Russia

Iran Faces Uphill Battle in Push to Revive LNG Export Projects

Iran Faces Uphill Battle in Push to Revive LNG Export Projects

Despite holding the world’s second largest natural gas reserves and having Russia as a new partner, Iran faces challenges to revive one of its three LNG export projects. Iran, the world’s third largest gas producer, shares the giant North Dome/South Pars field with Qatar, but it has fallen far behind in developing its reserves to…

March 29, 2023
Russia Wants to Triple LNG Exports by Opening More of Its Natural Gas Fields

Russia Wants to Triple LNG Exports by Opening More of Its Natural Gas Fields

Russia aims to nearly triple LNG exports to 100 million metric tons/year (mmty) by 2030 by expanding the list of natural gas fields allowed to export the super-chilled fuel, Prime Minister Mikhail Mishustin said in a televised government meeting earlier this month. Draft amendments aimed at achieving that goal would “legally free up reserves for…

March 22, 2023
U.S. Crude Production Steady But Off 2023 Peak; Russia Pulls Back

U.S. Crude Production Steady But Off 2023 Peak; Russia Pulls Back

American exploration and production firms’ (E&P) continued to drive oil output at strong levels over the last two weeks, though activity slipped from the highs of the year. E&Ps generated 12.2 million b/d for the week ended March 10, even with the prior week, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status…

March 15, 2023
Europeans ‘Don’t Intend to Go Back’ to Russian Natural Gas, Says Chevron CEO

Europeans ‘Don’t Intend to Go Back’ to Russian Natural Gas, Says Chevron CEO

The world’s natural gas markets are fundamentally changed for the long term with less dependence on Russia, Chevron Corp. CEO Mike Wirth said Monday. Wirth was the opening speaker in Houston at CERAWeek by S&P Global. CERAWeek Chairman Daniel Yergin joined Wirth on stage to kick off the week-long conference. The two men discussed how…

March 6, 2023
American E&Ps Maintain Pandemic-Era Peak Oil Production; Inventories Mount

American E&Ps Maintain Pandemic-Era Peak Oil Production; Inventories Mount

U.S. crude output last week held at robust levels as American exploration and production (E&P) companies remained active to bolster domestic supplies and help meet global demand. E&Ps generated 12.3 million b/d for the week ended Feb. 24. That was on par with the highest level since March 2020, when the pandemic was declared. U.S.…

March 1, 2023
U.S. Oil Production Reaches New Pandemic-Era High, Contributes to Natural Gas Gains

U.S. Oil Production Reaches New Pandemic-Era High, Contributes to Natural Gas Gains

Domestic crude production climbed to the highest level since 2020 as demand for petroleum products pushed ahead last week, the U.S. Energy Information Administration (EIA) said Wednesday. American producers generated 12.3 million b/d for the week ended Feb. 3, up by 100,000 b/d from the prior week, data from EIA’s latest Weekly Petroleum Status Report…

February 8, 2023
Gazprom in Search of New Natural Gas Markets After Exports to Europe Plummeted in 2022

Gazprom in Search of New Natural Gas Markets After Exports to Europe Plummeted in 2022

Russian natural gas exports to foreign markets dropped nearly 46% year/year in 2022, when they were impacted by a steep decline in deliveries to Europe, according to Gazprom PJSC. Exports, including those to China via the Power of Siberia Pipeline, dropped to 100.9 billion cubic meters (Bcm) last year, or about 3.6 Tcf. That’s compared…

January 10, 2023
Novatek Discovery Boosts Natural Gas Reserves for Arctic LNG 1

Novatek Discovery Boosts Natural Gas Reserves for Arctic LNG 1

PAO Novatek has discovered a prolific natural gas and condensate field it plans to use to boost the resource base for its Arctic LNG 1 project as it furthers its goal of growing Russian exports. Novatek, Russia’s largest independent natural gas producer, reported it has found a field on the Gydan Peninsula in the far…

December 21, 2022
Russia’s Plans for Natural Gas Hub in Turkey Facing Obstacles

Russia’s Plans for Natural Gas Hub in Turkey Facing Obstacles

Russia is turning to Turkey as a potential natural gas hub partner with a new sense of urgency to find new export outlets for volumes left stranded by damages to the Nord Stream pipelines in September.  But any hub would likely face political, financial and supply issues that are compounded by the Kremlin’s war in…

December 21, 2022
Russian Pipeline Explosion Fails to Move European Market as JKM Jumps Above TTF

Russian Pipeline Explosion Fails to Move European Market as JKM Jumps Above TTF

A fatal explosion on a natural gas pipeline in western Russia, which moves supplies to Europe, did little to move prices on the continent after a unit of Gazprom PJSC said deliveries were being rerouted. Three people were reportedly killed and another was injured during maintenance on a stretch of the Urengoy-Pomary-Uzhhorod pipeline in the…

December 20, 2022
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