International

ExxonMobil said last week it has added two oil and natural gas discoveries offshore Guyana in the prolific Stabroek block. The Fangtooth-1 well, drilled in 6,030 feet of water, encountered 164 feet (50 meters) of oil-bearing sandstone reservoirs, the energy major said. The Lau Lau-1 well, in 4,793 feet of water, encountered 315 feet of…

Natural gas production from the Groningen field in the Netherlands may nearly double from 3.9 billion cubic meters (Bcm) to 7.6 Bcm this year because of a request from Germany for additional supplies and a delay in the start-up of the Zuidbroek nitrogen facility.  Germany approached the Dutch government as the country “expects to need…

Nations may be working to transition to net-zero carbon, but recent events prove that it will be decades before oil and gas are replaced by alternative energies, according to IHS Markit Vice Chairman Daniel Yergin.

With global benchmark oil prices already hovering around $80/bbl on strong demand early in the year — despite a surge in coronavirus cases — analysts said consumption could reach record levels this year and potentially drive the cost of crude into the triple digits.

Warmer weather in Europe and Asia weakened competition for liquefied natural gas (LNG) cargoes and pushed prices lower as the week got underway. The Title Transfer Facility (TTF) climbed higher for most of last week, reversing declines that came with the end of December. The contract lost steam and closed lower Friday. The Japan-Korea Marker…

Liquefied natural gas (LNG) tankers previously en route to Asia are still diverting toward Europe as the western part of the continent continues to deal with reduced pipeline flows and low storage inventories that have supported high prices. After diverted LNG vessels made headlines last month, market research firm Kpler has continued to track 14…

Gazprom PJSC said in a report to Russian President Vladimir Putin last week that it continues to fulfill all contractual obligations for shipping natural gas to Europe, which has been desperate for the fuel this winter.  “As usual, Gazprom has been providing reliable gas supplies to our consumers in Russia and abroad,” said Gazprom’s Alexey…

The dip in oil and gas production that Southeast Asia has seen since 2020 is exacerbating a downward trend in regional volumes that may continue into the decade ahead, according to a recent industry analysis. Analysts with Rystad Energy recently predicted that the region’s combined oil and gas production would likely not push above the…

Natural gas prices faltered on Tuesday even as domestic forecasts showed robust near-term heating demand and as producers curtailed output amid freezing conditions. The February Nymex gas futures contract shed 9.8 cents day/day and settled at $3.717/MMBtu. March fell 9.6 cents to $3.582. NGI’s Spot Gas National Avg. fell 30.0 cents to $4.295 as prices…