Chevron, Israel Natural Gas Lines to Begin Construction of Gas Pipeline to Egypt
Chevron has signed a deal with state-owned pipeline operator Israel Natural Gas Lines to kickstart construction of the Nitzana natural gas pipeline to transport gas from the Leviathan gasfield to Egypt, the U.S. company said on Tuesday.Nitzana would ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas and is part of a concerted effort to boost Israeli gas exports to the Arab world's most populous nation.Last month…
Chevron and Israeli pipeline operator will launch new gas pipeline towards Egypt
Chevron announced on Tuesday that it had signed a contract with Israel's pipeline operator, a state-owned company, to begin construction of the Nitzana pipeline. The pipeline will transport gas from Leviathan to Egypt. Nitzana will ease Egypt's energy crisis. Egypt has spent billions on the importation of liquefied gas. This is part of an effort to increase Israeli gas exports into the Arab World's largest nation. The owners of Leviathan, a natural gas field located off Israel, signed a deal worth $35 billion last month to export gas to Egypt.
Alaskans fear higher energy prices as Trump drills
Alaskans spend nearly two times as much on electricity as the national average. Matt Goodnow, financial counselor at a hospital located in Homer, Alaska, a fishing village on the Kenai Peninsula, said that higher energy costs would be detrimental to the community. The Trump administration is not only planning to eliminate federal funding for renewable energy projects and to remove tax breaks, it also proposes to lift the limits set by former president Joe Biden regarding oil and gas drilling in Alaska.
Ithaca Energy's top investors sold their stake at a discounted price; the shares fell 17%
Ithaca Energy's shares dropped nearly 17% after its two biggest shareholders sold a 3% stake at a discount to raise approximately 106 million pounds (roughly $143.2 million). Peel Hunt, the bookrunner, said that Delek Group of Israel and Eni, an Italian oil and gas exploration company from Italy sold 49.6 millions ordinary shares for 213.75 pence each. The shares were sold by the groups through their UK subsidiaries. The sale price was 10% below Ithaca's close on Monday of 237.50 pence.
Egypt boosts gas production with two new West Delta Wells
Egypt's Petroleum Ministry announced on Friday that the two deepwater West Delta wells have been brought online. This will add about 60 million cubic foot per day (mcfd), of natural gas, to Egypt's production. Egypt is looking to increase gas production to meet the domestic demand after increasing reliance on imports. The West Delta's new output includes 50 mcfd of gas from the Sapphire South Central DP, the third well drilled as part of phase 11 West Delta Deep Marine Development with Shell investment…
Leviathan Natural Gas Field Signs $35b Supply Deal With Egypt
Israel's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to $35 billion to supply gas to Egypt, NewMed, one of the partners in the field, said on Thursday.The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub.
TotalEnergies sold 45% of its oil and gas blocks in Argentina to YPF at $500 million
TotalEnergies announced on Wednesday that Total Austral, its affiliate company, had agreed to sell 45% of its interest in two unconventional gas and oil blocks to YPF Argentina. TotalEnergies announced that the deal was valued at $500m. It represents 20% of TotalEnergies' acreage within Argentina's Vaca Muerta shale, which is the second largest unconventional gas reserve in the world. TotalEnergies, Argentina's biggest private operator, is responsible for about one-quarter of the gas produced in the country.
Pipeline operator ONEOK greenlights new Delaware Basin gas plant
Midstream company ONEOK announced on Tuesday that it had made a final decision to invest in a new natural-gas processing plant in Delaware Basin. This will expand its footprint in America's top shale gas field, as gas volumes continue to surge. The company has increased its presence in Permian Basin, which includes the Delaware Basin, through strategic moves, such as acquiring NGP XI Midstream Holdings stake in their Delaware Basin Joint Venture…
US investors target strategic Bulgarian gas storage
Five people with knowledge of the matter report that two American financiers with the support of a former campaign manager for U.S. president Donald Trump approached Bulgarian authorities about a potential investment in a government-owned underground gas storage facility stocked primarily with Russian natural gases. The group, led by Stephen P. Lynch (a Florida financier trying to purchase a gas pipe linking Russia to Germany) and Fei Wang (another U.S.-based investor)…
Inpex awards contracts for engineering design of Indonesian LNG Project
Inpex Corp, a Japanese oil and natural gas exploration company, announced on Monday that it had awarded several contracts for the early stages of design work in its $20 billion Abadi project for liquefied gas in Indonesia's Masela Block. This move indicates that early design is progressing towards the final investment decision. The project is expected to produce 9.5 million tons of LNG per year at its maximum. The Japanese explorer began the front-end design process in April.
