At the right “price point,” global demand for natural gas will continue to expand, Shell plc CEO Wael Sawan said Monday. On the opening day of CERAWeek by S&P Global in Houston, Sawan told the industry audience that the transition to become a net-zero producer remains a goal by 2050. However, alternatives remain too expensive…
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Venture Global Acquiring Fleet of LNG Tankers to Transport Gulf Coast Volumes Overseas
Venture Global LNG Inc. said Sunday it would acquire a fleet of nine liquefied natural gas tankers, becoming the first U.S. producer of the super-chilled fuel to own vessels as it continues to integrate its operations. The vessels are currently under construction in South Korea. Six of them would have the capacity to carry 174,000…
Chevron’s Guyana Mega-Deal Facing Hurdles as Oil, Natural Gas Industry Consolidates
ExxonMobil is trying to put a stop to Chevron Corp. and its bid to enter the lucrative Guyanese offshore oil and natural gas patch. The company has filed for arbitration, claiming Chevron’s bid to snap up Hess Corp.’s Guyana assets goes against a contract clause that grants ExxonMobil a right of first refusal. Last October,…
Nuclear Power Additions Not Expected to Significantly Cut Into South Korea’s LNG Demand
South Korea’s plans to bring online more nuclear power capacity could cut natural gas demand this summer, but the strategy is unlikely to curb demand the way it has in Japan. “Korea’s nuclear projects have been under construction for some time, and Japan will be far ahead with switching their plants back on once they…
China’s LNG Buying Off to Strong Start This Year
China imported nearly 13% more LNG in the first two months of the year compared to the same time in 2023 as lower spot prices have encouraged Chinese buyers to close more deals. China’s imports of the super-chilled fuel reached 14.03 million tons (Mt) in January and February, up from 13.50 Mt during the same…
Calgary’s Ensign Forecasting ‘Relatively Stable’ Activity as E&Ps Build DUCs, Prepare for LNG Takeaway
Geopolitical tensions are impacting global oil and natural gas prices, but the outlook for oilfield services “continues to be constructive,” as operators prepare for infrastructure and LNG projects to begin commercial operations, according to Ensign Energy Services Inc. The executive team of the Calgary-based operator, which works across North America and in overseas markets, discussed…
Saudi Aramco Boosting Domestic Natural Gas Output and Eyeing International LNG Investments
State-owned Saudi Arabian Oil Co., better known as Aramco, is targeting a 60% increase by 2030 in its natural gas production from 2021 levels as domestic consumption rises in the Kingdom. Speaking to investors during a conference call on Monday, CEO Amin Nasser and CFO Ziad Al-Murshed discussed an array of projects underway to boost…
Maintenance, Unplanned Outages at U.S. Export Plants Cut Into Global Supply – LNG Recap
Global natural gas prices oscillated on Monday as the market reacted to supply outages in the United States and Europe. Feed gas deliveries to the Freeport LNG export terminal on the upper Texas coast sank over the weekend. The facility is scheduled this week to restart a train that went offline in January. NGI data…
Canada Natural Gas, Oil Sector Forecast to Spend Slightly More in ‘24, with ‘Sense of Caution’
Upstream natural gas and oil explorers in Canada are expected to increase their capital spending over 2023, but not by much, according to a top industry group. The Canadian Association of Petroleum Producers (CAPP) issued its latest survey of capital expenditures (capex) for the upstream sector in Canadian dollars (C$1.00/US74 cents). Capex is forecast at…
More Israeli Natural Gas Could Reach Global Markets Via Egyptian LNG Facilities
Natural gas output from Israel is again poised to increase as Chevron Corp. and its partners plan to invest more in the Tamar field, raising prospects for additional Eastern Mediterranean volumes to reach the global market via Egyptian liquefaction facilities. Tamar’s production is set to go from 1.2 Bcf/d to nearly 1.6 Bcf/d now that…