After drone attack, operations at major Iraqi gas fields are suspended
Field engineers reported on Wednesday that a drone attack caused the suspension of operations in the Khor Mor Gas field, which is one of the largest fields of gas in Iraqi Kurdistan. The Natural Resources and Electricity Ministries said in a statement that all gas supplies to power plants in Kurdistan were stopped following the attack. Security sources reported that the attack on field storage tanks started a fire, and injured some workers. A worker reported from the field shelter, where staff took cover in fear of more attacks, that a drone had struck a gas storage facility, causing extensive damages. The fire still burns.
Energy operator warns of emerging risks to UK gas supply as demand declines slowly
The energy operator in Britain warned on Wednesday of possible shortages during the coldest months. In its first assessment of gas supply security since being established last January, the National Energy System Operator stated that while overall demand for gas will decrease as Britain decarbonises it will be slower at peak times. This could pose a risk if progress in cutting emissions stagnates or if major infrastructure is faulty. The report, which is a look ahead at winters 2030/31, and 2035/36 said that Britain would continue to draw from a variety of sources…
Shell is ready to invest in Italy more if drilling rights are unlocked
Shell is willing to increase its investment in Italy to boost the hydrocarbon production. The head of Shell's Italian division said this on Wednesday. He urged the government to permit new drilling. Shell spends approximately 500 million euros (578 million dollars) per year in Italy and is the largest foreign investor in this sector. Shell's hydrocarbon production is decreasing in Italy as it waits for approval to drill new wells on the two concessions it operates in. Shell Country Chair for Italy Joao Santis Rosa stated at an event held in Rome that "the potential is much greater than what we currently invest... We could invest substantially more".
The price of gas contracts in Europe remains at a 18-month low due to peace talks, mild temperatures and abundant LNG
Dutch and British gas futures traded slightly lower on Wednesday. They were near their lowest levels in 18 months, due to the prospects of warmer weather for early December, the ongoing efforts to end Ukraine's war, and the abundance of liquefied gas. Analysts said that the further downside is limited as long as the gas storage levels continue to drop and that LNG exports to Europe may be slowed. LSEG data shows that the benchmark Dutch front-month contract was 29.20 euros per Megawatt Hour, or $9.97/mmBtu at 0928 GMT. This is a decrease of 0.22 euros. Tuesday's intraday low was 29 euros/MWh, the lowest since May 2024.
Venture Global accuses Shell in FT report of a campaign to harm the LNG business
According to a Financial Times staff note published on Wednesday, Venture Global, a U.S. LNG manufacturer, accused Shell of waging "a three-year campaign" against its business. This was after Shell appealed a loss in arbitration. The report could not be verified immediately. Venture Global and Shell didn't immediately respond to our request for comment. The email, seen by the FT, from co-founders Michael Sabel & Robert Pender criticized Shell for its "misguided" decision to challenge the ruling & said Venture Global will continue to defend themselves.
Venture Global and Tokyo Gas Sign 20-year LNG Supply Deal
Venture Global, a U.S. LNG exporter, has signed a deal for Tokyo Gas to receive 1 million metric tonnes per year (mtpa), starting in 2030. Venture Global has now signed its fourth long-term LNG contract with a Japanese firm. The U.S.-based company announced in a Wednesday statement that it had signed LNG long-term contracts totaling 7.75 mtpa over the past six months. This move shows that Japan is increasing its energy purchases from the United States, while President Donald Trump pushes for increased U.S. exports of LNG to support domestic producers as well as improve trade balances with Japan.
Venture Global and Tokyo Gas Sign 20-year LNG Supply Deal
Venture Global announced on Tuesday that it had signed a 20 year sales and purchase agreement (or SPA) with Tokyo Gas, the gas supplier for Japan's capital, Tokyo Gas. The agreement will see Tokyo Gas supply 1 million metric tons of liquefied gas per annum, beginning in 2030. Venture Global said that this is the fourth long-term agreement it has signed with a Japanese firm. The U.S. LNG Exporter also announced in a press release that in the past six months, they have signed SPAs to purchase 7.75 million tonnes of supercooled gas per year. According to LSEG data, Venture Global was the second largest LNG exporter in the U.S. last month.
