QatarEnergy Purchases Long-Term LNG Supplies In Case of Future Hormuz Disruptions
QatarEnergy is buying long-term supplies of liquefied natural gas from the US and other producers as part of a trading strategy designed to generate revenue if exports through the Strait of Hormuz are disrupted in the future, CEO Saad Sherida Al-Kaabi told Reuters on Thursday."In a scenario where you have a closure of the strait, which is the true contingency that we're looking to have, you'd immediately see a spike in gas price and you'll be able to generate revenue for QatarEnergy that otherwise wouldn't be generated…
The Iranian war has prompted LNG buyers and suppliers to seek greater diversity in their supply.
As the US-Israeli war against Iran reduces Gulf shipments, LNG buyers are looking for 'alternatives' to the fuel. These suppliers range from West Africa to Indonesia. During last week's Gastech Conference, industry executives and officials said that while Asian governments are looking to lock in LNG sellers who have access to different sources, producers and trading companies want to expand supply pools by buying from other countries and taking stakes on gas projects.
When the Mideast War ends, LNG demand is expected to increase in China and India
Industry executives predict that China's and India's LNG imports will rebound from their multi-year lows when the Middle East supply crisis ends and if prices ease. This is expected to reverse a resurgence in the use of coal and oil to generate electricity?due to the U.S. - Iran war. Qatar and the United Arab Emirates are no longer able to export most of their LNG through the Strait of Hormuz. A fifth of the global supply used to go via this route, which drove up prices and slowed demand in Asia.
Shell acquires Hunlock creek power plant from Constellation Energy and sells it to them for $715 Million
Shell's North American unit announced on Thursday that it had agreed to sell its interest in a complex of gas-fired power plants in Rhode Island, USA, to Constellation Energy. The company will also expand into the lucrative U.S. Mid-Atlantic energy market. Separately the British oil major will also purchase 100% of Hunlock Creek Generating's equity, which has 169 MW natural gas-fired power generation capacity in Pennsylvania. Shell now has a bigger 'footprint' in North America's largest power market, PJM Interconnection.
Russia and Vietnam Sign Framework Agreement on Strategic Oil Storage
The Russian oil and gas company Zarubezhneft has signed a framework agreement with Vietnam’s state energy firm Petrovietnam to?cooperate in a project?to establish a strategic reserve of oil in Vietnam. The agreement was signed by the Vietnamese leader To Lam during his state visit to Russia. The companies did not reveal a timetable for the project or the potential size of a strategic oil reserve. The financial terms of the deal were not disclosed either.
Sources: Vatican to build EUR100 Million Renewable Energy Plant
Sources involved in the project have confirmed that the Vatican plans to build a renewable energy plant worth approximately EUR100 million ($117million) which could power the Holy See for two years using a solar and agricultural power system. Sources said that the agrivoltaic facility is expected to be one of Italy's biggest installations. It will have a power of 80-90 megawatts. Solar panels are installed several metres above ground level so that crops can be grown beneath.
Mexico's Pemex posts Q2 net profits of $1.03 billion
According to a filing at the Mexican stock exchange, Mexican state energy firm?Pemex posted a net profit of $1.03 billion in its second quarter. The earnings before interest taxes, depreciation, and amortization (EBITDA), for one of the largest companies in the country, during the period April to June, totaled 144.23 billion pesos. Pemex and its partners produced 1,66 million barrels per day (bpd), or crude oil and condensate, during the third quarter.
Health and pollution concerns continue to grow months after the Pemex gas explosion in Mexico
Residents in rural Veracruz are increasingly worried about the?potential impact on health and the environment as large volumes?continue to _burn_. The Mexican state energy company Pemex operates the well and has stated that the incident began at the Krem-1 exploration well near Las Choapas in early March. Since then, the company has been working to control the fire and permanently seal the well. A reporter captured footage of the scene by drone this week.
Sources say that oil executives are rushing to complete the contract migration in Venezuela.
Four sources said that the Venezuelan oil ministry told the?partners?of the state energy company PDVSA it would maintain the deadline of July 28 to migrate oil contracts to the new legal framework it approved in January. The oil ministry urged executives to finish the negotiations. Venezuela's National Assembly approved in late January a reform of the hydrocarbons laws, which is the foundation of the energy industry. The law offers companies autonomy to operate oil and natural gas projects…
After the Hormuz disaster, buyers will press Qatar and UAE to offer cheaper and more flexible LNG deals
Asian and European buyers will ask Qatar and the United Arab Emirates for lower prices, and to provide additional guarantees of supply, as a result of 'the U.S. - Iran war, which has increased insurance costs.' Buyers, traders, and executives in the industry have confirmed this. The war has reshaped 'the?global?energy industry. It is stripping Gulf producers from their reputation as world's most reliable supplier, which gave them considerable negotiating power in the past.
