Energy and environment ministers from the Group of Seven (G7) economically advanced nations, including the United States, agreed to ramp up electricity generated by renewable energy sources to accelerate the transition away from fossil fuels. Yet the ministers, recognizing global demand shifts amid Russia’s war in Ukraine and the particular energy needs of meeting host…
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What Risks Still Lurk for Global Natural Gas Markets This Year? – Listen Now to NGI’s Hub and Flow
Click here to listen to the latest episode of NGI’s Hub & Flow podcast. NGI’s Jacob Dick, associate editor of LNG, talks with Ira Joseph, global fellow with Columbia University’s Center on Global Energy Policy, about the global LNG price risks that are still abound despite a relatively calm winter. Europe’s rush to replace Russian…
Russia Approves Sale of Shell’s Stake in Sakhalin-2 LNG Plant – The Offtake
A roundup of news and commentary from NGI’s LNG Insight Russian President Vladimir Putin approved the sale of Shell plc’s stake in the Sakhalin-2 LNG plant to PAO Novatek for $1.16 billion. Last year, Putin ordered Russia to take over the ownership rights from a partnership between Shell, Gazprom PJSC and Japanese trading houses Mitsui…
U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output
U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies. E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday. The result was flat…
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…
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…
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…
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…
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.…
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…