Equinor looks at its role in expanding Germany's gas capacity
A senior executive at Equinor said that the Norwegian energy company is considering its options to participate in a German gas-fired plant tender, but needs more information before taking a decision. Germany will tender 8 gigawatts of new gas-fired plant capacity in the coming year. A further 2 GW will be offered by 2026 or 2027, to strike a balanced between decarbonisation while supporting intermittent renewables. Helge Haigane, Equinor's head of power business, said: "We are in discussions with actors that will be most definitely in the picture. He added that the involvement of any company was also dependent on economics. Many details about the tenders were still not clear.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military presence in Caribbean and has stated that it is willing to talk to Maduro. His government has been struggling to attract foreign investment to the oilfields of Venezuela due to U.S. sanction. According to sources, the U.S. designated Venezuela's Cartel de los Soles as a terrorist organization on Monday, increasing pressure against Maduro in preparation for further operations to be launched in the near future.
Equinor plans to drill 250 oil and natural gas exploration wells by 2035 in Norway
Equinor plans to drill 250 oil-and-gas exploration wells in Norwegian waterways in the next ten years in order to achieve a goal that will maintain production in 2035, at levels of 2020, due in part, according its CEO, Tuesday, to expectations of continued fossil fuel demand. Anders Opedal, the CEO of Norwegian Energy Company, said at an energy conference that the company will invest 60 billion Norwegian crowns (5.86 billion dollars) per year over 10 years to maintain production on Norway's aging continental shelf. The International Energy Agency announced earlier this month that it does not expect the world to meet its climate goals until 2050.
EUROPE GAS prices range bound on warmer weather and Ukraine peace talks
The Dutch and British wholesale prices of gas traded in a narrow band on Tuesday. This was due to a strong supply coming from Norway, liquefied gas (LNG), softer demand because of warmer temperatures and ongoing discussions to end the conflict in Ukraine. LSEG data shows that the benchmark Dutch front-month contract was 29.45 euros per Megawatt Hour (MWh) or $9.50/mmBtu at 0920 GMT. This is a decrease of 0.32 Euro. The contract dropped below 30 euros on Monday for the first since May 2024. The British gas day-ahead price is 0.25 pence less at 77.75 cents per therm. The LNG export is expected to increase by 90 GWh/d, with cargoes destined for the Netherlands and Belgium.
Woodside and East Timor target first LNG from Greater Sunrise by 2032
East Timor and Australia's Woodside Energy have agreed to investigate sending gas from large, undeveloped Greater Sunrise field to a new plant that will produce liquefied gas in Southeast Asia. The plant could begin exporting gas in seven years. In a Tuesday joint statement, Woodside and East Timor’s Petroleum and Mineral Resources Ministry said that the agreement requires the two parties to examine the commercial and technological viability of a 5 million-metric-ton LNG project. The plan is to begin production as soon as 2032-2035. This is the first time that the two sides have given a possible start date for the development of the fields between East Timor…
Woodside and East Timor target first LNG from Greater Sunrise by 2032
East Timor and Australia's Woodside Energy have agreed to investigate sending gas from large, undeveloped Greater Sunrise field to a new plant that will produce liquefied gas in Southeast Asia. The plant could begin exporting gas in seven years. In a Tuesday joint statement, Woodside and East Timor’s Petroleum and Mineral Resources Ministry said that the agreement requires the two parties to examine the commercial and technological viability of a 5 million-metric-ton LNG project. The plan is to begin production as soon as 2032-2035. This is the first time that the two sides have given a possible start date.
