EU agrees to end Russian gas imports gradually by January 1, 2020
The Council of the European Union reported that the EU energy ministers backed on Monday the proposal to eliminate Russian gas and oil imports into the EU by January 2028. At a meeting held in Luxembourg, the ministers approved plans that would gradually phase out all new Russian gas import agreements from January 2026. Existing short-term agreements will be terminated in June 2026 and long-term arrangements in January 2028. The law has not been finalized. The final rules must be negotiated between the EU countries and the European Parliament. The EU wants to reduce the amount of energy imported from Russia to deny the Kremlin revenue to finance its war in Ukraine.
EUROPE GAS-European gas prices rangebound amid milder outlook
Dutch and British gas price were looking for a direction on Monday, as weather forecasts indicated a milder November start that could help Europe to fill its gas storage. Ukraine, meanwhile, said it would need to import additional gas this winter. LSEG data shows that the benchmark Dutch front-month contract was lower by 0.10 euros, or 10.87 cents per megawatt hour at TTF hub, at 0821 GMT. The Dutch day-ahead contracts was up by 0.08 euros at 31.80 Euro/MWh. The British gas front-month contract dropped 0.68 pence, to 80.28p per therm. Meanwhile, the day-ahead contract decreased by 1 pence and is now at 78.40p/therm.
China's daily oil refineries processing rate reaches two-year high
China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates. According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September. According to records, the daily processing rate has been at its highest level since September 2023. Crude oil production from January to September increased by 3.7% to 550.81 metric tons or 14.73 millions bpd.
China's fossil fuelled power production fell 5.4% in September
Statistics Bureau data released on Monday showed that China's fossil fuelled power production fell by 5.4% in September compared to the same period last year as hydropower output soared. The National Bureau of Statistics reported that the total thermal power production in September was 517.5 billion Kilowatt-hours. This was also lower than the 627.4 kWh thermal output in August when it surged to its highest level in decades. The record-breaking temperatures of summer and reduced hydropower output were responsible for this increase. China's thermal energy output has declined by 1.2% in the first nine-month period.
Malaysia: Multilateral power deal delayed due to Thai politics; renewal expected next month
Malaysia's Energy Minister said that Thailand has postponed the renewal of a multilateral power trading agreement in Southeast Asia due to changes in local politics. The Lao PDR-Thailand-Malaysia-Singapore (LTMS) Project to supply hydropower from Laos via Thailand and neighbouring Malaysia is now expected to be renewed in November, Energy Transition and Water Transformation Minister Fadillah Yusof told . The Constitutional Court removed Thailand's prime minister Paetongtarn Shinawatra in August. Anutin Charnvirakul was appointed to the position the following month.
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. Kommersant, a Russian media outlet, reported that the fire was put out later, citing an operator. Ukraine has intensified its attacks against Russian refineries, other energy facilities and oil processing plants since August in an attempt to disrupt fuel supplies and deny Moscow funding.
Sources say that Venture Global has been in talks with Ukraine about providing it with more LNG.
Three people have confirmed that Venture Global is in talks with Ukraine about selling it more liquefied gas from its Plaquemines plant, located in Louisiana. This comes as winter approaches and Russia continues to attack Ukraine's infrastructure. According to two people, the talks are being held with Ukraine's DTEK - a major player within Ukraine's energy industry. Ukraine's energy infrastructure is deteriorating due to Russian attacks and it has been forced to increase gas imports to compensate for its sagging production. Venture Global CEO Michael Sabel met with President Volodymyr Zelenskiy in Washington, D.C., Thursday.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending October 17. Baker Hughes reported that despite this week's increase in rigs the total count is still 37 rigs or 6% lower than this time last year. Baker Hughes reported that oil rigs remained at 418 rigs this week while gas rigs increased by one, to 121 rigs, the highest level since August. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Philippines boosts gas-powered and renewable capacity to meet surge in demand
The Philippines' energy secretary stated on Friday that it expects increased gas-fired power generation and renewable energy to help fuel a projected 6,6% growth in demand for power over the next two year, reducing dependence on coal. In an interview conducted on the sidelines the ASEAN Energy Ministers Meeting, the country's energy secretary Sharon Garin said that the country would continue to increase gas usage for power generation. It also plans to add additional gas-fired capability to meet the rising demand. The gas supply chain is the main constraint. She added that there are no turbines.
A2A CEO: Milan's data center capacity will increase tenfold within five years
The Chief Executive of A2A, an energy group, said that data centres in the financial capital of Italy, Milan, are expected to increase their capacity by around two gigawatts over the next five-year period, which is a tenfold rise from the current levels. A2A, a utility that will provide the electricity needed, can expect to see a boost in revenues from the rapid expansion of data centers, required to drive artificial Intelligence. Milan's data centres have a capacity of 200 megawatts, but the city's peak demand for electricity is currently 1.5 GW.
Malaysia: Multilateral power deal delayed due to Thai politics; renewal expected next month
Malaysia's Energy Minister said that Thailand has postponed the renewal of a multilateral power trading agreement in Southeast Asia due to changes in local politics. The Lao PDR-Thailand-Malaysia-Singapore (LTMS) Project to supply hydropower from Laos via Thailand and neighbouring Malaysia is now expected to be renewed in November, Energy Transition and Water Transformation Minister Fadillah Yusof told . The Constitutional Court removed Thailand's prime minister Paetongtarn Shinawatra in August. Anutin Charnvirakul was appointed the following month.
