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China’s gas production hits record monthly high in December

China’s domestic natural gas production rose to a record monthly high of 16 billion cu m in December, up 7.5% year on year, preliminary data released by the National Bureau of Statistics showed. The last time it hit a record high was in December 2018 at 15.25 Bcm, historical data from the NBS showed. On a month-on-month basis, the December volume was up by 6.1% from 15.08 Bcm in November. Over the January-December period, China produced 173.6 Bcm of natural gas, which is also a record high in terms of ...

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Asian LNG spot price can fall below $3/MMBtu this year: Platts Analytics

The LNG spot price for delivery into North Asia is headed for a historic low in the coming months with the possibility of dropping below the $3/MMBtu level, as rising supply outpaces weak winter demand, S&P Global Platts Analytics said in its JKM weekly price forecast on Thursday. Record low LNG spot prices will have major repercussions for the industry, as it will be a stress test for producers with exposure to spot indexation and buyers forced to pay high oil-linked prices due to contracted volumes. “JKM is expected to ...

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China’s 2019 and December crude oil runs hit record highs

China’s crude oil throughput rose to a record high in 2019 following the start-up of two mega-refineries, official data showed on Friday, with December posting the highest daily run-rate on record. The total amount of oil processed for the year reached 651.98 million tonnes, or about 13.04 million barrels per day (bpd) according to Reuters calculations, up 7.6% from 2018, National Bureau of Statistics figures showed. Refinery runs in December came in at 58.51 million tonnes, or about 13.78 million barrels per day (bpd), up from 12.07 million bpd a ...

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Trade Deal Impacts the Energy Sector: LNG to Gain the Most?

The Sino-U.S. trade dispute, which threatened the global economy for around two years, has come to an end with the much-anticipated Phase-One trade deal on Jan 15. The signing of the deal was the first tangible indication of de-escalation of the trade brawl between the United States and China, the two largest trading countries. Energy Sector Stands 2nd While the Asian giant has agreed to purchase more goods and services from America, Washington has pledged to cut some tariff on Chinese imports. Notably, the U.S. energy sector is poised to ...

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Tanzania: Natural Gas Plan Draft Finalised

Efforts to ensure all citizens benefit from the country’s gas discovery is taking shape as preparations of a draft on Domestic Natural Gas Promotion Plan has been finalised. The anticipated 250 million US dollar project which is equivalent to over 500bn/-will kick off as a pilot project in five regions-Arusha, Tanga, Kilimanjaro, Morogoro and Dodoma. Deputy Minister of Energy Ms Subira Mgalu disclosed at an event to introduce the plan which was held in Dar es Salaam on Friday jointly organised with the Japan International Co-operation Agency (JICA) which was ...

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GLOBAL LNG-Prompt Asian prices hit 4-month low, drop below $5/mmBtu

Asian spot prices for liquefied natural gas (LNG) for the current month fell below $5 per million British thermal units (mmBtu), to their lowest in four months, as buyers remained on the sidelines ahead of the Lunar New Year holidays. Several cargoes were also offered in the spot market by various suppliers which helped absorb plant issues in Malaysia. The average LNG price for March delivery into northeast Asia LNG-AS is estimated to be about $4.60 per million British thermal units (mmBtu), down 15 cents from the previous week, and ...

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Sinopec to review potential $16 billion U.S. gas deal with Cheniere – sources

China’s Sinopec, expected to be the next major Chinese buyer of U.S. liquefied natural gas (LNG), is planning to review terms of a potential $16 billion supply deal with Cheniere Energy after a sharp drop in LNG prices, industry officials said. That could delay sign-off on a deal that would help Beijing meet ambitious targets it set for U.S. energy purchases in a Phase 1 trade agreement it signed with the United States on Wednesday. Sinopec and Texas-headquartered Cheniere had been expected to sign the 20-year deal once a trade ...

