IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy. According to a report from the IEA for 2021, there should be no new investment in oil, coal and gas projects if we are serious about meeting our climate targets.
The IEA reports that the decline rates of global oil and gas fields are increasing.
International Energy Agency reported on Tuesday that the natural rate of decline for oil and gas production is increasing, due to a greater reliance on deep-ocean and shale resources. The International Energy Agency said on Tuesday that companies would need to increase their investment pace to maintain the same output. In a press release, the IEA, an agency that advises industrialised nations, warned that without continuing investment in existing fields the world would lose each year the equivalent oil production of Brazil and Norway combined, with consequences for markets and energy safety.
Australia approves the North West Shelf Gas Plant to operate until 2070
Australia approved Woodside's application to operate Australia's second largest and oldest liquefied gas plant, the LibNaGa Plant, until 2070. The new emission rules were imposed to reduce its environmental impact. North West Shelf, a plant in Western Australia, is expected to emit up to 4.3 million metric tons carbon dioxide over its lifetime. Critics say this will endanger nearby ancient rock art as well as set back climate change efforts. Murray Watt, the Environment Minister, told a Friday press conference that Woodside had accepted a number of conditions to protect Indigenous art.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures. Trump has a number of options, including releasing Russian assets, reopening U.S. loans to Russian corporations and banks, and allowing U.S.
Prices for gas in Europe are mixed, with Norway maintenance and revised wind power output being the main differences.
The Dutch and British wholesale prices of gas were mixed on Tuesday. Lower demand forecasts weighed on the market, while the beginning of a longer period for maintenance at Norwegian gas fields was expected to support the market. LSEG data shows that the benchmark Dutch front-month contract was up 0.08 euro at 33.43 Euro per megawatt hour or $11.38 per mmBtu by 0829 GMT. The contract for the day-ahead was increased by 0.45 euros to 33.40 euros/MWh. The British front-month price fell 0.30 pence to 82.85 cents per therm. Meanwhile, the day-ahead contract was down 0.65 cents at 83.10 cents per therm.
Saipem Predicts Mozambique LNG Project Will Restart by End of Summer
Italy's Saipem is confident that a $20-billion liquefied natural gas project in Mozambique for TotalEnergies will restart by the end of the summer, the CEO of the energy contractor said on Thursday.Covered by force majeure since 2021 following insurgent attacks, the Mozambique LNG project includes developing the Golfinho and Atum natural gas fields in the Offshore Area 1 concession and building a two-train liquefaction plant.The contract for Saipem is worth around 3 billion euros ($3.5 billion)."The restart is made of a progression of activities that will take place this summer ...
Saipem, an Italian company, expects the Mozambique LNG Project to restart by summer's end.
The CEO of Italy's Saipem said that the company is confident a $20 billion liquefied gas project for TotalEnergies in Mozambique will be restarted by the end the summer. The Mozambique LNG Project, which has been covered by force majeure due to insurgent attacks since 2021, includes the development of the Golfinho and Atum gas fields within the Offshore Area 1, as well as the construction of a two-train LNG plant. Saipem's contract is valued at around 3 billion Euros ($3.5 billion). Alessandro Puliti, Saipem’s Alessandro Puliti…
Mellitah Oil and Gas, a Libyan company, will work with Hill International to develop a gas project.
Mellitah Oil and Gas, a subsidiary of the National Oil Company in Libya (NOC), will manage a project with U.S.-based construction consulting firm Hill International. NOC reported that a collaboration agreement was signed by Massad Boulos - the senior adviser to President Donald Trump for Africa - during his visit to Tripoli. Eni says that "Structures A&E", a strategic project launched by Mellitah Oil and Gas - a joint venture of NOC and Italy’s Eni - is a joint initiative between NOC and Italy’s Eni. It aims to boost local gas production and guarantee exports to Europe.
Mellitah Oil and Gas, Hill International to Collaborate on Libya Gas Project
Mellitah Oil and Gas will work with U.S. construction consulting firm Hill International to manage a project which aims to boost Libya's gas output, the country's National Oil Company (NOC) said in a statement on Wednesday.NOC said a cooperation agreement was signed during a visit by U.S. President Donald Trump's senior adviser for Africa, Massad Boulos, to Tripoli.Launched by Mellitah Oil and Gas, a joint venture between NOC and Italy's Eni, "Structures A&E" is a strategic project that aims to increase local gas production and ensure exports to Europe, according to Eni.It involves the development of two gas fields located offshore Libya.
Shell and others withdraw from global oil and gas emission standard, FT reports
The Financial Times reported that Shell and other major energy companies have given up their six-year effort to define a strategy for net zero emissions after they were told by the standard's creators that it would force them to stop developing oil and gas fields. The FT reported that Shell, Norway's Aker BP, and Canada's Enbridge all left the expert advisory group for Science-Based Targets Initiative since late last year. Science-Based Targets is an important tool for assessing company climate goals. The body proposed new rules in March to help companies create high-quality plans for reducing emissions.
