JERA Nex BP will buy EnBW’s stake in UK’s Mona offshore Wind project
JERA Nex BP has announced that it will purchase its partner EnBW’s stake in Mona 'offshore wind project. It also signed a lease agreement with the British 'facility. This move follows a German utility EnBW's announcement that it would be taking a 1.2 billion-euro ($1.39-billion) impairment charge for pulling out of two wind projects, Mona and Morgan, which it had been developing?jointly? with JERA Nex BP. The decision was a direct implication of the UK losing a landmark offshore tender. EnBW also cited significant increases in supply-chain costs, lower electricity market prices and increased interest rates.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said in its closely watched report published on Friday that U.S. firms have cut back the number of natural gas and oil rigs for the second consecutive week. In the week ending January 16, the oil and gas rig counts, an early indicator for future production, dropped by one, to 543. This is the lowest it has been since mid-December. Baker Hughes reported that the total rig count is down 37 rigs or 6% from this time last week. Baker Hughes said oil rigs increased by one this week to 410, while gas-rigs dropped?by two, to 122. This is their lowest level since October.
Schedule for US Energy Data in Holiday Week
The Martin Luther King Jr. federal holiday, which falls on Monday January 19, will impact the schedule for releasing some of the major energy data that was scheduled to be released during the week ending January 18. The schedule below shows the U.S. Petroleum, Oil and Natural Gas Supply and Inventory for each week. API's Weekly Petroleum Stocks Report will be?delayed to Wednesday, 21st January at 4:30 pm EST (2130 GMT). The report would normally be released on Tuesday. EIA will release its weekly report on natural gas stocks as usual, Thursday, January 22 at 10:30 am EST (1530 GMT). ENERGY INFO?
Ambani's Reliance missed profit forecast due to higher expenses and oil and gas drag
Mukesh Ambani, the Indian billionaire who owns Reliance Industries, missed its quarterly profit estimates on Friday due to higher expenses and a weak performance in its oil and natural gas segment. The unit's performance has been affected by lower output and softer prices realized from its KG D6 fields in Andhra Pradesh. These are a major source of gas for the domestic market. The BP-developed 'deep-water' block, which was once a major contributor to India’s gas production, has since seen its output decline as the reservoirs have matured and the pressures have fallen.
Prices of gas in Europe soar due to cold weather and storage concerns
The Dutch and British wholesale contracts for gas rose by over 8% on Friday as the colder weather forecasts have caused traders to close short positions. The benchmark Dutch front month contract at the TTF Hub was up 2.69 euro at 36.50 Euros per Megawatt Hour (MWh), which is $12.43/mmBtu by 1401 GMT. The contract gained nearly 30% in this week, the highest since last June 24. The Dutch March price rose by?2.57 Euros to 35.30 Euros/MWh. The British price for February rose 8.00 pence per therm to 95.50 pence. Arne Lohmann, Chief Analyst at Global Risk Management…
What excites and concerns LNG exporters by 2026? Maguire
In 2025, the LNG industry will make history after exports and production of super-chilled fuel broke records and generated billions in revenue across the global supply chain. Gas sellers were encouraged by the 25% increase in LNG purchases in Europe. This was an important development and raised expectations that gas consumption in countries like Germany, Italy and United Kingdom will continue to grow in 2026. Three of the five largest LNG buyers in the world - all from Asia - are reducing their imports, which has raised concerns among exporters who hope to sell the increased volumes of LNG that will be available this year.
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 said that the expansion will increase total gas deliveries to Leviathan to about 21 billion cubic metres per annum. Leviathan's expansion project should be completed by the end of this decade.
What excites and concerns LNG exporters by 2026? Maguire
In 2025, the LNG industry will make history after the production and exports of super-chilled fuel broke records and generated billions in revenue across the global supply chain of liquefied gas. The 25% increase in LNG purchases in Europe was a major highlight. This gave gas sellers hope that gas consumption in countries like Germany, Italy and the United Kingdom will continue to grow in 2026. Three of the top five LNG buyers - all in Asia - are reducing their imports, which has raised concerns among exporters who hope to sell the increased volumes of LNG that will be available this year. Here are the LNG industry's top growth markets for 2026.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
Three people with knowledge of the matter have confirmed that Devon Energy and Coterra Energy are looking at a possible merger. This could result in one of the biggest independent shale producers in the United States. The combination would be among the biggest between U.S. producers of energy in recent years. This comes at a time when U.S. crude oil prices are under pressure from a global glut in the near term and the prospect that Venezuela will increase its supply to the market over the next few years. Sources said that the two companies are in early stage talks about a merger. They cautioned, however, that a deal was not guaranteed.
US energy chief: US gets 30% more for Venezuelan oil compared to what Venezuela paid in the past few weeks
Chris Wright, the U.S. Energy secretary, said Thursday that?U.S. The price of?Venezuelan?crude oil is 30% higher than what Venezuela paid before U.S. Special Forces captured President Nicolas Maduro in early this month. Wright stated at an event of the U.S. Energy Association that "we're getting a 30 percent higher realized price" when we sell a barrel of crude oil than the barrel they sold?three-weeks ago. Wright did not detail the prices of oil sales before and following Maduro's capture. The U.S. The?U.S. A U.S. official said on Wednesday that the $2 billion oil deal between Washington and Caracas was part of a larger deal of Venezuelan oil.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of merging, which could result in one of the biggest independent shale producers in the United States. The U.S. oil market is still under pressure from the?near term global oil glut, and Venezuela's increased supply in the coming years. Sources said that the two companies were in early stage talks about a merger. They cautioned, however, that a deal was not guaranteed. Devon's shares fell?3% while Coterra's stock rose more than 6% in response to the story. Devon's market value is around $24 billion while Coterra's is about $20 billion.
