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Oil-patch IOU: Argentina’s late subsidy payments hurt gas producers

Argentina is behind on at least $700 million in promised subsidy payments to natural gas producers, hurting oil companies at a time when the government is trying to woo more investment in the nation’s energy sector. The incentives have cost cash-strapped Argentina more than $7 billion since they were implemented in 2013 by former leftist President Cristina Fernandez. The program, unique in Latin America, is aimed at attracting investment to help boost the country’s declining output and reduce its reliance on imported liquefied natural gas. Payment delays have plagued the ...

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Westwood Insight: Offshore Wind – The Price is Right

The ongoing reduction in the cost of generating renewable energy continues to make the headlines. Offshore wind has relied on subsidies to be viable in the past and, for the overwhelming majority of projects, this remains the case. In the UK, the support mechanism works by providing project owners with a guaranteed price (strike price) for the electricity generated, and developers competitively bid for these CfD (contract for difference) awards. Therefore, the subsidy is the difference between this strike price and the wholesale electricity price. Each round has a maximum ...

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Statoil gas output to be reduced by 6.5 mcm/day on Sept 24-25

Statoil’s gas output will be reduced by 6.5 million standard cubic metres per day from September 24 at 0600 CET (0400 GMT) until September 25 at 0600 CET (0400 GMT), the firm said. “Decreased field availability moved by one day to the 24th September,” the firm said in a message. Source: Reuters (Reporting by Henrik Stolen, editing by Gwladys Fouche)

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Asia Naphtha/Gasoline-Gasoline nears 2-mth low; naphtha gains

Asia’s naphtha rose for the second day to reach a three-session high of $97.65 a tonne on Thursday, with demand streaming in at a seemingly faster pace. – South Korea’s YNCC for instance was looking to buy not just naphtha for first-half November delivery but for second-half November as well. – “Buyers could be trying to stock up before the upcoming the holidays in early October in South Korea and APPEC (Asia Pacific Petroleum Conference which starts next week),” said a naphtha source. – YNCC could have paid an average ...

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LNG growth to propel oil and gas industry’s carbon emissions -WoodMac

Liquefied natural gas will be the biggest source of carbon emission growth for the world’s top oil and gas companies by 2025, according to a new study by Wood Mackenzie, as demand for the super-chilled fuel is set to rise sharply. Oil and gas companies such as Exxon Mobil, Royal Dutch Shell and Total have promoted natural gas as a cleaner fossil fuel that will displace coal to meet growing demand for energy as the world shifts away from fossil fuels in the coming decades. But converting natural gas into ...

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U.S. natural gas prices rise as winter stocks look tight: Kemp

U.S. natural gas stocks look somewhat tight after low prices this summer worked off the excess stocks that built up in the first half of the year. Current stocks are in line with the five-year seasonal average but that may not be enough given the increase in exports and the number of additional combined-cycle power plants that have become operational in 2017. The last two winters have been exceptionally mild; if this winter proves colder, which is likely simply on the basis of probabilities, inventories could come under pressure. To ...

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Dana Fight With BlackRock to Start Despite U.A.E. Court Order

A London lawsuit over $700 million in Shariah-compliant bonds issued by Dana Gas PJSC will go ahead despite a last-minute United Arab Emirates court order that attempted to stop the company from taking part in the trial. Dana Gas stunned investors and the Islamic finance community when it announced in June that it had reviewed its own bonds and found they were not Shariah compliant. Bondholders, led by Goldman Sachs Group Inc. and BlackRock Inc., hired investment bankers and then lawyers when it became clear they were facing losses of ...

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South Korea’s Kogas August LNG sales fall 11.8% on year

South Korean state-owned Korea Gas Corp’s LNG sales dropped 11.8% year on year in August due to mild summer weather, the company said. Kogas, which has a monopoly in domestic natural gas sales, sold 1.94 million mt last month, from 2.2 million mt a year earlier, the utility said in a regulatory filing. It marked the fourth consecutive decline after rising for three months in a row early this year. August sales were also down 9.3% from 2.14 million mt in July. Kogas did not disclose how much LNG it ...

