Israeli Energy Ministry Plans to Boost Natural Gas Output
Israel's Energy Ministry said on Thursday it plans to expand natural gas production that would boost competition within Israel and increase exports.An inter-ministerial committee headed by the ministry issued final recommendations aimed at the need to raise natural gas output to meet domestic needs, encourage investment and accelerate the transition to renewable energy.Recommendations were approved by Israel's energy minister and the ministry's director general.Israel has become a key regional natural gas supplier with exports to Egypt and Jordan.A key recommendation included encouraging investment in the exploration and development of new natural gas reservoirs
Gazprom's first-half profits fall by 12%
Gazprom, a Russian gas producer, reported that its first-half profit was 864 billion Russian roubles, or $10 billion, about 12% less than it had been a year earlier. The company attributed this to the stronger rouble. The second-quarter profit, on the other hand, grew by more than 60% compared to 2024. This was mainly due to higher oil and gas costs. The results are for the Gazprom group, whose assets include oil and gas production as well as electricity generation. Gazprom expects a growth in core earnings of between 6% and 7% this year due to an increase in supplies to China as well as domestic sales.
Energy Minister: Norway will drill in Arctic regardless EU's position
Norway will develop its oil and natural gas resources in Barents Sea despite the European Union’s support for a moratorium of Arctic hydrocarbon supplies. Energy Minister Terje Aasland said Norway no longer views itself as Europe’s “green?battery”. Norway is now Europe's biggest natural gas supplier, and supplies around 30% of the demand for gas in both Europe and Britain. The country's "gas" production was at near-record levels last year. Meanwhile, oil production reached its highest level in 2009. The official forecasts show that production will fall sharply by 2030, unless new resources can be discovered and developed.
BP will acquire Woodside's Calypso stake
BP announced on Thursday that it had agreed to 'acquire' Woodside Energy, based in Australia, 70% of its interest in the Calypso Gas Project in Trinidad and Tobago. This will give BP full ownership over the early-stage deepwater gas discovery. The 3.5-trillion-cubic-foot Calypso natural gas discovery is off the shore ?of Trinidad and Tobago and could help ease the twin-island country's ?natural gas shortage. Woodside will also be leaving the region, having sold assets from its offshore oil and?gas project in Trinidad and Tobago last March. Meg O'Neill, BP's CEO, took over the role in April. She was previously chief executive of Woodside.
The head of the IEA urges EU to reconsider its opposition to new Arctic oil exploration
The head of International Energy Agency, urging the EU to reconsider its opposition to oil and gas exploration in the Arctic as Europe strives to secure future energy supplies. The European Union currently supports an 'ban on new drilling in the Arctic for environmental reasons, but may revise its policy to address concerns over energy security. The bloc is already under pressure from Norway, whose large landmass and oceans are located in the Arctic, to abandon its support for an Arctic oil and natural gas drilling moratorium. "I fully support the Commission in examining this issue very closely…
Norway Oil Sector Workers Threaten Strike from June 5,
Labour union data revealed that nearly eight percent of Norwegian offshore oil and gas workers intend to strike if the state-brokered wage mediators fail. It wasn't immediately clear whether a strike could affect Norway's oil production. According to the government appointed mediator's office, 617 of Norway's 8,100 offshore oil-and-gas production workers, organized by unions Styrke Lederne, and Safe, will be part of the first wave of strike action. Negotiations between Norwegian oil companies and three unions are aimed at the majority of workers in Norway's offshore oil-and-gas installations.
Nordic investors ask EU to maintain its stance on Arctic drilling ban amid energy crises
Investors and financial institutions have urged the European Union to maintain its opposition to any new Arctic oil & gas drilling as it considers re-evaluating its position to prioritize energy security. Investors are concerned that the U.S./Israeli war against Iran, which triggered the current energy crisis, could be used as a justification to roll back climate commitments. Nordea Asset Management (part of Nordic lender Nordea) and 11 other financial institutions are among the signatories who urged the European Commission to not weaken their stance on Wednesday, warning that it would undermine climate goals as well as?long-term security in energy.
Regulators warn of the risks associated with EU's increasing dependence on US gas
European energy regulators warned that the European Union's increasing reliance on U.S. natural gas poses risks, including a growing dependence on one supplier. Since 2021, EU countries have tripled their imports of U.S. LNG as they rush to replace Russian energy. The EU sourced 58% (or 25%) of its gas from the U.S. last year. In a recent report, the EU Agency for Cooperation of Energy Regulators stated that "the EU's dependence?on U.S. ACER stated that the disruption of energy markets due to the?war in Iran underscored the need for Europe to be less exposed to external shocks.
The US is still Spain's largest gas supplier, but Russian shipments are on the rise
Enagas data showed that liquefied natural gas from the United States was Spain's largest?gas supplier in March. However, its share decreased as Russian shipments increased sharply and total imports rose slightly compared to last year. In March, Spain imported 37.633 gigawatt hours (GWh) more gas than it did a year ago. Algeria accounted for 10,262 GWh or 30.2% of the total. The U.S. was third with 11,938 GWh. Russian imports jumped to 9,807 GWh representing 26.1% of total. This is more than twice the?4,393 Gigawatt-hours imported a month earlier. Since the invasion of Ukraine by Russia, the U.S. is now Europe's largest supplier of liquefied gas.
Turkey's energy security is not a problem despite the war, but the situation is volatile
Turkish media reported that Energy Minister Alparslan. Bayraktar said on Tuesday, "Turkey is not facing any issues regarding energy supply security due to the Iran War but...the situation is volatile". "We hope that the?war?will not last much longer." Bayraktar said to reporters Monday night after a cabinet session that the process was under his control. "There are no problems or difficulties in the energy supply security." Turkey is a major energy importer and neighbours Iran. It is also one of the emerging market economies most exposed to the global energy prices jump.
