Chevron has approved the expansion of Israel’s Leviathan Gas Field
Chevron has made a final decision to invest in expanding production at Israel's Leviathan gas field. The oil major announced on Friday that it has made a final investment decision to expand production?at Israel's Leviathan natural gas field,?the?U.S. Leviathan is one of the largest gas fields in the Eastern Mediterranean and the cornerstone of Israel’s energy system. The exports of gas to Egypt help supply LNG plants which ship gas to Europe. Chevron has…
French wind production drops, causing a split in spot prices
The French spot contract rose on Friday as the French wind supply was expected to fall by almost 40%, and nuclear output declined. Meanwhile, German demand and supply are expected to decrease, and German wind supply will be slightly higher. By 0926 GMT, the?French baseload day-ahead contract was up 18.4% to 107.75 Euros ($125.33). The German equivalent contract fell 8.2% to 109.5 euros/MWh. LSEG data revealed that German wind-power production was expected to increase by 730 megawatts, to 25.2 gigawatts.
EUROPE GAS - European benchmark hits 7-week-high on low storage, cold and geopolitics
The benchmark European gas contract reached a seven-week high due to colder weather forecasts and low storage levels, as well as increased geopolitical risk for LNG shipments. LSEG data revealed that the benchmark 'Dutch front month contract' at TTF hub had risen?0.93 euros to 29.35 euro per megawatt-hour (MWh) or $10.05/mmBtu by 0902 GMT. According to data, it briefly reached 29,69 euros/MWh - its highest level since 25 November. The Dutch day-ahead contracts was up 0.60 euro to 29.60 euros/MWh.
Storm Goretti increases spot electricity prices in Western Europe
The intraday price of power across Western European markets increased on Friday, as Storm Goretti caused power outages and problems with power generation equipment. EPEX spot data revealed that the average "baseload" price for Germany was 90.44 euro ($105.31), while France's price was 87.35 euro/MWh at 1207 GMT. LSEG data showed that this is higher than the closing spot price on Thursday of 74.75 euro/MWh or 67.75 euro respectively. Sabrina Kernbichler…
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of U.S.
Malaysia increases gas-fired electricity use in December, as coal dependence falls
Grid operator data shows that Malaysia increased its natural gas-fired electricity generation in December and reduced its reliance on coal. The rising production helped to boost local supply, and also expanded liquefied gas exports. Real-time data provided by Malaysia's Grid Systems Operator (GSO), showed that gas-fired electricity generation was responsible for the majority of the nearly 5% increase in electricity delivered to Peninsular Malaysia during December. This offset a decline in coal-fired production of 4.3%.
UK-based Harbour Energy is named as the operator of Mexico's Zama Oilfield
Harbour Energy, a British company focusing on the North Sea, announced Wednesday that it had been named the operator of the Zama oil field in Mexico after Pemex and its project partners, GrupoCarso, Talos Energy, agreed to this appointment. The announcement comes just days after Harbour signed a $3.2 Billion deal with?LLOG, which will allow it to enter the 'Gulf of Mexico and position the company as the operator of two of Mexico's largest offshore oil projects. Zama was discovered in 2017 and is estimated to have 750 million barrels equivalent oil resources.
Australian shares drop as miners and banks fall on holiday thin trade
Australian shares dropped on Monday. The final trading week of the year began on a quiet note as banks and miners led the losses. They eased from recent highs, as holiday turnover exaggerated movements across the market. Investors returned to the market after their Christmas and Boxing Day holidays, and turnover was about half of its 30-day average. The index is up more than 7% for this year, and it's on track to achieve a third consecutive annual increase. It has risen by roughly 24% from 2022 when the last time that it logged a decline in a single calendar year.
EUROPE GAS-European Gas Prices Rise on Colder Weather Demand
Dutch and British gas rates posted modest gains on Thursday, but it is expected that they will remain flat as the 'increased demand due to colder weather' can be easily met through pipelines and liquefied natural gas deliveries. LSEG data shows that the benchmark Dutch front-month contract was 27.57 euros per Megawatt Hour (MWh) or $9.48/mmBtu at 0907 GMT. This is an increase of 0.19 euros. The Dutch day-ahead contracts was up by 0.41 euros to 27.36 Euro/MWh. The British day-ahead price of gas was 0.90 pence higher at 71.00 pence/therm.
EUROPE GAS-European gas prices rise due to a colder and less windy climate, LNG shortage
Gas prices in the Netherlands and Britain rose on Wednesday, supported by an improved weather forecast and an interruption at the Freeport Liquefied Natural Gas?plant. Storages are still 'below previous years' levels. LSEG data shows that the benchmark Dutch front-month contract was 27.50 euros per Megawatt Hour (MWh) or $9.44/mmBtu at 0941 GMT. This is an increase of 0.60 Euro. The February contract increased by 0.45 euros to 27.19 Euro/MWh. The British day-ahead gas prices increased by 1.40 pence to 70.50 pence a therm.
