Amid a “profound reorientation” in international energy markets due to a supply disruption following Russia’s invasion of Ukraine, global demand for natural gas, coal and oil is expected to peak or plateau by the mid-2030s, the International Energy Agency (IEA) said Monday. In its annual World Energy Outlook (WEO-2022), the IEA said the global energy…
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ConocoPhillips Takes Third, Final Stake in North Field South LNG Project
ConocoPhillips has been selected as a partner in QatarEnergy’s North Field South (NFS) LNG expansion project with a 6.25% stake awarded to one of the world’s largest independents. ConocoPhillips is the third company to sign on to the two-train, 16 million metric ton/year (mmty) capacity liquefied natural gas project planned from Qatar’s prolific North Field.…
Global Natural Gas Trading Helped Lift TotalEnergies to Record Profit in 3Q
TotalEnergies SE reported a 10% sequential decline in second quarter LNG sales, but stronger prices for the super-chilled fuel helped the company cruise to a record profit. The sales decline was mainly due to the outage at the Freeport liquefied natural gas terminal on the Upper Texas coast, where TotalEnergies has long-term offtake agreements in…
European, Asian Natural Gas Prices Steady on Firm Supplies – LNG Recap
Natural gas prices in Europe and Asia have leveled off amid warmer weather and strong storage stocks in both regions. In Europe, where inventories are at 94% of capacity, temperatures are expected to remain mild next week, according to Maxar’s Weather Desk. Above normal temperatures are expected in big gas consuming regions like France, Germany…
Santos Looks to Balance Domestic Natural Gas Demand, Future LNG Prospects
Santos Ltd. management said strong domestic natural gas demand and persisting high global LNG prices helped the company continue breaking performance records in the third quarter as it navigated progress and potential setbacks for its major projects. Like other integrated Australian producers, Santos has had to straddle the line between heightened global demand for liquefied…
East Asia Spot LNG Price Surpasses TTF for Winter
Asian spot LNG prices surpassed the ICIS TTF benchmark this week for the first time since late June on rising demand in Asia and high stock levels in Europe.
Japanese Natural Gas Buyers Meet with U.S., State Officials Over Alaska LNG Project
Some of the largest Japanese offtakers of U.S. LNG met with federal and Alaskan officials during a summit in Japan to discuss developing an export project that could connect North Slope natural gas to a supply-short Asian market. At a summit convened in Tokyo by U.S. Ambassador to Japan Rahm Emanuel, Sen. Dan Sullivan (R-Alaska)…
November Natural Gas Futures Prices Flat Despite Intraday Swings; Cash Slightly Higher on Cold Snap
Natural gas futures took a breather Wednesday following a two-day rally at the front of the curve that lifted the prompt-month contract amid technically oversold conditions. Despite some intraday volatility, the November Nymex contract closed out Wednesday’s session at $5.606, off only seven-tenths of a penny from Tuesday’s close. December natural gas futures slipped 4.7…
Woodside Diversifying Portfolio, Growing European Exposure with U.S. LNG
While Woodside Energy Group Ltd. is pushing ahead with multi-billion dollar natural gas development projects to secure the future of its Australian assets, it made moves in the third quarter to grow its exposure to European markets with help from some added U.S. LNG. The third quarter was Woodside’s first full earnings period since it…
U.S. Oil Production Flat as IEA Chief Warns of Tight Supplies, ‘First Truly Global Energy Crisis’
Domestic crude production held even last week as demand dipped slightly and inventories edged up, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. exploration and production (E&P) companies kept output for the week ended Oct. 21 at 12.0 million b/d, flat with the prior week and roughly in line with the level maintained through…