economics

bp asks U.S. regulators to reject Venture Global's permit extension request

bp urged U.S. regulators to refuse Venture Global LNG's request for an extension of time to build its Calcasieu Pass export plant.

Woodside Energy inks long-term LNG supply deal with South Korea

Woodside Energy has inked an agreement with South Korean state-owned natural gas firm Korea Gas Corp to supply LNG for more than a decade.

Global LNG demand seen rising in 2024 from China, Europe

Global LNG demand will grow in 2024 with top buyer China back in the market and consumption in Europe rising.

Israel says gas exports to Egypt, Jordan rose 25% in 2023

Israel said on Monday that gas supplies to Egypt and Jordan rose by about 25% in 2023, despite brief disruptions at the start of the war in Gaza, adding that exports could be expanded further.

Yokogawa releases OpreX carbon footprint tracer to support decarbonization in the process manufacturing industries

Yokogawa Electric Corporation announced the development and release of OpreX Carbon Footprint Tracer, a solution in the OpreX Transformation lineup that targets the carbon footprint management needs of companies in the process manufacturing industries.

Qatar's new LNG expansion plans to squeeze out U.S., other rivals

Qatar's planned expansion of LNG production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the U.S. where President Biden paused new export approvals, market experts say.

Weak gas prices primed to trigger coal-to-gas switch in Germany

A more than 25% slump this year in northwest Europe's benchmark natural gas price has helped push the price of gas-fired power generation below the cost of coal-fired generation and sets the stage for fuel switching by key regional power producers.

Bangladesh raises gas prices for power plants

Bangladesh has raised gas prices for power plants by $0.0068 per unit to ease the subsidy burden effective from this month.

MAMII expands membership with Chevron, Seapeak, and TotalEnergies joining the initiative

Leading energy companies TotalEnergies and Chevron, and major gas carrier Seapeak, have joined the Methane Abatement in Maritime Innovation Initiative, led by SafetyTech Accelerator.

U.S. takes lead as top supplier to Europe for crude, diesel and LNG

The United States has taken the top spot as Europe's supplier of crude oil, diesel, and LNG in recent months, capitalizing on reduced imports from east of Suez caused by shipping disruptions in the Red Sea.

Japan’s bloated gas stocks add to worldwide surplus

Japan’s gas inventories are well above normal for the time of year, part of a worldwide surplus in response to the period of exceptionally high prices stemming from Russia’s invasion of Ukraine in 2022.

Qatar plans new gas output boost amid global price collapse

Qatar will raise natural gas production despite a recent steep drop in global prices, in a long-term bet on rising demand for the less polluting fuel in Europe and Asia.

Czech gas 2023 consumption lowest in decades helped by savings, weather

Czech gas consumption fell last year to its lowest levels since 1992, decreasing more than 10% as customers cut back further amid a savings drive since Russia's invasion of Ukraine.

Australia's Woodside to sell stake in Scarborough to Japan's JERA for $1.4 B

Woodside Energy is selling a 15.1% stake in its Scarborough project to Japan's JERA for about $1.4 B, marking the Australian gas producer's second stake sale to a Japanese LNG buyer in six months.

Global LNG—Asia spot prices hit near 3-yr lows as weak demand weighs

Asian spot LNG fell to a fresh low this week, easing to its lowest levels in nearly three years, as weak demand in Asia and Europe weighed on prices.

U.S. natgas spirals lower as low demand compounds plentiful supplies

U.S. natural gas futures shed more than 6% on Friday on record output, sufficient fuel in storage and lower heating demand, but prices are still headed for a weekly rise following their mid-week rally.

IEEFA: Three reasons the U.S. LNG pause does not threaten South Korea’s energy security and transition

Since the U.S. Biden Administration announced the temporary pause on new liquefied natural gas (LNG) export approvals early this year, many Asian countries have expressed concerns about the potential disruption in energy security and decarbonization goals.

Uzbekistan plans to invest $500 MM to boost gas imports from Russia

Uzbekistan plans to spend $500 MM on modernizing its mainline gas system to allow it to increase imports from Russia to 32 MMm3 a day from 9 MMm3.

KT awarded Eni contract for hydrogen production in Livorno plant biorefinery conversion

MAIRE announced that its subsidiary KT - Kinetics Technology (Integrated E&C Solutions) has been awarded an EPC contract by Italian Energy company Eni to build a hydrogen production plant at Eni’s Livorno refinery.

Guyana's $1.9-B gas-to-power project delayed to 2025

Guyana will delay until 2025 its biggest effort to capitalize on its energy bounty, a $1.9 billion gas-to-power project that was to start this year, using untapped gas to slash electricity costs.

Occidental Considers $18 Billion Sale of Western Midstream, Sources Say

Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of more than $18 billion, including debt, according to people familiar with the matter.

Danish Tyra gas field on track to restart in March

Denmark's Tyra natural gas field remains on track to restart production at the end of March.

Equitrans delays WV-VA Mountain Valley natgas pipe again, boosts cost

U.S. energy firm Equitrans Midstream delayed the completion date for its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter of 2024 from the previous estimate of the first quarter.

China's CNOOC receives approval for second LNG berth at Yancheng port

Chinese state-owned CNOOC has received government approval to build a second berth at its LNG receiving terminal in Yancheng in eastern Jiangsu province, according to a statement from the Shanghai Petroleum and Natural Gas Exchange.

El Niño pushes real U.S. gas prices to multi-decade low

Inflation-adjusted U.S. gas prices have fallen to the lowest level for over 30 years as a mild winter and continued production growth leave the market carrying a growing surplus of inventories.

Democratic U.S. senator opposes Biden pause on LNG exports

Democratic U.S. Senator Michael Bennet opposes President Joe Biden's decision to pause approvals of new exports of LNG, saying that it could undercut U.S. efforts to supply gas to Europe as it replaces Russian exports.

Pavilion Energy, Rio Tinto complete ship-to-ship LNG bunkering operation

Singapore's Pavilion Energy has completed a ship-to-ship LNG bunkering operation with global mining giant Rio Tinto via the newly built Brassavola bunker vessel, marking the vessel's first ship-to-ship LNG bunkering operation.

Veolia agrees to buy Hungarian gas-fired power plant from Uniper

Veolia has agreed to buy a 430-megawatt, gas-fired power plant in Hungary from German energy firm Uniper.

Equinor signs 15-year LNG deal with India's Deepak Fertilizers

Norway's Equinor said it had signed a 15-year agreement to supply LNG to India's Deepak Fertilizers from 2026.

Venture Global seeks extension for completion of Calcasieu Pass LNG

Venture Global LNG sought a one-year permit extension to complete construction of its Calcasieu Pass gas-export plant in Louisiana, in a filing with the U.S. Federal Energy Regulatory Commission.