economics
U.S. net natural gas exports remain flat in the first half of 2024
In the first six months of 2024, U.S. net natural gas exports (exports minus imports) averaged 12.6 Bft3d, 1% (0.1 Bft3d) more than the same period last year and 2% (0.3 Bft3d) less than in 2023, according to the U.S. Energy Information Administration’s (EIA) Natural Gas Monthly.
Shell shelves Norway hydrogen project due to lack of demand
Shell has scrapped plans for a low-carbon hydrogen plant on Norway's west coast due to a lack of demand, the energy company said on Monday, days after Equinor cancelled a similar planned project in Norway.
TotalEnergies will supply 200,000 tpy of LNG to HD Hyundai Chemical until 2033
In line with its strategy to grow its long-term LNG sales, TotalEnergies announced the signing of a Heads of Agreement (HoA) with HD Hyundai Chemical for the delivery of 200,000 tpy of LNG for 7 years starting from 2027.
Norway's Equinor scraps plans to export blue hydrogen to Germany
Norway's Equinor has scrapped plans to export blue hydrogen to Germany because it is too expensive and there is insufficient demand. Equinor and Germany's RWE signed a Memorandum of Understanding in January 2022 to build a hydrogen supply chain for German power plants to help reduce greenhouse gas emissions.
Chevron not looking to invest in building US LNG plants
Chevron does not want to invest in the construction of U.S. LNG plants, as it is not the best use of the company's capital and it can easily sell its U.S. gas.
LNG contracting off to a great start in 2024
Long-term LNG contracting activity is off to a strong start in 2024. Since the beginning of the year, 58 MMtpy of LNG SPAs (sales purchase agreements), capacity agreements and Heads of Agreements (HOAs) have been signed. This follows over 94 MMtpy of new LNG SPAs and HOAs agreed upon last year.
ArcelorMittal's India JV seeks duty-free LNG imports
ArcelorMittal's India joint venture (JV) has called on New Delhi to remove the import tax on liquefied natural gas (LNG) for steelmaking to help the company cut its production costs and meet decarbonization goals.
Germany building up LNG import terminals
Germany is trying to expand its natural gas import options to replace Russian supply and as part of its decarbonization efforts.
Aramco to up stake in EIG's MidOcean to 49%, fund new stake in Peru LNG
Saudi Aramco will increase its stake in liquefied natural gas (LNG) firm MidOcean Energy to 49% and fund its acquisition of a new 15% stake in Peru LNG from Hunt Oil Company.
Egypt fully awards tender for 20 winter LNG cargoes
Egypt has bought 20 cargoes of liquefied natural gas (LNG) via the first tender issued to cover its winter demand since 2018, securing full volumes it was seeking at smaller than expected premiums.
EU LNG import utilization falls as demand declines
European Union LNG import terminals are being utilized less as demand for the fuel continues declining across the continent, increasing the realization that Europe’s LNG import infrastructure will become increasingly underutilized as gas use drops further.
Japan considers company support measures for long-term LNG contracts
The Japanese government is considering support measures to make it easier for companies to enter into long-term purchase contracts for liquefied natural gas (LNG) to ensure a stable supply of the super-chilled fuel.
EIA: U.S. natgas output to decline in 2024 while demand rises to record high
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook.
China’s Hudong-Zhonghua Shipyard to build six new QC-Max LNG vessels for QatarEnergy
QatarEnergy has signed an agreement today with China State Shipbuilding Corp. (CSSC) for the construction of six additional state-of-the-art QC-Max vessels, bringing the total number of LNG vessels on order under its fleet expansion program to 128, including 24 QC-Max mega vessels.
EIA: Natural gas pipeline capacity from the Permian Basin is set to increase
According to the U.S. Energy Information Administration (EIA), natural gas pipeline takeaway capacity in the Permian Basin will soon increase as the Matterhorn Express pipeline, with a capacity of 2.5 Bft3d, is expected to begin service this month.
