DOE Approves Port Arthur LNG Project
The U.S. Department of Energy (DOE) announced the signing of a long-term order authorizing the export of domestically produced liquefied natural gas (LNG) from Sempra Energy’s Port Arthur LNG export project to be built in Port Arthur, Texas. The U.S. Secretary of Energy Rick Perry signed the authorization allowing Port Arthur LNG to export approximately 13.5…
US LNG Opens Floodgates to Europe
The United States has nearly tripled its natural-gas exports to the European Union (EU) since July and signed new licenses seeking to establish American energy as an EU mainstay. US exports of LNG surged following a meeting between Donald Trump and Jean-Claude Juncker in July 2018.In their Joint Statement of 25 July 2018 in Washington D.C., President Juncker and President Trump agreed to strengthen EU-U.S.
Shell Australia Agrees to Sell Stake in Natural Gas Fields to Timor-Leste
Royal Dutch Shell's Shell Australia said Wednesday it entered into a sales agreement with Timor-Leste to sell the government a 26.56% interest in the Greater Sunrise fields for $300 million.The Greater Sunrise fields, comprised of the Sunrise and Troubadour gas and condensate fields, are located about 150 kilometers (93 miles) southeast of Timor-Leste and 450 kilometers (279 miles) northwest of Darwin in the Northern Territory…
Essar Oil Settles $2.5 bln Iran Oil Sues, Still Owes
Essar Oil has settled about 2 billion euros ($2.5 billion) in dues to Iran to cover previous oil purchases and still owes the country about $616 million, Chief Executive B. Anand said on Thursday. The outstanding payments stem from delays in paying for Iranian oil when the country was under international sanctions over its nuclear programme. The sanctions ended in 2016.
Indian, Chinese Oil Companies Look to Invest in Ecuador
Indian oil company ONGC Videsh is looking at buying a stake in oil fields in Ecuador and may also participate in an upcoming tender for the Intercampos blocks, Ecuador's oil minister Carlos Perez said on Wednesday. "We will be signing a confidentiality agreement with them (ONGC Videsh) in the following weeks and we will provide them with information in new blocks," he said on the sidelines of the International Energy Forum.
Mexico Expects to Hold a Third O&G Auction in 2018
Mexico's oil regulator will likely add another oil auction in 2018 featuring conventional onshore oil and gas blocks, a senior official said on Thursday, potentially teeing up a third tender in an election year. The bid terms will be announced this year or in early 2018 while contracts will likely be awarded by the summer, Juan Carlos Zepeda, head of the National Hydrocarbons Commission (CNH), said on the sidelines of an energy forum.
Cairn Oil and Gas to Invest $4.6 bln in New Exploration
Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn…
Gazprom Neft: Work Restarted on Prirazlomnoye Platform
Russia's Gazprom Neft, the oil arm of state gas producer Gazprom, restarted work on its Arctic offshore platform Prirazlomnoye on Oct 5 after three months of maintenance, a company executive told Reuters on Monday. Andrey Patrushev was talking to Reuters on the sidelines of the India Energy Forum by Ceraweek. Prirazlomnoye field is an Arctic offshore oilfield located in the Pechora Sea. Reporting by Neha Dasgupta
Saudis: US Shale Not an Issue
U.S. shale oil coming to the market is not a concern, Saudi Energy Minister Khalid al-Falih said on Thursday, adding that demand will absorb it. "Shale coming in and happening again in 2018 doesn't bother me at all. The market can absorb it," he said, speaking at an energy forum in Moscow. Falih said oil demand was healthy around the world, and there was a steady reduction in global oil inventories.
Saudi Aramco IPO on Track for 2018
A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow on Thursday, as Saudi Arabia gears up to sign a string of investment agreements with Russia. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince Mohammad bin Salman.
Venezuela Discussing Citgo Collateral Swap with Rosneft
Reuters exclusively reported in July that Rosneft was negotiating to switch its collateral in the refiner for oilfield stakes and a fuel supply deal - a move to avoid complications from U.S. sanctions and legal problems, sources said at the time. State-owned Rosneft holds a 49.9 percent collateral in Citgo for a loan last year of about $1.5 billion to the OPEC nation, which is reeling from low oil prices and a severe recession.
Putin: Oil Cuts with OPEC Could Last to End of 2018
Russian President Vladimir Putin said on Wednesday a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a bid to curb a supply glut. The pact between the Organization of the Petroleum Exporting Countries, Russia and other producers on cutting output by about 1.8 million barrels per day (bpd) is now due to expire in March.
Novatek Aims to Topple Qatar from LNG Top Spot
Russian gas producer Novatek aims to topple Qatar as the world's biggest exporter of liquefied natural gas as it gets closer to completing its first LNG project, a top executive said, batting away concerns about U.S. sanctions on the sector. The country's largest non-state gas producer is expected to start exporting LNG from the first phase of the Yamal project…
Sub-Saharan Africa's Biggest Wind Farm Delayed
The biggest wind farm in sub-Saharan Africa is ready for launch but will remain idle until next year as Kenya's government has not yet installed the transmission lines needed to get the clean power to customers, the provider of the turbines said. Danish wind turbine maker Vestas Wind Systems installed 365 turbines at Lake Turkana in the hot desert north of the east African country in March…
Experts Assess Energy Future at 7th IEA-IEF-OPEC Symposium
The International Energy Forum (IEF), the International Energy Agency (IEA), and the Organization of the Petroleum Exporting Countries (OPEC) convened the Seventh IEA-IEF-OPEC Symposium on Energy Outlooks that successfully concluded its sessions debating short-, medium, and long-term energy outlooks and transport sector dynamics at the IEF Headquarters in Riyadh on 15 February 2017.
Atlantic Council holds Global Energy Summit
OPEC Secretary General, HE Mohammad Sanusi Barkindo, this week attended a new flagship initiative - the Global Energy Forum in Abu Dhabi - organized by the Atlantic Council, in partnership with the Ministry of Energy of the United Arab Emirates (UAE), the Abu Dhabi National Oil Company (ADNOC), the Mubadala Development Company and the International Petroleum Investment Company (IPIC).
Oil Prices Soar 4%
Oil prices jumped 4 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut. Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, sources familiar with the matter told Reuters.
Saudi Energy Minister to Attend Oil Talks in Doha Ahead of OPEC
Saudi Arabian Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, three sources familiar with the matter said. Falih was expected to meet other energy ministers from OPEC and possibly Russian Energy Minister Alexander Novak on Friday, the sources said, speaking on condition of anonymity because the meetings were not made public.
Oil Soars 6% as OPEC Reaches Deal to Limit Output
Oil prices jumped as much as 6 percent on Wednesday after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November, a source for the producer group said. Brent crude was up $2.76, or 6 percent, at $48.73 a barrel by 2:28 p.m. EDT (1820 GMT), after reaching a more than two-week high of $48.96. U.S. West Texas Intermediate (WTI) crude rose by $2.35…
Meeting of Heads of JODI Partner Organisations
The heads and representatives of the following Joint Organisations Data Initiative (JODI) partners: Asia Pacific Economic Cooperation (APEC), the Statistical Office of the European Union (Eurostat), the Gas Exporting Countries Forum (GECF), the International Energy Agency (IEA), the International Energy Forum (IEF), and the Organization of the Petroleum Exporting Countries (OPEC)…
