Argent LNG, Albania to Evaluate Development of Import Terminal
U.S. LNG developer Argent LNG said on Wednesday it had signed a non-binding memorandum of understanding with Albania's government to evaluate development of an onshore LNG storage and regasification terminal with capacity of up to 5 million tonnes a year.Here are more details:Terminal could connect with the Trans Adriatic Pipeline, proposed Ionian Adriatic Pipeline and Fier-Vlore gas corridor.Argent LNG said financing could involve the U.S. Trade and Development Agency, U.S.
How do Caracas, Washington and other countries structure a huge oil production deal?
Venezuela and the U.S. announced a large-scale oil-production agreement last week. To develop even a small portion of the 64 billion?proven reserves in the 17 oilfields that are included in the agreement, a complex three-layer structure is required. The pact, if completed in the form it has been negotiated so far, will provide a 'base volume of exportable Venezuelan crude oil from mature fields that are already operating…
Argent LNG receives US approval to export to countries with free-trade agreements
The U.S. Department of Energy authorized?Argent?LNG to sell liquefied gas from its proposed Louisiana terminal to countries with free-trade agreements that include the U.S. This is a major federal approval for the developer as it moves towards a final decision on the project. Argent LNG, a privately-held U.S. firm, is developing an LNG terminal in Port Fourchon, Louisiana. This location is about 160 km (100 miles) south of New Orleans.
US LNG Tanker Completes First Direct Sail to China Since Tariff Dispute
A vessel carrying U.S. liquefied natural gas has sailed directly from the U.S. to China for the first time since trade tensions between Washington and Beijing effectively halted direct shipments, vessel-tracking data showed.However, analysts say it may never enter China as the terminal's bonded storage facilities allow re-exports without import duties.Carrying a cargo loaded in early June from U.S. energy firm Venture Global LNG's VG.N Plaquemines export plant in Louisiana…
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…
Total losses from the US-Iran War still trail 1979 Oil Shock
LONDON, 3 July - According to calculations based upon data from the International Energy Agency, OPEC, and the U.S. Department of Energy, the 1979 Iranian Revolution is the greatest 'oil crisis in terms of cumulative supply losses. The U.S. and Israeli war against Iran has prompted comparisons to the 1973 Arab oil 'embargo', the Iranian Revolution, and the Gulf War of 1991, while highlighting the evolution of global energy markets.
Trump's controversial plan to price minerals is met with skepticism from the G7 and a divided industry
According to diplomatic sources, and an analysis of corporate policies, the Trump administration's plan to increase critical?minerals by regulating prices has been met with skepticism from G7 allies, and a divided industry. Negotiations for a Western Trading bloc have stalled over concerns regarding cost and governance. The trading bloc was first proposed by U.S. vice president JD Vance back in February. It aims to wean the…
Venezuelan Oil Minister tells Houston Conference that country is open to dispute resolution
The Venezuelan Oil Minister Paula Henao announced on Tuesday that the new framework for hydrocarbons in the country is open to?dispute settlement outside of the country. This was a major wish expressed by many foreign oil firms before they begin operations in the South American nation. She said this at a conference outside Houston. "We hope it never comes to that but if it does, we will resolve any issues through this channel." Her remarks at the event hosted by the American Association of Petroleum Geologists…
The US Department of Energy assumes that the Strait of Hormuz remains closed until late May
The U.S. Department of Energy's statistical branch said on Tuesday that it assumes the Strait of Hormuz is effectively a?shutdown through late May - and traffic will begin?gradually next month. This led the agency to raise its forecasts of U.S. fuel prices. The stalemate in the Strait of Hormuz between Iran and the U.S., Israel, has impacted global energy markets. Millions of barrels of Middle Eastern oil exports are stranded every day. This is causing concern about fuel shortages all over the world.
The Iran War oil and gas supply disruption compares to previous disruptions
According to calculations based on International Energy Agency data and U.S. Department of Energy, the U.S. and Israeli war against Iran and the closing of the Strait of Hormuz has caused the largest oil supply disruption in history by daily production lost. However, at least one previous shock had a larger cumulative impact. The IEA stated on Tuesday that this conflict, combined with the end of the European Gas Crisis caused by Russia's invasion in Ukraine in 2022, is the worst energy crises the world has ever faced.
Commonwealth files show that EQT and Glencore have committed to buying more LNG from Commonwealth.
