Wednesday, January 22, 2025

Jason Neely News

Freeport LNG plant in Texas will remain closed until the power supply stabilises

Freeport LNG, a U.S. company that exports liquefied gas, said Wednesday it had closed its Texas plant on Jan. 21, due to an electrical problem caused by a winter storm. It will remain shut until the power supply is stabilized. CenterPoint Energy officials in the United States were not immediately available to comment.

CNPC: China's crude imports could grow by 1% in 2025

According to a report released by the state-owned energy giant China National Petroleum Corp. (CNPC), China's crude imports are expected to rise just 1% in 2019. The country's reliance upon oil imports, however, is projected to stay at 70% between 2026-2030. The Economics…

Orsted plunges 17% following US impairments, Trump adds uncertainty

Orsted shares fell 17% Tuesday, after the company posted an impairment charge for delays in a U.S. off-shore project. The sector is now facing uncertainty following President Donald Trump's withdrawal of government support for wind energy. Orsted announced a fourth quarter…

Indonesia suspends subsidies on palm oil biodiesel, replanting and replanting

An official announced on Thursday that Indonesia has temporarily frozen the distribution of subsidies to its mandatory biodiesel programmes and palm oil replanting programs due to a restructuring at its palm fund agency. Achmad Maulizal, an official at BPDPKS said that…

TotalEnergies reports a slight improvement in the fourth-quarter refining profit margins

TotalEnergies said that it expects the fourth quarter 2024 results downstream to benefit from a slight improvement in refining profit margins. The French oil major made this announcement in its trading update. The European refining mark-up was $25.90 per ton of metric weight in the fourth quarter last year.

Centrica: Britain's gas reserves are "concerningly small"

Centrica, the operator of Britain's largest storage facility, stated on Friday that Britain's gas levels were "concerningly" low, with less than one week's worth of gas left to be consumed following a recent cold snap. Britain relies heavily on gas to heat its homes and generate electricity.

OPEC cuts oil demand forecasts for 2024 and 2025

OPEC reduced its estimates for the growth of oil demand this year and in 2019. The producer group has now revised their forecasts downward five times in a row. The weakened outlook shows the challenges facing OPEC+ which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia.

Russia's oil production in 2024 is expected to decline from 518-521 million T

Interfax news agency reported that Deputy Prime minister Alexander Novak said on Thursday that Russia will produce between 518-521 millions metric tons of oil (10.36-10.42million barrels per day). This amount is also expected in 2025. In September, he had predicted a production of 515-521 millions tons.

Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.

Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that…

Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode

LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division.

TotalEnergies CEO: Up to $2 billion in Russia still stuck

Patrick Pouyanne, CEO of TotalEnergies, told analysts that the French oil giant's stakes in Russian gas company Novatek and its Yamal LNG project in Russia generate between $1.5 and $2 billion annually in dividends. Pouyanne stated that although the company was able to…

J-Power, a Japanese gas-power company, will sell its stake to a US gas-power company

J-Power, a subsidiary of Japan's Electric Power Development, announced on Thursday that it had decided to sell its 50 percent stake in an American gas-fired energy company as part a reshuffle to its asset portfolio. This was done to increase capital efficiency. ACR IV Frontier Holdings…

BP's third quarter profits slump to $2.3 bln due to a decline in oil demand

BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China.

GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.

GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather. GAPKI data show that palm oil exports from…

Ifx: Japan is the top buyer of LNG from Sakhalin 2 in Russia

Interfax reported that a senior manager of the Sakhalin 2 plant in Russia said on Thursday that Japan was currently the largest importer of LNG from Russia, accounting for 57.5% its exports. Since the beginning of Russia's conflict with Ukraine, Japan has decreased its…

Grid operators predict a 20% drop in French gas consumption by 2030

French grid operators announced on Thursday that the consumption of gas in France will drop by nearly 20% by 2030, as a result of changes made to meet climate targets and to reduce costs. France is Europe's biggest energy consumer and its gas consumption has a significant impact on the region's trade and price flows.

Egypt plans to return to normal oil and gas production by 2025, says PM

In a Thursday press conference, the Prime Minister Mostafa Madbouly announced that Egypt will return to normal oil and gas production levels by 2025. After a series of recent discoveries including the huge offshore Zohr gas field estimated to contain 30 trillion cubic foot of gas…

OPEC lowers its global oil demand growth forecast for 2024 and 2025

OPEC cut its projection for the global oil demand in 2024 based on data collected so far this season. It also lowered its expectations for next year. This is the second successive downward revision by the producer group. The weaker outlook highlights the challenges that OPEC+ faces in balancing the markets.

BP and Iraq to share profits on Kirkuk fields

Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal earlier this month for the…

Four states join forces to build an interconnector for Azeri windfarms

Azerbaijan formed a joint-venture company with Georgia, Romania, and Hungary on Tuesday. The aim is to build an interconnector undersea across the Black Sea to connect planned Azeri Windfarms with Europe. Green Energy Corridor Power Company, based in Bucharest, Romanian capital will oversee the construction of a 1…

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