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Royal HaskoningDHV’s LNG Logistics Simulator has been selected by INPEX to support acceleration of Indonesia’s Abadi LNG project

Royal HaskoningDHV, the international engineering company has today announced that INPEX Masela, LTD. (INPEX) a subsidiary of INPEX Corporation, the leading global energy company, selected the expertise and technology from Royal HaskoningDHV’s digital solutions brand Twinn, including its cutting-edge Witness LNG Logistics Simulator for Indonesia’s Abadi LNG project. Supporting Indonesia’s energy transition LNG is a vital transitional energy source in Indonesia and the wider Asian market. The groundbreaking Abadi LNG project has a crucial role to play in this as it will produce around 9.5 million tons of LNG annually ...

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Asia Distillates: Window deals continue, March refiner sales stay at discounted levels

Asia’s middle distillates markets stayed upbeat on the trading window, with physical deals done for a third straight trading session and March refiner sale discussions in the discounted territory. Discussions for Taiwan-origin March barrels were at small discounts of nearly 20 cents per barrel, multiple trade sources said. On the jet fuel front, offers were made from Nigeria’s Dangote refinery for first-half March loading, with buyers having the options to either buy one medium range sized or long ranged size vessel cargo. Traders were expecting some northeast Asia-origin jet fuel ...

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Europe Gas Prices fall amid profit taking, temperature revision

Dutch and British wholesale gas prices fell on Wednesday morning amid profit taking after reaching a fresh two-year high on Tuesday. The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was 1.35 euro lower at at 55.10 euros per megawatt hour (MWh) by 1307 GMT, according to LSEG data. The Dutch April contract (TRNLTTFMc2) was down 2.48 euros at 55.12 euros/MWh. In Britain, the front-month contract (TRGBNBPMc1) fell by 4.54 pence to 134.41 pence per therm. Forecasts have been revised upwards slightly for average temperatures in north-west Europe from ...

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US natgas prices hold near two-week high on cold forecasts, rising LNG flows

U.S. natural gas futures held near a two-week high on Wednesday on rising flows to liquefied natural gas (LNG) export plants, a drop in daily output and forecasts for cold weather and higher heating demand over the next two weeks than previously expected. That lack of price movement came despite forecasts for the return of less cold weather in late February. Front-month gas futures for March delivery on the New York Mercantile Exchange remained unchanged at $3.517 per million British thermal units (mmBtu) at 7:50 a.m. EST (1250 GMT). On ...

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ONGC and bp sign contract to enhance production from Mumbai High

Oil and Natural Gas Corporation Limited (ONGC) and bp have signed a contract under which bp will serve as the Technical Services Provider (TSP) for the Mumbai High field, India’s largest and most prolific offshore oil field. ONGC will retain ownership and operational control of the field. Under the terms of the contract, bp will receive a fixed fee for a period of two years for its deployed personnel, followed by a service fee linked to incremental oil and gas production. bp will work in close collaboration with ONGC to ...

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Chevron Struggles To Replace Oil, Gas Reserves Amid Hess Deal Limbo

Chevron’s oil and gas reserves have fallen to the lowest point in at least a decade, highlighting the importance of the U.S. major’s planned acquisition of oil producer Hess that has stalled due to a court battle with Exxon Mobil. Reserve replacement is one of the key metrics for investors in energy companies, as it gives a sense of how much oil and gas the companies could produce and for how long. If Chevron closes the Hess acquisition, it would gain a stake in the lucrative Guyana oilfields that are ...

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Oil India taps Brazil’s Petrobras to expand offshore basin exploration

Oil India Ltd. has inked a deal with Brazil’s Petrobras to collaborate on the exploration and production of hydrocarbon resources in India’s offshore regions, as the state-run upstream producer looks to boost oil and gas output at home. The agreement with Petrobras follows closely on the heels of Oil India finalizing a deal with TotalEnergies in November 2024, through which the global energy major will provide technical expertise to the state-run company for offshore exploration efforts. “We are looking forward to an engaging collaboration between Petrobras and Oil India to ...