A regulatory filing obtained by revealed that EQT Corp and Glencore had each 'agreed' to buy 1 million metric tonnes per year of liquefied gas from Commonwealth LNG, under 20-year agreements. This brings the U.S. Exporter closer towards a final investment. Commonwealth LNG said that it had sold enough export capacity of its 9.5 mtpa Louisiana Project to seek financing, but didn't disclose who the buyers were. Commonwealth said that the finance process will begin once commercialization is 'finalized.
The US EIA warns that fuel prices may continue to rise for several months following the reopening of Hormuz.
The U.S. Energy Information Administration warned on Tuesday that fuel prices may 'continue to rise for months after the Strait of Hormuz is reopened,' despite President Donald Trump’s assurances consumers would?see immediate relief once he ends his war with Iran. Oil and fuel prices have soared around the globe as a result of the U.S./Israeli war 'with 'Iran. It is now in its second full month. Iran has blocked vessels from passing the Strait of Hormuz - a major trade chokepoint.
Venture Global talks about settling arbitration cases with Energy Companies
Venture Global has begun discussions with energy companies to settle pending arbitration claims against the company for failing to provide?LNG? from its Calcasieu Pass facilities in a timely fashion, said CEO Mike Sabel on Monday at a roundtable session during the CERAWeek Conference in Houston. Venture Global customers such as Shell, BP, Repsol, orlen & Edison filed arbitration claims in 2023, accusing Venture Global of failing to supply them with LNG more than two years after it produced the super-cooled gas.
US Energy Department blames its staff for an errant Navy escort Post
A spokesperson for the U.S. Department of Energy allegedly posted a message on Energy Secretary Chris Wright’s official X page on Tuesday, which incorrectly stated that the U.S. Navy escorted a tanker through the Strait of Hormuz. The post was deleted quickly, but it had raised expectations in the global oil industry that oil and gas would be able to flow again through this vital 'waterway', which is effectively closed after the Israeli and U.S. strike on Iran began Feb. 28.
EIA: US power plants could avoid retirement by 2026
The Department of Energy's Research arm stated on Monday that U.S. Power Plants scheduled to retire in?2026 may stay online for longer. This builds on a trend which began last year as electricity prices and usage reached record highs in certain parts of the nation. According to the Energy Information Administration, 11 gigawatts worth of electricity-generating capacity was expected to close in the U.S. this year. The EIA's research shows that nearly 60% of this power is coal-fired and the rest is gas-fired.
First Venezuela Oil Cargoes Chartered Since US Supply Deal
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, which is set to speed up shipments starting in March while boosting deliveries to India, according to four sources and data.Trading firms Vitol and Trafigura have been exporting Venezuelan crude and fuel since January as part of a $2 billion deal between the U.S. and Venezuela after the capture of President Nicolas Maduro by U.S.
US Energy Secretary to Arrive in Venezuela With Herculean Task of Oil Recovery
This week, the U.S. Department of Energy Chris Wright will visit Venezuela. It is the highest-level U.S. The OPEC country has not had a visit to discuss energy policy in almost three decades. Washington is conducting its first assessment on the ground of the oil industry that it plans to rebuild. Wright will arrive in Caracas Wednesday, one day after the U.S. granted a general license to explore and produce oil and gas in Venezuela.
US natgas prices soar by 140% in the Arctic storm, increasing consumer costs
U.S. Natural Gas?Futures have jumped 140% in the last seven trading days. Cash gas and power prices also hit record highs this week, as an Arctic blast sent heating demands soaring, and frozen?oil?and?gas wells cut gas production to a 2-year low. Power prices are expected to rise sharply, putting pressure on consumers already paying higher bills due to the demand for power, particularly from data centers. Retail electricity prices are on the rise, rising faster than inflation since 2022. The U.S.
Sources say that Chevron Vitol Trafigura are all competing to control Venezuelan oil imports.
Sources familiar with the situation say that Chevron, Vitol, Trafigura and other companies are competing to get deals from the U.S. Government to export crude oil from Venezuela. Venezuelan officials are trying to control oil sales in the United States. This competition is a reflection of the desire for many oil companies to gain access to Venezuela's crude oil stocks and production. Donald Trump, the U.S. president, has demanded Venezuela grant the United States access to the oil sector. This comes just days after the U.S.
Vitol, Trafigura and the White House invited to Venezuelan oil discussions on Friday
Four sources familiar with the situation have confirmed that the U.S. administration of President Donald Trump has invited the heads of commodity trading companies Vitol and Trafigura to meet at the White House this Friday to discuss the marketing Venezuelan crude oil. European trading houses dominate global oil trading, and could assist the U.S. in selling oil from Venezuela despite Washington's desire for U.S. oil majors to take the lead. White House announced that it would host U.S. Oil Majors on Friday.
