Sources say that Northern Oil and Gas is in the process of acquiring Granite Ridge, a smaller rival.
According to sources familiar with the situation, Northern Oil and Gas made a purchase offer for Granite Ridge Resources. Granite Ridge Resources is a small U.S. oil and gas producer that operates in the Permian and Eagle Ford basins. Sources said that Northern, based in Minneapolis, Minnesota, has made at least two bids for Granite Ridge. The latest offer, which was made within the last few weeks, came at roughly a 20% premium over the target's stock price. Sources said that while Granite Ridge management has rejected the overtures to date, Northern is still interested in the deal and may sweeten it next year.
US pressures EU to align LNG methane regulations
A letter obtained by showed that U.S. officials redoubled their efforts to convince EU counterparts that shipments of liquefied gas meeting current U.S. regulations on methane would automatically meet the new European standards for gas imports. On December 17, the administration of President Joe Biden sent a second email to Ditte J. Jorgensen (EU Director-General for Energy) to increase support for their case that US Environmental Protection Agency regulations should be considered "equivalents" to EU regulations whose reporting requirements for emissions begin in 2025.
AI's hunger for energy fuels geothermal startup but rivalry over natgas clouds the future
The number of geothermal energy startups is on the rise, as Big Tech companies look to power their AI data centers with natural gas. However, long-term investment remains uncertain because oil majors are doubling down on natural gases. Meta and Alphabet’s Google are two of the tech companies that have partnered with startups to create geothermal energy to power their data centres. The energy demands of artificial intelligence are being met by large datacenter operators, who are also accelerating the adoption of a variety of clean technologies.
Prices for European gas rise as renewed Russian focus on gas is renewed
The Dutch and British wholesale gas price rose on Tuesday afternoon due to renewed concerns about Russian gas supplies to Europe starting in January. By 1505 GMT the benchmark front-month contract for the Dutch TTF hub had risen 1.87 euros to 41.83 euros/MWh, or $12.87/mmbtu. This was a continuation of the gains made in the morning. It fell to 39.10 euros/MWh intraday on Monday, its lowest since November 6. The front-month contract in Britain firmed up by 3.85 pence, to 104 pence/therm. Meanwhile, the day-ahead contract increased 3.75 pence, to 100.8 pence/therm.
Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower. The Financials subindex topped the benchmark index by 0.4%. Shares of the "Big Four banks" rose between 0.2% to 0.4%. While metal prices are falling, miners have lost 0.5%. BHP Group Rio Tinto Fortescue all suffered losses between 0.4% to 1.1%.
Woodside's North West Shelf Project Extension approved by Western Australia
Woodside Energy, Australia's largest oil and gas producer in terms of market value, announced on Thursday that the state of Western Australia had granted Woodside Energy approval to extend the project life of its North West Shelf LNG (liquefied Natural Gas) until 2070. You can also find out more about the decision-making process by clicking here. Woodside announced Thursday that the approval marks the end to a six-year waiting period and restarts the federal approval process for environmental protection, which was halted because of pending appeals.
Alberta, Canada's oil province, will clean up 5% of its inactive wells by 2023
A regulatory report on Thursday said that the number of inactive gas and oil wells in Alberta, Canada’s largest fossil fuel producing province, dropped 5% from 2022 to 2023, indicating progress in reclamation and decommissioning work. Alberta has 79,000 inactive wells compared to 83,000 in 2012. Inactive wells are no longer producing oil or gas, and must be permanently plugged. The land surrounding them should also be restored. Canada is the fourth largest oil producer in the world and the sixth largest gas producer. Its western provinces have hundreds of thousands active and non-active wells. Some of these wells are orphans.
Woodside, a company from Australia, signs a deal with Bechtel for the development of Louisiana LNG.
Woodside Energy Group, an Australian company, announced on Thursday that it had signed a contract for engineering procurement and construction with Bechtel in the United States to develop liquefied gas project in Louisiana. The EPC contract covers the development of the foundations for the three production trains in the project, which have a combined capacity of 16,5 million tons per year. The oil and natural gas producer stated that they aim to make a final investment decision by the first quarter 2025. Woodside…
French spot prices rise due to increased demand and lower wind supply
The French prompt electricity prices increased on Monday due to the expectation of increasing demand and reduced wind output. LSEG data shows that the price of French baseload electricity for Tuesday at 0926 GMT was 132.25 Euros ($139.09 per megawatt-hour (MWh), up 29.7% compared to Friday's price for Monday's delivery. German day-ahead electricity was 139 euros/MWh. LSEG data revealed that the Monday contract had not been traded on Friday. Riccardo Paraviero, LSEG analyst, said: "The signal (on Tuesday) is bullish.
EUROPE GAS Benchmark hits 13-month-high on lower Russian flow and colder outlook
On Monday, the European benchmark gas contract reached its highest level for 13 months as Russian gas flows via Ukraine were slowed down slightly. Colder weather was forecast and gas storage levels continued to fall in Europe. By 0912 GMT, the benchmark front-month contract for the Dutch TTF Hub rose by 1,18 euros to 49.08 euro per megawatt hour(MWh), or $16.12/mmBtu. Early trade briefly reached 49.22 Euros/MWh, the highest intraday rate since November 6, 2023. The day-ahead contract in Britain gained 5.20 pence, to 121.50 cents/therm.
