Tokyo Gas sells US shale-gas stake to Shizuoka Gas at $130 million
Tokyo Gas, Japan’s largest city gas supplier, has announced that it will sell Shizuoka Gas its 25% stake in the Eagle Ford shale project in South Texas for $130m as part of an asset portfolio review in order to improve efficiency. Tokyo Gas, in a press release, said that the move would allow it to concentrate on its U.S. division, TG Natural Resources. This unit has assets in north Louisiana and east Texas. Shizuoka Gas stated in a separate press release that this deal marked its first acquisition of a U.S. based business, and entry into upstream natural gas. Shizuoka Gas's shale-gas production is estimated to be 400,000 metric tonnes per year of LNG equivalent.
European energy industry urges EU to not cap gas prices
The European Union's gas and trading industries are urging it not to cap the gas price, while Brussels is looking for ways to protect businesses and consumers from rising energy prices. The European Commission has been preparing a set of measures that will be presented on 26 February to help improve the competitiveness of industries and lower energy prices. The cold weather and the depletion of gas storage tanks boosted this week's benchmark European gas price to a 2-year high of €58 per megawatt-hour (MWh). This has increased concerns over the higher energy costs European firms pay compared to their competitors in the U.S. or China.
EU May Need 350 additional LNG Cargoes
Helge Haugane, head of Equinor's gas and power trading, told Bloomberg News that the European Union could need up to 350 additional cargoes this year of liquefied gas (LNG).Haugane stated that in the worst case scenario, European reserves of gas could only be 30% full at the end winter. He added that it will be crucial to attract cargoes over the summer for the storage to be refilled, and this could be expensive and require regulatory interventions.Equinor replied to a comment request by saying that it had nothing to add to what Bloomberg News had reported.Anders Opedal…
Bloomberg News reports that Equinor believes EU may require 350 additional LNG cargoes in order to replenish reserves.
Helge Haugane, head of Equinor's gas and power trading, told Bloomberg News that the European Union could need up to 350 additional cargoes this year of liquefied gas (LNG). Haugane stated that in the worst case scenario, European reserves of gas could only be 30% full at the end winter. He added that it will be crucial to attract cargoes over the summer for the storage to be refilled, and this could be expensive and require regulatory interventions. Equinor didn't immediately respond to our request for a comment. Anders Opedal, CEO of the company, said that Europe needed to attract around 230 LNG cargoes more than last year. This represents a 20% increase.
Equinor Q4 profit beats forecast, raises 2030 oil output target
Equinor reported slightly higher profits than expected for the final quarter in 2024. It also increased its oil and natural gas production forecast, and scaled back plans to expand renewable energy capacity. Equinor's poll of 24 analysts predicted that the Norwegian oil and gas company would earn $7.90 billion in adjusted earnings for October-December, down from $8.56 million a year ago. Equinor released a statement that said "the expected (oil-and-gas) production in 2030 is around 2.2 millions barrels of oil equal per day. It said that the company has reduced its target for renewable energy in 2030 from 12-16 gigawatts to between 10-12 gigawatts.
Norway awards 53 stakes to the latest offshore oil and gas exploration round
Norway's Energy Minister said that in the annual licensing round held on Tuesday, 20 companies received stakes in 53 offshore exploration licenses for oil and gas. The number of licences awarded annually has decreased from 62 in 2023, while the number oil and gas companies receiving permits has declined from 24 one year earlier. Norway's plan to extend oil and gas production in the coming decades is based on the annual predefined area (APA) rounds. This policy, however, is strongly opposed by environmentalist groups. Extinction Rebellion and Grandparents for Climate…
Norway's gas production will be slightly lower than the record set in 2025.
The Norwegian Offshore Directorate said that the Norwegian natural gas production is expected to decline slightly this year. It rose 6.9% to a new record of 124 billion cubic meters (bcm). Norway is now Europe's biggest natural gas supplier following the Russian invasion of Ukraine, 2022. It provides about 30% of all gas imported to the European Union. The NOD published data on Thursday showing that Norway's output of gas increased from 116 billion cubic meters in 2023. This was a year heavily affected by maintenance issues. It also beat the record set in 2012, 122.8 billion cubic metres.
Equinor extends Norway LNG Outage by 10 Days
Equinor announced in a Wednesday regulatory filing that it has extended the outage of its Hammerfest LNG facility in Arctic Northern Norway by 10 more days, to January 19, as they continue to repair a faulty compressor. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. On Jan. 2, the company reported that an outage had occurred in a compressor which re-injects the CO2 removed from the gas stream into the ground. Repairs were expected to last one week.
Norway's Troll field produced record volumes in 2024
Equinor, a Norwegian company, announced on Monday that the Troll field in the North Sea produced a record amount of natural gas in 2020. This is an increase of nearly 10% over the previous high in 2022. Equinor released a statement that stated the Troll field would deliver 42.5 billion standard cube metres (bcm), up from 38.8 in 2022. Equinor reports that Norway is Europe's biggest natural gas supplier after a sharp decline in Russian supplies since the beginning of the Ukraine war in 2022. The Troll field, alone, can meet around 11% the European Union's demand, Equinor says. Equinor owns Troll which started production in 1996.
