Flexible LNG supply is needed to meet the variable demand for electricity.
Industry executives stated on Tuesday that Japan and other major LNG buyers want more flexibility to adjust to changing power demands. Qatar and other LNG suppliers prefer long-term agreements with buyers, which can last for decades. This is to secure funding for multi-billion-dollar projects. In recent years, with more producers entering into the global market, buyers have sought shorter-term contracts that allow them to resell their cargoes if demand is low. Jonathan Westby said at an industry conference that JERA Global Markets in Japan…
Flexible LNG supply is needed to meet the variable demand for electricity.
Industry executives stated on Tuesday that Japan and other major LNG buyers want more flexibility to adjust to changing power demands. Qatar and other LNG suppliers prefer long-term agreements with buyers, which can last for decades. This is to secure funding for multi-billion-dollar projects. In recent years, with more producers entering into the global market, buyers have sought shorter-term contracts that allow them to resell their cargoes if demand is low. Jonathan Westby said at an industry conference that JERA Global Markets in Japan…
US approves major geothermal projects on public land and seeks to support others
The Biden Administration announced on Thursday measures to expand geothermal power on U.S. Public Lands, including the approval of a large project located in Utah and steps to accelerate permits for discovering new resources. These moves align with the goal of President Joe Biden to eliminate emissions that contribute to climate change from the energy sector by 2035. The geothermal power is seen as an alternative to other traditional energy sources such as gas and coal, because unlike solar and winds, which are dependent on weather conditions, it can be used at any time of day.
EIA: US natgas production will decline in 2024 as demand reaches record levels, EIA reports
The U.S. Energy Information Administration's (EIA's) Short Term Energy Outlook, released on Tuesday, predicted that U.S. Natural Gas production would decline by 2024 and demand would rise to a new record. EIA projects that dry gas production in the US will fall from a record high of 103.8 billion cubic foot per day (bcfd), in 2023, to 103.5 bcfd by 2024. In March, the number of people who were unemployed fell to its lowest level in 32 years. EIA's projected production for 2025 is 104.6 bcfd.
Sweco will design one of Europe’s largest battery-based energy storage systems in Belgium
Sweco, a Swedish engineering consultancy, announced that it will design Green Turtle in Belgium, one of Europe's biggest battery energy storage systems. Sweco designed the battery park for the company GIGA Storage Belgium. Sweco stated that the park will make a significant contribution towards the grid, by storing renewable energy in times of low solar or wind energy production. This will reduce Belgium's dependence on gas-fired power plants. The Green Turtle battery park is planned to have a 700 megawatt capacity, equivalent to 385,000 homes' average annual energy usage.
New Industry Minister: Japan will keep nuclear but boost renewables as part of its energy mix
Japan will continue to restart nuclear power plants safely and use as much renewable electricity as possible, said Industry Minister Yojimuto on Wednesday. This indicates that the policy of newly appointed Prime Minister ShigeruIshiba is not likely to change significantly. Ishiba had promised to eliminate nuclear power before he was elected leader of the Liberal Democratic Party. He was sworn into office on Tuesday. He was the sole candidate who opposed nuclear power in Japan. The country imports fossil fuels to produce two-thirds of its electricity.
Edison International says that California's climate goals will be met only with more clean energy. Edison International CEO says
Edison International's chief executive told reporters on Wednesday that to fully decarbonize California's electric grid, it will be necessary to use more clean energy sources, such as advanced geothermal, natural gas, and carbon-captured natural gas. California, the most populous state in the United States, has set itself a goal of producing zero net emissions through its electrical grid. Renewable energy sources such as solar and wind will play a major role in California's plans for power generation.
EIA: US natgas production to decline by 2024, while demand will rise to record levels
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook for 2024 predicts that natural gas production in the United States will decrease in 2024, while demand will reach a new record. EIA projects that dry gas production in the US will fall from a record high of 103.8 billion cubic foot per day (bcfd), in 2023, to 103.4 bcfd by 2024. This is because several producers have reduced drilling activities following spot gas prices at Henry Hub benchmark. In March, the number of people in poverty fell to its lowest level for 25 years. EIA's projected production for 2025 is 104.8 bcfd.
APPEC-India ONGC Videsh focuses on stakes in oil and gas assets amid energy transformation
The head of finance at ONGC Videsh said that the company is focusing on acquiring stakes overseas in oil and gas producing companies, as the shift to renewable energy will likely reduce the demand for conventional fuels. We are not interested in long-term projects, due to the energy transition. Anupam Agarwal, at the APPEC Conference, said that exploration was not a top priority for the moment. ONGC Videsh is the overseas investment arm for the top oil and natural gas exploration company in the country, Oil and Natural Gas Corp. It has stakes in 32 oil and gasoline projects in 15 different countries.
Ministry: Romania will launch CfD-based support scheme for green energies in mid-November
Romania will launch its first auction of onshore renewable energy projects by mid-November through a contract-for-difference (CfD) support scheme funded by the European Union, the energy ministry said on Monday. It said that the scheme would set a strike-price of 78 Euros per Megawatt Hour for solar projects, and 82 Euros for wind. The long-awaited low carbon energy support scheme will fix the price of electric for providers to an agreed level for a period of 15 years. After the Ministry reduced the scope of the initial 2 GW auction…
US LNG Export Dominance Tested as Europe's Demand Wilts
The United States has remained the largest exporter of liquefied natural gas (LNG) so far in 2024, but a steep drop in selling prices and a sharp swing in export volumes to key markets is likely testing exporter appetite to stay on top.The United States shipped a record 56.9 million metric tons of LNG during the first eight months of 2024, according to Kpler.That surpassed the 54.3 million tons from Australia and 53.7 million tons from Qatar during that period, and marks only the second straight year that U.S.