Gazprom's Q3 losses are due to a one-time tax, but the company's 9-month earnings have risen.
Gazprom, Russia’s largest gas producer reported a loss in the third quarter 2024 of 53 billion Russian roubles (US$492,5 million), due to a 20% increase in profit tax rates expected in 2025. In the same period in 2023, the company earned a profit worth 529 million dollars. Gazprom reported that its net income for the nine months of 2023 was 990 billion Russian roubles, up from 353 billion in 2023. This is due to an increase in oil prices and supply as well as "successful", Sakhalin Energy businesses. In March, Shell sold a 27.5% share in the Russian LNG producer Sakhalin Energy.
US natural gas drillers will increase output in 2025, reversing a year-long cut
The U.S. Natural Gas producers will increase output in 2025 after a series production cuts this past year. Rising demand from LNG export plants should raise prices, which had dropped to multi-decade lows. According to the latest U.S. Energy Information Administration outlook, U.S. natural gas production will decline in 2024, for the first drop since 2020 when the COVID epidemic reduced demand. After the average monthly spot price at the U.S. Henry hub benchmark, drillers started cutting back on gas production. In Louisiana, gas prices fell to their lowest level in 32 years in March and have been relatively low ever since.
Sources say that Venture Global LNG is planning to raise $3 billion from its US IPO.
According to sources familiar with the situation, Venture Global LNG plans to raise up to $3 billion in its New York initial public offering. This could happen as early as this year. The people who spoke to Venture Global said that the company is in discussions with Goldman Sachs, JPMorgan Chase and other banks about the listing plan. Arlington, Virginia based company is among the largest suppliers of liquefied gas in the United States. Venture Global LNG received permission from federal regulators earlier this month to add natural gas to its Plaquemines Export Plant in Louisiana.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S. production of oil and gas could put Canadian exports into competition with other countries.
As Biden's term ends, the US introduces a methane tax on gas and oil emitters.
The U.S. administration of President Joe Biden finalized on Tuesday a fee for large oil and gas companies to reduce emissions of this powerful greenhouse gas. However, the incoming Trump presidency is likely to scrap the fee. The methane tax is one of the last measures taken by the administration to combat the second most common greenhouse gas, after carbon dioxide. This gas tends to leak undetected into the atmosphere from drilling sites, gas pipes and other oil and natural gas equipment. The fee will be $900 per metric tonne of methane emissions in 2024. It will increase to $1200 in 2025 and to $1500 in 2026.
Prices for gas in Europe fall amid profit-taking but remain near the year high
The Dutch and British wholesale price fell on Tuesday morning due to profit-taking, but they remain at their highest levels so far this season as temperatures dropped. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub fell 0.60 euros to 43.30 Euro per megawatt hour or $13.48/mmbtu at 0918 GMT. The Dutch day-ahead contracts dropped 0.35 euros to 43.50 Euros/MWh. The British day-ahead contracts fell by 0.50 cents to 110.00 pence per therm. In a daily report, Engie EnergyScan analysts said that some participants in the financial market who hold long positions might decide to sell their positions.
EUROPE GAS-Prices firm as temperatures drop
Dutch and British wholesale price rose on Monday morning due to the colder weather forecast. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub rose by 1.00 euros to 43.15 Euro per Megawatt Hour (MWh), which is $13.51/mmbtu by 0921 GMT. The British day-ahead contract increased by 3.00 pence to 109.15 cents per therm. The trader said that although wind power generation is also expected to decline, the recent price increase still looks overdone. He said that for UK contracts, 109.00 per therm was a technical high, which offered some resistance.
EOG Resources to boost shareholder returns
EOG Resources announced on Friday that its debt levels would allow the oil and natural gas producer to use more than 100% free cash flow for shareholder returns. In afternoon trading, shares of the company rose by 4.8% to $132.54. The company announced that it would increase its debt to between $5 and $6 billion over the next 12-18 months. This would allow for additional cash to be available to pay out to investors. "In the short term, this does mean that we will be in a place to surpass the 70% (returns commitment) and quite frankly... at times... more than 100% return of free-cash flow to shareholders," said CEO Ezra Yacob.
Argentina's Pampa Energia will pump $1.5 bln into a key shale-oil project by 2027
Pampa Energia, a natural gas producer in Argentina, announced on Thursday that it plans to invest $1.5billion between 2025-2027 in order to increase production in a major oil field in the massive Vaca Muerta shale deposit. Pampa Energia announced its intention to invest $700 millions next year in the Rincon de Aranda shale shale in western Neuquen Province. According to the presentation, the investment in the project will reach $1.5 billion between 2027 and 2027. Pampa Energia (Argentina's third largest natural gas producer) also plans to increase its oil production by tenfold to reach 50,000 bpd, but did not give a time frame.
EUROPE GAS - Prices rise due to colder weather and wind; attention on Trump
Dutch and British wholesale gas prices increased on Thursday morning due to colder weather and low winds, but uncertainty remains over the impact of the U.S. Donald Trump presidency on the global market. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub increased by 0.28 euros to 41.00 Euro per megawatt hour (12.92/mmbtu) or 12.92 euros per megawatt (MWh) at 0941 GMT. The British December contract increased by 1.98 pence, to 103.5 pence/therm. Meanwhile, the day-ahead contract rose 0.70 pence and was now 103.1 pence/therm. The temperature forecasts have been lowered to just below normal seasonal levels.
