The South Asian nation is estimated to import about 2.36 million tonnes in February, shiptracking data from Refinitiv Eikon showed. That would exceed India's LNG imports in October of about 2.3 million tonnes, the previous highest monthly total.
Global LNG Demand to Double by 2040: Shell
Global demand for liquefied natural gas (LNG), rose by 12.5% to hit 359 million tons last year, according to Royal Dutch Shell’s annual LNG Outlook report.According to the forecast by Shell, LNG demand was expected to double by 2040 to 700 million tons, with natural gas set to play “a growing role in shaping a lower-carbon energy system.”Asia is expected to remain the dominant region in the decades to come, with…
Brazil Breaks Oil Output Record in January
Oil companies produced 3.17 million barrels per day (bpd) on average in Brazil in January, a volume 20.4% larger than seen in the same month a year earlier and an output record for the country, oil regulator ANP said on Wednesday. Natural gas production increased 22% over January 2019 to 138.7 million cubic meters per day on average last month, also a record. The deepwater, pre-salt field known as Lula accounted for a third of all oil production in Brazil…
Nakilat Posts Record Net Profit of $270M
Doha-listed LNG and LPG carrier owner Qatar Gas Transport Company Ltd (Nakilat) reported a consolidated net profit of QR1,003m (USD $270 million) in 2019, an increase of 12.4 percent, as compared to QR892m posted for the same period in 2018.The 2019 net profit is Nakilat’s highest profit recorded since its inception, said the Qatari shipping and maritime company.Nakilat's robust financial performance is primarily…
Shell, Qatargas Sign LNG Deal for Kuwait
The world’s largest liquefied natural gas (LNG) producer Qatargas has signed a new, long-term LNG sale and purchase agreement (SPA) with Shell to deliver 1 million tons per annum of LNG to Kuwait, commencing this year.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs said, “We are pleased to announce this new long term agreement between Qatargas and Shell for the supply of LNG to the State of Kuwait, following the recent agreement signed between Qatar Petroleum and Kuwait Petroleum Corporation.
Australia Becomes World's Largest LNG Exporter
Australia has become the largest liquefied natural gas (LNG) exporter in the world. The record figure knocked Qatar out of the top spot."Australia is set to become the world’s largest liquefied natural gas (LNG) exporter this year, overtaking Qatar, with its supplies expected to reach 81 million tonnes (MT) as Ichthys LNG and Prelude FLNG increase production," Rystad Energy said.Meanwhile, Qatari exports will remain at current levels, around 77 MT.