Israeli Energy Ministry Plans to Boost Natural Gas Output
Israel's Energy Ministry said on Thursday it plans to expand natural gas production that would boost competition within Israel and increase exports.An inter-ministerial committee headed by the ministry issued final recommendations aimed at the need to raise natural gas output to meet domestic needs, encourage investment and accelerate the transition to renewable energy.Recommendations were approved by Israel's energy minister and the ministry's director general.Israel has become a key regional natural gas supplier with exports to Egypt and
Caturus to nearly double export capability of Commonwealth LNG project
Brian Cain, the chief corporate affairs officer of Caturus, said Tuesday that it will almost double its export capacity for its Commonwealth LNG project, located in Cameron Parish in Louisiana. Cain spoke at a G20 Ministerial Event in Houston. He said that the expansion would include five new liquefaction trains. This will increase peak production to 17.25 metric tons annually from 9.5 mtpa initially planned. This is the first fully integrated LNG project in the U.S. to combine natural gas production with LNG processing facilities.
Citadel, a hedge fund giant, is reportedly looking to purchase US assets for shale production.
Citadel has been in talks with a?U.S. Five people with knowledge of the matter have confirmed that Citadel is considering expanding its?business into?physical assets. Four sources claim that Ken Griffin's firm was one of the bidders on WildFire Energy. The company was sold earlier this year by Warburg Pincus & Kayne Anderson. Magnolia Oil & Gas won the auction and agreed to purchase the Eagle Ford shale operator in South Texas, for $4.06 Billion.
EIA reports that US crude oil production and petroleum demand increased in June.
The U.S. Energy Information Administration (EIA), in its Petroleum Supply Monthly Report, published on Tuesday, said that U.S. crude oil output and demand rose during June. In June, crude oil production increased to 13,79 million barrels per days (bpd), up from 13,76 million bpd. The monthly record high was 14.01 million barrels per day (bpd) in October 2025. The U.S. crude oil and petroleum product demand grew to 20,74 million bpd by June from 20.07 millions bpd?in May.
India's ONGC will invest $10.5 billion in deepwater exploration, says chairman
A.K. Singh, Chairman of the Oil and Natural Gas Corp in India, said on Monday that it aims to invest 10 billion rupees (10.51 billion dollars) over five-years into exploring its local "deepwater and ultradeep" water fields. Singh told reporters on Monday. ONGC plans to drill 87 ultradeep and deepwater wells before March 2031. He said this during a press conference. Singh stated that India has vast untapped oil and gas reserves in deepwater blocks.
PetroChina's H1 net profit increases by 22% as fuel sales and oil prices spike.
PetroChina, China's largest gas and oil company, reported a 22% increase in its?first-half?net profit on Sunday, thanks to higher oil prices, and stronger fuel sales. A filing at the Hong Kong Stock Exchange showed that net profit attributable shareholders was 103.94 billion Yuan ($14.65?billion), up from 84?billion Yuan a year ago, and revenue rose?5.3%, to 1.5 trillion Yuan. PetroChina, China's largest refiner, processed 693 millions barrels of crude during the first six months…
China's CNOOC records record profit in the first half of this year on higher oil prices and output
CNOOC Ltd, a Chinese offshore oil-and-gas major, posted a record net profit for the first half of 2012 on Wednesday. Higher oil prices resulting from the Iran War?and increased production helped to boost earnings. According to a filing at the Hong Kong Stock Exchange, net?profits attributable to investors?rose by 23.4% from 69.5 billion to 85.8 billion ($12.9 billion). The oil and gas revenue has jumped by 20% to 206.1 billion Yuan.
Shell cancels Aphrodite offshore project in Trinidad: sources
Three people familiar with this decision have confirmed that British energy producer Shell has cancelled its Aphrodite offshore?gas?project with Trinidad's National Gas Company after "disagreements" over commercial terms. Shell gave the project a positive investment decision in the past, but has decided to not proceed with the development because the negotiations for the sale of the expected 100 million cubic feet of natural gas per day from the project failed. NGC is Trinidad's gas aggregator.
Iran will restore 95 mcm/day gas production by the end of September
The oil ministry announced a Tuesday that Iran would restore 95 mcm per day in 'gas production capacity, as it repairs the energy infrastructure damaged by the war against Israel and the United States. A senior government official stated in July that Iran would be able to regain about 100 mcm of daily natural gas production "within a few months" after the strikes had reduced output by 230 mcm/day since the war began late February. The…
Venezuela's rusted and ugly refineries will be difficult to restore
The Paraguana refinery in?Western Venezuela was once a symbol of the oil wealth of Venezuela and its ambition to convert vast reserves of crude oil into fuels and export revenues. Today, the 955,000-barrel-per-day complex in Falcon state runs at a ?fraction of capacity, a decline decades in the making and unrelated to the strong earthquakes that struck Venezuela last month. Interviews with 'four dozen workers, contractors and residents were conducted in the months leading up to the earthquakes.