Energy Minister: Romania could connect 1373 MW of new power by 2024
Sebastian Burduja, Minister of Energy, said that Romania will be able to connect 1,373MW of new electricity to the national grid before year's end, with most of this coming from solar parks. The European Union state wants to reduce its carbon emissions in order to meet the emissions reduction targets of the bloc and to also ensure supply security, which is a growing concern since Russia invaded Ukraine. The country's electricity is generated using a mixture of gas, coal and renewable energy sources. It has also committed to phase out brown coal under the EU-funded recovery aid package.
Russell: Asia spot LNG prices fall as demand increases, but prior rally bites back:
Last week, the spot price for liquefied gas (LNG), in Asia, eased amid signs of seasonal demand peaking. The five-month rally has also reduced purchases by price sensitive buyers. The price of LNG spot for delivery to North Asia fell to $13.80 per mmBtu in the week ending Aug. 23. This is a 2.1% drop from the previous week's eight-month high, $14.10. The benchmark price fell for the first time in four weeks. However, it remains 66.3% higher than the lowest price of $8.30/mmBtu that was reached at the start of March. The Asian LNG price has been driven up by heavyweight buyers like China and Japan.
Russell: Asia spot LNG prices fall as demand increases, but prior rally bites back:
Last week, the spot price for liquefied gas (LNG), in Asia, eased amid signs of seasonal demand peaking. The five-month rally has also reduced purchases by price sensitive buyers. The price of LNG spot for delivery to North Asia fell to $13.80 per mmBtu in the week ending Aug. 23. This is a 2.1% drop from the previous week's eight-month high, $14.10. The benchmark price fell for the first time in four weeks. However, it remains 66.3% higher than the lowest price of $8.30/mmBtu that was reached at the start of March.
Offshore Energy Production & the World Economy
As the price of gas continues to seemingly hold steady at around three dollars a gallon, the pocketbooks of Americans continue to suffer. Regretfully, due to global conflict and the outbreak of wars across Europe and the Middle East, oil prices are continuing to climb upwards, troubled by geopolitical conflict and fears of a potential shutdown of international oil and gas fields.Thankfully, the United States has long been blessed with tremendous sources of domestic energy that, if properly utilized, can protect us from suffering a similar energy-reliance disaster as experienced in Europe.
Protecting Offshore Energy Sources via USV
When most people discuss energy sources such as fossil fuel and green energy, it is from an “either-or” perspective. Some favor the former while others advocate for the latter. However, what is often lost in the arguments on both sides is that regardless of the type of energy being extracted or generated, those platforms that are offshore, especially oil rigs, oil and gas pipelines, and wind farms, are incredibly vulnerable to anyone who wants to attack these sources in wartime, or just to…
Blue Hydrogen: A Key Player in the Future of Energy Transition
The energy sector is undergoing a transformation, with a growing focus on cleaner energy sources and technologies that reduce greenhouse gas emissions and contribute to a more sustainable future. In this context, hydrogen is emerging as a key player in the energy transition, with a variety of clean production methods offering different advantages and competitiveness in the market.The recent results of the Accelerated Energy Decarbonization Scenario (AEDS), developed within the framework of the 7th edition of the GECF Global Gas Outlook…
Thinking Holistically about Hydrogen’s Place in the Energy Transition
As energy operators across the world come to terms with the continuously changing nature of the energy transition, the need for a wide-lens view of the situation is clear. This includes knowing the capabilities and pitfalls of renewable energy sources at our fingertips, hydrogen being one that is especially prevalent.Kees van Wingerden, an expert with more than 45 years’ experience in industrial safety and infrastructure development, makes the case for holistic thinking and planning for the ‘new’ energy landscape. Everyone has an opinion on the energy transition and believes theirs is the ‘right’ one.
Thinking Holistically About Hydrogen’s Place in the Energy Transition
As energy operators across the world come to terms with the continuously changing nature of the energy transition, the need for a wide-lens view of the situation is clear. This includes knowing the capabilities and pitfalls of renewable energy sources at our fingertips, hydrogen being one that is especially prevalent.Kees van Wingerden, an expert with more than 45 years’ experience in industrial safety and infrastructure development, makes the case for holistic thinking and planning for the ‘new’ energy landscape.Everyone has an opinion on the energy transition and believes theirs is the ‘right’ one.
Aberdeen Selects BP as Hydrogen Hub Partner
Aberdeen City Council on Monday announced BP as its preferred bidder for a commercial partnership for hydrogen hub development "which will accelerate the city’s ambitions to become a world-class hydrogen hub."Following a tender process that began in June, the Aberdeen Hydrogen Hub concept will enable the continued development of a hydrogen economy in the city, the Council said.A key part of the program will involve the creation of Scotland’s first scalable green hydrogen production facility.
