Shell plc and BP plc were among the 76 companies that made 115 bids for 258 of the 931 blocks on offer in the UK’s offshore oil and gas exploration licensing round last month. It was the country’s first licensing round since 2019, which attracted 104 bids for 245 blocks. The Department of Business, Energy…
Ukraine-Russia Crisis
Articles from Ukraine-Russia Crisis
EU Rolls Out LNG Reference Price Before TTF Cap Takes Effect
The European Union (EU) has published the first LNG reference price for use in a market control mechanism to cap natural gas prices under regulations that take effect later this month. The reference price is an average of several liquefied natural gas indexes and benchmark prices that will be used to trigger the cap if…
Demand Reduction, Term LNG Supplies Among Keys to Coming Winters in Europe, Bruegel Says
Europe must continue cutting its natural gas consumption this year and act quickly to secure additional supplies if it expects to make it through next winter, according to Brussels-based think tank Bruegel. The European Union (EU) must cut demand this year by 13% from the previous five-year average through at least Oct. 1, Bruegel said…
ICE to Launch Alternative TTF Market in Response to EU Natural Gas Price Cap
Intercontinental Exchange Inc. (ICE) said Friday it would launch a market for trading Title Transfer Facility (TTF) contracts in London that are subject to the European Union (EU) cap on the continent’s gas benchmark that takes effect next month. “ICE’s purpose is to create markets to allow our customers to manage their risk and we…
Algeria Makes Ambitious Plans to Nearly Double LNG, Pipeline Exports
Algeria, Europe’s third largest natural gas supplier, is planning to boost LNG and pipeline exports to the continent this year as it continues to wean off Russian supplies. Nearly 85% of the country’s gas exports are already designated for Europe, making Algerian President Abdelmadjid Tebboune’s pledge to nearly double them to 100 billion cubic meters…
Influenced by LNG, Henry Hub Natural Gas Spot Price Hit 14-Year High in 2022
U.S. natural gas prices have had a remarkably soft winter so far, but the whole of 2022 tells a completely different story. In 2022, the wholesale U.S. natural gas spot price at Henry Hub averaged $6.45/MMBtu, the highest level since 2008, according to the Energy Information Administration (EIA) based on data from Refinitiv Eikon. This…
European Companies Worried About Natural Gas Supply Crunch in 2023, Says Allianz
European companies large and small consider disrupted natural gas supply to be one of the top business risks heading into 2023, according to a new survey by Munich, Germany-based insurance giant Allianz SE. The energy crisis cracked the top 10 list of perceived risks for the first time in the 12-year history of the Allianz…
Achieving Global Energy Security and Reducing Carbon Emissions Share Spotlight in Davos
Achieving geopolitical stability and global energy security shared the limelight this week as top business and government leaders made their annual trek to Davos, Switzerland. The annual meeting of the World Economic Forum (WEF) addressed worldwide inequity and the chances for a recession. However, several sessions focused on two points: Russia’s invasion of Ukraine, intertwined…
European Union Energy Regulator Plans First Step for LNG Benchmark Alternative to TTF
The European Union’s (EU) energy regulator plans to publish a daily LNG price assessment starting Friday as part of policies established last year to create a bloc-wide benchmark. The EU Agency for the Cooperation of Energy Regulators (ACER) was ordered to begin publishing price assessments by Jan. 13 after the European Commission (EC) passed new…
Russia Allows Natural Gas Buyers to Pay Debts in Foreign Currency – The Offtake
Russia will allow natural gas buyers to pay debts for delivered supplies in currencies other than the ruble after a decree from President Vladimir Putin.