Equinor's Hammerfest liquefied natural gas plant closed for a week due to compressor failure
Equinor announced on Thursday that its Hammerfest LNG facility in Arctic Northern Norway suffered an unexpected outage because of a compressor failure. The company said the plant's output was halted for a week. The Hammerfest plant (also known as Melkoeya LNG) has the ability to deliver approximately 6.5 billion cubic meters of gas each year. This is enough to provide about 6.5 millions European homes and accounts for about 5% of Norwegian gas exports. A spokesperson for Equinor said that an Equinor compressor, which re-injects the CO2 removed from the gas stream into the ground, had experienced a malfunction and the company decided to stop production.
EUROPE GAS - Prices rise due to colder weather forecast and transit concerns in Ukraine
Dutch and British wholesale prices for gas rose on Friday, boosted by cold weather forecasts in January and the fading hope of a new agreement to transit Russian gas via Ukraine. By 0914 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 1.27 euros to 46.80 euros/megawatt hour or $14.36/mmBtu. The contract for February was increased by 1,211 euros to 46,96 euros/MWh. The front-month contract in Britain increased by 2.44 pence to 118.20 cents per therm. The trend towards a cold, but only moderately unsettling situation during the first 10 Days of January is a certainty. All forecasts show a rising pressure in the north Atlantic.
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients. Before the Ukraine War, Russia was Europe's largest single natural gas supplier. The Nord Stream gas pipeline, which was destroyed in 2022, cut off a major artery of Russian gas exports. Now one of the last main Russian gas routes…
EUROPE GAS: Prices firm for cold weather, low winds and Norway outages
Dutch and British wholesale prices for gas were slightly higher on Wednesday morning, as a cold snap and low winds supported demand while unplanned outages reduced some Norwegian supply. At 0911 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.15 euros to 45.70 Euro per megawatt hour or MWh (or $14.08/mmbtu). The Dutch day-ahead contracts was up 0.30 euros at 45.80 Euro/MWh. The day-ahead contract in Britain gained 0.55 pence, to 113.25 cents per therm. "Our forecast for today is that prices may come under a bit of downward pressure…
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.
Sources: Austria's 50-year relationship with Gazprom is ended by the gas seizure
Five sources said that the Austrian group's seizure and payment of Russian gas to cover an arbitration award was what triggered the end of more than 50 years gas flow from Russian state energy company Gazprom to OMV this month. OMV is one of the last remaining gas buyers in Europe, after Gazprom lost most of its European customers in the aftermath of the Russian invasion of Ukraine. Russia was Europe’s largest natural gas supplier before the war. OMV announced on Nov. 13, that it had won a German arbitration case against Gazprom in Germany for 230 millions euros ($239million) in relation to irregular supplies to the German unit.
Egypt to bid for LNG cargoes up to 20 to meet Q1 2025 Demand
Three trading sources said on Monday that Egypt will issue an tender to procure up to 20 LNG cargoes to meet the demand in the first quarter 2025. The largest Arab country, which has the most people in it, is now a net gas importer. It has bought more than 50 cargoes this year. Plans to be a reliable gas supplier to Europe have been abandoned. Sources said that the Egyptian General Petroleum Corporation is expected to announce the tender for the purchase of between 15 and twenty cargoes LNG. Sources said that the tender will also be on a deferred payment basis of six months, without providing any further details.
Australia's Santos signs LNG deal with TotalEnergies
Santos, an Australian gas supplier, announced on Wednesday it had signed a contract for a midterm supply of liquefied gas with TotalEnergies Singapore. Santos said that under the contract which lasts a little more than three years it will provide 20 LNG cargoes or about 500,000 tons of LNG each year. The contract is expected to begin in the fourth quarter 2025. Santos will provide the LNG delivered ex-ship basis (DES) to TotalEnergies Gas & Power Asia. Kevin Gallagher, Santos Managing Director and Chief Executive Officer, said that the oil-indexed contract along with the long-term LNG purchase and sales agreement recently signed with Hokkaido Gas…
TotalEnergies purchases more gas assets in Texas for value chain boost
TotalEnergies, a French company, has expanded its natural gas footprint into the United States by announcing a deal with Lewis Energy Group. The two companies have agreed to buy a 45% share in certain dry gas producing assets located in the Eagle Ford Basin in Texas. TotalEnergies is one of the largest exporters of U.S. made Liquified Natural Gas. This gas is in high demand, as countries such as Europe and other parts of the world are moving away from cheap Russian gas and coal. KEY QUOTE (S) "This acquisition strengthens our position…
Slovak gas buyer SPP continues to talk about extending Ukraine transit
SPP's Chief Executive Vojtech Ferrencz stated on Thursday that the Slovak government-owned gas buyer SPP continues negotiations with Ukraine to extend the gas transit contract after Kyiv’s contract with Russian gas supplier Gazprom expires in the next few months. Ukraine has stated that it does not wish to renew the transit agreement, but certain central European countries depend on Russian gas delivered via pipelines which cross the country. They have secured an exemption from the European Union's ban on Moscow’s gas imports. SPP has taken a lead in attempting to keep transit open, despite Russia's conflict with Ukraine.
Sources say Egypt is seeking 20 LNG cargoes to meet winter demand, as the gas crisis worsens.
Three trading and industry sources confirmed on Friday that Egypt issued a tender for 20 cargoes (cartons) of liquefied gas to meet the demand for electricity during winter, despite a sharp decline in domestic production. It is the first time Egypt issued an tender to cover the winter demand since 2018. In order to be a reliable gas supplier to Europe, the most populous Arab nation has reversed its recent position of being an exporter by buying over 30 cargoes of natural gas to cover summer demand. The Egyptian General Petroleum Corporation's (EGPC) tender closes on September 12.