U.S. regulators okay first step to start Plaquemines LNG plant in Louisiana
Federal regulators on Friday gave Venture Global LNG permission to begin preparations for the startup of liquefied natural gas (LNG) equipment at its Plaquemines export plant in Louisiana, taking a step closer to first LNG production for the facility, about 20 miles south of New Orleans.
Gunvor growing Asia operations, expanding into LPG, naphtha, gasoline, aromatics, power
Global energy trader Gunvor Group is growing its Asia operations to expand in existing markets such as liquefied petroleum gas (LPG), naphtha, gasoline and aromatics as well as into new areas including power.
LNG entities under U.S. sanctions to curb Russia's Arctic LNG 2 project
The U.S. has imposed sanctions on hundreds of entities and individuals for supporting Russia's war effort in Ukraine, including companies supporting the development of Russia's Arctic LNG 2 project and its shipment of LNG, as well as other future energy projects.
Poland's Orlen signs Lithuania deal to boost LNG deliveries
Polish refiner Orlen signed a five-year agreement with Lithuanian oil and gas logistics firm KN Energies for exclusive use of a waterfront LNG transshipment station in Klaipeda.
Santos signs 500,000-tpy LNG supply contract with Glencore
Santos will supply 19 LNG cargoes, or up to approximately 500,000 tpy of LNG over a period of 3 yr plus one quarter to Glencore Singapore Pte Ltd.
U.S. LNG export dominance tested as Europe's demand wilts
The United States has remained the largest exporter of liquefied natural gas (LNG) so far in 2024, but a steep drop in selling prices and a sharp swing in export volumes to key markets is likely testing exporter appetite to stay on top.
Putin arrives in Mongolia, key link in planned gas pipeline to China
The Kremlin said on Monday that Russian President Vladimir Putin had arrived for a state visit in Mongolia, which lies on the route of a planned new gas pipeline connecting Russia and China.
Turkey's Botas buying 4 Bm3y of LNG from Shell in 10-year deal
Turkish state energy company Botas and British oil major Shell have signed a 10-year LNG agreement for a total of 40 LNG cargoes of approximately 4 Bm3 to be delivered annually for a period covering 10 years starting from 2027.
Egypt counts on foreign funds to buy gas as power crisis worsens
Saudi Arabia and Libya have financed the purchase of gas cargoes worth at least $200 MM to help Egypt ease its energy crisis this summer amid a steep decline in domestic gas output.
Russia's Gazprom says H1 net income more than tripled to $10.9 B
Kremlin-owned gas giant Gazprom said on Thursday its first-half net income more than tripled from a year earlier to more than 1 T roubles ($10.9 B), thanks to rising gas exports and cost controls.
Asia spot LNG prices rise on supply concerns, geopolitical tensions
Asian spot liquefied natural gas (LNG) prices rose this week as outages in LNG facilities in Australia and Malaysia sparked supply concerns, although buying interests from China remained limited due to higher price levels.
Russia presses ahead with Arctic LNG 2
Russia's largest liquefied natural gas (LNG) producer Novatek appears to be preparing a floating storage unit (FSU) to receive gas as part of its Arctic LNG 2 project, in defiance of sanctions.
ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
ONEOK announced that it has executed a definitive agreement with Global Infrastructure Partners under which ONEOK will acquire interest in EnLink Midstream and Medallion Midstream for nearly $6 B.
Mexico Pacific announces long-term LNG SPA with POSCO International
Mexico Pacific, owner of the Saguaro Energía LNG facility and associated Sierra Madre Pipeline, announced that it has signed a sales and purchase agreement of 700,000 tpy of LNG with POSCO International Corporation.
Kremlin says Europe will pay more unless Ukraine extends gas transit deal
European consumers will face higher prices unless Kyiv agrees to extend a deal on Russian gas transit via Ukraine once it expires on Dec. 31.
- ADNOC deploys pioneering AI-enabled process optimization technology
- Mexico Pacific announces long-term LNG SPA with POSCO International
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Golar LNG signs EPC deal for $2.2-B MK II FLNG conversion project
- Japan's Mitsubishi to acquire stake in Petronas LNG plant
