Remote North Atlantic drilling offshore Newfoundland has lost out in competition against LNG and lower-cost Gulf of Mexico wells for investment by top Australian producer Woodside Energy Group Ltd. The Perth-based firm dropped Grand Banks exploration licenses, acquired in its June merger with BHP Petroleum, that fetched work bids of C$822 million ($616 million) in…
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API: European LNG Demand, Role of U.S. Natural Gas Outpaces Previous Estimates
The European Union has made significant progress to replace Russian natural gas, but an abrupt stop to pipeline flows could mean future U.S. LNG projects will be the key to rebalancing energy markets on the continent, industry groups highlighted in a new analysis. In a new report by Rystad Energy AS, conducted for the American…
Asian Spot LNG Price Starts to Firm as Winter Nears
SINGAPORE (ICIS) –The ICIS East Asia Index (EAX) firmed on 22 September on early TTF trades and tender information, resulting in a spot value of $41.00/MMBtu, $2/MMBtu higher than the previous day’s close.
German Government to Nationalize Country’s Largest Natural Gas Importer Uniper SE
Uniper SE said Wednesday that the German government would spend 8 billion euros ($7.9 billion) to take a 99% stake in the company and nationalize the country’s largest utility. The German government would also acquire all the shares held by Uniper’s largest stakeholder, Finnish energy company Fortum Oyj. The deal amends a bailout announced in…
Prices Tread Water as U.S. Oil Production Stagnates, Russia’s Putin Escalates War in Ukraine
Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…
Enbridge to Improve Native Relations as Line 5, Infrastructure Face Legal Hurdles
After being rescued from a Wisconsin tribal lawsuit by the Canadian government regarding its Line 5 oil pipeline, Enbridge Inc. has made a corporate vow to improve relations with native communities across North America. “We recognize the deep and meaningful connections that Indigenous nations have to water, land and the environment,” Enbridge management said in…
‘Too Little, Too Late,’ Says Aramco CEO of Global Oil, Natural Gas Investment
Policymakers must ensure the supply of conventional energy sources alongside lower carbon ones as the energy transition marches on, according to Saudi Arabian Oil Co. (Aramco) CEO Amin Nasser. The head of the state-owned oil behemoth has been warning of the threats to global energy security posed by underinvestment in oil and natural gas. “Many…
Waha Natural Gas Price Trading at Increasing Discount to Henry Hub, Bolstering Mexico
Natural gas prices at the Waha pricing point in West Texas continue to offer an attractive long term option for offtakers, including in Mexico, according to analysis from the U.S. Energy Information Administration (EIA). Since late 2021, the difference “has been widening” between the natural gas price at Waha and the Henry Hub benchmark in…
South Korea Aiming to Boost Nuclear Output Amid Tight Global Energy Markets
Despite South Korea’s plan to boost the use of nuclear energy in the country’s power generation mix by 2030, LNG will continue to play an important role in the government’s new energy strategy. President Yoon Suk-yeol was elected in March and is a strong supporter of nuclear energy. He plans to reduce the country’s dependence…
Origin Planning Exit From Most Upstream Assets, but Keeping Stake in Australia Pacific LNG
Sydney-based Origin Energy Ltd. plans to divest its interest in Australia’s Beetaloo Basin and end its involvement in a joint venture (JV) to develop unconventional natural gas resources in the play as it continues to focus on energy transition initiatives. Origin – which also has power generation assets and utility businesses in Australia, Papua New…