Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity. Wright, who founded a foundation to expand propane cook stoves for developing countries, believes that poverty is a greater threat and can be reduced with hydrocarbons.
Kremlin claims new U.S. Sanctions are an attempt by the U.S. to halt Russian gas exports
The Kremlin said on Friday that the new U.S. Sanctions on Russia's Gazprombank are an attempt by Washington, to hinder the Russian gas export. However, a solution will be found. Washington imposed new restrictions on Gazprombank Thursday, which prevent it from completing any new energy transactions that could affect the U.S. Financial System. It also banned its trade with Americans as well as freezing its U.S. Assets. Gazprombank, one of Russia's biggest banks, is owned in part by the Kremlin gas company Gazprom. Ukraine has been pressing the U.S. for more sanctions against the bank that receives payments from Gazprom customers in Europe.
Japan will take all necessary steps to ensure Sakhalin-2 LNG supplies from Russia.
Japan's Industry Minister Yojimuto announced on Friday that it will take every measure to ensure a steady supply of liquefied gas from the Sakhalin-2 Russian project in response to new U.S. Sanctions. Treasury Department announced that the United States had imposed new sanctions against Russia's Gazprombank, on Thursday. President Joe Biden is intensifying his efforts to punish Moscow for its invasion in Ukraine, before he leaves office at the end of January. Gazprombank, one of Russia's biggest banks, is owned in part by the Kremlin gas company Gazprom.
Axpo, a Swiss company, is looking at opportunities in Japan's power and LNG trading
Axpo, a Swiss power producer and trader, is looking at opportunities in Japan's electricity and liquefied gas (LNG), as the changes in Japan's power sector have created a demand for spot LNG and hedging. Japan has set an ambitious target of renewables accounting for 36%-38% of its total electricity mix by 2030. In 2016, the power market was liberalised, leading to a more liquid futures exchange for electricity. Marco Saalfrank is a member of Axpo’s management board. He said that Japan has nine different price zones. As in Europe, Japan is also expected to see a decline in gas demand as its share of renewables, nuclear and other power sources grows.
BP and its partners invest $7 billion into a carbon capture project in Indonesian Papua
BP and its partners announced that they will invest $7 billion into a carbon-capture project and the development of gas fields in Indonesia's easternmost Papua Region, which could unlock an additional 3 trillion cubic feet in gas resources. The British oil producer announced its investment in London on Thursday during a meeting between President Prabowo Subito, who was visiting London. The company said that production at Ubadari is expected to begin in 2028. Gas from the field will be processed in the Tangguh liquefied gas plant in West Papua.
Exxon withdraws from talks with Guyana about shallow water oil blocks, says the government
Exxon Mobil, a U.S. oil company and its partners pulled out of negotiations on Thursday with Guyana’s government over terms for exploring and developing an oil block in shallow water. Exxon, Hess of the United States and CNOOC from China won the offshore block S8 during a bid round that was launched by President Irfaan Ali in late 2022 to diversify Guyana’s energy industry. Exxon officials and Exxon had stated that the companies were engaged in negotiations this year for the non-fiscal aspects of the project. Natural Resources Minister Vickram Bharrat confirmed that Hess and CNOOC partners also withdrawn from the discussions.
Freeport LNG liquefaction train at Texas export plant shuts
Freeport LNG reported to state regulators on Thursday that one of the three liquefaction train at its export plant in Texas was shut down on Wednesday. Freeport stated that Train 3 was tripped during operation due to a problem with a lube-oil pump. This caused an emissions event which lasted for more than 11 hour from Wednesday evening until early Thursday morning. The state report did not include any details about the company's plans to restart. U.S. Natural Gas Futures fell after the news. They lost half of the 8% increase that had taken prices to an all-time high earlier in the morning. Freeport is closely monitored around the globe.
Danos Leaders Recognized in “40 Under 40” Lists
Danos announced that two of its leaders, Melanie Hill and Scott Theriot, have been named to prestigious “40 Under 40” lists for 2024.Melanie Hill, Danos’ general manager of shale production, was honored in Hart Energy’s Oil and Gas Investor Forty Under 40. This national recognition highlights leaders across the energy sector for their proven leadership and positive impact in their respective organizations. These honorees demonstrate entrepreneurial spirit, creative problem-solving, leadership and community involvement. Hill’s contributions to…
US natgas manufacturers chase AI-driven surge of power demand to weather low price
Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom. They want to relieve the pressure of a two-year-old slump in prices. Devon Energy, Expand Energy Diamondback Energy and Permian Resources highlighted the potential of AI and data centres to drive gas consumption and said that they were in preliminary discussions with many operators. According to estimates by S&P Global Ratings, the energy demands of U.S. Data Centers could increase gas consumption between 3 and 6 billion cubic foot per day (bcfd). S&P Global Ratings expects U.S.
US natural gas drillers will increase output in 2025, reversing a year-long cut
The U.S. Natural Gas producers will increase output in 2025 after a series production cuts this past year. Rising demand from LNG export plants should raise prices, which had dropped to multi-decade lows. According to the latest U.S. Energy Information Administration outlook, U.S. natural gas production will decline in 2024, for the first drop since 2020 when the COVID epidemic reduced demand. After the average monthly spot price at the U.S. Henry hub benchmark, drillers started cutting back on gas production. In Louisiana, gas prices fell to their lowest level in 32 years in March and have been relatively low ever since.