US federal funds for energy production will decline by 11% by 2025
Interior Department reported on Friday that revenue from energy production in U.S. public waters and lands fell by 11% to $14.61 Billion during the last fiscal year, citing lower commodity prices like oil. The total is the lowest since 2021 - the first year under the administration of U.S. president Joe Biden - but the fifth highest since 1982. As part of his agenda to dominate the energy sector, President Donald Trump pledged to increase energy production on federal land and waters while keeping prices low for consumers. Interior Department reported that the U.S. spent $14.61 billion on energy production in federal, tribal and offshore areas.
Abu Dhabi Oil and Gas Group plans to invest $150 billion in 2026-2030
ADNOC, the state-owned oil company of Abu Dhabi, announced on Monday that it plans to invest $150 billion between 2026 and 2030 in order to maintain current operations, grow and meet global demand for energy. The board of directors of the company welcomed its increased oil reserves, which now total 120 billion stock-tank barrels (stb), compared to 113 billion stb. It also noted that natural gas reserves had increased from 290 trillion standard cubic foot (scf) to 297 trillion scf. The Emirati oil company has attracted new global partners for unconventional exploration concessions in order to accelerate development…
X-energy raises $ 700 million for nuclear reactor expansion projects in the US
X-energy, a developer of nuclear reactors, announced on Monday that it had completed a $700m financing round led Jane Street. The funding will be used to expand the company's supply chain and its commercial pipeline. After years of stagnation the U.S. Nuclear industry is experiencing a renaissance, driven primarily by the surging demand for power from so-called Hyperscalers who operate massive cloud computing infrastructure to manage increasing AI processing. AI is boosting U.S. electricity demand for the very first time in decades. Amazon.com led a funding round earlier this year in which X Energy raised $700 millions to finish the reactor design…
Russell: COP30 agreement is not important in the battle between renewables and fossil fuels.
It was not realistic to expect anything better from the COP30 Climate Summit than a weak statement that omitted all mention of fossil fuels. It was never going to be easy to bring nearly 200 countries together with vastly different perspectives and make a statement of commitment to fight climate change. After the Belem summit, the question that needs to be asked is, does what the final statement says and doesn't state, really matter? Imagine that environmentalists have won their case with a communique that makes firm commitments for the phase-out of fossil fuels within a time frame that meets ambitious climate targets.
EUROPE GAS-European benchmark falls to its lowest level in 18 months on the back of a milder outlook and peace talks with Ukraine
On Monday, the European benchmark contract fell under 30 euros for first time since May 20, 2024. This was due to forecasts of a warmer-than-normal climate in the coming two weeks as well as ongoing diplomatic efforts aimed at ending the war in Ukraine. LSEG data shows that the benchmark Dutch front-month contract was 29.25 euros per Megawatt Hour (MWh) or $9.88/mmBtu at 0945 GMT. This is a decrease of 0.99 Euro. This is the lowest price in 20 years. The British gas day-ahead price was lower by 2.00 pence at 77.00 cents per therm. Georg Mueller…
Russell: COP30 agreement is not important in the battle between renewables and fossil fuels.
It was not realistic to expect anything better from the COP30 Climate Summit than a weak statement that omitted all mention of fossil fuels. It was never going to be easy to bring nearly 200 countries together with vastly different perspectives and make a statement of commitment to fight climate change. After the Belem summit, the question that needs to be asked is, does what the final statement says and doesn't state, really matter? Imagine that environmentalists have won their case with a communique that makes firm commitments for the phase-out of fossil fuels within a time frame that meets ambitious climate targets.
US EXIM will invest $100 billion in order to secure vital mineral supplies, FT reports
John Jovanovic, chair of the U.S. Export-Import Bank, told The Financial Times that the bank will invest $100 billion in order to secure U.S. supply chains and those of its allies for essential minerals, nuclear energy, and liquefied gas. Jovanovic, a journalist, told the paper that the first deal will cover projects in Egypt and Pakistan, as well as Europe. He added that the West is overly dependent on the supply of these essential materials, which "are not fair". Jovanovic told The FT that early deals for the bank would include a guarantee of…