Home / Oil & Energy / General Energy News

General Energy News

EBRD extends €51.9 million loan to Ukraine’s largest natural gas producer

The European Bank for Reconstruction and Development (EBRD) is stepping up efforts to transform Ukraine’s energy sector. A €51.9 million sovereign loan to Ukrgasvydobuvannya (UGV), Ukraine’s largest natural gas producer, will increase domestic natural gas production, reduce the country’s dependency on imports and improve the efficiency and transparency of the sector. UGV, a fully owned subsidiary of the national joint stock company Naftogaz of Ukraine (Naftogaz) and responsible for 75 per cent of domestic gas production, will receive the EBRD loan in two tranches. Up to €36.4 million will be ...

Read More »

NOVATEK Commenced Gas Condensate Production at the North-Russkiy Cluster

PAO NOVATEK (“NOVATEK” and/or the “Company”) announced that NOVATEK-Tarkosaleneftegas, a wholly owned subsidiary, commenced pilot production from gas condensate bearing layers of the North-Russkoye and East-Tazovskoye fields with cumulative total annual production capacity of 7.7 billion cubic meters of natural gas and 1 million tons of gas condensate. “Our production growth in the area of the Unified Gas Supply System remains one of the key priorities of the Company’s Strategy,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Natural gas produced in the North-Russkiy cluster is intended for the ...

Read More »

Ukraine says no plans to resume gas purchases from Russia

Ukraine’s state energy firm Naftogaz said it would not resume buying natural gas from Russia, suspended since late 2015, until Moscow offered it competitive prices and conditions. Ukraine was one of Russia’s largest consumers of natural gas until the relations between the two ex-Soviet republics soured in 2014 when Moscow annexed Crimea peninsula from its neighbour. Kyiv stopped buying Russian gas in November 2015, increasing purchases from Europe instead. Ukraine has embarked on natural gas market reforms, including scrapping of state-regulated gas prices for industrial users. The reform is one ...

Read More »

IEA’s Iraq Ministerial Roundtable shows support for economic reforms and investments

The International Energy Agency and the Government of Iraq hosted a high-level Ministerial roundtable on Thursday on investment and economic reforms in Iraq, with a particular focus on the country’s electricity and gas sectors. The virtual meeting brought together senior Iraqi Ministers and policymakers, Ministers from IEA countries, CEOs and leaders of energy companies as well as international financial institutions, who discussed how to ensure that Iraq’s energy sector can continue its recovery at a time of constrained government budgets and tighter financing environments. Participants from the Government of Iraq ...

Read More »

Tightening Asian market driven by LNG supply disruptions, not surging demand

JKM rose to its highest since March 30 and was assessed at $2.483/MMBtu on July 21. The support comes as the assessment window rolled into September along with a tightening Asian market where supply disruptions are outweighing sluggish regional demand growth. LNG cargo loadings during the week of July 20th fell more than 60 million cu m/d on the year on a rolling 30-day moving average basis, the sharpest year-on-year drop so far in 2020. The fall is almost entirely attributed to a maintenance at Gorgon, along with lower output ...

Read More »

GLOBAL LNG-Asian LNG prices rise on delay in Gorgon restart

Asian spot liquefied natural gas (LNG) prices rose to a four-month high this week, supported by an extended shutdown of one of the production lines at Australia’s Gorgon plant following maintenance works. The average LNG price for September delivery into northeast Asia LNG-AS was estimated at around $2.70 per million British thermal units (mmBtu), $0.25 per mmBtu above last week’s level. The maintenance on Train 2 of the giant Gorgon project began on May 23 and a restart was initially planned on July 11 but has been delayed until early ...

Read More »

FEATURE: Risk-hedging Chinese investors flock to LPG futures for arbitrage trade

Chinese fund houses, investors and end-users are swarming to the Dalian Commodity Exchange since the launch of LPG futures and options in March, to hedge their positions against the Singapore over-the-counter LPG swaps market and to speculate, trade sources told S&P Global Platts in the week of July 26. Heralding a growing trend, Chinese sources said fund houses based in Hangzhou were hedging domestic wholesale prices against the Saudi Contract Price and Argus Far East Index, or FEI. These houses manage funds from various sources including PDH operator such as ...