SLB beats profit estimates on North America demand, ChampionX deal boost
SLB surpassed Wall Street expectations for the third-quarter profits on Friday as steady demand in North America, and contributions from its ChampionX acquisition, helped offset weakening activity in oilfields in other regions. After months of reduced expenditure, the U.S. Oilfield Market appears to have stabilized, but SLB's main profit generator, international demand, is still tepid. Baker Hughes' latest data confirms increased oilfield activity across North America. The data showed that the total rig number, which is an indicator of future production, increased by 3% in the region to 718 at end of July-September quarter compared with the previous three-month period.
Bolivia's runoff elections: What you should know
Bolivia will hold its presidential runoff on the 19th of October after no candidate won the first round on August 17. The first-round results were a shocking blow to the Movement to Socialism (MAS) party, who had dominated South America's politics for nearly 20 years. The fragile economy is top of mind for the voters. The once abundant natural gas exports are now in decline, the inflation rate is at an all-time high and fuel is scarce. On November 8, the new President takes office. What's at Stake? The new term of MAS's presidency, whoever wins the runoff will be the last for the party, which has ruled almost continuously since 2005.
Gas prices in Europe are falling as wind energy output increases
The Dutch and British wholesale prices of gas fell early on Friday due to the strong output from wind turbines, which reduced demand and stable supply. LSEG data shows that the benchmark Dutch front-month contract was 32.05 euros per Megawatt Hour (MWh), or $10.99/mmBtu at 0825 GMT. This is a decrease of 0.33 Euro. The Dutch day-ahead contracts was down by 0.16 euros at 32.37 Euro/MWh. The British gas day-ahead price fell by 0.81 pence to 80.50 p/per thermo. LSEG data revealed that the demand for non-local distribution zones in Northwest Europe (which includes power plants) was expected to be 517 gigawatts/day higher, at 2,218 GWh/day, on the day ahead.
East Timor is expecting construction of the first large solar power plant to begin next year
East Timor's state utility chair said that construction on its first large-scale solar power plant will begin in 2026, and it should be operational a few months later. This will help the country reduce expensive diesel imports. Itochu Corp. of Japan and Electricite de France will develop a 72-megawatt photovoltaic power plant in Manatuto and a battery energy storage system of 36-MW. They will also supply electricity to Electricidade de Timor-Leste under a contract lasting 25 years. EDTL Chairman Marito Fereira said that the solar plant would help Southeast Asia’s poorest nation – also known as Timor-Leste – reduce its fiscal burden and cut down on expensive diesel imports…
Renewing gas flows prevents a new energy crisis in rebel area of Moldova
The head of Moldova's largest energy firm said that gas will be re-routed to the separatist Transdniestria Region. This will prevent a repeat crisis of severe power and heat shortages in the region last January. This will allow the supply of hot water to resume and prepare for the start of winter heating season. This month, the pro-Russian region that broke away from Moldova in 1991, before the collapse of Soviet power, restricted its gas consumption after payment problems led to a reduction from 3.1 millions cubic metres per day to 1.2 million.
NextDecade receives positive FID for Train 5 of the Rio Grande LNG Project in Texas
NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had made a final investment decision in favor of the fifth liquefaction train (also known as a liquefaction station) for its Rio Grande project. The company's shares rose by over 4% during extended trading as this announcement marked the 5th positive FID of an LNG project in the U.S., the world's biggest exporter of super-chilled fuel. After President Donald Trump lifted his moratorium on new LNG export permits shortly after assuming office in January, the U.S. LNG industry has seen an increase in commercial activity.
Venture Global's commissioning extension of Plaquemines LNG Plant has been approved by federal regulators
A regulatory filing revealed that federal regulators approved Venture Global's request for additional time to commission its Plaquemines LNG facility in Louisiana before declaring full commercial operations. Venture Global can sell the liquefied gas at higher prices on the spot market by extending the commissioning phase. This is because long-term contracts are only applicable during full operation. Federal Energy Regulatory Commission said that although Venture Global's two long-term customers - Orlen and Chevron - had asked for input, neither objected to the request.
EU rules to ban 'backdoor' Russian oil
A document published Thursday reveals that the European Union requires fuel importers to prove that their fuels were not made with Russian crude. The document gives guidance on the EU’s forthcoming ban on fuels refined from Russian oil, as part of its 18th package of sanctions against Russia for its war in Ukraine. The ban will take effect on January 21, 2019. WHAT IS THE EU ADVISE TO IMPORTERS? Operators are expected to give EU Customs "appropriate proof" of where the crude oil that was used to refine the fuel came from. However, there are some important exceptions.
Qatar's Energy Minister warns EU laws could prevent it from supplying LNG to Europe
Qatar won't be able do business with the EU, or even supply LNG to Europe to fill its energy gap if it doesn't make further changes to its corporate sustainability regulations, said Qatari energy minister Saad Al-Kaabi on Thursday. QatarEnergy, the state-owned company that is one of the largest exporters of liquified gas in the world, has claimed that the EU’s Corporate Sustainability Due Diligence Directive (CSDDD), adopted in 2024 poses a serious risk to the country. EU regulation requires large companies operating in EU to fix any human rights or environmental issues within their supply chain, or else face financial penalties.