Global LNG demand to increase in 2026, while supply increases.
Analysts say that global liquefied gas (LNG), which is a form of natural gas, will increase this year. This will ease the constraints since the Ukraine War in 2022 and lower prices, which may spur demand, including from China and India, who are major importers. Analysts expect a massive wave of supply to continue until 2029. This will?depress?prices, which could lead to more demand coming from emerging economies. Kpler said that 2026 will be a year of transition for the LNG industry. The market will move from tightness to ample availability with enough supply, even when winter demand and storage requirements emerge, especially in Europe.
Halliburton makes a move towards possible Venezuelan return by posting vacancies on its job board
Halliburton, an oilfield services company, is looking for resumes to fill a variety of positions in Venezuela, including technicians and engineers, according to an advertisement on a job board dated 16 January. This could indicate a return to the South American nation. The posting comes just weeks after U.S. President Donald Trump urged oil companies to invest $100 billion in Venezuela, to dramatically boost production. Halliburton is collecting information from engineers, technicians, other skilled oil workers, and recent graduates who are interested in joining its "talent network" within Venezuela.
Sources say that Cenovus is considering selling assets in Alberta worth around C$3 Billion.
Two sources with knowledge of the matter have confirmed that Canadian oil producer Cenovus is looking to sell conventional oil and natural gas assets in Alberta's Deep Basin as it "looks" to reduce debt following the recent acquisition of MEG Energy, an oil sands competitor. Sources said that Cenovus has contacted potential buyers to gauge interest. The assets could be worth around C$3 Billion ($2,17 Billion), according to the sources. Cenovus may decide to keep the assets if the plans do not work out. Sources requested anonymity in order to discuss sensitive details. Cenovus didn't immediately respond to an inquiry for comment.
Galp is focusing on upstream growth in Brazil and Namibia with its refining spin-off.
The co-chief executive of Galp, Joao diogo marques da Silva, said on Tuesday that the company will "focus" on growing its upstream oilfields business in Brazil and Namibia. It may also list some of its newly created downstream business within a few years. The company announced earlier this month that it was in discussions with Moeve, a private equity-backed firm, to combine their two businesses into two new?entities. One entity would focus on retailing and the other on refining. The merger will exclude Galp's upstream production of oil and gas, which includes stakes offshore Namibia in undeveloped oilfields that are closely watched.
Western Midstream renegotiates Occidental's contracts in the Delaware Basin
Western Midstream Partners, the operator of a pipeline in Delaware Basin, announced on Tuesday that it had renegotiated contracts for its Delaware Basin assets with Occidental Petroleum. The new contract provides a "simpler fixed fee structure" for natural gas gathering. Western Midstream will receive 15.3 million units of common stock worth $610 million as part of the deal. This would reduce Occidental's ownership by about 40% once the units have been redeemed. According to LSEG data, the U.S. shale producers is Western's largest shareholder. After the amendment, about 9% of Western Midstream’s revenue will be under cost-of service rates.
Australian state approves Kimberley fracking plan, drawing anger
The state's environmental protection agency approved a controversial fracking proposal in Western Australia's remote, ecologically sensitive Kimberley region on Tuesday. This angered environmental campaigners. Bennett Resources, an American-based private subsidiary, Black Mountain Energy, presented its Valhalla Plan in 2021 for fracking?upto?20 wells. Later, it increased the amount water needed per well from 40 to 100 millions litres. A report by an Independent Expert Scientific Committee commissioned by the Federal government last year indicated that there was uncertainty about whether groundwater can be protected from hazardous chemical.
EUROPE GAS-European gas prices rise on low storage levels and weak LNG flows
Dutch and British gas contract prices rose on Tuesday. Attention was once again focused on the gas storage which is now "half full", the weaker flow of LNG, and the worsening relationship between Europe and the U.S. LSEG data shows that the benchmark Dutch 'front-month' contract at TTF hub increased by 1.92 euros to 37.10 euros per Megawatt Hour (MWh), which is $12.75/mmBtu at 0908 GMT. The Dutch day-ahead contracts was up 2,10 euros to 38,00 euros/MWh. The British day-ahead price of gas was 4.50 pence higher at 97.50 p/therm. Meanwhile, the front-month contract for gas was up by 4.45 pence to 96.20 pence/therm.
