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bp starts gas production from Qattameya field

bp today announced the start of gas production from its latest development ‎offshore Egypt – the Qattameya gas field in the North Damietta offshore concession. Through bp’s joint venture, Pharaonic Petroleum Company (PhPC), the field, which is ‎expected to produce up to 50 million cubic feet of gas per day, has been developed ‎through a one-well subsea development and tie-back to existing infrastructure.‎ ‎“We are proud to have brought this project safely onstream through an extremely ‎challenging period. Our team continues to work to help Egypt realise the potential of ...

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India will pursue refining expansion, embrace clean fuels: PM Modi

India will be looking to expand its oil refining capacity over the next few years, while embracing cleaner fuels such as natural gas, hydrogen and renewables to meet its insatiable appetite for energy, Prime Minister Narendra Modi told the inaugural session of the India Energy Forum by CERAWeek Oct 26. But India would have to meet its energy needs while keeping in mind the environmental needs, Modi said, adding that New Delhi was committed to reduce its carbon footprint sharply in coming years in order to battle climate change. “We ...

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Long-term outage for Hammerfest LNG

Surveys of the damage after the fire at Hammerfest LNG on 28 September indicates that the LNG plant will be closed for up to 12 months for repairs. In addition to damage caused by the fire on the air intake on one of the plant’s five power turbines, large amounts of seawater from the extinguishing have damaged other auxiliary systems such as electrical equipment and cables in the plant. It is the scope of work of this consequential damage that are considered the most extensive and the duration of the ...

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Asia Distillates-Diesel crack falls as high supply persists

Asia’s benchmark 10ppm diesel crack was near a one-month low of below $2.50 a barrel on Monday on the back of stubborn ample supplies. – Chinese diesel exports rose further in September to 1.19 million tonnes versus 1.09 million tonnes in August as companies ramped up overseas shipments to reduce overflowing domestic stocks after months of hefty refinery processing. – “China is key factor because they can swing their production very quickly as they have crude in storage,” said an industry source who tracks the middle distillates trade flows. * ...

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Analysis: Provincial power tariff cuts to undermine China’s natural gas demand growth

Several Chinese provinces have cut power tariffs for gas-fired plants in a bid to make electricity produced from natural gas cheaper and boost economic activity. However, the move is likely to backfire as it hurts power plant margins and restricts natural gas consumption. Shrinking margins have forced gas-fired power plants to slash utilization rates, which threatens to curb demand for both piped natural gas and LNG imports — depending on the plant location — after gas use in the power sector already declined in the first half of 2020 due ...

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Asian spot LNG prices jump to 20-month high on firm demand

Asian spot prices for liquefied natural gas (LNG) jumped to their highest in more than 20 months this week on robust buying appetite ahead of a colder-than-expected winter, trade sources said. The average LNG price for December delivery into northeast Asia LNG-AS was estimated at about $6.90 per million British thermal units (mmBtu), jumping $1.10 from the previous week. Prices were boosted by several requirements from buyers in Japan, China and South Korea. China’s Unipec sought 10 cargoes for delivery in winter, while Shenzhen Energy sought a cargo for December ...

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UAE’s Dana Gas to sell most of Egypt assets; book Q3 impairment

The UAE’s publicly listed Dana Gas has agreed to sell the majority of its Egyptian assets to a private exploration and production operator IPR Wastani Petroleum for up to $236 million in a bid to focus on its operations in Iraq’s semi-autonomous Kurdish region. Dana Gas, which started talks to divest the assets in Q2 of 2019, is selling its 100% working interests in the El Manzala, West El Manzala, West El Qantara and North El Salhiya onshore concessions and associated development leases, it said in a statement Oct. 25. ...

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IEnova expects Mexican export permit for Costa Azul LNG this year

Infraestructura Energética Nova SAB de CV (IEnova) still expects to get an export permit from Mexico soon that will allow it to make a final investment decision (FID) this year to build its Costa Azul liquefied natural gas (LNG) export plant. IEnova, a unit of U.S. energy company Sempra Energy, has been waiting for that 20-year export permit all year. It has been held up in part by the coronavirus. “We continue to work closely with the federal government to obtain the export permit and … have final investment decision ...

