Saipem awarded $425 million contract to develop Turkey's largest offshore gas field
Italian engineering group Saipem won a $425-million contract to continue the development of Turkey’s largest offshore natural gas field. The contract, awarded by Turkish Petroleum OTC covers the third phase in a project for the development of the Sakarya Field, with a focus on the construction three additional?pipelines, totaling around 153 km along with subsea structures. Saipem announced in a press release that these facilities will connect the newly discovered Goktepe Gas Reserve?to Sakarya’s phase 3 facility.
Russian Oil Exporters Struggle to Stay Afloat as Discounts Deepen
Discounts on Russian oil at export terminals have once again approached historic highs, putting pressure on exporters' trade profits amid weak global oil prices, Reuters calculations show.Western sanctions over Russia's military action in Ukraine have forced its oil companies to sell crude at steep discounts, reaching $20 to $30 per barrel below Brent in December - the widest gap at Russian ports since early 2022, Reuters data indicates.The deeper discounts have eroded margins, pushing some suppliers into losses.
Australian shares drop as miners and banks fall on holiday thin trade
Australian shares dropped on Monday. The final trading week of the year began on a quiet note as banks and miners led the losses. They eased from recent highs, as holiday turnover exaggerated movements across the market. Investors returned to the market after their Christmas and Boxing Day holidays, and turnover was about half of its 30-day average. The index is up more than 7% for this year, and it's on track to achieve a third consecutive annual increase. It has risen by roughly 24% from 2022 when the last time that it logged a decline in a single calendar year.
Turkey claims that Russia provided $9 billion to it for the Akkuyu Nuclear Plant
The Turkish energy minister announced that Russia has provided $9 billion in new financing for the Akkuyu nuclear power plant, which is being built by Rosatom, the state-owned nuclear energy company of Moscow. Ankara expects the 'power' plant to be operational by 2026. Rosatom will build Turkey's first nucleo power station in Mersin, a Mediterranean province. The agreement signed in 2010 is worth $20 billion. The plant had been expected to become operational this year but was delayed. This (financing), will be most likely used in 2026-2027.
The LNG tanker Kunpeng loads cargo at a Russian plant in violation of sanctions
Ship-tracking data showed that a liquefied gas tanker loaded a cargo at Russia's Portovaya?LNG plant, which is under Western sanctions due to Moscow's conflict in Ukraine. According to data provided by analytics firm Kpler, the Kunpeng arrived in Portovaya's LNG terminal on December 18, was unloaded on that day and left with a cargo of natural gas on December 21. LSEG data shows that the tanker arrived and left the terminal at the same dates. It is the first time that a vessel, Kunpeng, not subject to sanctions, has picked up LNG from a designated LNG project.
Gazprom Delivers First LNG Cargo to China Post Sanctions
Russian energy giant Gazprom has delivered a liquefied natural gas cargo from Portovaya LNG plant to China, in the first such shipment since the United States introduced sanctions against the project in January, LSEG data showed on Monday.Gas carrier Valera, formerly known as Velikiy Novgorod, brought the cargo from the Baltic Sea's plant to the Beihai LNG terminal, LSEG ship-tracking data showed.Russia's largest LNG producer Novatek uses the same loading outlet in China for cargoes from Arctic LNG 2 plant.The tanker was loaded at Portovaya on October 28 and has arrived at the southern Chinese port of Tieshan…
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera (formerly Velikiy Novgorod) transported the cargo from the Baltic Sea plant to the Beihai terminal for LNG. Novatek, the largest LNG producer in Russia, uses the same loading port in China to load cargoes from Arctic LNG 2.
Data shows that Gazprom has delivered the first LNG cargo to China after sanctions from Portovaya.
LSEG data revealed on Monday that Russian energy giant Gazprom delivered a cargo of liquefied gas from the Portovaya LNG facility to China. This was the first shipment since January when the United States imposed sanctions against the project. LSEG's ship tracking data revealed that the gas carrier Valera (formerly Velikiy Novgorod) transported the cargo from a Baltic Sea plant to Beihai LNG Terminal. Novatek, the largest LNG producer in Russia, uses the same loading port in China to load cargoes from Arctic LNG 2.
Turkey extends Russia Gas Contracts by an additional year with a view to US Investment
Turkey has finalised an extension of one year to its two gas import contracts that expire with Russia, totalling 22 bcm. It is also considering investing in U.S. production, as part of its efforts to diversify sources of energy. Turkey, Russia's final major gas market in Europe has steadily reduced the proportion of Russian gas in its gas supply mix. It has now fallen below 40%. Both contracts with Gazprom expire this year. Ankara signed separate deals to buy long-term liquefied gas (LNG), with a large part coming from the United States.
