Gunvor Returns to Profit in 2019
Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.The Geneva-based firm, which reported a 2019 net profit of $381 million after a loss of $330 million in 2018, said on Tuesday it was also helped last year by earnings from gas trading and its European refining business.But the group…
Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted
Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources.This is the first time since March 2019 that shipments have resumed after a long-standing trade war that saw China raise tariffs on LNG imports from the United States to 25% last year.Four LNG tankers are currently en route to China after loading cargoes last month in the United States…
UK Gas Prices Rise as Norway Imports Dip
British wholesale gas prices rose on Tuesday morning as imports from Norway fell, creating undersupply.Within-day gas price up 1.30 pence at 31.20 pence per therm by 0809 GMT.Day-ahead gas price up 0.90 p at 30.50 p/therm."Prompt prices are all up a bit on lower supply," a gas trader said.UK gas system undersupplied by 11.7 million cubic meters (mcm) with demand forecast at 153.3 mcm and flows at 141.6 mcm/day, National Grid data showed.Imports from Norway through the Langeled pipeline
Norwegian Oil, Gas Plants Restart after Ship Collision
An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields.The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship."We are working on stabilizing the vessel…
Equinor Bets on Offshore Wind
Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement, which outlines a shift from fossil fuels this century.Equinor…
Statoil, Partners to Boost Capacity at Troll Field
Aker Solutions awarded contract to boost output capacity; Troll is Norway's largest gas field. Norway's Statoil and partners are working to increase the output capacity of Troll, the country's largest gas field, a move traders say would enable the firms to produce more flexibly and cover production shortages at other fields due to outages. The Troll field accounts for 40 percent of Norway's gas resources and is a crucial energy source for many European states.
Lithuania Inks U.S. LNG Supply Deal
Lithuania's state-owned gas trader Lietuvos Duju Tiekimas (LDT) said on Monday it had signed a deal to buy liquefied natural gas (LNG) directly from the United States for the first time and expects to receive a delivery in the second half of August. The deal is with a unit of Cheniere Energy and is part Lithuania's efforts to diversify its gas suppliers and reduce its reliance on Russia's Gazprom.
Centrica Sells Trinidad and Tobago Gas Assets to Shell
British utility Centrica said on Wednesday it has agreed to sell its gas assets in Trindad and Tobago for $30 million to Royal Dutch Shell. The assets include a 17.3 percent interest in the producing NCMA-1 block as well as operating interests in two undeveloped blocks, Centrica said. The divestment is part of Centrica's drive to focus its oil and gas exploration and production activity to Britain, the Netherlands and Norway.
Netherlands' GasTerra Chief Executive to Leave Post
Dutch gas trader GasTerra's chief executive is leaving to become the new chairman of the Netherlands' Association for Energy, Environment and Water (VENW), the company said on Friday. Gertjan Lankhorst has been chief executive of GasTerra for 10 years. His successor is not yet known, GasTerra said. "I am leaving the organisation at a time when, despite the sometimes unpredictable circumstances in the energy and gas sector…
Latvia's Latvenergo Plans to Trade Gas in the Baltics
Lavia's state-owned utility Latvenergo plans to trade gas in neighbouring Estonia and at home as its domestic market is liberalized next year, its Chief Operating Officer said on Thursday. Latvia has decided to open its gas market for competition from April next year after decades of a supply monopoly by Russian Gazprom. "Yes, we are looking at this direction (of becoming a gas trader) and we are interested in that…
Gazprom Sells Over 420 mcm of Gas in Baltic Auction
Russia's gas export monopoly Gazprom has sold over 420 million cubic metres (mcm) of gas at its second ever auction, this time destined for the Baltic states, the company said in a statement on Friday. Gazprom began experimenting with auction sales last year as a possible alternative to its normal system of selling through long-term oil price-linked contracts, as some clients started to demand at least partial spot pricing.