Sources: Devon Energy and Coterra Energy, two US shale producers, are in merger talks.
People familiar with the matter have confirmed that Devon Energy and Coterra Energy were exploring the possibility of a merger, which would create one the largest independent U.S. Shale producers. Sources said that the two companies are in early stage talks for a merger. They cautioned, however, that a transaction was not guaranteed. Devon's shares?fell 3% while Coterra's stock rose more than 6% in response to the story. Devon's market value is around $24 billion while Coterra's is about $20 billion. Devon and?Coterra didn't immediately respond to comments. The combination of the two shale producers will be one of the biggest tie-ups between U.S.
Exxon signs contract for deepwater seismic off Trinidad and Tobago
Shearwater Geoservices announced on Thursday that Exxon Mobil had awarded them a contract for the acquisition of 3D seismic data over their large deepwater block off Trinidad and Tobago. Exxon’s deepwater offshore Trinidad block is located northwards of the Stabroek Block in Guyana. This block has the fastest growing oil production in the world. The survey is expected to start in the first quarter of 2026. It will cover a total area of?6,000 sq km. The survey is expected to last five months in water depths between 2,000 and 3,000 meters. Exxon and Trinidad signed a production sharing contract in August of last year. The area was consolidated from seven blocks into one.
Germany will tender 12 gigawatts in new power plant capacity by 2026
On Thursday, Germany announced that it had reached an agreement with the European Commission regarding a plan to build power plants. It added that it would be tendering 12 gigawatts of capacity by 2026 with a particular focus on gas-fired facilities. This is a significant step in Germany's quest to ensure security of supply, given the country's ongoing phase-out coal-fired capacity. The German economy ministry stated that the majority of new capacity (10?GW) must be able?to generate electricity over a longer period of time in order to ensure a steady supply. This included, but was not restricted to, gas-fired energy stations.
UAE's ADNOC weighs Venezuela gas investment, Bloomberg News reports
Bloomberg News, citing sources familiar with the situation, reported that the?state oil company of Abu Dhabi, ADNOC, is considering entering Venezuela's energy industry. It could also seek a partnership to participate in Venezuela's gas projects with?another? international producer. Could not verify the report immediately. XRG, ADNOC’s international investment arm, set up?inlate 2024, declined comment. Bloomberg stated that ADNOC was interested in investing, but it would be dependent on the legal and financial structure of any investment. Any approach to Venezuela would need coordination with the U.S. Donald Trump, the U.S. president, urged U.S.
Energy Capital to sell 2.6 GW gas plants to Talen Energy for $3.45 Billion
Talen Energy announced?on Thursday that it would purchase about 2.6 gigawatts of natural gas-fired generating capacity from private 'equity firm - Energy Capital Partners, for $3.45 Billion. This will double its annual production and strengthen its position in PJM markets in the Mid-Atlantic region and Midwest U.S. In premarket trading, shares of Talen increased by about 10%. The United States' power demand is expected to reach record levels by 2026. This will be driven by the rapid growth of AI and cryptocurrency data centers, as well as increased electrification in homes and businesses. This will force U.S. energy producers?to increase gas-fired generators.
EnBW cancels two UK offshore wind farms, incurring $1.4 billion in impairment
EnBW, the German utility, announced on Thursday that it would take a 1.2 billion euro ($1.4 billion) impairment charge for scrapping two British wind projects. This was a direct result of losing a UK offshore tender. In this week's record-breaking auction, the?two offshore projects -- Mona & Morgan -- with a total potential capacity of 3 Gigawatts -- did not qualify for any government assistance via contracts for difference. The?two?projects are?being developed jointly with JERA Nex bp. This is a joint venture 50/50 between British oil giant BP and Japan’s JERA.
EUROPE GAS - European benchmark reaches 14-week high due to cold weather and LNG risk
The benchmark European gas contract reached a new 14-week high Thursday morning. Cold weather is expected to continue through the end of the month, which will increase demand and deplete storage sites. However, concerns remain over the supply of liquefied gas (LNG). LSEG data revealed that the benchmark Dutch front-month contract was 32.79 euros or $11.18/mmBtu at 0856 GMT. This is an increase of 0.72 euros. Early in the session, the contract reached its highest intraday price of 33.04 Euros/MWh since October 8. The British gas day-ahead price increased by 3.50 pence to 89?pence a therm. "Cold temperatures, and declining storage levels are the main drivers of concern.
Gas subsidies for the government are shrinking in China's North, causing villagers to shiver.
He Wenxiang, a 72-year old farmer, sits on his bed, wearing several layers, including a fur-collared black jacket and a hat. He removes the thermometer from the wall, which reads "about 14 degrees Celsius" (57 degrees Fahrenheit). Despite temperatures outside of minus one C (30 F), he only runs his gas heater?occasionally in order to?warm the radiator in his room. He said, "Life isn’t easy." If it got any colder, you wouldn't be able to take it. He is just one of many people in his village, located in the province of Hebei, south of Beijing in China, who are choosing to barely heat their houses because of rising gas prices.
Petrofac UK seeks to reach a compromise with creditors on asset sales
Petrofac, a British oilfield service provider, announced on Wednesday that its creditors would meet later this month to vote on the proposal to compromise on some of their claims in order to allow for the sale of company's Asset Solutions business. Petrofac agreed in December to sell its business to Texas-based CB&I as a way to repay secured creditor, after months of being forced into administration by the loss?of a large contract. The sale of the company, which provides services such as operations, maintenance, and decommissioning for energy assets, should generate between $45 million and $55 million.