BP plc on Thursday secured its first unconventional natural gas exploration contract in China in an agreement with the country’s largest state-owned producer.
Articles from china
The slew of North American liquefied natural gas (LNG) export projects currently in the works could face stiff competition from renewables in Asian and European power generation markets, according to a new report from economists with The Brattle Group.
Chevron Corp.’s Australian subsidiaries and its partners have signed a nonbinding heads of agreement (HOA) to deliver up to 0.5 million metric tons/year (mmty) of liquefied natural gas (LNG) over a decade from the Gorgon project to China’s ENN LNG Trading Co. Ltd.
BP plc clinched a 20-year contract this week worth close to $20 billion to supply China with liquefied natural gas (LNG), including from a proposed export plant in Freeport, TX, Group CEO Bob Dudley said Tuesday. A similar agreement between Royal Dutch Shell plc and China also is said to be nearing completion.
The United States is “beyond the golden age” for natural gas, and North America’s gas surfeit now is in “full swing,” the International Energy Agency (IEA) said Tuesday. China, meanwhile, is entering the golden age, while Mexico is a strong candidate in the future.
North America should find plenty of outlets for its copious natural gas reserves, but some questions need to be clarified soon, such as whether to allow manufacturers to dictate how much supply remains onshore, or whether the free market fuels an export revolution, according to Statoil ASA’s chief economist.
As part of a “U.S. Century” fueled by global shale gas dominance, domestic natural gas prices will rise and volatility will return in the next three to five years, a JP Morgan executive told participants at the LDC Gas Forum Mid-Continent in Chicago Tuesday. Colin Fenton did add the caveat that the gas volatility will not be the same as global oil prices, however.
A subsidiary of Newport Beach, CA-based Clean Energy Fuels Corp. said Thursday it has signed a three-year, $167 million deal with a Chinese-based natural gas/propane pipeline company to provide up to 416 compressed natural gas (CNG) compressors and related technologies to support development of more than 300 CNG fueling stations throughout China. Growth of CNG in China is expected to outpace U.S. expansion, Clean Energy executives said.
The number seven is a symbol of fortune and intelligence in China and that luck is being pressed by the Asian-owned seventh proposal for liquefied natural gas (LNG) exports to the Orient from the Pacific Coast of British Columbia (BC).
The U.S. Energy Information Administration (EIA) said China is projected to pass the United States and become the world’s largest net importer of oil on a monthly basis by October, and on an annual basis by 2014.