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Oil prices down 1% as US crude stocks rise, hawkish Fed comments weigh

Oil prices fell more than 1% a barrel on Wednesday, on track to end three days of gains after data showed U.S. crude stockpiles rose by more than expected last week, and hawkish remarks from the Federal Reserve chair. Brent futures were down 96 cents, or 1.25%, at $76.04 a barrel by 10:42 a.m. EST, while U.S. West Texas Intermediate (WTI) crude dropped $1.05, or 1.43%, to $72.27. Both benchmarks fell by more than $1 during the session. The declines follow three days of gains, during which Brent climbed 3.6% ...

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Middle East Crude-Benchmarks slide to one-month low

Middle East crude benchmark premiums of Oman, Dubai and Murban slid on Wednesday, reaching the lowest in about a month. The recent downtrend came after a surge in spot premiums driven by U.S. sanctions on Russia that tightened shipping availability and sent Asian buyers to seek more alternative barrels from the Middle East and other regions. But sharply increased prices have reduced demand to some extent, and trading has remained light during the Lunar New Year holiday. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps fell 9 cents to $3.26 ...

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Shell sees significant LNG growth in near term under its scenarios

Global demand for liquefied natural gas will see a robust rise in the next few years, while gas will likely see a more gradual dynamic and oil may peak at the beginning of the next decade, scenarios published by Shell SHEL showed on Wednesday. The British energy company has created three different scenarios for modelling energy security in the long term but added that they do not reflect its strategy or business plan. The most positive outlook in terms of economic growth is dubbed ‘Surge’ and presupposes a pervasive use ...

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REFINERY NEWS ROUNDUP: Change of ownership in focus in Europe

Change of refinery ownership has been in the focus in Europe of late, with BP announcing plans to sell its Gelsenkirchen refinery in Germany while talks have been ongoing for the sale of Lukoil’s site in Bulgaria and Serbia’s NIS has been looking at mitigating the impact of US sanctions due to the partial Russian ownership of its refinery. ** Bulgaria’s Prime Minister Rossen Zhelyaskov told parliament that negotiations for the Neftokhim’s refinery sale will be resumed in early February. Seven companies were still in the running to buy the ...

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Oil prices retreat after climb in US crude stockpiles expected

Oil prices lost ground on Wednesday after sources said industry data would show an increase in U.S. crude stockpiles, but stronger refining margins limited losses. Brent futures fell 52 cents or 0.7% to $76.48 a barrel by 0747 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 54 cents or 0.5% to $72.78 a barrel. The declines come after three days of gains during which Brent climbed 3.6% and WTI rose 3.7%. “This week’s moves on the WTI crude so far seem to be profit-taking activities from bearish short-term speculators ...

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The Commodities Feed: Oil trading under pressure

The oil market traded under pressure after rising for three consecutive sessions as the latest inventory numbers from the American Petroleum Institute (API) remain largely bearish. The market awaits monthly reports from OPEC and the IEA to further assess the market Energy – API reports a large build of oil inventory The oil market is trading with marginal declines this morning as the API numbers released overnight were largely bearish for the oil market. The institute reported that US crude oil inventories increased by 9.04m barrels over the last week, ...

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Oil market needs pragmatism, not politics, say Russia, OPEC

Russia will continue supplying hydrocarbons to “pragmatic and reasonable” countries such as India, “no matter what pressure is exerted,” a senior oil ministry official said on Feb. 11, as the market processes the impact of the latest batch of Western sanctions. Pavel Sorokin, Russia’s first deputy minister of energy, told an energy conference in New Delhi that Russia plays a “huge role” in helping India meet its growing energy needs and criticized what Moscow views as the politicization of global energy markets. India, whose oil minister, Hardeep Singh Puri, was ...

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Saudi crude to China to fall in March after prices hit over two-year high, sources say

Saudi Arabia’s crude oil supply to China is set to slide in March from the prior month, trade sources said on Tuesday, after the kingdom hiked its prices to the highest in more than two years. State oil firm Saudi Aramco will ship about 41 million barrels to China in March, a tally of allocations to Chinese refiners showed, down from February’s 43.5 million barrels. The figure marks a second consecutive monthly drop of Aramco’s allocation to China. Chinese state major Sinopec and Aramco’s joint venture Fujian refinery will be ...

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