Pharos Energy announces that licences for 2 Vietnam oil and gas fields have been extended until 2031/32
Pharos Energy, a UK-based oil & gas exploration company, announced on Friday that its two joint ventures operating in Vietnam had received approval from the local government to extend their licenses for five years until early 2030. Pharos announced in a press release that the Te Giac Trang field operated by Hoang Long Joint Operating Company will be permitted to operate until December 7, 2031. TGT is situated in Block 16-1 in the Cuu Long Basin offshore Vietnam, and the licence was set to expire December 2026. Pharos announced that the Ca Ngu Vang field (CNV)…
BP and Iraq agree on technical terms for redeveloping Kirkuk oilfields
The British oil giant BP announced on Thursday that it had reached an agreement with the Iraqi Government on the technical conditions for redeveloping the Kirkuk Oil and Gas Fields. In August, the company signed an agreement to explore and develop the Kirkuk oilfield located in the north of Iraq. This will include the construction of solar power plants and other energy infrastructure. Sources have said that unlike historic contracts, which offer foreign companies razor thin margins, new agreements will include a generous profit sharing model. Iraq is the second largest oil producer after Saudi Arabia in the Organization of Petroleum Exporting Countries.
China's CNOOC sold US assets to Britain’s INEOS
CNOOC Ltd, a Chinese company, has sold its U.S. subsidiaries, along with its upstream oil assets and gas assets, in the Gulf of Mexico to British chemicals group INEOS. This was announced by CNOOC on Saturday. CNOOC Energy Holdings U.S.A., a subsidiary of INEOS, has entered into a sale agreement with a subsidiary of CNOOC relating to CNOOC’s upstream oil-and-gas assets in the U.S. portion of the Gulf of Mexico. The deal includes non-operator interest in oil and gas fields such as Appomattox, Stampede and Stampede. In a statement…
EUROPE GAS - Prices stable on warmer temperatures forecasts and strong LNG supply
The wholesale gas prices in the Netherlands and Britain were not much different on Tuesday morning, despite warmer temperatures and strong LNG imports. By 0955 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.09 euros to 45.10 Euros per Megawatt Hour (MWh), which is $13.91/mmbtu. The Dutch day-ahead contracts rose by 0.10 euro to 45.05 euros/MWh. The day-ahead contract in Britain rose by 0.80 pence to 112.00 pence a therm. They said that a strong demand for gas in the future due to low wind production and an unplanned outage of the Asgard gas fields in Norway could provide some assistance.
BP and its partners invest $7 billion into a carbon capture project in Indonesian Papua
BP and its partners announced that they will invest $7 billion into a carbon-capture project and the development of gas fields in Indonesia's easternmost Papua Region, which could unlock an additional 3 trillion cubic feet in gas resources. The British oil producer announced its investment in London on Thursday during a meeting between President Prabowo Subito, who was visiting London. The company said that production at Ubadari is expected to begin in 2028. Gas from the field will be processed in the Tangguh liquefied gas plant in West Papua.
Angola LNG is considering expansion as gas supply increases
Angola Liquefied Natural Gas is looking at future expansion options, including adding a three-million-metric ton mini train, as gas supplies ramp up in the plant over the next year. The plant will reach full capacity by 2025, thanks to extra supplies from Chevron and the New Gas Consortium. Africa's second largest crude producer is planning to shift more towards natural gases to capture the growing demand on key markets in Europe, Asia and Africa. Angola's LNG plant was built at a cost $12 billion more than 10 years ago. It has run below its capacity nameplate for many years due to the decline in gas production at the mature fields that supply the facility.
Repsol targets renewables deals, seeks 'solution' for North Sea business
Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea. Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S. The CEO of the company told analysts that the divestment will be completed by the end of this year or early in next year.
Indonesia targets increased liquefied gas production, regulator says
Indonesia wants to increase its liquefied gas production by 1 million tons per year in order to reduce the amount of cooking fuel imported, said the head of Indonesia's upstream oil regulator on Tuesday. The new president Prabowo Subianto has pledged that he will achieve energy independence through biofuels and oil and gas production. He cited the rising geopolitical uncertainty which could affect supply. Indonesia's Energy Minister aims to double the domestic production of popular cooking fuel LPG from 1.7 million tonnes per year.
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates who want to succeed Felipe Nyusi in the role of president for the nation. Mozambique is under pressure to adopt fiscal discipline due to rising borrowing costs, especially as it has run out of options for refinancing its debt. Its debt is almost as large as its annual GDP. Gabriel Muthisse said that the debt in the country was soaring.
The UK has committed up to $28.5 billion for carbon capture projects
The government announced on Friday that it will invest up to 21.7 billion pounds (up to $28.5 billion) in 25 years for the development of carbon capture and storage technology to reduce emissions from energy, industry, and hydrogen production. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. In a press release, Chancellor of Exchequer Rachel Reeves stated that "this game-changing technology" will bring 4,000 jobs to communities in Merseyside & Teesside as well as billions of dollars of private investment.
