Russian energy giant Gazprom expects domestic gas consumption to rise by 7.5% within the next five years as it embarks on a $7 billion programme to supply gas to more households, a company official said on Friday. President Vladimir Putin has tasked Gazprom to provide more natural gas to domestic consumers, who do not receive supplies of the fuel although Russia has the world’s biggest reserves. Russia’s proved gas reserves stood at 38 trillion cubic metres in 2019, almost a fifth of global total, BP data shows. Sergei Gustov, director ...

US natural gas storage fields added just above the five-year average for the second consecutive week, but smaller builds due to greater power demand look likely for the rest of the month, providing support to Henry Hub futures. Storage inventories increased 98 Bcf to 2.411 Tcf for the week-ended June 4 the US Energy Information Administration reported June 10. The build was more than the 95 Bcf addition expected by an S&P Global Platts’ survey of analysts, as well as the five-year average build of 92 Bcf, according to EIA ...

China National Offshore Oil Corp, the country’s top offshore oil and gas producer, expanded the construction of what will be the world’s largest liquefied natural gas or LNG storage tanks in Yancheng Binhai Port Industrial Park in Jiangsu province on Thursday. In all, six tanks independently developed and designed by CNOOC will be built at a cost of 6.1 billion yuan ($955.9 million). In the first phase, four LNG storage tanks had been built. Upon completion at the end of 2023, the full project will have 10 tanks, including six ...

Asian refining margins for 10 ppm gasoil rose for a second consecutive session on Friday as seasonal refinery turnarounds have tightened supplies, although regional demand continues to remain lacklustre due to COVID-19 restrictions. Refining margins, also known as cracks, for 10 ppm gasoil rose to $8.70 per barrel over Dubai crude during Asian trading hours, compared with $8.60 per barrel a day earlier. Cracks for the benchmark gasoil grade in Singapore have gained about 26% in the last couple of months, Refinitiv Eikon data showed. Despite limited arbitrage opportunities, the ...

British wholesale gas prices firmed again on Thursday on continued restocking demand and exports to the continent, which offset rising Norwegian supply. The within-day contract was up 0.40 pence at 69.00 pence per therm by 0930 GMT. The day-ahead contract was up 0.50 pence at 68.75 p/therm. The UK system was almost 18 million cubic metres (mcm) under-supplied, with demand forecast around 143 mcm/day and supply around 125 mcm/day, National Grid data showed. The system shortness was driven by restocking of medium range storage (MRS) and a drop of 10 ...

Despite warmer temperatures and the absence of coronavirus-related demand destruction, Midwest gas-fired power generation is down 300 MMcf/d summer over summer likely due in part to substantially higher regional cash prices coupled with additional wind capacity. New wind capacity and higher gas prices appear to be slashing Midwest power burn summer over summer, with Illinois showing the largest drop in deliveries to power plants this year versus last, according to S&P Global Platts Analytics. Midwest power burn, on a per degree basis, is down year over year so far this ...

The International Energy Forum (IEF) has launched a new initiative to develop a measurement methodology for methane emissions from the energy industry, allowing its member countries to collect standardized data to address a major cause of climate change. The Methane Measurement Methodology Project is being conducted in partnership with Kayrros, an advanced observation and data analytics company, to close the gap between observed methane emissions and those reported at the company level – a critical step to reducing global methane emissions which are a major cause of global warming. “Methane ...

The US natural gas industry is facing new urgency to keep its exported LNG cargoes attractive to consumer nations aspiring to meet net-zero carbon targets by 2050. As the global energy transition unfolds, US LNG will influence and be influenced by the international landscape for natural gas. The election of President Joe Biden has focused more attention on climate, clean energy, and managing the emissions of fossil fuels in the US. In Europe, buyers have expressed a preference for LNG cargoes with low associated greenhouse gas emissions. In many other ...

Turkey’s upstream operator TPAO will continue with plans to drill in both the Black Sea and the Mediterranean, Turkish energy minister Fatih Donmez said June 7, following a major upgrade in its Black Sea gas reserves announced last week. TPAO has added a further 135 Bcm of gas reserves in the Black Sea from its Amasra-1 well in addition to 405 Bcm announced last year. Donmez said the company could drill a new exploration well this year, adding that any new well would be sited in the south or west ...

India’s fuel demand slumped in May to its lowest since August last year with a second COVID-19 wave stalling mobility and muting economic activity in the world’s third largest oil consumer. Oil demand fell 11.3% to 15.11 million tonnes compared to the previous month and was down 1.5% from a year earlier, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed on Wednesday. “It’s primarily because of the lockdowns, but it’s very difficult to isolate the impact on demand as even high oil prices could ...

China’s privately-owned Shenghong Petrochemical plans to start test runs at its 320,000-barrels-per-day (bpd) crude unit in August or September, a company official told Reuters. The new plant, based in the eastern port city of Lianyungang, will be the only greenfield oil refinery coming on stream in China this year, with its capacity equal to nearly 3% of the country’s crude oil imports. Commercial operations at the plant are likely to begin in the first quarter of next year, upon completion of its downstream petrochemical facilities. The refiner is in talks ...

U.S. natural gas production will rise in 2021 after falling last year as demand slid during the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise to 92.18 billion cubic feet per day (bcfd) in 2021 and 93.93 bcfd in 2022 from 91.35 bcfd in 2020. That compared with an all-time high of 93.06 bcfd in 2019. The agency also projected gas consumption would fall to 82.85 bcfd in 2021 and 2022 from 83.25 bcfd ...

British wholesale gas prices rose on Tuesday morning, extending the gains from the previous session, due to heavy maintenance in Norway, although stable demand due to warm weather still kept the UK system oversupplied. * The day-ahead contract was up 2.55 pence at 67.00 p/therm by 0823 GMT. * Around 60 million cubic metres (mcm) per day of Norwegian capacity were unavailable due to maintenance on Tuesday, and the capacity restrictions was expected to reach a season-high of 207 mcm per day, Refinitiv analysts said. * The UK system was ...

China is expected to lead the global LNG regasification capacity additions, contributing 27% of the total LNG regasification capacity additions between 2021 and 2025, says GlobalData, a leading data and analytics company. The company’s report, ‘Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2021–2025 – Asia Dominates Global Regasification Capacity Additions and Capex Spending’ reveals that China is expected to add a new- build LNG regasification capacity addition of 4,191 bcf (billion cubic feet) by 2025, while expansion projects account for the rest with 1,308 bcf. Bhargavi Gandham, ...

China’s natural gas consumption registered robust growth in the first four months of 2021 amid efforts to achieve green development, data by the country’s top economic planner showed. Apparent consumption of natural gas rose 16.8 percent year-on-year to around 122 billion cubic meters in the January-April period, according to the National Development and Reform Commission (NDRC). April alone saw a total natural gas consumption of 29.37 billion cubic meters, a 13.2-percent increase year-on-year, NDRC data showed. China has been promoting the efficient, large-scale use of natural gas in sectors including ...