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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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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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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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Refiners likely to report sluggish Q2 earnings on low oil prices

South Korean refiners, led by SK Innovation Co., may report earnings declines in the second quarter of the year due to a falloff in oil prices and low refining margin, industry sources said. SK Innovation is forecast to have racked up a net profit of 519 billion won (US$463 million) during the April-June period, down from 626 billion won a year earlier, according to the data compiled by Yonhap Infomax, the financial information arm of Yonhap News Agency. Its operating income is estimated at 658 billion won for the second ...

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Asia Distillates-Gasoil margin eases from more than 8-month high

The Asian gasoil margin eased on Monday from its multi-month high as more spot cargoes appeared from India and Thailand, though spot demand from East Africa prevented a deeper loss, trade sources said. EAST AFRICA DEMAND: Tanzania’s oil importers are seeking over 350,000 tonnes of oil products for delivery in September, including 213,940 tonnes of 50ppm sulphur gasoil and 30,000 tonnes of jet fuel, in a tender that closes on July 27. This follows an earlier tender by Kenyan oil importers seeking about 305,000 tonnes of 50ppm sulphur diesel and ...

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Saipem seen getting work in Novatek’s Arctic LNG 2 project

Italy’s Saipem is likely to get a sub-contractor role in a new project to produce liquefied natural gas (LNG) in the Arctic by Russia’s Novatek, one of Novatek’s partners said. Novatek, Russia’s largest non-state LNG producer, is aiming to produce as much LNG as the world’s biggest exporter Qatar and is drawing up plans to build a second plant, known as Arctic LNG 2, on the Gydan Peninsula that juts into the Kara Sea. Production is due to start in 2022-2023. Four sources told Reuters earlier this month that Saipem ...

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Britain launches first phase of energy storage investment

Business minister Greg Clark will launch the first phase of a 246 million pound investment into battery technology on Monday, part of the government’s industrial strategy to boost productivity and spread wealth in Britain. Prime Minister Theresa May published her government’s industrial strategy in January, putting forward proposals for a more hands-on approach to developing key industries to help protect the economy as Britain leaves the European Union. The shift to cleaner energy and technologies such as electric cars has made the design, development and manufacture of batteries a top ...

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U.S. oil refiners’ weekly capacity seen unchanged -IIR

U.S. oil refiners are estimated to have 107,000 barrels per day (bpd) of capacity offline in the week ending July 28, leaving available refining capacity unchanged from the previous week, data from research company IIR showed on Monday. IIR expects offline capacity to decrease to 101,000 bpd in the week to August 4. Following are IIR weekly figures (in thousands of bpd): Week ended Friday July 24 report  July 21 report  July 19 report 08/04/2017    101 101 – 07/28/2017    107 107 99 07/21/2017    107 107 101 07/14/2017 ...

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Export surge boosts ARA refinery margins, easing excess crude

High profit margins and a surge in exports will keep Europe’s refineries running full tilt into the autumn, helping to eat into some of the Atlantic Basin’s excess of crude oil. In the past few weeks, millions of tonnes of oil products – including unusual, and valuable, exports of low-sulphur diesel -have sailed away from Europe’s shores to hungry consumers in Latin America, India and the United States after a combination of refinery issues and stock draws ate their own stores of fuel. This late-year flow has largely erased disappointing ...

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US northeast gas output pressures prices

As natural gas output in Appalachia rises on increased drilling, prices in the region are expected to weaken under the weight of increased supplies. Production in the US northeast has already begun to surge, with combined dry-gas production from the Marcellus and Utica shales in June reaching 21.78 Bcf/d, up by 1pc from the prior month, according to data from the US Energy Information Administration (EIA). By the start of July dry-gas output exceeded 23.6 Bcf/d (669mn m³/d) in Appalachia, up by about 1 Bcf/d from the end of May, ...

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Hellenic Petroleum’s Elefsina Refinery to be closed until September

“Furthermore, it was decided that maintenance works at all units of the Elefsina refinery, which were scheduled to be implemented gradually from the end of September 2017 until March 2018, will be carried out during the shut-down period,” Helpe said in a bourse filing. The completion of maintenance works and the start-up of the refinery are scheduled to take place during September 2017. The group refineries at Aspropyrgos and Thessaloniki will cover the supply needs of the domestic market and our international subsidiaries. Source: Post Online

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Italian LNG sendout hits record high in June

Italy’s LNG sendout reached a record high in June as the country’s PSV hub became one of the premium global markets and deliveries under the LNG storage service increased from a year earlier. Aggregate Italian sendout was 31.2mn m³/d in June, up from 23.4mn m³/d a year earlier and the previous peak of 27.6mn m³/d in May. The record sendout was partly the result of deliveries under Italy’s LNG storage and regasification service, which was launched in 2015 but received no commercial interest in the first year of operation. The ...

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European refineries boost operations in June -Euroilstock

European refinery intake rose in June by 1.9 percent from a month earlier as plants completed seasonal maintenance and strong margins prompted operators to boost output, Euroilstock data showed. Refined product output rose by 4.1 percent from May, driven primarily by higher gasoline production, the data showed. Source: Reuters (Reporting by Ron Bousso; editing by Jason Neely)

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Speculators boost U.S. natgas net longs for 3rd week in four -CFTC

U.S. natural gas speculators this week boosted their net long positions for a third week in the last four, betting prices will rise on the chance there will be less gas than usual in storage this winter due to relatively low output and rising exports. Speculators in four major New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) markets added to their bullish bets by 8,081 contracts to 281,794 in the week to July 18, the U.S. Commodity Futures Trading Commission said. That compares with a five-year (2012-2016) average speculative ...

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