Seplat Energy in Nigeria resumes its operations after oil workers end their strike
Seplat Energy, Nigeria's largest independent oil &?gas producer has suspended its strike after the company made a written commitment on pay increases, their union announced on Saturday. After wage negotiations failed, workers walked out of the workplace on Friday. This raises concerns over oil and gas production at a time that Nigeria is trying to maximize its output amid rising oil prices. Nigeria's PENGASSAN (Petroleum and Natural Gas Senior Staff Association) sent a letter to Seplat Chief Executive Roger Brown on April 4, directing its members at Seplat 'Energy' to suspend all industrial action immediately after the resumption of negotiations with NNPC.
Meloni, an Italian LNG expert, will travel to Algeria to replace Qatar LNG as a result of the Iran War.
Giorgia meloni, the Italian prime minister, will visit Algeria this week to secure an alternative supply of gas amid a prolonged interruption in deliveries from Qatar. The 'prime minister’s office' said that Meloni would be in Algiers Wednesday without providing a detailed itinerary for the official visit. Algeria is among the countries Italy has been in contact with to secure its gas supply after Iranian'strikes' on Qatar seemed to have stopped its exports for a?extensive period, said Energy Minister Gilberto Pichetto Fratin on Friday.
Norway's Prime Minister says Europe shouldn't cap gas prices
The Norwegian prime minister said that Europe should not cap the price of natural gas, even though costs are rising due to the conflict in the Middle East. The benchmark TTF front-month gas contract on the continent has increased by around 60% since the U.S. and Israeli war against Iran, as well as the attacks of?Tehran on ships in Strait of Hormuz. On Wednesday, Ursula von der Leyen, President of the European Commission, said that the European Union is considering measures to reduce energy prices. This includes setting a cap on gas prices.
Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers. Sources say that the discussions are on a political and corporate level. They are also taking place as Germany prepares to bid for a Canadian sub tender, which is likely going to include deals in rare earths and batteries, and energy. Uniper refused to comment on any specific talks.
Prices for EUROPE Gas remain firm as tensions between the U.S. and Iran continue
Dutch and British wholesale natural gas prices rose on Friday morning after a sharp increase in the previous session. This was due to tensions between Iran and the United States that could impact the shipping of LNG. Gas market concerns are any possible disruptions of LNG shipments via the Strait of Hormuz. This is especially true for Qatar, the second largest gas supplier in the world. In intraday trading on Thursday, the Dutch front-month contract jumped as high as 16%. Data from LSEG shows that the last time a price rose more than 27.54% in a single day was on Aug. 9, 2023, due to fears of 'Australian LNG strikers.
Norway oil investment set to decline by 2026, according to a survey
A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed. Norway is the world's second largest oil producer and supplies about 30% of Europe’s gas after it became its biggest pipeline gas supplier in 2022, following Russia's invasion. Statistics Norway reported that the Nordic countries' largest business sector is expecting to invest 255 billion Norwegian crowns ($27billion) this year. This is down from 273 billion crowns, a record, in 2025.
In January, US LNG imports accounted for almost half of Spain’s gas supply.
Data released on Tuesday showed that liquefied natural gases from the United States accounted for 44.4% of Spain's total imports of gas in January. This is a significant increase from last year. As Europe tries to reduce its energy imports from Russia following the invasion of Ukraine, the U.S. is now the dominant LNG supplier. Tariffs and the President Donald Trump's move to take over Greenland have raised concern among some officials regarding the?growing dependence on U.S. Energy. According to Enagas, the Spanish gas grid operator, Spain imported the equivalent of 15,259 gigawatt hours (GWh) from the United States in January.
RWE looks to buy LNG from ADNOC in Germany as it moves to diversify its supply
RWE signed a preliminary agreement with Abu Dhabi National Oil Company on Friday. The German utility stated that it could purchase LNG for European markets as Berlin strives to diversify their energy partners. The German Chancellor Friedrich Merz has been visiting the Gulf region to look for new energy sources, and to reduce the country's dependency on the United States, its dominant supplier. RWE is not only a power producer but also a trader of gas and LNG and an energy 'importer. RWE is exploring the possibility of buying up to 1 million metric tonnes of LNG per year for Germany and other European countries under the framework agreement signed with ADNOC.
Greek joint venture seeking 20-year US Liquefied Natural Gas deal to boost Southern Europe's gas supplies
Atlantic Sea LNG Trade is a joint venture of Greece's gas supplier DEPA and the construction group Aktor. It is currently in negotiations to secure 15 billion cubic metres (bcm), or LNG, from the United States every year for 20 years, to supply southern Europe. Greece is seeking to strengthen its role as a gas transit route into Europe, and the continent is preparing to stop Russian gas imports in late 2027. This will intensify competition for long-term LNG supplies and increase pressure on governments so they don't get caught short.
In March, a Greek-led joint venture will provide US LNG to Ukraine
It was announced?on a Monday that a Greek joint venture had signed its first contract to'supply U.S. Liquefied Natural Gas to Ukraine in March.' Greece is seeking to strengthen its role as a gas transit route into Europe, which has plans to ban Russian imports by the end of 2027. Ukraine is facing its worst energy crisis since the end of World War II as its 'energy sector' crumbles due to Russian strikes, bitter cold and accumulated damage. Last week, President Volodymyr Zelenskiy claimed that the country had "significantly diversified" its natural gas supplies.