Senegal retracts minister's comments on nationalisation of gas fields as the end of licence nears
The Senegal energy ministry retracted its previous statement on Thursday that it intended to nationalise Yakaar Teranga, a U.S.-owned gas field. Both parties indicated the licence would be handed back to the state in July next year. Birame Souleye Diop, Senegal’s Energy Minister, said Tuesday that the government wants to nationalize Yakaar Teranga.
Spot prices rise on lower wind output
The European power prices for the day ahead of Friday increased on Thursday, as it is expected that a decline in wind power supply will have a "bullish" effect. LSEG analyst Xiulan he said that the signal for Germany is bullish based on a significant fall in wind supply. Imports are expected to continue throughout the day.
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera…
Minister says UAE wants to increase LNG exports because global demand is outpacing supply
Suhail al Mazrouei, the Energy Minister of the United Arab Emirates, said that his country plans to not only meet its domestic demand for natural gas liquefied, but to also increase exports. Mazrouei agreed with Qatar’s energy minister, that the global demand for gas outpaces investment in production. "We are not only increasing our LNG exports…
By the end of this year, Ukraine will import 5 billion cubic meters of gas
Ukraine, which has lost more than half its gas production due to Russian missile attacks, had imported 4.4 billion cubic meters (bcms) by December, and planned to import a further 0.6 bcms by year's end, said state energy company Naftogaz on Wednesday. "Our current rate of import is 26 million cubic meters (mcm), compared to 21 mcm per month.
Sources say that TotalEnergies and Chevron are leading the race to purchase stakes in Mopane, owned by Galp, in Namibia.
LISBON/PARIS - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane in Namibia. Galp said that it would announce the winner of Mopane's estimated resources by year-end. Namibia has attracted international oil companies, despite the fact that it does not produce hydrocarbons…
TotalEnergies CEO bullish on oil price despite slowing Chinese demand
ABU DHABI/PARIS - TotalEnergies CEO Patrick Pouyanne stated on Monday that the growth of Chinese oil demand has slowed as China transitions to a greener energy. He said, however, he remained optimistic in the long term due to increasing demand in India. They are moving towards a situation where they will need less oil and become less dependent on oil.
Exxon and QatarEnergy executives warn Europe of a possible exit due to climate law
ExxonMobil executives and QatarEnergy executives warned on Monday that they may stop doing business in Europe if the EU does not loosen its sustainability law, which could result in fines up to 5% of global revenue. Exxon CEO Darren Woods said on the sidelines the ADIPEC Meeting in Abu Dhabi, that the EU…
BP CEO predicts that non-OPEC+ oil supplies could decrease by April
BP Chief Executive Murray Auchincloss stated on Monday that oil supply growth outside OPEC+ may decline by April while demand remains strong. Auchincloss stated that "there is a supply rise outside of OPEC+." "We believe that will end in February, March and April. Auchincloss, who spoke at the ADIPEC Energy Conference in Abu Dhabi…
ExxonMobil warns EU laws could force ExxonMobil to leave Europe
Woods is one of a growing group of energy producers who are urging European legislators to revise Corporate Sustainability Due Diligence, which mandates that companies operating in the EU identify and address risks related to human rights and the environment across their supply chain. Woods said on the sidelines…
Eni and Petronas combine Indonesian and Malaysian assets in joint venture
Eni, the Italian energy company, and Petronas, Malaysia's state-owned energy company announced on Monday that they had signed an agreement for a joint venture to combine their upstream oil assets and gas assets located in Indonesia and Malaysia. NewCo will manage 19 assets in Indonesia and Malaysia. It plans…
South Africa plans to revive its small-nuclear reactor technology
The electricity and energy Minister said that South Africa expects its Pebble Bed Modular Reactor to be removed from the status of care and maintenance by the first quarter next year, or even sooner. South Africa, once considered a leader in the field of small modular reactors (PBMR), halted research on PBMR in 2010…
Energy Minister: Orenburg plant in Russia restarts gas imports from Kazakhstan field
Kazakhstan's Energy Minister said that the Russian Orenburg gas plant was damaged by a drone strike on Sunday. It has since resumed receiving natural gases from Kazakhstan's Karachaganak gas field. As part of Kyiv’s campaign to destroy Russian energy infrastructure, the strike on Orenburg, located approximately 1…
After a drone attack in Ukraine, a giant Russian gas plant has suspended its intake of Kazakh gas
Kazakhstan's Energy Ministry said that a drone attack in Ukraine forced the Orenburg gas processing facility, the largest of its kind anywhere, to stop receiving gas from Kazakhstan. Yevgeny Solntsev, the regional governor of Orenburg, had stated earlier in the day that the drone attack had partially damaged the plant and caused a fire at an atelier at the plant.
Equinor begins production in Brazil's Bacalhau Oilfield
Equinor, a Norwegian oil company, announced on Thursday that it had begun production in Brazil at its Bacalhau field one year after the original investment decision in 2021. Equinor said that Bacalhau, with recoverable reserves exceeding 1 billion barrels equivalent oil (boe), is the largest offshore field developed to date by Equinor.
Saudi Aramco CEO: Saudi Aramco's maximum oil production capacity can be sustained for an entire year at 12 million barrels per day.
Saudi Aramco's Chief Executive Amin Nasser said that the company can maintain crude oil production of 12 million barrels a day (bpd), for an entire year, without incurring any additional costs. Saudi Arabia has a large share of the world’s spare oil supply – idle oil that can be quickly brought to market.
In August, Kazakhstan's oil production and condensate output increased by 3% compared to the previous month
Official data released on Friday showed that Kazakhstan's oil production and condensate output increased to 8,885 metric tons from 8,631 metric tons in July due to the growth of Tengiz and Karachaganak oilfields. Calculations show that the August figure is equivalent to 2.150 million barrels of oil per day.
Nikkei reports that Mitsubishi Corp. and others will withdraw from three offshore-wind projects in Japan.
The Nikkei daily reported that a consortium led by Mitsubishi Corp is planning to pull out of three offshore wind projects in Japan's Chiba Prefecture and Akita Prefecture due to concerns about profitability. Japan, which is heavily dependent on imported energy, has turned towards renewable energy in order to boost energy security and achieve carbon-neutrality by 2050.
Lower temperatures lift power demand
The upcoming days are likely to see low temperatures in Europe. This will cause the German spot price on Tuesday to be slightly higher. However, the French contract remains low due the strong supply of nuclear and wind energy. As of 0951 GMT on Tuesday, the German baseload electricity price was 109.50 Euros per megawatt-hour. This is an increase of 0.5% over Friday's close.
Russia downgrades gas exports, production outlook
Russia's forecasts for 2025 gas and oil exports have been lowered, while projections on oil exports have increased. The fallout of its conflict with Ukraine as well as its strained relations with the West continue to impact the energy sector. While Russia's economy is still thriving despite the sanctions, signs of stress are appearing in several industries.