Home / Oil & Energy / General Energy News (page 3)

General Energy News

China’s Deep Sea No. 1 gas field reaches 2 bcm milestone

Deep Sea No. 1, China’s independently developed, ultra-deepwater gas field, has produced more than 2 billion cubic meters of natural gas by Saturday since it was put into operation one year ago, its operator China National Offshore Oil Corporation (CNOOC) said on Saturday, the Xinhua News Agency reported. The gas field, which is located 150 kilometers from Sanya, South China’s Hainan Province, was put into use on June 25, 2021. It is China’s deepest marine gas field and the most difficult one to exploit with a maximum operational water depth ...

Read More »

Asia spot prices continue to rise on further market tightening

Asian spot liquefied natural gas (LNG) continued its upward trend this week as fears of further market tightening following a major outage at a Freeport plant and reduced Russian gas flows to Europe pushed buyers to cover short-term needs. The average LNG price for August delivery into north-east Asia LNG-AS was estimated at $37 per million British thermal units (mmBtu), up $0.5 or 1.4% from the previous week, industry sources said. “The market is back in a bullish mood, with prices up 60% in a couple of weeks, and we ...

Read More »

Cost of Mexico oil refinery rising to up to $12 bln, president says

A major new oil refinery under construction on Mexico’s Gulf coast will ultimately cost between $11 billion and $12 billion, up from around $8 billion originally estimated by the government, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador told reporters at his regular morning news conference that the flagship project owned and operated by state-run oil company Pemex will be ready to start producing gasoline in 2023. The leftist president argues that the Olmeca refinery, Mexico’s first such new facility built in four decades, is needed to wean ...

Read More »

Italy’s dependence on Russian gas down to 25% from 40%, Draghi says

Italy’s dependence on Russia for imported gas has decreased to 25% from 40% last year, Prime Minister Mario Draghi said on Friday following a summit of European Union leaders where inflation and rising energy prices were a key issue. Like other EU nations, Italy has been scrambling to diversify its gas imports in the wake of Russia’s invasion of Ukraine. On Tuesday Rome announced initial measures to boost gas storage to overcome shortfalls of gas supplies from Russia. “We need to act now. … If we manage to do something ...

Read More »

Italy’s Draghi backs large investments in gas infrastructure in developing countries

Large investments in gas infrastructure in developing countries are needed, Italian Prime Minister Mario Draghi said as leaders of the Group of Seven rich democracies unveiled projects on energy and infrastructure financing on Sunday. “(It) is quite clear that in the present situation we’ll have short-term needs that will require large investments in gas infrastructure in developing countries and elsewhere,” Draghi said during a joint statement with G7 leaders. He added it should be possible to reconvert such infrastructure to hydrogen, to reconcile “short term needs with long term climate ...

Read More »

EU sanctions should include Russian gas embargo, says Ukraine official

The latest missile strikes by Russia on Kyiv show that international sanctions should be more aggressive and include an EU embargo on Russian gas, the Ukraine president’s chief of staff said on Sunday. “The G7 summit should respond to Russian strikes on Kyiv,” said Andriy Yermak, head of the president’s office. “The sanctions should be more aggressive. An embargo on gold exports is good, but a gas embargo is needed in the new EU sanctions package,” he said on the Telegram app. Source: Reuters (Reporting by Pavel Polityuk; Writing by ...

Read More »

White House tensions with oil industry remain high after ‘productive’ meeting with refiners

Heated rhetoric from the White House and oil industry prompted an in-person meeting June 23 between US Energy Secretary Jennifer Granholm and top oil executives, with few details being made public beyond assurances from both sides that the conversation was productive and would be ongoing. The “constructive discussion” focused on “ways to address rising energy costs and create more certainty for global energy markets,” the American Petroleum Institute and American Fuel & Petrochemical Manufacturers said in a joint statement. They contended that “productive outcomes” from the meeting “should send a ...

Read More »

Tokyo Gas begins synthetic methane trial using green hydrogen

Tokyo Gas Co Ltd., Japan’s top city gas supplier, said on Friday it has begun a pilot programme of methanation, a technology to help decarbonise city gas, and plans to use green hydrogen sourced from renewable energy for the trial by next March. Methanation converts hydrogen and carbon dioxide (CO2) into synthetic methane, an alternative for the main component in natural gas. It is considered a way of using CO2 as a raw material that could help the company achieve carbon neutrality in 2050. Methane can be used in many ...

