Korea Gas Corp., aka Kogas, is partnering with TotalEnergies under a tentative agreement to develop more liquefied natural gas (LNG) marketing and development opportunities. Under a memorandum of understanding (MOU), South Korea’s state-run Kogas and the French supermajor could cooperate on improving LNG and low-carbon energy trading to increase price stability for the country. Kogas…
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Upstream Oil, Natural Gas Investments Rising, but Renewables Said Driving Growth
While investments in the global energy industry are expected to jump 8% from 2021 to 2022, investments in fossil fuels have not returned to pre-pandemic levels, according to the International Energy Agency (IEA). Investments in upstream oil and natural gas activities are projected to rise 10% year/year in 2022, but are likely to fall short…
Prelude FLNG Cancels Cargo Deliveries Amid Union Strike
The Prelude floating liquefied natural gas (LNG) export facility offshore Western Australia has canceled cargo deliveries through mid-July as labor unions representing workers on the vessel initiate work stoppages. Shell plc told multiple news outlets this week that it has notified customers of the cancellations, citing the impacts of a strike that started on June…
G7 Nations Vow to Follow Through on Russian Oil Price Cap
Leaders of the Group of Seven (G7) nations on Tuesday culminated a three-day summit emphasizing they were united in a commitment to back Ukraine for “as long as it takes” to expel Russia, though they stopped short of finalizing the centerpiece of new sanctions that would cap prices on Kremlin-backed oil. Members of the consortium…
G7 Nations Look to Cap Russian Oil Prices; U.S. Renews Vow to Help Quench Europe’s LNG Thirst
The Group of Seven (G7) nations on Monday pursued new sanctions, notably including a potential price cap on Russian oil, in an effort to cripple the Kremlin’s vital energy complex and hamstring its ability to finance the war in Ukraine. The United States, as part of the three-day G7 gathering that started Sunday, also vowed…
EU Approves 80% Natural Gas Storage Plan as Markets Kick Off Another ‘Volatile’ Week
After slightly cooling on an apparent price correction, European energy markets started the week with another leap upward as the European Union (EU) formalized its winter natural gas storage plan. The EU countries officially ratified a plan Monday to reach 80% of natural gas storage capacity available among the 27-country bloc by the winter heating…
Chevron, Egypt Pondering Increased Natural Gas Exports
As Egypt’s role as an option for sending more natural gas to Europe solidifies, the country’s petroleum ministry has announced a new tentative partnership with Chevron Corp. to explore ways to boost its liquefied natural gas (LNG) exports. In a memorandum of understanding (MOU) announced by Egypt’s Ministry of Oil and Mineral Resources, Chevron and…
Supply Constraints Create Step Change Up for European Gas, Asian LNG
Russian pipe gas flows to Europe fell again and will likely remain heavily curtailed over the coming weeks. This was a key driver behind price rises at the ICIS TTF which in turn lifted the ICIS East Asia Index (EAX) back to prices last seen in March.
Cordial Meet with Energy Secretary Sends ‘Positive Signal’ U.S. Committed to Oil, Natural Gas
For all the recent tension between the Biden administration and the sector, oil and natural gas heavyweights emerged from a summit with Energy Secretary Jennifer Granholm using words such as “constructive” and “optimistic” to size up talks aimed at boosting production in the face of tight global supplies. The meeting Thursday “was a constructive conversation…
Cheniere Sanctions Corpus LNG Expansion on ‘Significant Growth’
Cheniere Energy Inc. said Wednesday it made a positive final investment decision (FID) to expand its Corpus Christi liquefied natural gas (LNG) export terminal in South Texas. The project would add seven midscale liquefaction trains and 10 million metric tons/year (mmty) of capacity at the facility as global demand for LNG surges. “Reaching FID on…