Turkey Cuts Russian Urals Oil Imports, Turns to Kazakh, Iraqi Supply
Turkey sharply reduced its imports of Russia's flagship Urals crude oil in November, shipping data from energy consultancy Kpler showed, as Western sanctions on Russian energy suppliers tightened and Turkish refineries shifted to alternative grades.Shipments of Urals to Turkey fell by 100,000 barrels per day from October levels, with total imports dropping to around 200,000 bpd last month, data from Kpler and LSEG showed.Turkey has become one of the largest buyers of Russian crude since 2022 when European buyers stopped purchases…
US LNG Exports Hit Record High in November on Cooler Weather
U.S. liquefied natural gas exports hit an all-time monthly high in November for the second straight month, driven by cooler weather and robust output from the country's two largest producers, preliminary data from financial firm LSEG showed on Monday.The U.S., the world's top LNG exporter, shipped 10.9 million metric tonnes last month, up from 10.1 mmt in October despite having one fewer day in the month, according to LSEG data.Cheniere Energy, the largest U.S. LNG exporter, boosted shipments to 4.6 mmt from its two Texas plants, compared with 4.1 mmt in October.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S. oil major Chevron is studying options to buy some global assets of Lukoil, sources have said. U.S.
Lukoil attracts buyers for its foreign assets
The foreign assets of Russian oil giant Lukoil, which range from Egypt to Kazakhstan are attracting bidders. Time is running out for the deals to be completed before U.S. sanctions are enforced. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions against Lukoil. They have already blocked Lukoil’s attempts to sell foreign assets before the deadline of November 21, 2015. Sanctions have already affected Lukoil operations in Iraq and at pump stations in Finland, as well as a refinery located in Bulgaria.
The Black Sea Infrastructure is at risk, according to the Romanian National Defence Strategy
A draft national defence strategy released on Wednesday said that Romania must strengthen its ties with allies along the Black Sea to protect energy projects, which will make Romania the largest gas producer of the European Union in 2027. In the past two years, the EU and NATO member state has been repeatedly violated by Russian drones. Mines have also been spotted in the Black Sea along key trade and energy routes. Bulgaria, Romania and Georgia, along with Turkey and Ukraine, share the Black Sea, which is vital for grain, oil, and oil-based products.
US sanctions threaten to disrupt Lukoil's international assets
The sale of Lukoil's overseas assets to Swiss commodity traders Gunvor has been blocked by Washington, which is a result of U.S. sanctions. Lukoil has a global footprint that includes upstream oil and natural gas projects, refineries, and fuel distribution networks in Europe, Central Asia and the Middle East. The company produces a half-million barrels of crude oil per day, 0.5% of the global oil production, outside of Russia in countries like Iraq, Kazakhstan, and Azerbaijan. Here are some details on its international assets.
Second LNG Carrier Departs from Sanctioned Portovaya LNG Plant
A second gas carrier has departed from Russia's U.S.-sanctioned Portovaya LNG plant on the Baltic Sea after a hiatus, in search of a foreign buyer, showing Russia's continued efforts to flout restrictions on LNG sales, LSEG data showed on Wednesday.According to the ship-tracking data, gas carrier Valera, previously named Velikiy Novgorod, had departed from the Gulf of Finland. It was due to arrive at an unspecified location on January 15, the data showed.The tanker is the second to leave the plant in the past three months.The first tanker…
Lukoil, a Russian oil company, says it will sell its international assets in response to Western sanctions
Lukoil - Russia's second largest oil producer - announced on Monday that it will sell its international assets in response to sanctions imposed by the United States last week over Ukraine. The sale of assets will be the biggest action taken by a Russian firm in response to Western sanctions over Russia’s war in Ukraine that began in February 2022. The sale of assets is being conducted under an OFAC wind-down license. Lukoil stated that if necessary, the company will apply for an extension of the license in order to continue uninterrupted operations of international assets. Donald Trump, the U.S.
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm. Next are Russia, Ukraine and Canada, followed by Germany.
Woodside signs Williams as an investor for Louisiana LNG construction to accelerate
Woodside Energy, a company based in Australia, has hired U.S.-based Williams to be an investor and operator of the Louisiana Liquefied Natural Gas Plant. This is to benefit from its infrastructure expertise and reduce costs as construction increases. Williams will receive a 10% stake of Louisiana LNG Holding Company and 80% ownership in the Driftwood Pipeline, which will provide feed gas for the $17.5 billion project. Williams, which operates over 33,000 miles (53.108 km) of pipe across 24 U.S. States, will pay Woodside $1.9 billion and contribute $378 million towards the project's costs.
Turkmenistan will maintain its gas production next year
Turkmengaz, the state-owned energy company, said that Turkmenistan's natural gas production will remain at 80 billion cubic meters in 2025-2026. Maksat Babaev, speaking at the Turkmenistan annual oil and gas convention's press conference, said that this year's production of gas was 80 billion cubic meters. We plan to continue in this area next year. Separately Guvanch AGAJANOV, the head of the state oil company Turkmenneft told reporters the country will produce over 8 million tons in 2025. This is similar to what was produced the previous year.