European Union regulators have delivered on the promise of a new LNG benchmark for the region in the hopes of increasing price transparency and deflating similar price surges that rocked markets last year. The European Union Agency for the Cooperation of Energy Regulators (ACER) reported its first liquefied natural gas benchmark price Friday. ACER has…
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OPEC-Plus Oil Cuts Keep Pressure on European Natural Gas Prices – LNG Recap
The surprise decision over the weekend by OPEC-plus countries to further cut crude production helped keep a rally in European natural gas prices alive as concerns over fuel supplies again bubbled up as the week got underway. The slump in natural gas prices amid a mild winter has made the fuel more competitive with oil…
Saudi Arabia, Allied Producers Announce Steep Oil Output Cuts; $110 Price Potential
Saudi Arabia said Sunday it would further scale back crude production by 500,000 b/d from May through the end of the year, leading a broader OPEC-plus effort to curb supplies and bolster prices. In total, the Saudi energy ministry said the group of producer countries would cut more than 1 million b/d. This would come…
Excelerate Remains ‘Agnostic’ in Global Search for More LNG Contracts, Says CEO
Excelerate Energy Inc. is looking for more opportunities to grow its nascent LNG portfolio, but not only with U.S. projects, as it expands its role as a global natural gas supplier. CEO Steven Kobos said during a fourth quarter earnings call that the company, headquartered in The Woodlands near Houston, had pivoted its “near-term commercial…
Crescent Point Building Montney Portfolio with Spartan Delta Deal
Crescent Point Energy Corp. has agreed to acquire a package of liquids-rich assets in the Montney Shale of Alberta in an all-cash deal with Spartan Delta Corp. valued at C$1.7 billion ($1.2 billion). Spartan said the agreement would reward its stockholders with a payment of C$9.50 ($7.12)/share. “Over the past five years, we have fundamentally…
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…
Domestic Crude Production Holds Strong, Prices Recover Despite Banking Crisis
U.S. exploration and production (E&P) firms last week approached the pandemic-era peak oil output level as catalysts for global demand gather and benchmark crude prices recover from fears imposed by financial system upheaval. E&Ps churned out 12.2 million b/d for the week ended March 24, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum…
Enbridge ‘Diverts’ $1B to Feed RNG Market
Calgary-based pipeline giant Enbridge Inc. has agreed to spend $1 billion in a U.S. development with Divert Inc. to turn food waste into renewable natural gas (RNG). The investment is part of a plan to develop facilities in major U.S. regions within 100 miles of 80% of the population, according to the companies. “The infrastructure…
Eastern Mediterranean Natural Gas Seen Boosting LNG Supplies for Europe
The European Union (EU) has been eyeing a boom in Eastern Mediterranean natural gas production to ease price volatility, but new research suggests more volumes could be a mid-term source of relief rather than a long-term solution. In a report for Columbia University’s Center on Global Energy Policy, the authors posit that as much as…
ConocoPhillips Could Take Over APLNG Upstream if Brookfield, EIG Acquire Origin Energy
A consortium of investment groups is planning to acquire Origin Energy Ltd., Australia’s largest integrated utility, in a deal that could make ConocoPhillips upstream operator of the natural gas fields that feed the Australia Pacific LNG (APLNG) facility. Brookfield Renewable Partners LP and U.S.-based institutional energy investor EIG reached an agreement with Origin’s board to…