To ensure the United States holds its mantle as a top natural gas and oil producer, the American Petroleum Institute (API) plans to push for continued access to federal leasing and advocate that producers advance their work to reduce carbon emissions.
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Novatek Inks Two More Supply Deals for Arctic LNG 2 Offtake
Russia’s second largest natural gas producer, PAO Novatek, has signed two long-term liquefied natural gas (LNG) supply contracts from its Arctic LNG 2 project with two Chinese distributors. A subsidiary of China’s largest independent gas distributor, ENN Natural Gas Co. Ltd., agreed to purchase 0.6 million metric tons/year (mmty) for 11 years from Novatek. Volumes…
Oil, Natural Gas Spending Across World to Increase This Year, Rystad Says
Global oil and gas investment is expected to grow by $26 billion this year as the industry continues to recover from the worst of the coronavirus, according to new analysis from Rystad Energy. Overall oil and gas investment is forecast to climb by 4% to $628 billion this year from $602 billion in 2021. “The…
ExxonMobil Building Plethora of Oil, Natural Gas Prospects in Stabroek Offshore Guyana
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…
Netherlands May Double Groningen Natural Gas Output to Meet Increasing Demand
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…
Investing in Oil, Natural Gas Paramount as Energy Mix Transitions, Says Yergin
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 Demand Strong and Worst Omicron Fears Eased, a Path Clears for $100 Oil in 2022
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.
Global Natural Gas Prices Move Lower on Warmer Weather in Asia, Europe – LNG Recap
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…
LNG Cargoes Continue Diverting Toward Europe
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 Defends European Deliveries as Natural Gas Prices Climb on Supply Concerns
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…