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U.S. to Face Renewed Competition in Asian LPG Market

U.S. LPG exports to Asia will meet stiff competition from the Middle East in the next five years, according to ESAI Energy’s newly published Global LPG Five-Year Outlook. As the report details, Asia-Pacific imports will increase 380,000 b/d in the next five years, but that will not be enough to absorb incremental exports from the U.S. and Middle East. The result will be greater competition for market share in China and other key markets. According to ESAI Energy’s bottom-up forecast of country-level supply and demand, a coming slowdown in Indian ...

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A Worldwide Gas Glut Claims $27 Billion Victim in Canada

A $27 billion energy project in Canada just became the latest casualty of a worldwide glut of natural gas. Malaysia’s Petroliam Nasional Bhd abandoned on Tuesday its plans for the Pacific Northwest LNG terminal, a plant that would have liquefied Canada’s gas and sent the fuel by tanker from the western shores of British Columbia to buyers in Asia. Petronas cited market conditions in its decision. Pacific Northwest LNG joins a growing list of projects that have been killed in recent months by plummeting LNG prices, throwing the economics of ...

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Egypt expects gas output to hit 6.2 bln cubic feet per day by end-2017/18

Egypt expects its natural gas production to rise to 6.2 billion cubic feet per day by the end of the 2017/2018 fiscal year which began this month, Petroleum Minister Tarek El Molla told Reuters on Thursday. Egypt currently produces 5.2 billion cubic feet of gas per day. Source: Reuters (Reporting by Ehab Farouk; writing by Arwa Gaballa; editing by Jason Neely)

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If Petronas Can’t Beat U.S. LNG Suppliers, It Could Join Them

Malaysia’s Petroliam Nasional Bhd has pulled the plug on its $27 billion plan to ship liquefied natural gas from Canada’s west coast to Asia, losing out to U.S. suppliers who got to market first. Well, if it can’t beat them, it may still join them. With its Pacific Northwest LNG project now dead, Petronas, as the state-owned company is known, needs to find a home for the gas produced by its Progress Energy Canada Ltd. unit in Canada’s massive Montney formation — and exporting from the U.S. might be its ...

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Marathon Petroleum processed record crude volumes in 2nd quarter -CEO

Marathon Petroleum Corp processed a record 1.9 million barrels per day of crude oil at its seven U.S. refineries in the second quarter, fueled in part by robust refined product exports, the company’s chief executive said. U.S. exports of refined products have been a bright spot in the U.S. refining market this year. CEO Gary Heminger said the flows should continue to support strong refinery runs through the remainder of the year. “Export markets, which have been important to the high utilization of our refineries, are expected to remain robust,” ...

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Prelude: a new era for LNG?

Prelude, the world’s largest floating LNG vessel, has arrived in Australia. Shell, the developer and operator, has sounded the trumpets and declared it “a new era for the LNG industry.” Indeed, it may be, but this is a very expensive way to produce LNG and one that is operationally unproven. The world’s first FLNG vessel, developed and operated by Malaysia’s Petronas, the PFLNG Satu facility on the Kanowit gas field, only loaded its first cargo in April. It has yet to ramp up to full production. Moreover, it is a ...

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Australia’s LNG boom transits to production, company profits up: analysts

Australia’s natural gas boom cycle is set to kick into gear as the production phases commences, according to leading analysts on Wednesday, while company profits have continued to soar. The Deloitte Access Economics quarterly assessment of Australia found that as the production has commenced on the “third and final train” of the monumental 61 billion Australian dollar (48.27 U.S. billion) Gorgon LNG project in the state of Western Australia – the country is set to shift into a gas production, rather than construction phase. Lead author of the report, Deloitte ...