Britain has pledged up to 21,7 billion pounds for cleaner energy
The government announced on Friday that it will invest up to 28.46 billion pounds (21.7 billion pounds) in the development of carbon capture and storage and hydrogen technology for northern England. Britain has set a target of achieving net zero emissions in 2050. CCS is needed to reduce emissions from industries that are energy-intensive and to create jobs. The Chancellor of Exchequer Rachel Reeves stated that "this game-changing technology" will create 4,000 jobs in communities in Merseyside, and Teesside. This will ignite growth in these industrial corelands and power up the rest the country.
The front-runner for Mozambique president is likely to continue keeping Rwandans on the job of protecting gas sites
Analysts say that the ruling party candidate for this month's election, who is almost guaranteed to win, will continue to rely on Rwanda's army and European money in order to secure the region's vast gas fields, which are plagued by islamist violence. Daniel Chapo (47), an ex-highschool teacher, will be overseeing the construction of two LNG projects that are currently halted due to insecurity in the northern Cabo Delgado Province. In order to achieve this, he will need to heavily rely on the Rwandan military, which was brought in by President Felipe Nyusi, currently in office, in 2021 in order for local troops that are struggling, be bolstered.
TotalEnergies CEO to meet Mozambique President to advance project in the country
TotalEnergies' CEO Patrick Pouyanne announced that he would be traveling to Mozambique in the latter part of this month to discuss the planned Mozambique Liquefied Natural Gas project with the new president. Pouyanne stated that there has been recent "progress in security". On Oct. 9, Mozambicans are voting in presidential and legislative polls that will almost certainly extend the Frelimo Party's 50-year reign of power. The party is fighting a longstanding Islamist insurgency at one of Africa's biggest gas fields. Pouyanne said that financiers have confirmed 70% to 80% a $14 billion package of financing for the project.
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor. He will replace Filipe Nyusi, who was previously a radio announcer. Here are the key issues that face one of the poorest countries in the world and its 34 million citizens as they head to elections.
Gas prices in Europe are correct after a 3-week high
Dutch and British wholesale prices of gas fell on Thursday amid forecasts for more wind energy generation. This was a correction from the three-week high that they had reached earlier in the day due to supply concerns. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.72 euros to 36.86 Euro per megawatt hour at 0952 GMT. According to LSEG data, on Wednesday the contract reached its highest level since September 3 at 38.15 Euro/MWh. The front-month contract in the British market was 2.21 pence less at 88.70 p/therm. Meanwhile, the day-ahead was 1.50 pence lower at the same price.
EUROPE GAS-Prices reverse earlier gains after Ukraine transit deal report
The Dutch and British gas wholesale prices dropped on Thursday, reversing gains made earlier, following a report in the media that Ukraine had agreed to transport Azerbaijani natural gas to Europe. The report was not immediately verified. By 1334 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.84 euros to 34.25 Euro per megawatt hour (MWh), which is $11.16 mmBtu. LSEG data shows that the November contract is 1.69 euros lower, at 35.74 Euro/MWh. The day-ahead contract on the British market fell from 80.00 pence to 3.35 pence per therm.
Egypt plans to restore gas production at its gas fields to normal by the summer of 2025
Mostafa Madbouly, the Prime Minister, said that Egypt hopes to resume normal production in its natural gas fields before next summer. He also indicated that the government was moving to settle arrears it owes to production companies. Madbouly said at a press conference that the government's arrears had caused a drop in production, but he did not specify how much it owed or when the money might be paid back. In March, sources said that the government set aside $1.5 billion to pay foreign oil and gas companies in the country. Arrears accumulated during a long-running shortage of foreign currency, which has since been eased.
Chevron CEO criticizes Biden's natural-gas policies and says fuel is essential for AI
Michael Wirth, CEO of Chevron, criticized U.S. president Joe Biden on Tuesday for "attacks" on the natural-gas industry. He also emphasized the critical role that Permian gas plays in accelerating the growth of artificial intelligence. The CEO's comments followed new plans by the government to ensure that power-hungry AI centers do not undermine U.S. Climate Goals. The White House created a taskforce on AI Datacenter Infrastructure last week to coordinate policies that align with government economic and environmental goals. Wirth said that the AI industry's energy needs are increasing and it is better to use low-carbon gas than coal.
Perenco will acquire mature gas fields from BP
BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement. It said that the agreement includes undeveloped resources in the Parang field. All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day. According to the agreement, bpTT is required to buy gas from these fields in order for it meet its contractual obligations. This sale is part of a broader BP strategy to streamline operations and concentrate on assets with higher value.
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated in a Vladivostok televised news conference that "we will of course have to operate within our waters in order to secure an economic advantage. Malaysia's Foreign Ministry said Wednesday that it will investigate the leaked diplomatic note of the Chinese Foreign Ministry.
