India’s Oil Minister Dharmendra Pradhan said on Monday the country needs to look into the pricing mechanism of existing long term gas supply contracts with Qatar. He was speaking to a gathering of oil company officials in New Delhi. India imports 8.5 million tonnes of liquefied natural gas (LNG) annually under a long-term supply deal with Qatar. Spot prices, or current market prices, of LNG have dropped to multi-year lows in January, highlighting the loss being borne by LNG importing countries tied in long term contracts with suppliers. Source: Reuters ...

Kuwait Petroleum Corporation (KPC) and Qatar Petroleum entered into a long term Sale and Purchase Agreement for the supply of up to three million tons per annum of Liquefied Natural Gas (LNG) to the State of Kuwait. In a press statement, the agreement was signed by Dr Khaled Al-Fadhel – the Minister of Oil and the Minister of Electricity and Water, the Chairman of the Board of Kuwait Petroleum Corporation (KPC) and Saad Sherida Al-Kaabi – the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum ...

Oman’s local natural gas production and imports edged up 0.08% year-on-year to 42.194 billion cubic metres (BCM) by the end of November 2019, the Oman News Agency (ONA) reported. Industrial projects accounted for 3.8% of the uses of natural gas in the sultanate, or 26.087 BCM, by the end of November 2019. “The total use of industrial estates in the sultanate, including Oman Mining Company, and Oman Cement, reached 138 million cubic meters (MCM),”ONA revealed. Moreover, Oilfields in the GCC country used 8.886 BCM of natural gas in November 2019, ...

Qatar is not willing to renegotiate prices under its long-term liquefied natural gas (LNG) contracts with India, the Middle Eastern nation’s energy minister said on Monday. Qatar is, however, willing to supply more volumes of LNG to India, said Saad Sherida al-Kaabi, who is in India to meet his counterpart, at an event in New Delhi. India, which imports 8.5 million tonnes of LNG annually under long-term supply deals with Qatar, was looking to renegotiate the long-term contract price of LNG it buys from Qatar, Indian oil minister Dharmendra Pradhan ...

Prompt British wholesale gas prices edged higher on Monday as lower output from liquefied natural gas (LNG) terminals and strong demand for heating left the market undersupplied. * The within-day contract was up 0.52 pence at 27.77 p/therm by 0920 GMT. * The day-ahead contract was up 0.15p at 27.75p/therm. * Traders said a drop in send-out from the country’s LNG terminals had combined with expectations of higher demand as temperatures turn cooler, boosting prices. * LNG supply was expected at around 70 million cubic metres (mcm), down 53 mcm ...

China saw faster growth of natural gas production in 2019, official data showed. The country produced some 177.7 billion cubic meters of natural gas in 2019, up 11.5 percent year on year, data from the country’s top economic planner showed. In 2018, natural gas output expanded 7.5 percent year on year to reach about 161.02 billion cubic meters. Natural gas imports rose 6.5 percent over 2018 to a total of 132.2 billion cubic meters last year. Last year’s apparent consumption of natural gas stood at 306.7 billion cubic meters, up ...

Asian spot prices for liquefied natural gas (LNG) plummeted to multi-year lows this week, pressured by a lack of demand to consume abundant supplies. As milder-than-usual winter in both Asia and Europe is curbing demand, there were deals done below $4.00 per million British thermal units (mmBtu) this week, the lowest level in more than 10 years. The average LNG price for March delivery into northeast Asia LNG-AS was estimated at around $4.00 per mmBtu, down $0.60 per mmBtu from the previous week, several sources said. “Warm winter is a ...

Iran’s Petropars will develop phase 11 of South Pars, the world’s largest gas field, after the withdrawal of French oil major Total and the China National Petroleum Corp (CNPC), Iran’s oil minister was quoted as saying on Saturday. “Now with the exit of the other two companies from the contract, Petropars has completely taken their place and the development of the first unit of phase 11 of South Pars has been given to this company,” Bijan Zanganeh was quoted as saying by ICANA, the Iranian parliament’s news site. The offshore ...

Following the new wave of cold weather blanketing Iran in recent weeks, natural gas consumption by the Iranian households has hit new record highs, ringing warning bells about possible problems regarding fuel supply to the country’s power plants and industry sector which mainly consume natural gas. Considering the remarks made by senior officials at the energy and oil ministries, the amount of daily gas consumption by the domestic sector is touching the total amount of the gas supplied by the oil ministry, and they believe that people should manage their ...

British wholesale gas for immediate delivery inched down on Friday morning, as forecasts for strong output from the country’s wind farms and curbed gas demand for power. * The within-day contract was down 0.45 pence at 27.25 p/therm by 0934 GMT. * Traders said the contract was lower even though the market was a little under-supplied as forecasts for rising wind power dampened demand. * The day-ahead contract was yet to trade. * Peak wind power generation is forecast at 4 gigawatts (GW) on Friday, rising to 9.1 GW on ...

Egypt may find it difficult to find buyers for its LNG under 12-18 month term deals priced at $5/MMBtu, analysts believe. The Egyptian oil ministry has floated a plan to sell LNG under term agreements with a target selling price of $5/MMBtu, rather than on the spot market, given that spot LNG prices have slumped to lows not seen since 2016. The JKM benchmark for spot Asian LNG prices has fallen by 50% since the beginning of 2019 from around $8/MMBtu to a little over $4/MMBtu due to a wave ...

Asian jet fuel refining margins rose on Friday but posted a third straight weekly decline amid weak buying interest, while traders were concerned seasonal aviation demand during the Lunar New Year holiday would be hit due to an outbreak of a new respiratory virus from China. Airlines and passengers were on guard against the flu-like virus that originated in the central Chinese city of Wuhan. Refining margins, also known as cracks, for jet fuel climbed to $11.55 per barrel over Dubai crude during Asian trading hours, up from $10.83 per ...

China’s comprehensive import price index for liquefied natural gas (LNG) rose last week, according to Shanghai Petroleum and Natural Gas Exchange (SHPGX). The LNG index, not including tax, came in at 3,246 yuan (about 471 U.S. dollars) per tonne from Jan. 13 to 19, up 6.1 percent from the previous week. The index, jointly developed by a monitoring center under the General Administration of Customs and the SHPGX, was launched on Oct. 16, 2019 and is due on a weekly basis to offer a new pricing reference for importers. Source: ...

China had built a total of 27 underground gas storage tanks with combined capacity of 10.2 billion cubic metres (bcm) by 2019, a 44% increase year-on-year, state television reported. Underground gas storage tanks, which typically serve as reservoirs, help to manage peak load and ensure flexibility in gas supplies. China is speeding up gas infrastructure construction to avoid a possible energy crunch as demand for the fuel increases. The country is expected to lift its underground gas storage capacity to 13 bcm in 2020, to 20 bcm by 2023 and ...

Asia’s cash premiums for 10 ppm gasoil rose on Thursday, backed by a couple of firmer deals in the physical market, while Singapore middle distillate inventories climbed to a five-week high. Cash differentials for 10 ppm gasoil in Singapore GO10-SIN-DIF were at a premium of 22 cents a barrel to Singapore quotes on Thursday, up from 15 cents per barrel a day earlier. Refining margins or cracks for gasoil with 10 ppm sulphur content slipped 2 cents to $12.01 per barrel over Dubai crude during Asian trade on Thursday. Cracks ...