EUROPE GAS prices hit an all-time high amid cold weather and supply concerns
Dutch and British wholesale prices for gas hit an intraday record on Thursday, amid concerns about the Russian storage and supply inventories falling below last year's levels and a forecast of cold weather. LSEG data show that the benchmark front-month contract for the Dutch TTF hub had risen 0.86 euros to 47.67 euros a megawatt hour at 1012 GMT. This was a new intraday high. The British day-ahead contract increased 2.15 pence, to 119.25 pence per thermo, the highest intraday levels since November 2023. Analysts at Engie’s EnergyScan stated in a morning report that "concerns about EU gas stock...
Indonesian regulator confirms Tangguh LNG disruption
Indonesia's upstream gas and oil regulator SKK Migas confirmed that there was an outage on the third train at BP's Tangguh liquefied gas (LNG), facility in West Papua. It said operations would begin to resume from Saturday. Hudi Suryodipuro, spokesperson for SKK Migas, said on Thursday that an accident occurred on Train 3 Tangguh LNG in November 16 due to instrumentation problems at an onshore reception facility. This caused an emergency shut-off valve to be closed. Hudi said that after repairs were carried out by the BP team, and the startup process was completed, a leak in the actuator was discovered. This required parts to be repaired and replaced.
French and Benelux stocks - Factors to watch in November
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The Delen family and Belgian holding company extended their historic shareholder agreements by 25 years. French cybersecurity company CD&R said that Permira and CD&R had received all the regulatory clearances needed for the proposed acquisition of the majority stake in the firm. French semiconductor materials provider reported a 16 percent drop in sales for the first half of the year, citing lower volume due to high inventories throughout the smartphone value-chain and a softening automotive market.
Fourth oil production vessel to leave Guyana in Q1 of 2025
The CEO of U.S. oil producer Hess John Hess stated on Wednesday that Guyana's fourth floating production, storage and offloading facility (FPSO) is expected to depart the South American nation in the first quarter of next year. Yellowtail, the fourth project of the firm that is responsible for the oil and gas production throughout South America, will add an additional 250,000 barrels a day (bpd). Hess said at the Wolfe Research Oil and Gas Conference that Yellowtail is "the exciting thing for 2025". He said that the FPSO for Yellowtail should be sailing to Guyana by the first quarter of the year, with startup later in the same year.
US Awards up to $2.2 Billion to Speed Clean-hydrogen Development
The U.S. Department of Energy announced on Wednesday that it had awarded up to $2 billion to centers in the Gulf Coast and the Midwest for the development of hydrogen, a new source of energy which is costly to produce with renewable power. Hydrogen supporters, such as the administration of Joe Biden believe that low carbon hydrogen can combat climate change by fueling industries like aluminum, cement and steel, along with long-haul transport. Most hydrogen produced today is made from fossil fuels, which emit unabated gases. This produces hydrogen at a fraction the price of clean hydrogen.
EIA: US Crude, Gasoline Inventories Rise
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S. crude imports rose last week by 237,000 barrels per day to 3.3 million bpd…
Rystad reports that oil majors have over 40 biofuel projects planned by 2030.
Rystad, a consultancy, said that major oil and gas companies are investing more in biofuels, betting on sustainable aircraft fuel (SAF). By 2030, 43 projects should be completed, the report stated. Energy research firm says that industry giants like ExxonMobil and Shell could increase production by 286,000 barrels a day. SAF is produced by using wastes and residues like organic crops or used cooking oils. It emits the exact same amount of CO2 as kerosene. It is considered to be less polluting because it is made from plants or leftovers, rather than new oil that releases more greenhouse gases.
Officials say that South Africa has a significant reworking of its long-term energy plan.
Officials said that a reworked long-term South Africa power plan would be soon presented to the cabinet. The plan is designed to put an end to the electricity blackouts which have plagued the country over the past decade. Only in January was the last plan released, which laid out scenarios for power supply up to 2050. The plan included a wide range of energy sources, including nuclear, renewables, and natural gas. Coal, the current dominant power source, was also covered. At a press conference, energy officials said that the so-called Integrated Resource Plan should reflect the new data.
Grid operator PJM faces a new complaint regarding power supply
Consumer advocacy group filed a complaint with PJM Interconnection. They claim that the U.S.'s largest grid operator unfairly awards record-high payments to power plants, driving up electricity prices for households and businesses. The Federal Energy Regulatory Commission received a complaint on Monday, the second in recent times regarding PJM Interconnection’s capacity market auction for 2025-2026. This auction set prices that were over 800% higher than those of the previous year. PJM leaders stated that the record-high prices were largely due to the soaring demand for power and the shrinking supply of fossil-fired generators as they retire.
Sources say that Whiting refinery, a BP facility in Indiana, is delaying its return to service.
Industry sources say that the return to service for BP Whiting Indiana refinery is delayed. BP began the planned turnaround activity for its refinery that produces 435,000 barrels per day in late September. In early November, the refinery restarted units that were involved in the turnaround. Sources claim that at least two units are experiencing startup delays. Sources said that the refinery's 250,000 barrels per calendar day (bcd), sour crude distillation unit, and its 102,000 bcd coker had issues with the restart. These units should be online by this week. Whiting, the largest refinery in the Midwest of the United States, produces liquid fuels.