Egypt Looks to Sign Multi-Year LNG Supply Deal
Egypt is in talks with energy majors including Shell, TotalEnergies and BP to buy 15 to 18 cargoes of liquefied natural gas per month for at least three years, three trading and industry sources familiar with the matter told Reuters.The talks come as Egypt's domestic production struggles to keep pace with rising demand and as global LNG markets remain tight during the Iran conflict, which has curtailed shipping through the Strait of…
Official: Iran will restore 100 million cubic meters of lost gas production in the coming months
According to the Shana news outlet of the oil ministry, an 'important government official' said that Iran will restore natural gas production to around 100 mcm per day in the next few months. Since the U.S. and Israeli strikes on Iran late in February, attacks on Iran's infrastructure have reduced its energy production by 230 million cubic meters. The recent U.S. airstrikes on southern Iran have not yet hit any major energy sites. Mohammad Jafar Ghaempanah said that the loss of capacity had exacerbated Iran's.existing gas imbalance.
China's oil throughput in June is at its lowest level since the pandemic, amid Iran war
China's crude throughput in June fell to its lowest level since pandemic levels, according to official data released on Wednesday. The?Iran War? tightened up supply, while high prices in China curbed demand. The National Bureau of Statistics reported that the refinery throughput dropped 17.7% compared to a year ago, falling to 51,24 million metric tonnes, or approximately 12,47 million barrels a day. The June throughput is the lowest it has been since March 2020, when the Covid pandemic was in full swing.
Norway's gas production lags behind the forecast for May
Norwegian Offshore Directorate (NOD), on Tuesday, reported that Norway's combined oil and gas production in May exceeded an official forecast by?2.9%. Norway is Europe's biggest supplier of natural gases and oil. The output varies month-to-month depending on maintenance needs and other stops at more than 100 offshore fields. The total oil, gas, condensate and natural gas liquids output was?at 0.607 million standard cubic metres per day. This is equivalent to 3.82 millions barrels of oil. It represents a decline of 0.8% on an annual basis.
Equinor abandons target for renewable energy
In a Tuesday strategy update, the Norwegian oil and natural gas company Equinor announced that it had 'further reduced its ambitions in renewable energy,' dropping a target of 2030 installed capacity and cutting investment plans. This reflects a trend in the industry, as other companies, such as BP and Shell have recently abandoned plans to switch from oil and natural gas production to renewable energy. Equinor, who?on Monday raised its oil-and-gas output forecast?…
Syria signss deal with ConocoPhillips and Novaterra to revive its gas production
According to a 'joint announcement, the Syrian Petroleum Company (SPC), U.S. based ConocoPhillips, and energy company Novaterra signed a 'deal' in Damascus, Tuesday, to develop new gas fields and increase production at existing ones. Syria's energy industry was ravaged by its 14-year civil war and produces just a fraction the amount of electricity needed. The domestic natural gas production will be down to 3 billion cubic meters in 2023, from 8.7 billion cubic metres in 2011.
QatarEnergy Plans to Restart LNG Output
QatarEnergy is ready to resume liquefied natural gas production at its Ras Laffan LNG plant very quickly and could reach within a month full output of facilities unaffected by Iranian strikes, a person with knowledge of the matter told Reuters on Tuesday.Two of Qatar's 14 LNG trains and one of its two gas-to-liquids (GTL) facilities were damaged in the strikes, which knocked out 17% of the country's LNG export capacity, and will take years to repair…
Syria, ConocoPhillips, Novaterra Sign Deal to Revive Gas Production
The Syrian Petroleum Company, U.S.-based ConocoPhillips, and energy firm Novaterra signed a deal in Damascus on Tuesday to develop new gas fields and expand production at existing fields, according to a joint statement.Syria's energy infrastructure was ravaged by the country's nearly 14-year civil war and now produces only a fraction of the electricity it needs. Domestic natural gas production is estimated to have declined to 3 billion…
Equinor abandons target for renewable energy
In a Tuesday strategy update, Equinor, the Norwegian oil and gas group, announced that it had further'scaled back' its renewable energy ambitions. It has dropped a 2030 target for installed capacity and cut investment. This change reflects a broader industry trend. In recent years, peers like BP and Shell have abandoned ambitions to transition from oil and natural gas production towards renewable energy. Equinor has dropped its 2030 renewable energy goal and instead provided a 'power generation outlook…
Norway's Equinor buys back shares twice as much due to cash flow from the Iran war
Equinor, a Norwegian company, announced on Tuesday that it would increase its share-buybacks. This will return more cash to shareholders as the Middle East war has increased the price of gas and oil. Equinor, a majority state-owned company, said it would spend $3 billion this year to buy back its own shares. This is up from the $1.5 billion that was projected in February prior to the U.S. and Israeli attack on Iran. In a recent statement…