Equinor begins production in Brazil's Bacalhau Oilfield
Equinor, a Norwegian oil company, announced on Thursday that it had begun production in Brazil at its Bacalhau field one year after the original investment decision in 2021. Equinor said that Bacalhau, with recoverable reserves exceeding 1 billion barrels equivalent oil (boe), is the largest offshore field developed to date by Equinor. The company stated that production will increase gradually with updates in output expected by 2026. The field was discovered in 2012, about 185 km (115 mi) off the coasts of Sao Paulo.
Spain's gas infrastructure is ready for a faster Russian LNG ban. CEO of the company says
Enagas, the Spanish gas grid operator, is prepared to ban Russian Liquefied Natural Gas by 2027 in case the EU moves up its phase-out date to this date. This was stated by Arturo Gonzalo, CEO of Enagas. The EU is currently negotiating legal proposals that will end Russian gas and oil imports in January 2028. Sanctions would also ban Russian LNG one year earlier. This is part of Brussels' efforts to deny the Kremlin revenue to fund its Ukraine war. Gonzalo…
Wind output will drop as French cut back on nuclear power
The French spot electricity price fell in early trading Tuesday on an improved outlook for nuclear supply. However, the German contract was not traded and maintained a nominal premium. Riccardo Paraviero, LSEG's analyst for the German market, said: "Tomorrow’s outlook is bullish. The LSEG figures also revealed that the trend was slightly mitigated due to higher lignite availability in this area. LSEG data shows that French baseload electricity for the day ahead is at 87.1 Euros ($100.72 per megawatt-hour (MWh), a decrease of 3.4% at 0730 GMT.
India panel calls for faster nuclear approvals and fuel security in order to reach 100 GW goal
India's nuclear projects should be accelerated, it should secure long-term uranium fuel supplies, and it needs to expand its reprocessing capabilities, according to a report by a panel appointed by the government. India is easing rules to end the decades-old state monopoly, and to remove a strict liability provision in order to attract foreign technology suppliers and to encourage private participation. The country aims to reach 100 gigawatts in nuclear power by 2047, compared to the current 8.88GW.
EUROPE GAS - European prices are down on a milder outlook, but winter risks still remain
Dutch and British gas opened lower on Monday morning. The current cold snap is expected to last only a short time, but winter risks remain due to the reduced storage year-over-year and the reliance on LNG imports. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.20 euros at 31.72 Euro per Megawatt Hour (MWh), which is $10.79/mmBtu at 0804 GMT. The Dutch day-ahead contracts was down by 0.65 euros at 31.98 Euro/MWh. The British day-ahead contracts fell by 0.8 pence, to 81.20 cents per therm.
US Sanctions on Iranian Oil Target Sinopec
The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month.The move follows China's decision to tighten controls…
Grid operators claim that the UK's winter energy is secure, despite lower gas margins.
In their winter outlooks, the electricity and gas grid operators in Britain expect that there will be enough energy this winter despite tighter margins for gas due to declining production at home. National Gas and Britain's National Energy System Operator publish annual reports on the supply and demand of gas and electricity for the coming winter in order to assist businesses and governments prepare. In its winter outlook, Glenn Bryn-Jacobsen said that only a few events…
US Postpones Sanctions on NIS Oil Company
The U.S. has postponed sanctions on Serbia's Russian-owned NIS oil company, which runs Serbia's only oil refinery, for one week until October 15, Belgrade-based Nova Ekonomija news portal reported on Wednesday, citing sources.The reported extension comes as the U.S. extended a license for Croatian oil pipeline operator JANAF to transport crude to Serbia for another week, as it seeks to complete the delivery of contracted volumes, JANAF said on Wednesday.NIS did not respond to a request for comment.The U.S.
EUROPE GAS-European Gas Prices ease after Recent Gains
The British and Dutch gas price fell on Wednesday morning, after having risen more than 5% from the beginning of the week. This was due to the colder weather conditions and the attacks on Ukraine's gas infrastructure. Also, storage filling had slowed. LSEG data shows that the benchmark Dutch front-month contract was 32.94 euros per Megawatt Hour (MWh) or $11.21/mmBtu at 0918 GMT. This is a decrease of 0.48 Euro. The Dutch day-ahead contracts was down by 0.40 euros at 33.23 Euro/MWh. The British gas front-month contract was down by 0.91 pence, at 84.50 p/therm.
Serica Energy UK cuts production forecast after another Triton failure
Serica Energy, a British company, lowered Wednesday its production forecast for the second consecutive month following a new disruption on the Triton production storage and offloading ship. Serica said that production at the vessel operated by Dana Petroleum has temporarily been halted since September 30 because of a flare system problem. She added that operations are likely to resume soon, but with limited rates. Serica has faced challenges with the vessel over the last year. Serica reduced its production forecast due to "vibration problems" last month.
Prices of gas in Europe are fluctuating due to a strong supply and milder temperatures.