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China’s August kerosene output highest in three years -stats bureau

China’s kerosene output in August rose to the highest monthly level in three years, official data showed on Monday, lifted by higher jet fuel demand during the summer travel season and the start-up of a greenfield oil refinery. Data from the National Bureau of Statistics showed kerosene, predominantly used for jet fuel, last month rose 5.3 percent from a year earlier to 3.635 million tonnes, the highest since August 2015. “China’s demand for jet fuel has been very robust especially during summer as it’s peak travel season so that could ...

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Russia’s Rosneft clinches gas pipeline deal with Iraq’s Kurdistan

Russian oil major Rosneft (ROSN.MM) will invest in gas pipelines in Iraq’s Kurdistan, expanding its commitment to the region ahead of its independence vote to help it become a major exporter of gas to Turkey and Europe. Kurdistan has been exporting oil independently from the central government in Baghdad since 2014 and Kremlin-controlled Rosneft joined the list of buyers this year, lending the semi-autonomous region hundreds of millions of dollars in loans guaranteed by future oil sales. Now Rosneft is widening its investments to gas by agreeing to fund a ...

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U.S. oil refiners’ weekly capacity seen up 1,010,000 bpd – IIR

U.S. oil refiners are estimated to have 1,419,000 barrels per day (bpd) of capacity offline in the week ending Sept. 22, increasing available refining capacity by 1,010,000 bpd from the previous week, data from research company IIR showed on Monday. IIR expects offline capacity to decrease to 912,000 bpd in the week to Sept. 29. Following are IIR weekly figures of capacity offline (in thousands of bpd): Week ended Friday Sept. 18 Sept. 15 Sept. 13 09/29/2017 912 833 — 09/22/2017 1419 1144 608 09/15/2017 2429 2429 2156 09/08/2017 3656 ...

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Speculators boost U.S. natgas net longs for 2nd week in a row -CFTC

U.S. natural gas speculators this week boosted their net long positions for a second week in a row, 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 21,481 contracts to 277,801 in the week to Sept. 12, the most since mid-July, the U.S. Commodity Futures Trading Commission said on Friday. That compares with ...

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GLOBAL LNG-Prices rise on short-covering, Hurricane Harvey disruption

Asian spot LNG prices rose this week mostly due to short-covering by traders and portfolio players, while others sought replacement supply following loading delays at Cheniere Energy’s Sabine Pass plant caused by Hurricane Harvey. Spot prices LNG-AS for October delivery rose 60 cents to $7 per million British thermal units (mmBtu). November prices were seen higher at $7.40-$7.50 per mmBtu. “It seems the (high Asian spot) prices are not really reflecting the supply and demand fundamentals,” a Singapore-based trader said, referring to the spike in prices despite traditionally weak demand ...

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South Korea is Iran’s new natural gas client

State-run Korea Gas Corp (KOGAS), the world’s second-largest single buyer of liquefied natural gas (LNG), says it plans to import natural gas from Iran as well as explore opportunities to acquire gas field stakes in the country. A KOGAS official said the company was looking to diversify its import sources as supply contracts with Qatar and Oman were set to expire by 2015. “Iran is rich in natural gas so we would like to work closely with both public and private energy companies there,” the official was quoted by Korea ...

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US Haynesville gas production hits 4-year high

Natural gas producers in the US Southeast are beginning to yield dividends from a bid to reverse declining production in one of the region’s seemingly forgotten shale plays. Recent data from the Haynesville of Arkansas, Louisiana and Texas show production there at its highest since mid-2013. As output continues to rebound from a record low in August 2016, production from the Haynesville is already up by nearly 15%, Platts Analytics data shows. That spectacular turnaround comes amid a rapid expansion in drilling activity which has rivaled that of even the ...

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