Coronavirus

Tellurian Inc. could begin construction on certain elements of its Driftwood liquefied natural gas (LNG) facility in Louisiana as early as this summer, CEO Octávio Simões said recently. “We’re aiming to start construction of the owner obligation costs this summer,” Simões told NGI. Those owner obligations are not covered by the company’s engineering, procurement and…

Global demand for oil and natural gas is likely to continue growing for the foreseeable future, although talk of an impending oil price “supercycle” has proved premature for now, a panel of experts agreed Friday. For the next five years, “We have a very constructive view on oil demand,” said ConocoPhillips chief economist Helen Currie…

Schlumberger Ltd., the world’s largest oilfield services company, posted solid double-digit revenue growth and sequential margin expansion in North America, both onshore and offshore, in the final three months of 2020. During a conference call on Friday morning in Houston, CEO Olivier Le Peuch said the overall market position improved in 2020, despite the pressure…

Click here to listen to a recent episode of NGI’s Hub & Flow podcast. Senior Editor Leticia Gonzales chats with NGI Senior Systems Engineer Nate Harrison about the changes in toilet paper consumption since Covid-19 and how similar changes in natural gas use have altered supply/demand balances. Believing that transparent markets empower businesses, economies and…

The number of total jobs in Texas’ upstream sector dipped in November after showing positive gains in October and November, driven principally by layoffs in the services sector.  The Texas Independent Producers & Royalty Owners Association (TIPRO) reported new government data showing that the sector experienced a decline of 2,300 jobs in November compared to…

Natural gas futures advanced Tuesday on forecasts for colder weather and a bullish withdrawal from storage. Improved liquefied natural gas (LNG) levels added a dose of optimism. The January Nymex contract climbed 7.5 cents day/day and settled at $2.780/MMBtu. February rose 6.0 cents to $2.749. NGI’s Spot Gas National Avg. rose 5.5 cents to $2.870.  …

Proponents of the natural gas, oil and renewable energy sectors all found something to like about a $2.3 trillion omnibus spending and coronavirus relief package passed late Monday by the House and Senate. The American Petroleum Institute (API) praised legislators for including several provisions from Sen. Lisa Murkowski’s (R-AK) American Energy Innovation Act, including parts…

Mexico’s natural gas market continued to grow in 2020 despite the chaos wrought by Covid-19 and unease around the government’s state-centric energy policies, underscoring the molecule’s increasing importance to the local economy. Looking back, NGI’s Mexico GPI forecasts last year may have been wildly optimistic. The year started innocently enough, but it took a sharp…

After jumping a week earlier, domestic oil inventories dropped during the week ended Dec. 11, the U.S. Energy Information Administration (EIA) said Wednesday.   EIA said in its Weekly Petroleum Status Report that U.S. commercial crude oil inventories — excluding those in the Strategic Petroleum Reserve — decreased by 3.1 million bbl from the prior week.…