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Russia’s Novatek says Q2 net profit nosedives to 3.2 bln roubles, y/y

Russia’s largest private natural gas producer Novatek said on Wednesday its net profit decreased by 92.9 percent year on year in the second quarter to 3.2 billion roubles ($53.36 million), taking a hit from the foreign exchange rate. Earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at 43.8 billion roubles in the second quarter, the company said. Source: Reuters (Reporting by Oksana Kobzeva; Writign by Dmitry Solovyov; Editing by Katya Golubkova)

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Japan’s Japex to take $82 million loss for scrapped Canada LNG project

Japan Petroleum Exploration Co (Japex) said on Wednesday it would take a loss of about C$102 million ($82 million) in the year to end-March due to the scrapping of a liquefied natural gas (LNG) project in western Canada. Consortium leader Malaysian state-owned Petronas said on Tuesday it will not proceed with the proposed C$36 billion ($29 billion) Pacific NorthWest LNG Project in British Columbia due to weak global prices, dealing a blow to Canada’s ambitions to become a global LNG player. Japex, which has a 10 percent interest in the ...

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Petronas’ Pacific Northwest LNG Facility Scrapped – SkeenaWild Conservation Trust

After years of growing opposition and pending legal challenges, today’s announcement from Petronas not to move forward with their Pacific Northwest (PNW) LNG facility on Lelu Island is a great victory for the Skeena’s wild salmon, and BC’s commitment to meet the challenge of climate change. “When we have something in common like wild salmon, it binds all the peoples of the Skeena together to protect salmon for everyone, especially future generations,” said Chief Namoks of the Wet’suwet’en. “For Petronas to pull out and walk away, it makes their investors ...

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TAP pipeline appoints new country manager for Greece

Trans Adriatic Pipeline (TAP), the end piece of the $40 billion Southern Gas Corridor, has appointed a new country manager for Greece, it said on Wednesday. TAP, which will bring Azeri gas into Europe by 2020 via Greece and Albania, said Katerina Papalexandri will take over from Rikard Scoufias on Sept. 1. Papalexandri previously worked for BP, where she has held numerous senior positions since 1998, including senior commercial manager for the Southern Gas Corridor. BP holds a 20 percent stake in TAP. Azerbaijan’s SOCAR, Italy’s Snam, Belgium’s Fluxys, Spain’s ...

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Australia’s Cure for Gas Could Be Worse Than the Disease

Australia has made such a mess of its energy policy in recent years that it’s tempting to think nothing could make the situation worse. Pessimists can take heart, though: Resources Minister Matt Canavan seems to have set out to prove we’re not at rock bottom yet. The government will start a consultation process to determine if Australia faces a shortfall of natural gas in 2018, Canavan said Monday — potentially triggering export curbs to ensure more is consumed at home. In theory, that could create a temporary glut and push ...

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India: Natural gas production up 6.05% during June

Domestic oil and gas companies produced 6.05 per cent more natural gas in June, year-on-year. This could result in lesser import of natural gas during the month as gas demand is directly linked to availability. The country imported 4 per cent less natural gas in June, annually. According to data shared by the Ministry of Petroleum and Natural Gas, natural gas production during June 2017 was 6.05 per cent higher than production during the same month last year. The country’s total gas production during the month under review stood at ...

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More delays for Tanzanian LNG

While Mozambique makes progress on LNG — at least of the floating variety — Tanzania’s gas ambitions received a blow in early July when the government decided to force all existing upstream investors to renegotiate the terms of their contracts and concessions. The Natural Wealth and Resources and the Natural Wealth and Resources Contracts bills were passed by the Tanzanian Bunge, or parliament, affecting all parts of the oil, gas and mining sectors. In contrast with his low key predecessors, Tanzania’s current president, John Magufuli, has earned himself the nickname ...

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Asia Distillates-Gasoil slips despite strong buying interest

Asian gasoil cash differentials slipped on Tuesday despite strong buying interest, mainly from Winson Oil, industry sources said. Spot demand from Vietnam is expected to slip after a tax reduction which could further weigh on margins, they added. – WINSON OIL BUYS: Winson Oil bought a total of 600,000 barrels of 500ppm sulphur gasoil from Total, Hin Leong and BP on Tuesday, which helped to mop up excess cargoes in the region, trade sources said. It was not clear where Winson Oil was planning to ship the cargoes to. – ...

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