International

Oil exports from Russia are to be banned beginning Feb. 1 to any country that agreed to cap prices, according to a decree signed Tuesday by President Vladimir Putin. The ban would continue for five months. “Deliveries of Russian oil and oil products to foreign entities and individuals are banned, on the condition that in…

Equinor ASA said it would invest $1.3 billion along with its partners in the Hammerfest LNG terminal to extend the life of the Norwegian plant and cut emissions significantly. The company has submitted its development plan to Norway’s Ministry of Petroleum and Energy to add onshore compression and electrify the terminal. It’s aiming to have…

PAO Novatek has discovered a prolific natural gas and condensate field it plans to use to boost the resource base for its Arctic LNG 1 project as it furthers its goal of growing Russian exports. Novatek, Russia’s largest independent natural gas producer, reported it has found a field on the Gydan Peninsula in the far…

Demand for gasoline climbed last week and helped to drive a second consecutive gain in U.S. petroleum consumption, while oil production leveled off, new federal data show. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the period ended Dec. 16 climbed 5% week/week. The increase was driven by a…

Russia is turning to Turkey as a potential natural gas hub partner with a new sense of urgency to find new export outlets for volumes left stranded by damages to the Nord Stream pipelines in September.  But any hub would likely face political, financial and supply issues that are compounded by the Kremlin’s war in…

A fatal explosion on a natural gas pipeline in western Russia, which moves supplies to Europe, did little to move prices on the continent after a unit of Gazprom PJSC said deliveries were being rerouted. Three people were reportedly killed and another was injured during maintenance on a stretch of the Urengoy-Pomary-Uzhhorod pipeline in the…

Argentina has secured financing for the second leg of the Nestór Kirchner natural gas pipeline system, energy secretary Flavia Royon said last week during a conference in Buenos Aires. She said the state had obtained financing for $689 million from the Brazilian National Development Bank and another $540 million from Latin American development bank Corporacion…

Renewable sources of energy are collectively on track to eclipse coal as the world’s leading source of electricity, with capacity growth forecast to nearly double in the next five years, the International Energy Agency (IEA) said in a new report. IEA’s Renewables 2022 report forecasts that abundant energy drivers such as wind and solar will…

Europe’s Title Transfer Facility (TTF) benchmark fell further Monday as a cold snap eased and a long-awaited agreement to cap natural gas prices on the continent gave the market pause.  Both the January and February TTF contracts slipped about 6% to finish around $34/MMBtu, while prices further down the curve dropped as well. The prompt…