Read More »

Naphtha markets enter August weakening across Europe, Asia on global economic contraction

The European naphtha market is set to enter August amid expectations of constrained demand across the grades, with weaker demand in Asia further reducing motivation for product flow. Macroeconomic data released July 30 pointing to significant contraction pushed global financial and physical markets into steep downward corrections, including the naphtha market, particularly through its price correlation with the crude oil complex. The US economy shrunk 9.5% in the second quarter, the steepest quarter-on-quarter since the government first published the data 70 years ago, while Germany reported losing roughly 10 years ...

Read More »

China’s comprehensive LNG import price up

China’s comprehensive import price index for liquefied natural gas (LNG) rose last week, according to the Shanghai Petroleum and Natural Gas Exchange (SHPGX). The LNG index, not including tax and processing fee, came in at 2,531 yuan (about 362 U.S. dollars) per tonne in the week ending July 26, up 9.1 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 ...

Read More »

Trump allows Keystone pipeline to ship more Canadian oil after expansion stalls

U.S. President Donald Trump has approved the existing Keystone pipeline to ship 29% more Canadian crude into the U.S. Midwest and Gulf Coast after TC Energy Corp’s decade-old expansion project was stalled again this month by legal hurdles. A TransCanada Keystone Pipeline pump station operates outside Steele City, Nebraska March 10, 2014. REUTERS/Lane Hickenbottom Trump issued a new presidential permit for the base Keystone line, allowing TC to boost capacity by 170,000 barrels per day (bpd) to 761,000 bpd, TC spokesman Terry Cunha said on Thursday. The first 50,000 bpd ...

Read More »

Valero Energy increases Q3 runs, supported by strong diesel export demand

Valero Energy expects to boost its US Gulf Coast refinery runs to between 1.4 and 1.45 million b/d, up from 1.385 million b/d in the second quarter, due in part for an increase in distillate demand, the company said July 30. Valero’s July distillate export volumes were up 107% from July 2019, said company CEO Joe Gorder on an earnings call, while not providing a volume figure, as Latin American economies appear to be restarting at a similar rate to that of the US. “We see a pretty steady flow ...

Read More »

Refiner Phillips 66 posts quarterly loss as virus hits fuel demand

U.S. refiner Phillips 66 on Friday reported a quarterly loss, as coronavirus-led restrictions on businesses and travel destroyed fuel demand and hurt margins. The Houston, Texas-based company posted a net loss of $141 million, or 0.33 cents per share, in the second quarter ended June 30, compared with a profit of $1.42 billion or $3.12 per share, a year earlier. Source: Reuters (Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli)

Read More »

Decarbonisation and peak gas demand

Gas will be the most resilient of the fossil fuels through the transition, a relative winner because of its low carbon intensity on burning. That’s the conventional wisdom as well as our Global Gas team’s view. Yet with radical change set to sweep through energy markets, the industry can’t be complacent about its future. Gas will have to contend with intensifying competition among fuels, disruption from new technologies and decarbonisation policies designed to undermine fossil fuels’ dominance of energy supply. The risks to demand vary by region. Massimo Di-Odoardo, Head ...

Read More »

U.S. homes and businesses receive natural gas mostly from local distribution companies

According to the U.S. Energy Information Administration’s (EIA) Natural Gas Annual Respondent Query System, 2,022 natural gas delivery companies delivered natural gas to end-use customers in the United States in 2018. A delivery company is defined as any entity that delivers natural gas directly to end users. In 2018, local distribution companies (LDCs) primarily served homes and businesses, delivering approximately 90%, or 22 billion cubic feet per day (Bcf/d), of end-use natural gas to the residential and commercial sectors. Pipeline companies deliver the highest volume of natural gas to end-use ...

Read More »

US working natural gas volumes in underground storage rise by 26 Bcf: EIA

Storage inventories increased by 26 Bcf to 3.241 Tcf for the week ended July 24, the US Energy Information Administration reported July 30. US natural gas in underground storage increased by the lowest net volume of the injection season last week under record-setting gas-fired generation demand, but a lowered demand outlook for August prompted the NYMEX Henry Hub balance-of-summer contract strip to retreat. The injection was more than an S&P Global Platts survey of analysts calling for a 23 Bcf build. The injection measured less than the 56 Bcf build ...

Read More »

Recent Videos

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