Indonesia H1 oil production below target; gas output above target
Indonesian oil production in the first half of 2025 is 579,300 barrels per day and the gas production is 6,820 millions standard cubic feet per days (mmscfd), said the Chairman of the Upstream Oil and Gas Regulator SKK Migas on Monday. The state budget for 2025 set a target of 605,000 barrels per day of crude oil. However, the gas production exceeded the target of 5,628 mmscfd. Djoko Siswanto, chair of SKK Migas, told reporters that "oil production continues to grow day by day in July. Djoko stated that SKK Migas estimates gas production for this year will be above target at 6…
Egypt to Import LNG to Cover July 2025 to June 2026 Demand
Egypt plans to import liquefied natural gas to cover demand from July 2025 to June 2026, the Egyptian cabinet said in a statement on Wednesday, as it ramps up purchases to meet power demand despite strained government finances.Reuters reported on June 12 that Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas to complement its domestic production and pipeline imports from Israel, according to industry sources.Egypt's gas production has been on a downward trend in the past few years…
Cabinet says Egypt will import LNG from July 2025 until June 2026 to meet demand
Egypt will import liquefied gas to cover its demand between July 2025 and June 2026. The Egyptian cabinet announced this in a Wednesday statement. It is increasing purchases to meet the power demand, despite strained finances. According to industry sources, it was reported on 12 June that Egypt had reached agreements with several energy companies and trading houses for the purchase of 150-160 cargoes liquefied gas. This will complement Egypt's domestic production and pipeline imports to Israel. According to the Joint Organisations Data Initiative, Egypt's production of gas has declined in recent years.
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. Israel and Iran reached a ceasefire agreement on Tuesday.
PTT Thailand to purchase 2 MTPA LNG from Glenfarne Alaska LNG for 20 years
Glenfarne announced late Monday that the Thai state-owned PTT Group, which is an oil and gas company, had signed an agreement with Glenfarne to purchase 2 million metric tonnes of liquefied gas annually from its Alaska LNG project for a period of 20 years. PTT stated that it would continue to study the Alaska LNG Project in order to expand its LNG businesses and improve Thai energy security. Thailand has increased its LNG imports in recent years, to meet the rising demand for electricity and decreasing domestic gas production. It has also expanded its import capacity.
TotalEnergies plan to restart LNG project is a positive for the energy minister of Mozambique
Mozambique’s energy minister stated on Friday that the government had not received a formal request from TotalEnergies for the lifting of a declaration of force majeure on the $20 billion liquefied gas (LNG), project in the country. However, he was optimistic about TotalEnergies' plan to restart its development during the summer. After meeting with Japan's Industry Minister, Muto Yoji, Estevao Palae, the Minister of Mineral Resources and Energy, told reporters that force majeure would be lifted once conditions were in place for the project to resume operation. Pale stated that the government was doing all it could to restart the project.
UK Issues Environmental Guidance on New North Sea Oil and Gas Drilling
The UK published long-awaited guidance on environmental issues that will impact future developments of two North Sea oil and natural gas fields, including Shell and Equinor. The guidelines explain how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions or Scope 3. The government ordered the document after a Supreme Court decision last year that said planning authorities had to consider the impact of greenhouse gas emissions when approving a well near Gatwick Airport.
UK releases environmental guidance that will impact North Sea drilling
The UK published environmental guidelines on Thursday, which will impact future developments of two North Sea oil and natural gas fields. Shell and Equinor are among the companies that are expected to benefit. The guidelines outlines how future government decisions on extraction should treat greenhouse gas emissions from oil and gas, also known as downstream emissions. It is a significant step in ensuring that the full impacts of oil and natural gas extraction for potential projects are taken into consideration and we can ensure a managed and prosperous transition to a clean energy future in the North Sea, in accordance with science.
TotalEnergies acquires 40 offshore US blocks operated by Chevron
PARIS, 16 June - French oil giant TotalEnergies announced on Monday that it had acquired a 25 percent interest in 40 federal exploration leases operated by Chevron in the Gulf of Mexico. The outer continental shelf leases consist of 13 blocks located in Walker Ridge, 9 blocks within the Mississippi Canyon region and 18 blocks situated in East Breaks. The company stated that the acquisitions would help it achieve its goal of increasing production of low cost, low emission oil and gas by 3 percent annually until 2030. Total has already acquired minority stakes in Chevron's four Gulf of Mexico offshore oil and natural gas fields.
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. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital, but the authorities claimed the situation was now under control.