Uniper SE, Germany’s largest natural gas buyer, said Tuesday it would invest nearly $9 billion through 2030 to accelerate its transformation into a “greener company” less than a year after it was nationalized amid one of the worst energy crises in Europe’s history. The newly appointed management team said it would invest for a “massive…
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Global Natural Gas Prices Remain Muted as Market Looks Ahead to Winter, 2024 Demand – LNG Recap
Despite sweltering heat waves and a slight lift in European prices, LNG market activity is expected to remain light as buyers and U.S. producers hone in on the future supply and demand scenario. After a brief climb to almost $11/MMbtu last week, the Dutch Title Transfer Facility (TTF) dropped to $8.705/MMBtu at the end of…
EU’s Joint Natural Gas Tender Platform ‘Exceeding Expectations,’ but Call for Transparency Continues
European Commission (EC) officials have called the bloc’s Aggregate EU joint natural gas purchasing platform a success after closing the second tender, but market participants and analysts are still calling for more information around contracts. Out of the nearly 12 Bcm matched in the second tender, liquefied natural gas accounted for 5.5 Bcm and the…
TotalEnergies CEO Says U.S. LNG ‘Important’ to Strategy and European Natural Gas Supply
TotalEnergies SE is on the hunt for more opportunities for affordable LNG like its recent grabs in the United States as Europe’s energy volatility and rising costs are likely to persist. Despite Europe’s falling oil and natural gas prices during the second quarter, CEO Patrick Pouyanné said “tensions” in the global gas market will mean…
Europe’s Drop in Summer LNG Imports, Hefty Storage Could Still Spell Upside Risk in Winter
Europe’s hefty natural gas storage and diminished natural gas demand has led to months of decline in LNG imports, but global competition still presents an upside price risk for winter in a tightening market. European LNG imports dropped from May to June after peaking at 9.50 million tons (Mt) in April. However, the month-on-month decline…
Oilfield Services Firms Growing Revenues in Latin America as International Offshore Expands
The main three oilfield services firms see international exploration and production (E&P) companies increasing activity, in particular in the offshore, and despite a slowdown in North America. They all reported growth in their Latin American businesses. SLB Ltd. CEO Olivier Le Peuch said international offshore would drive the upstream industry through this decade. “Second quarter…
Argentina Sees Path Toward LNG Exports With Vaca Muerta Pipeline Online
Argentina’s natural gas pipeline offering additional takeaway capacity from the Vaca Muerta shale formation went into service earlier this month. The Gasoducto Presidente Néstor Kirchner pipeline was built in 10 months, “record time,” the Energy Secretariat said. Capacity on the pipeline is 25 million cubic meters/day (MMcm). The line stretches from the town of Tratayén…
UK Natural Gas Supply Secure Through 2050 with Mix of LNG, Renewables, National Grid Says
The UK should have stable natural gas supplies through 2050, but could see more frequent price spikes as its reliance on LNG grows its exposure to global demand, according to the country’s energy systems operator. In National Grid plc’s latest future energy scenario report, the firm reported the UK’s ability to secure “diverse sources of…
Russia Still Counting on Asian Demand as Natural Gas Output, Exports Continue Falling
Moscow has revised its gas strategy repeatedly since western sanctions were placed on Russia last year after it invaded Ukraine, and it is counting on Asia as an export destination to replace the loss of Europe’s 150 billion cubic meter (Bcm) market. The Russian government revised pipeline export targets last month to increase deliveries to…
Japan’s LNG Buyers Increasingly Frustrated with Australia’s Energy Policy
Australia could lose long-term LNG supply contracts with Japan under recent government policy changes over the past several months that appear to undermine the country’s natural gas industry. Under the Australian Domestic Gas SafeGuard Mechanism (ADSGM) passed earlier this year, the government is allowed to divert liquified natural gas feedstock to meet domestic demand, and…