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UK GAS-Prompt prices mixed on colder temperatures, healthy demand

British prompt wholesale gas prices were mixed on Friday morning as colder temperatures forecast from the weekend pushed up demand but healthy supply weighed on some contracts. * The within-day contract was down 0.40 pence at 29.00 pence per therm by 0907 GMT. * Supply from Norway and UK domestic production is healthy. * However, the system was around 29 million cubic metres (mcm) undersupplied, with demand forecast at nearly 286 mcm and flows at 257 mcm/day, National Grid dats shows. * This is largely because injections into storage facilities ...

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Weather Service February forecast shows upside for gas demand, prices

A National Weather Service forecast calling for colder temperatures across the US Midwest and Northeast next month could help to rescue winter gas demand from the doldrums this season. In February, states stretching from the Dakotas to New England will see a 33% to 40% probability for below-average temperatures, the agency’s month-ahead outlook published Thursday shows. Above-average temperatures in February are forecast for much of the West stretching from California to Colorado and the Desert Southwest. South Texas, Florida and portions of the Gulf Coast are also expected to see ...

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Refinery news roundup: Maintenance planned in China, Japan in Q1

Maintenance works are planned to start in China and Japan in Q1. NEAR TERM EXISTING ENTRIES JAPAN –A spokesperson for Idemitsu confirmed that the process to shut its Keihin refinery run by its subsidiary Toa Oil, would be completed by December 27. Toa Oil started to shut down its 70,000 b/d Keihin plant in Tokyo Bay on December 23 after a fire at the refinery compound. According to the spokesperson, its vacuum distillation unit, coker unit and two other secondary units related to the coker were immediately shut after the ...

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China’s comprehensive LNG import price rises last week

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 3,058 yuan (about 444 U.S. dollars) per tonne from Jan. 6 to 12, 2020, up 2 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. ...

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Egypt’s push to be east Mediterranean gas hub

Egypt began importing gas from Israel’s largest offshore gas field, Leviathan, on Wednesday, a step Cairo hopes will help it become a regional energy hub. Rapid growth in Egypt’s natural gas supplies, boosted by the discovery of the Mediterranean’s largest field, turned it from a net importer to exporter in late 2018. ISRAEL DEAL Egypt’s Dolphinus Holdings signed deals with partners in Israeli gas fields to buy an estimated $19.5 billion of gas. Partners in Israeli fields Leviathan and Tamar will supply Egypt with 85.3 billion cubic metres (bcm) of ...

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Oil and gas companies getting attracted towards enormous resource potential of the Arctic region, says GlobalData

The Arctic region is largely under-explored due to its cold, harsh climatic conditions, frozen seas and lack of investment in infrastructure development. However, this picture is gradually changing. Dwindling oil and gas reserves worldwide is raising the case for exploration and production (E&P) companies to venture into the Arctic in search of hydrocarbons, according to GlobalData, a leading data and analytics company. The company’s latest thematic report, ‘Arctic Exploitation’, evaluates the competitive position of different Arctic countries in tapping the hydrocarbon reserves of the region. E&P activities in the Arctic ...

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European LNG volume deliveries to see muted downside despite Feb netback flip

Europe’s position as the prime destination for spot Atlantic-produced LNG volumes is due to continue into February despite the fact that European hub pricing for next month has widened its discount to the Asian peer in recent months, flipping netbacks toward Japan and South Korea, an analysis by S&P Global Platts showed. Europe has enjoyed record deliveries of LNG volumes in recent months, as the combination of weak spot LNG demand in Asia allied to stronger global production of the commodity has led to Europe becoming the destination of choice ...

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Key Questions Facing Oil And Gas Companies Operating In Iraq

The US and Iran seem to have stepped back from the brink of armed conflict, at least for now, but many oil and gas companies nevertheless face serious decisions regarding their short and mid-term plans in neighboring Iraq, where tensions remain high. There are still some 5000 American troops stationed in Iraq, but their continued presence there has become uncertain. (See Rystad Energy press release from January 10, 2020.) Iraqi oil production averaged more than 4.8 million barrels per day (bpd) in 2019, of which about 1.8 million bpd stemmed ...

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