Kyivstar, Ukraine's largest mobile network operator, purchases solar power plant for increased resilience
Kyivstar, Ukraine's mobile operator, announced on Tuesday that it has?acquired? solar power company Sunvin 11?as it steps up energy investments to keep its network running amid Russian attacks against the country's grid. Kyivstar is Ukraine's largest mobile operator, which offers digital?healthcare, entertainment and other services. It has added backup?capacity as well as alternative connectivity options in response to Russia's attacks on the?Ukrainian?energy infrastructure.
French spot increases on weakened wind supply
The French spot electricity price on Tuesday increased as the wind generation output was expected to decline while demand was expected to increase due cooler temperatures. The French day-ahead 'baseload power' price at 0912 GMT was 89 euros ($104.42), up 20.4% on the Friday closing price for Monday delivery. After the Friday price for delivery on Monday closed at 87.40 Euros/MWh, the equivalent German price has not been traded. LSEG data revealed that the German?wind energy output will fall by 8.6 Gigawatts on Tuesday to 14.7 GW.
Gascade Converts Pipelines for Alternative Marine Fuels
German gas grid operator Gascade on Thursday said it has converted a 400 km (249 miles) high-pressure pipeline to transport low-carbon hydrogen southwards from the Baltic Sea as part of a European core network to ship alternatives to fossil fuel.New hydrogen pipelines, or conversions of existing ones, will serve to help meet European Union goals of net zero emissions by 2050, with the Ukraine war also sharpening the focus on energy security in the bloc…
Sembcorp, the Singaporean energy giant, has taken over Alinta Energy for $4.3 billion.
Sembcorp Industries announced on Thursday that its unit would?acquire?Alinta Energy at a cost of A$6.5 billion (4.32 billion dollars), making it one of the biggest overseas expansions in the history for the Singaporean firm. Alinta Energy was acquired by Chow Tai Fook Enterprises. The energy company now controls one of Australia’s largest integrated gas and power retailers with 1.1 million customers, and 3.4 gigawatts in energy generation capacity, including gas, coal, and solar. Chow Tai Fook is the investment arm for Hong Kong billionaire Henry Cheng.
Kazakhstan to Divert Kashagan Oil to China After Ukraine Drone Attack
Kazakhstan said on Wednesday it would redirect some oil from its Kashagan field to China and other routes after a Ukrainian drone attack last month on the Caspian Pipeline Consortium's Black Sea terminal in Russia.The decision was announced by the energy ministry after Reuters reported earlier this week that Kazakhstan plans to supply crude to China directly from Kashagan for the first time after the Ukrainian attack damaged the CPC terminal.The CPC, which accounts for 1% of global crude supply and includes Russian, Kazakh and U.S.
Kyiv reports that Russia has hit the gas transport system of Ukraine's Odesa Region.
A senior Ukrainian official reported on Wednesday that Russian drones had 'hit the gas transport system' in Ukraine’s southern Odesa Region. This area contains several pipelines bringing U.S. Liquefied Natural Gas to Ukraine from Greece. Mykola Kolysnyk, the deputy minister of energy, refused to say what had happened. The Ukrainian gas transit operator reported that planned volumes for the Transbalkan route, also known as the Transbalkan Gas Transit Route, were mostly unchanged.
Prices rise dramatically on lower wind volume
The European spot electricity prices rose on Wednesday due to forecasts of lower wind power generation, which overrode?effects from slightly higher solar power and nuclear power output. In a research note for the day ahead, LSEG analyst Xiulan said that "the signal?is bullish" for Germany. He added that France is also affected by this wind downturn. According to LSEG data, the price of French baseload electricity for delivery on Thursday was 17.4% higher than at 1000 GMT at 75.2 Euros ($87.53 per megawatt-hour (MWh).
TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field.
Australia is preparing to review its gas market, which could affect LNG exports
Australia will soon issue a review of the gas market that could limit exports from its east coast. Three operators, led by Shell and Santos, send cargoes to Asia. They said that the review, which they expect Canberra to release this week, may 'include a plan for LNG exporters to prioritize local supply in the populous east, the main source of domestic demand. Tony Wood, energy analyst at Melbourne's Grattan Institute, said that the government is trying to solve a difficult problem.
India's low battery storage bids are raising concerns about project viability
Industry experts and analysts fear that the record-low bids to build battery energy storage system in India could make some projects economically unviable, or even dangerous. This would hinder efforts towards renewable power. Battery projects are critical to India's goal to double its renewable energy capacity by 2030 to 500 gigawatts, while the grid operator reduces excess power. India Energy Storage Alliance (IESA), an industry group, says that India has contracted out 83 gigawatt hours (GWh) worth of battery storage since 2021.