Dutch and British wholesale gasoline prices traded in a narrow band on Friday morning, as forecasts of milder weather and strong supply were expected to increase inventories. LSEG data shows that the benchmark Dutch front-month contract was up 0.20 euros at 31.50 Euro per megawatt hour at TTF hub, or $10.83/mmBtu at 0914 GMT. The Dutch day-ahead contracts was up by 0.33 euros at 31.13 Euro/MWh. The British November gas prices increased by 0.66 pence to 80.50 pence a therm. The temperatures in Northwest Europe will rise this weekend.
German spot prices are affected by the higher wind and solar supplies
The German spot price of electricity for Thursday dropped as the wind and solar power supply in Germany is expected to increase, accompanied by lower demand predictions. German baseload for the day ahead fell by 28.6%, to 104.50 Euros ($122.82), per megawatt-hour (MWh), at 0827 GMT. The French baseload for the day ahead was up 1.9% to 54 euros/MWh. LSEG data indicated that German wind power production was expected to increase by 2.2 gigawatts, to 9 GW. French wind power is predicted to remain flat at 3 GW.
Fluxys declares Force Majeure at Dunkirk LNG Hub due to Strike by French Workers
Fluxys, the operator of the Dunkirk LNG Terminal, declared force majeure on the site Wednesday until the early morning hours of October 3. The strike by French national unions is expected to affect delivery capacity for at least two days. Dunkirk's LNG terminal is Europe's second-largest and only directly connected to Belgium and France. It supplies about 20% of the annual gas requirements for both countries. In a bulletin, the operator announced that the Dunkirk terminal's delivery capacity will be cut to 44 gigawatt-hours on October 1, and 48 GWh by October 2.
Targa will build a 500-mile NGL pipe in Permian
Targa Resources announced on Tuesday that it will construct a 500-mile natural gas liquids pipeline from its plants located in the Permian basin to its fractionation, storage and distribution complex in Mont Belvieu in Texas. The Speedway NGL Pipeline will cost approximately $1.6 billion, and have a capacity of 500 thousand barrels a day at first. The pipeline with a diameter of 30 inches is expected to enter service in the third quarter 2027. The pipeline operator is also building a natural-gas processing plant called Yeti in the Permian-Delaware basin of Texas.
ABO Energy and Metzler discuss potential sale of controlling stake
A spokesperson for ABO Energy said that the private bank Metzler has been asked to provide advice on a potential deal in which the founders of the German renewables company could cede control to a third party. ABO Energy which builds wind and solar farms announced on Friday that it also wanted to become a renewable energy asset operator. It said it was in talks with potential investors, and the discussions could include a possible capital increase. It said…
Sources say that India is considering a nuclear liability fund to cover major accidents.
Two government sources have confirmed that India is planning to create a nuclear liability funds to cover accident payments in excess of 15 billion rupies ($169 million), owed by plant owners. This will ease concerns about risk sharing among global suppliers and companies. Sources with direct knowledge of the issue said that the move could unlock foreign and private investment in India's nuclear industry by aligning India’s compensation framework to global standards.
Norway Approves New Gas Export Pipeline from Troll B
The Norwegian Offshore Directorate (NOD) has granted consent to start up a new pipeline from the Troll B platform that will help reduce the decline in gas production in coming years, it said on Thursday.The tie-in connects Troll B to the Kvitebjoern gas export pipeline, which runs to the onshore Kollsnes processing plant, with start-up expected during the fourth quarter of this year, the NOD said.The gas from Troll B was previously exported via the Troll A platform to Kollsnes, and some of the gas re-injected, it added.The new gas export solution will facilitate i
French LNG Supply Still Disrupted by Strike
Workers at French LNG terminals will continue to block ships from discharging until their salary demands are met, two representatives with the CGT union said on Friday.The blockade at three out of four of the country's terminals has reduced gas outflows from one of Europe's top gas buyers and lifted prices this week.LNG terminal operator Elengy has invoked force majeure at its three sites in France because of the month-long strikes and said no ships can…
Nigeria approves Shell and Agip's purchase of TotalEnergies stake in Bonga Oilfield
Nigeria's oil regulator approved a $510m deal for TotalEnergies, a company that owns 12.5% of the oil mining lease 118 (OML), which is home to the offshore Bonga Oilfield. The oilfield's operator Shell and Agip will receive the entire interest. The Nigerian Upstream Petroleum Regulatory Commission said TotalEnergies would transfer 10% of their interest to Shell for $408 million, while Agip would pay $102 millions for the remaining 2,5%. Shell has increased its stake in Bonga from 66.5% to 67.5%.
EUROPE GAS-European Gas Prices Firm as Weather and LNG Strikes Offset Rising Norwegian Supply
The Dutch and British gas price rose slightly on Friday, but they remain within the recent range. This is because the end of maintenance season in Norway has increased supply while strikes in France have curtailed LNG deliveries. LSEG data shows that the benchmark Dutch front-month contract was 32.70 euros per Megawatt Hour (MWh) or $11.20/mmBtu at 0844 GMT. This is an increase of 0.30 euros. The Dutch day-ahead contracts was up by 0.23 euros to 32.53 Euros/MWh. The British gas front-month contract increased by 0.10 pence, to 81.67 p/therm.