UK GAS-Higher Forecast Demand Supports Price
Recent oil gains also support prices; high imports curtail storage withdrawals. British gas prices rose on Wednesday in line with higher demand due to a forecast dip in temperatures and higher crude oil prices in the previous session, trade sources said. Gas for immediate delivery rose 0.30 pence or 1.02 percent to 29.80 pence per therm by 0903 GMT, while the day-ahead contract traded 0.40 pence or 1.35 percent higher, at 30 p/therm.
Turkey Spurred on to Wean Itself Off Russian Gas
Turkey is expected to step up efforts to diversify its supplies of liquefied natural gas (LNG) with the addition of new import terminals to lessen its reliance on gas from Russia, with floating terminals likely to be the speediest solution. Russia is Turkey's top gas supplier but their growing estrangement over the Syrian conflict is souring trade relations and threatening to reshape commodity flows.
Shell to Retain Four Senior BG Execs post-Merger
Royal Dutch Shell plans to retain four members of BG Group's executive team after the companies' planned merger next year, according to an internal memo seen by Reuters on Monday. The memo indictates that the planned $70 billion takeover of BG by Shell remains on track. Shell this month sought to ease investor concerns over the deal by announcing costs cuts and benefits that would make it work despite lower oil prices.
US Regulators Allege Total Rigged Natgas Market for 3 Years
U.S. federal energy regulators extended their years-long effort to crack down on a contested form of market manipulation on Tuesday, alleging that French firm Total SA and two of its traders rigged southwestern natural gas prices for years. In a brief notification posted on the Federal Energy Regulatory Commission's website, Total was alleged to have made intentionally losing trades - known…
US Adds Russian Oil Field to Sanctions List
The United States has added a Russian oil and gas field, the Yuzhno-Kirinskoye Field, to its list of energy sector sanctions prompted by Moscow's actions in Ukraine, drawing a prompt rebuke from the Kremlin on Friday. The federal government said on Thursday the field, located in the Sea of Okhotsk of the Siberian coast and owned by Russia's leading gas producer Gazprom, contains substantial reserves of oil in addition to reserves of gas.
Russia: New Sanctions Deepen Confrontation
New U.S. sanctions against Russia show that Washington wants to aggravate tensions with Moscow, Russian Foreign Ministry said in a statement on Friday. "Such provocation moves not only destroy Russia-U.S. relations but also do not help cooperation on resolving other global issues. Of course, such a move would not be left without reaction," the statement said. The United States imposed further Russia and Ukraine-related sanctions on Thursday…
Latvia's Gas Utility CEO to Step Down After 26 Years
Latvian gas utility Latvijas Gaze's chief executive will step down in August after 27 years, the company said on Friday. Adrians Davis, 73, took up the post in 1989, two years before the Baltic state split from the former Soviet Union, and kept the job after the utility was privatized in 1997 and Latvia joined the European Union in 2004. "His (Davis) term expires. Although he was put forward as a candidate…
Dutch GasTerra Won't Renew Supply Deals
GasTerra will need to purchase on open market; company won't renew supply contracts. Dutch gas trader GasTerra said on Wednesday it will have to buy gas on the open market to meet its contractual obligations after the Netherlands government ordered a production cut at the massive Groningen field. The decision is a sign the company believes the government output cap, which sent Western European gas prices soaring when it was announced on Feb. 9, is unlikely to be reversed.
Lithuania Wants Speedier Gas Market Reforms in Latvia
State-owned Lithuanian firms are seeking to buy a majority stake in the country's gas utility company Latvijas Gaze to speed up market reforms to fully benefit from new liquefied natural gas (LNG) imports, the energy minister said. Two state-owned firms, Lietuvos Energija and EPSO-G, submitted non-binding bids to buy a 47.2 percent stake in Latvijas Gaze from Germany's E.ON in September. "Yes, they are taking part (in the tender)," Energy Minister Rokas Masiulis told Reuters on Monday.