Argent LNG, Naftogaz to Explore US LNG Supply
Argent LNG and Ukraine's state energy company Naftogaz Group have signed a memorandum of understanding to explore long-term U.S. liquefied natural gas supply, transport and distribution cooperation, the companies said on Wednesday.The MoU covers potential LNG sales from Argent's planned 25-million-tonnes-per-annum (mtpa) export terminal at Port Fourchon, Louisiana.The agreement includes free-on-board cargoes, delivered ex…
Bolivia: Petrobras could return to oil production and help YPFB restructure
Energy Minister Marcelo Blanco announced on Thursday that Bolivia would begin technical discussions next week with Brazil’s state-owned oil?firm Petrobras about its possible return to exploration?and production in the country. The company is also willing help restructure the state?energy?firm YPFB. After years of falling gas production, the government of?President Rodrigo Paz wants to open Bolivia up to energy investments and to revive trade with important partners like Brazil.
Former Pemex CEO Victor Rodriguez detained, national register shows
According to Mexico's arrest register, the former Pemex chief executive Victor Rodriguez has been detained since Tuesday. However, it did not state why he was being held. I was unable to reach Rodriguez for a comment. A video that surfaced in late June appeared to show Rodriguez violently abusing the wife of his former state energy company Pemex. A woman identified herself as Maria?Felicia?Jimenez, Rodriguez's spouse. The?video's location or date of filming could not be verified…
Mexico's Sheinbaum promises no protection to the ex-Pemex boss after his wife posts an alleged abuse video
On 'Monday, Claudia Sheinbaum, Mexican president, vowed that she wouldn't protect anyone after it appeared in a video that the former head of state energy company Pemex Victor Rodriguez violently abused his wife. The video, posted on YouTube by a woman who identified herself as Maria Felicia Jimenez (Rodriguez's wife), appears to have been captured by a home security system in a family room. It has a date stamp of March 15, 2026. Rodriguez was still the head of Pemex when the video was recorded.
Mexico's Sheinbaum promises no protection to the ex-Pemex boss after his wife posts an alleged abuse video
Claudia Sheinbaum, Mexican president, said on Monday she would not 'protect anyone after it was revealed that a video had been released showing the violent abuse of his wife by Victor Rodriguez, former head state energy company, Pemex. The video was posted on YouTube by a woman who identified herself as Maria Felicia Jimenez. She is Rodriguez's spouse. It appears that the video was recorded by a surveillance system at home in a living-room and dates March 15, 2026. At the time, Rodriguez was still the head of Pemex.
Petronas finds new gas in Suriname offshore block. Discoveries equivalent to 1 billion barrels
The president of Suriname Jennifer Simons announced on Tuesday that Malaysia's state energy company Petronas has made another gas find at the offshore 'Block' 52 in Suriname. A company executive stated the eight discoveries contained more than one billion barrels oil equivalent. Suriname wants to emulate the success of its neighbour Guyana in becoming a major oil producing country through offshore development led by international energy firms.
BP begins commercial production of non-associated gas at Azerbaijan’s ACG field
British ?energy major BP said on Monday ?commercial production of non-associated gas ?has begun at the ?energy-rich Azeri-Chirag-Gunashli (ACG) ?field ?off the coast of Azerbaijan. Non-associated natural gas is gas that comes from wells where there is no crude oil. It's produced independently, rather than as a byproduct. BP stated that ACG has estimated non-associated gas reserves of 4 trillion cubic ft with a potential of 6 trillion cubic ft. BP is refocusing its efforts on fossil fuels after a push for renewable energy.
SEFE, Ksi Lisims LNG Agree on long-Term LNG Supply
German state-owned gas importer SEFE said on Wednesday it agreed to purchase 1 million tonnes of liquefied natural gas per year from Canada's Ksi Lisims LNG to diversify supplies amid unsteady global energy markets.Under a memorandum of understanding signed on Wednesday, deliveries are set to begin in the early 2030s for up to 20 years, it added.German Economy Minister Katherina Reiche said the deal underscored a strategic energy partnership with Canada."By working more closely together…
Source: Canada will sign a deal with Germany's SEFE to purchase Ksi Lisims Liquefied Natural Gas.
According to a source in the industry, Canada will sign a large LNG agreement with Germany's SEFE?for liquefied gas from the Ksi?Lisims planned LNG export facility?on the coast?of?British Columbia. Tim Hodgson will announce the agreement in Vancouver on Wednesday. Ksi Lisims supporters have been working hard to finalize contracts before making a final investment decision expected this year. Ksi Lisims and the Natural Resources Ministry of Canada, SEFE, declined to comment. Bloomberg was the first to report?the plans.
Ukraine lowers gas storage rates in order to encourage building up before winter
The Ukraine state energy tariff regulator cut the fee to?store gas in underground storage facilities by 11% on Tuesday. This was done to?encourage gas accumulation before the next heating season. Ukraine has the largest underground storage capacity in Europe, with facilities that can hold over 30 billion cubic meters of gas. Kyiv had previously encouraged Western companies to store and inject their gas into Ukrainian facilities to take advantage of the?low storage rates, then use it in winter to provide European consumers.