Official: Shell wants to exit Syria's al-Omar Oilfield, but US firms are interested in the sector.
Youssef qeblawi said that the head of Syria Petroleum Company Youssef qeblawi stated on Monday that Shell asked to withdraw its oil from the al-Omar field and transfer their?share to Syria’s state-owned operators, but that U.S. firms were interested in?the?country's energy sector. Al-Omar, Syria's biggest oilfield, was taken over by the government at the weekend following a lightning-fast offensive against Kurdish troops who had occupied the site for almost a decade, and used it as an army base. Qeblawi said, from al-Omar that the field was operated as a joint enterprise between the Syrian Oil?Company, and Shell.
Floods in Mozambique force thousands of people to flee, President cancels Davos trip
Witnesses and officials reported that severe floods in Mozambique caused by heavy rainfall forced thousands to leave their homes. Some were left stranded atop roofs while surging waters swamped settlements. Daniel Chapo, the president of Venezuela, cancelled his trip to Davos to attend a World Economic Forum and stated on social media that the "absolute priority" at this time is to save lifes. Celeste Maria, a hospital worker, said that she and her family left their home in Chokwe (in the southern province Gaza) after authorities issued warnings of intensifying rains last week. The 25-year old said, "Our home has been completely submerged...
Prices of gas in Europe fall due to higher temperatures forecasts and technical selling
The benchmark British and Dutch wholesale gasoline prices dropped about 9% Monday, as the weather forecast showed warmer temperatures than expected. Technical selling also weighed heavily on the market after it had retraced its 'near seven-month high hit on Friday. Data compiled by LSEG revealed that the benchmark Dutch front-month contract was down 3.54 Euros at 33.90 EUR per megawatt hour or $11.54 /mmBtu at 0916 GMT. The contract reached its highest intraday level of 38.00 euros/MWh Friday, the highest since June 2025. The Dutch March price fell by 3.39 euros on Monday to 35.88 Euros/MWh. The British day-ahead contracts?was down by 9.1 pence to 100.1 p/therm.
Mozambique president cancels Davos trip due to severe floods
Mozambique President Daniel Chapo cancelled his trip to Davos for the World Economic Forum this week because of severe flooding that has?damaged the infrastructure and affected hundreds of thousands in the Southern African nation. Chapo said in a Facebook post late Sunday night that Mozambique is "going through a difficult?time" and the priority right now is to save lives. In a report published on Sunday, the United Nations Office for Coordination of Humanitarian Affair said that heavy rains have been causing widespread flooding in Mozambique’s provinces?Gaza and Maputo, as well as Sofala, with many river basins exceeding alert levels.
China's fossil fuelled power drops for the first time in 10 years as a result of renewables
China's coal-based thermal energy generation in 2025 fell for the first time in 10 years, according to government data released on Monday. Growing renewable generation?met growth of electricity demand, even though?overall consumption?hit a new record. This data is a good sign for China's decarbonisation as it sets out to reach its carbon emission peak by 2030. The coal production reached a new record last year. According to the National Bureau of Statistics, thermal electricity generated by coal-fired power plants with a small portion from natural gas fell 1% to 6.29 trillion Kilowatt-hours in 2025.
China's crude and gas production, refinery throughput in 2025 will reach new heights
Government data released on Monday showed that China's crude oil production and refinery throughput will both reach new highs in 2025, with crude oil growth of 1.5% and 4.1% respectively. National Bureau of Statistics reported that the world's second-largest oil consumer will process 737.59 metric tons of crude oil in 2025. Calculations showed that this is equivalent to?about?14.75million barrels per day (bpd) and surpasses the previous record set in 2023 of 14.7million bpd. Jianan Sun is an analyst with Energy Aspects. She said that Chinese refining runs will grow by an average of 0.25 million barrels a day in 2025.