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Iraq is in talks with France’s Total to invest in two gas projects

Iraq is in talks with France’s Total to invest in two gas projects, the country’s oil minister said Oct. 24, as OPEC’s second-largest producer seeks to boost natural gas production to lower dependence on electricity and gas imports from Iran. Talks revolve around investments in a gas project west of Baghdad and another in the southern city of Basra, Ihsan Ismaael said in an oil ministry statement. He didn’t disclose further details. Total wasn’t immediately available outside normal business hours. Currently Total has a 22.5% interest in the Halfaya oil ...

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Tightening gas-market fundamentals lift Henry Hub 2021 forwards to 4-year high

The Henry Hub 2021 forward curve is trading at its highest in more than four years as supply-demand fundamentals in the US natural gas market continue to tighten. On Oct. 22, the calendar-year curve settled at an average $3.09/MMBtu, down just 4 cents from the prior day’s record settlement, S&P Global Platts’ most recently published M2MS data shows. While the 2021 curve has gotten a lift from winter-season prices trading in the $3.30s to $3.40s/MMBtu, the forward market has also become increasingly bullish on the shoulder-season and summer contracts. For ...

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India’s refinery processing limps to six-month peak

Crude oil processed by Indian refiners hit the highest in six months in September, in another sign that demand for fuel is recovering from the blow to economic activity and transportation from coronavirus restrictions. Crude oil throughput in September rose 13.4% from the previous month to 4.33 million barrels per day (17.71 million tonnes). This was the highest since the onset of the country’s coronavirus restrictions in March, when refiners processed 5.01 million bpd of crude oil. Fuel demand also rose for the first time since June last month, data ...

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FEATURE: Turkey’s rising Sakarya reserves could shake up regional gas market

The announcement on Oct. 17 that Ankara was increasing the estimate of reserves in its newly discovered Black Sea Sakarya gas field to 405 Bcm from 320 Bcm should go some way in ending questions about the field’s viability. If accurate, the estimated reserves promise both to make a sizable dent in Turkey’s existing gas imports and have a knock-on effect beyond its borders. Sakarya’s development would certainly reduce the potential Turkish market for gas from existing pipeline suppliers Russia, Iran and Azerbaijan, and potential suppliers like Iraqi Kurdistan and ...

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UK GAS-Prices rise on higher consumption, carbon prices

British wholesale gas prices rose on Friday morning due to increased consumption and higher carbon prices. * The weekend contract was 0.75 pence higher at 41.75 pence per therm by 0835 GMT. * The November contract was 0.95 euro higher at 44.20 pence per therm. * Within-day and day-ahead local distribution zone consumption is higher than the day before. Some of the upside in prices might be offset by increased liquefied natural gas send-out, however, Refinitiv gas analysts said. * Flows through the Langeled pipeline from Norway are at 72 ...

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US working natural gas volumes in underground storage rise by 49 Bcf: EIA

US natural gas storage volumes rose by 2 Bcf less than an S&P Global Platts survey of analysts anticipated, but once again much less than the five-year average as the Henry Hub prompt month price has gained 50 cents since the beginning of October. Storage inventories increased by 49 Bcf to 3.926 Tcf for the week-ended Oct. 16 the US Energy Information Administration reported Oct. 22. The injection was less than an S&P Global Platts survey of analysts calling for a 51-Bcf build. The injection measured much less than half ...

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Tougher emissions target could spur Japan refiners’ shift to clean energy

Japanese oil refiners may accelerate efforts to make cleaner fuels such as hydrogen if the government sets a more ambitious goal to achieve zero emissions by 2050, the head of the Petroleum Association of Japan (PAJ) said on Thursday. “If the government upgrades its 2050 carbon emission goal to zero from an 80% reduction now, refiners may speed up their efforts to make cleaner energy, using more renewable energy and hydrogen,” PAJ President Tsutomu Sugimori told a news conference. The Japanese government will pledge next week to reduce greenhouse gas ...

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