China certifies 147,000,000 barrels of oil in Sinopec's shale fields
Sinopec Corp., a Chinese company, announced on Thursday that the Chinese government had certified geological reserves of 20.1 millions metric tons (147 million barrels) in a new shale-play the company operates in Southwest China. Sinopec announced that the Ministry of Natural Resources has also certified 12,35 billion cubic meters of geological reserves at Fuxing Field, located in Chongqing's municipality. Fuxing, located on the southern rim of Sichuan Basin and with its first successful exploration well being drilled in 2021…
Gas prices in Europe are rising on a strong supply
The Dutch and British wholesale prices of gas rose slightly Tuesday morning. They traded in a narrow band, mainly due to the strong supply, and comments from U.S. president Trump, who suggested a shorter deadline for Russia's agreement to a ceasefire. LSEG data shows that the benchmark Dutch front-month contract was 33.58 euros or $11.18 per megawatt hour at 0900 GMT. This is an increase of 0.66 euros. The Dutch contract for September was up by 0.71 euros at 34.16 Euro/MWh.
The Dutch prices of gas have fallen due to a strong supply and higher wind output
Dutch wholesale gas prices fell on Monday morning, as the supply from Norway increased and wind power production rebounded. This reduced demand for gas by power stations. LSEG data shows that the benchmark Dutch front-month contract was 33.65 euros per Megawatt Hour (MWh), or $11.48/mmBtu at 0820 GMT. This is a decrease of 0.73 Euro. The British day-ahead contracts remained unchanged at 79.75 cents per therm. LSEG data show that the total Norwegian exports have increased by 12 million cubic meters/day (mcm/d)…
Maurel et Prom, a French company, has acquired a stake in Colombia's Sinu-9 Gas Field
Maurel et Prom, a French oil and natural gas company, has agreed to increase its ownership stake of Colombia's Sinu-9 field by 21%, for a total cost of $79 million. This is part of its ongoing expansion in Colombia. Maurel et Prom now owns 61% of the total gas block. The remainder is owned by Canada's NG Energy International. In February, the company acquired the initial stake of 40% in the Sinu-9 field. The company holds a call-option for an additional 5% of the field for a payment $18,75 million.
SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected, as several rigs were demobilized, and operations at the Jafurah unconventional gas field have been paused.
Israel's Leviathan Gas Field to Restart Operations After Shutdown During Iran Conflict
Israel's NewMed announced on Wednesday that the Leviathan gas field, which supplies gas to Egypt, Jordan and the Middle East, was shut down almost two weeks ago because of the Iran-Israel war, but would be reopened in a few hours. Since June 13, two of Israel's three natural gas fields, Leviathan operated by Chevron and Karish owned by Energean, off its Mediterranean coastline that provides the bulk of Israel's exports to Egypt or Jordan have been closed. The older Tamar field was left to operate, primarily for domestic supply.
Qatari Output at Gas Field Shared With Iran Is Steady
Qatar's gas production at the South Pars field is steady and supply is proceeding normally, it said on Tuesday, after the world's largest gas field was hit by an Israeli airstrike on Saturday, prompting Iran to partially suspend its production.Qatar, the world's third-biggest liquefied natural gas exporter after the U.S. and Australia, shares the South Pars gas field with Iran."So far, gas supplies are proceeding normally. However, the ill-advised targeting raises concerns for everyone regarding gas supplies…
Qatar confirms that its gas production at the field shared with Iran has remained steady following Israeli strikes
Qatar announced on Tuesday that its gas production is stable and the supply is proceeding as normal, following Israel's Saturday strike on the world's biggest gas field, which caused Iran to temporarily suspend its production. Qatar, which is the third largest liquefied gas exporter in the world after the U.S.A. and Australia shares the South Pars field with Iran. Iran has partially halted production on the field following an Israeli attack that caused a Saturday fire. Gas supplies have been going smoothly so far.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter.
Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.