Philippines discovers first natural gas in over a decade
The Philippine President Ferdinand Marcos Jr announced on Monday that gas and condensate were found in a well near the existing 'Malampaya' gas field, off the island Palawan. This was the first natural gas discovery by the Philippines in over a decade. Marcos stated that the well, known as 'Malampaya East One or MAE-1', contains about 98 billion cubic foot of gas. This is equivalent to nearly 14 billion kWh in one year. Initial test results showed that the well was flowing at 60 million cubic foot per day. The well is capable of producing even more.
Zelenskiy, the Ukrainian Zelenskiy, orders faster imports for electricity and power equipment
Volodymyr Zelenskiy, the president of Ukraine, said that he has ordered imports to be as fast as possible. This is because Ukraine is facing its worst energy crisis since World War II. The government declared an emergency because the damaged system is only meeting 60% of its electricity needs. Extremely cold temperatures have exacerbated the situation. Zelenskiy, after a meeting of top military and government officials on X, said that "all decisions are already in place" for the importation increase. According to the energy ministry, scheduled power cuts were in place in?most of the regions.
JERA Nex BP will buy EnBW’s stake in UK’s Mona offshore Wind project
JERA Nex BP has announced that it will purchase its partner EnBW’s stake in Mona 'offshore wind project. It also signed a lease agreement with the British 'facility. This move follows a German utility EnBW's announcement that it would be taking a 1.2 billion-euro ($1.39-billion) impairment charge for pulling out of two wind projects, Mona and Morgan, which it had been developing?jointly? with JERA Nex BP. The decision was a direct implication of the UK losing a landmark offshore tender. EnBW also cited significant increases in supply-chain costs, lower electricity market prices and increased interest rates.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said in its closely watched report published on Friday that U.S. firms have cut back the number of natural gas and oil rigs for the second consecutive week. In the week ending January 16, the oil and gas rig counts, an early indicator for future production, dropped by one, to 543. This is the lowest it has been since mid-December. Baker Hughes reported that the total rig count is down 37 rigs or 6% from this time last week. Baker Hughes said oil rigs increased by one this week to 410, while gas-rigs dropped?by two, to 122. This is their lowest level since October.
Schedule for US Energy Data in Holiday Week
The Martin Luther King Jr. federal holiday, which falls on Monday January 19, will impact the schedule for releasing some of the major energy data that was scheduled to be released during the week ending January 18. The schedule below shows the U.S. Petroleum, Oil and Natural Gas Supply and Inventory for each week. API's Weekly Petroleum Stocks Report will be?delayed to Wednesday, 21st January at 4:30 pm EST (2130 GMT). The report would normally be released on Tuesday. EIA will release its weekly report on natural gas stocks as usual, Thursday, January 22 at 10:30 am EST (1530 GMT). ENERGY INFO?
Prices of gas in Europe soar due to cold weather and storage concerns
The Dutch and British wholesale contracts for gas rose by over 8% on Friday as the colder weather forecasts have caused traders to close short positions. The benchmark Dutch front month contract at the TTF Hub was up 2.69 euro at 36.50 Euros per Megawatt Hour (MWh), which is $12.43/mmBtu by 1401 GMT. The contract gained nearly 30% in this week, the highest since last June 24. The Dutch March price rose by?2.57 Euros to 35.30 Euros/MWh. The British price for February rose 8.00 pence per therm to 95.50 pence. Arne Lohmann, Chief Analyst at Global Risk Management…
Ambani's Reliance missed profit forecast due to higher expenses and oil and gas drag
Mukesh Ambani, the Indian billionaire who owns Reliance Industries, missed its quarterly profit estimates on Friday due to higher expenses and a weak performance in its oil and natural gas segment. The unit's performance has been affected by lower output and softer prices realized from its KG D6 fields in Andhra Pradesh. These are a major source of gas for the domestic market. The BP-developed 'deep-water' block, which was once a major contributor to India’s gas production, has since seen its output decline as the reservoirs have matured and the pressures have fallen.