Read More »

U.S. natgas futures hold near 11-week low as LNG exports decline

U.S. natural gas futures held near an 11-week low on Friday as forecasts for hotter weather, higher demand and less output than last month offset a drop in liquefied natural gas (LNG) exports due to the extended shutdown of the Freeport LNG export plant in Texas. In Texas, power demand hit record levels again this week during a lingering heat wave. Analysts said the Freeport shutdown should allow U.S. utilities to quickly rebuild low gas stockpiles for next winter. The shutdown on June 8 reduced the amount of U.S. gas ...

Read More »

No plans for extraordinary EU summit on gas prices in July -official

There are no plans at the moment to hold an extraordinary summit of European Union leaders in July to discuss ways to deal with rising gas prices, an EU official said on Friday. “There are no plans,” the official said when asked about reports on a possible extra summit next month. The official said Italian Prime Minister Mario Draghi had suggested a July summit on Thursday, in internal meetings with EU leaders, to discuss a proposal to cap prices on Russian gas. Another EU official, however, said some EU leaders ...

Read More »

Germany’s gas action plan pulls its punches

Germany is facing a sudden acceleration of its gas crisis. A 60% drop in Russian supplies since early June threatens to plunge Europe’s biggest economy into severe economic shock. But Berlin’s confusing response to Moscow’s latest move, its hesitations on energy policy, and its attempts to delay the impact of higher energy prices on the economy risk making matters worse. Whatever its disputed causes, Gazprom’s sudden slowdown of its contractual deliveries has forced Berlin to declare an emergency. Economy Minister Robert Habeck, a leader of the Green Party, has ordered ...

Read More »

EUROPE GAS-Prices dip as correct previous gains, Norwegian flows rise

Dutch and British wholesale gas prices mostly fell on Friday morning, correcting gains made the previous day after Germany triggered the second phase of its emergency gas plan. The benchmark Dutch wholesale gas contract for July delivery was down 4.75 euros at 131.00 euros per megawatt hour (MWh) by 0900 GMT, while the August contract was 3.75 euros lower at 132.25 euros/MWh. The British day-ahead contract fell by 17.00 pence to 170.00 pence per therm, while the working days next week contract was 3.00 pence lower at 175.00 p/therm. Traders ...

Read More »

Germany to enter Phase 2 of emergency gas plan, source says

Germany will enter Phase 2 of its three-stage emergency gas plan on Thursday but a clause that would allow utilities to pass on soaring energy costs to customers will not be triggered yet, sources familiar with the matter said. The measure would be the latest escalation in a clash between Europe and Moscow that has exposed the bloc’s dependence on Russian gas supplies and the difficulty of finding alternatives for several years. The Phase 2 “alarm stage”, planned for when the government sees a high risk of long-term supply shortages ...

Read More »

Asian gasoline cracks hit record high as summer driving boosts demand

A resurgence of car travel during the peak summer driving season following eased pandemic restrictions has bolstered the Asian gasoline market, leading crack margins to hit all-time highs, with swaps market trading activity signaling strength for the medium term, S&P Global Commodity Insights data shows. The benchmark Platts FOB Singapore 92 RON gasoline cargo crack against the front month ICE Brent crude futures strengthened $7.56/b, or 24.89% week on week to an all-time high of $37.93/b at the Asian close June 22, according to S&P Global data. Asian gasoline market ...

Read More »

A dozen EU countries affected by Russian gas cuts, EU climate chief says

A dozen European Union countries have now been affected by cuts to gas supply from Russia, EU climate policy chief Frans Timmermans said on Thursday, as the bloc faces a deepening energy standoff with Moscow. Russia slashed flows through its Nord Stream 1 pipeline to 40% of capacity last week citing problems with equipment, having already cut gas to Poland, Bulgaria, the Netherlands, Denmark and Finland over their refusal to comply with a new payment scheme. Timmermans said 10 of the EU’s 27 member countries have issued an “early warning” ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping