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Operator evaluating development options, including LNG, for Indonesia play de-risked by multi-trillion cubic foot Timpan gas breakthrough
According to the International Energy Agency’s Gas Market Report, natural gas markets worldwide continued to tighten last year despite global consumption declining by an estimated 1.6% in 2022. Demand is forecast to remain flat in 2023, but the outlook is subject to a high level of uncertainty, particularly in terms of Russia’s future actions and the economic impacts of fluctuating energy prices.
If sealed, this would be the second such deal between major LNG exporter Qatar and the world's no.2 LNG buyer, as Beijing looks to beef up gas supply and diversify its sources in a drive to replace coal and cut carbon emissions.
With thermal coal and liquefied natural gas (LNG) prices holding close to record highs in Asia, it would be logical to expect demand destruction, especially in developing nations said to be price sensitive. But it isn't happening yet.India, the world's second-biggest coal importer, behind China, saw record arrivals in June of thermal coal, used mainly to generate electricity, according to data compiled by commodity analysts Kpler.
Japan's industry minister Koichi Hagiuda said on Tuesday he will again ask the United States and Australia to boost output of liquefied natural gas (LNG) and ensure a stable supply to the country when he meets his counterparts in Sydney later this week. "I will once again firmly request the United States, a major global LNG producer, and Australia, the largest LNG supplier to Japan, to step up production and ensure a stable supply of the fuel as the global LNG market is tightening in the wake of Russia's invasion of Ukraine," Hagiuda told a news conference.
The Russian government has authorized the temporary lifting of "mirror sanctions" and allowed for 90 days the flow of natural gas supplies from Yamal LNG to Gazprom Marketing & Trading Singapore Ltd, which is part of Gazprom Germany, shows a government decree on Wednesday, Reuters reported.
Following a shareholder vote yesterday, Australian liquefied natural gas (LNG) developer Woodside Petroleum (ASX:WPL) will change its name to Woodside Energy Group as it prepares to embrace the energy transition.
Foreign Minister Luigi Di Maio and Ecology Transition Minister Roberto Cingolani will visit Angola on Wednesday and Congo on Thursday to line up liquefied natural gas (LNG) deals.
Japan plans to step up its investment role in upstream projects for liquefied natural gas (LNG), to spur new development and boost fuel offtake by its companies, the industry minister said on Friday.
On Thursday afternoon of CERAWeek by S&P Global, Federal Energy Regulatory Commission Chairman Richard Glick gave a somewhat impassioned defense of his agency’s operations.
LNG prices lurched from record lows under $2 per mmBtu in 2020 to record highs of $56 in October 2021 as markets struggled to keep pace with global economies recovering from the pandemic.
Petronet plans to make foray into the petrochemical business by investing Rs 12,500 crore in a Propane Dehydrogenation Plant that will convert imported feedstock into propylene, as well as set up a floating LNG import facility at Gopalpur in Odisha at a cost of Rs 1,600 crore.
"Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape. Local utility First Gen Corporation is on track to start importing the Philippines’ first-ever cargoes of liquefied natural gas (LNG) later this year as its receiving terminal nears completion.
The 60-year liquefied natural gas industry has a new hierarchy in place, and it's opening up new trading opportunities. For the first time ever, the United States has become the world's largest LNG exporter, establishing itself as a bona fide natural gas superpower. From a position of relative obscurity just five years ago, the U.S. LNG sector has rapidly risen through the ranks to challenge the heavyweights. U.S. liquefied natural gas (LNG) export capacity has expanded rapidly since the Lower 48 states first began exporting LNG in 2016. In 2020, the United States became the world's third-largest LNG exporter, behind Australia and Qatar.
Gas prices rose to record highs in many regions in 2021 as gas demand outpaced supply, according to new analysis from Australian consultancy EnergyQuest, with the market expected to remain tight through 2022. Looking back at 2021 in its monthly market report, EnergyQuest noted Chinese liquefied natural gas demand last year was 21% higher than 2020, while it cited International Energy Agency data showing gas demand in European OECD nations grew 8% in the nine months to September.
Global oil and gas investments will expand by US$26 billion this year as the industry continues its protracted recovery from the worst of the pandemic and the hurdles imposed by the Omicron variant. An analysis by Rystad Energy projects overall oil and gas investments will rise 4% to US$628 billion this year from US$602 billion in 2021. A significant factor behind the increase is a 14% increase in upstream gas and LNG investments. These segments will be the fastest-growing this year, with a jump in investments from US$131 billion in 2021 to around US$149 billion in 2022. Although this falls short of pre-pandemic totals, investments in the sector are expected to surpass 2019 levels of US$168 billion in just two years, reaching US$171 billion in 2024. Upstream oil investments are projected to rise from US$287 billion in 2021 to US$307 billion this year, a 7% increase, while midstream and downstream investments will fall by 6.7% to US$172 billion this year. “The pervasive spread of the Omicron variant will inevitably lead to restrictions on movement in the first quarter of 2022, capping energy demand and recovery in the major crude-consuming sectors of road transport and aviation. But despite the ongoing disruptions caused by Covid-19, the outlook for the global oil and gas market is promising,” says Audun Martinsen, head of energy service research at Rystad Energy.
Australia's Gladstone Port on the east coast finished 2021 by exporting a five-month low of 1.88 million mt of LNG in December, while volumes for the full year hit a record high of 23.28 million mt, data from the Gladstone Ports Corporation showed Dec. 7. The December volume was down 14% year on year, and 12% month on month. The fall comes comes after four consecutive months of increases, which culminated in an 11-month high of 2.14 million mt in November, the data showed.
Australia’s offshore safety regulator has ordered Shell to shut down its giant Prelude floating LNG vessel off Western Australia’s North West coast while damning the company’s ability to operate the facility after it descended into chaos in early December following a series of power failures.