Natural Gas

Low U.S. Natural Gas Prices Pose Challenges for Tellurian Asset Sale Plans

Low U.S. natural gas prices will hurt Tellurian Inc's ability to sell Louisiana gas producing properties in order to pay off enough debt to salvage its LNG export project, analysts said.

EPA Excludes Existing Natural Gas Plants from Proposed Carbon Rule

The U.S. Environmental Protection Agency on Thursday said it will exclude existing natural gas power plants from its proposed carbon regulations that it plans to finalize in April, narrowing the scope of the initial proposal that would have required stringent controls on those facilities.

Helix Energy and Talos Energy Strike Deal for Gulf of Mexico Decommissioning

Helix Energy Solutions Group Inc. has announced a five-year joint framework agreement with Talos Energy Inc. in which Talos has agreed to provide Helix the first right of refusal regarding specific annual work scopes for Talos’s decommissioning requirements in the U.S. Gulf of Mexico.

Global News March 2024

Latest industry developments from around the world!

Biden Nominates Two Democrats, One Republican to FERC; INGAA Applauds Nominations

President Joe Biden on Thursday nominated two Democrats and one Republican to the Federal Energy Regulatory Commission (FERC), an independent panel that rules on energy transmission and liquefied natural gas projects.

ADNOC Completes Acquisition of 24.9% Stake in Austria's OMV

Abu Dhabi National Oil Company said on Thursday it formally closed the acquisition of a 24.9% stake in Austria's Austrian oil and gas group OMV from Abu Dhabi sovereign wealth fund Mubadala Investment Company.

BP to Invest $1.5 Billion in Egypt Gas Projects, Forms Joint Venture with ADNOC

BP is preparing to invest about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday.

Snam Enters Exclusive Talks to Acquire Edison's Gas Storage Assets in Italy

Energy group Edison said on Monday it started exclusive talks with gas grid operator Snam over the sale of its natural gas storage assets in Italy.

Devon Energy Reports Lower Profit, Anticipates Production Impact from Winter Storm

U.S. shale producer Devon Energy reported a fall in fourth-quarter profit on Tuesday, hurt by lower oil and gas prices and forecast a 2% impact in first-quarter production due to severe winter weather.

Trans Mountain Pipeline Expects Q2 Launch, 10% Cost Increase

Trans Mountain Corp., the Canadian government-owned oil pipeline company, continues to target a second-quarter in-service date for its expansion and expects the project's cost to rise 10%, according to a filing.

Oil and Gas Upstream M&A Deal Value Hits Highest Q1 Levels Since 2017

An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said.

U.S. Takes Lead as Top Supplier to Europe for Crude, Diesel and LNG

The United States has taken the top spot as Europe's supplier of crude oil, diesel, and liquefied natural gas (LNG) in recent months, capitalizing on reduced imports from east of Suez caused by shipping disruptions in the Red Sea.

Russia to Ban Gasoline Exports for Six Months Starting March 1

Russia on Tuesday ordered a six-month ban on gasoline exports from March 1 to keep prices stable amid rising demand from consumers and farmers and to allow for maintenance of refineries in the world's second largest oil exporter.

Canadian Oil and Gas Producers Bump Up Spending, Industry Group Says

Canadian oil and natural gas producers will spend an estimated $30.07 billion on capital projects this year, up slightly from $28.89 billion last year, the Canadian Association of Petroleum Producers (CAPP) said on Tuesday.

Pipeline Firm ONEOK Posts Higher Fourth-Quarter Profit on Strong Volumes

ONEOK, which has about 50,000-mile long network of pipelines, said its Rocky Mountain region natural gas liquids (NGL) raw feed throughput volumes rose by 20%, compared to last year.

U.S. Gas Glut Sparks Ultra Bearish Sentiment Among Hedge Funds

Portfolio investors have become extremely bearish about the outlook for U.S. gas prices, even though prices have already fallen to their lowest level in real terms since futures began trading in 1990.

Denmark Ends Probe Into 'Deliberate' Nord Stream Pipeline Blasts

Denmark has dropped its investigation into the explosions in 2022 on the Nord Stream pipelines carrying Russian gas to Germany, police said on Monday, becoming the second nation to do so after Sweden closed its own inquiry.

Qatar Expands Gas Output Amid Plummeting Global Prices

Qatar will further raise gas production despite a steep drop in global gas prices, pushing ahead with plans to extract more of the resource amidst fierce competition with rivals such as the United States.

ExxonMobil Weighs Offers for Argentina Shale Assets, Source Says

U.S. energy giant ExxonMobil Corp. is weighing offers for its oil and gas assets in Argentina's Vaca Muerta shale region, a source familiar with the plan said on Friday, adding there was no time frame for a decision and the sale may not move forward.

DTE Energy Seeks Developers for New Renewable Projects

The energy company, which operates a natural gas company in Michigan, is seeking proposals for renewable energy projects totaling about 1,075 megawatts (MW) to advance its decarbonization efforts.

Exxon, EnLink Midstream to Expand CCS Pipeline Transportation Along Gulf Coast

ExxonMobil and EnLink Midstream are exploring opportunities for EnLink to support ExxonMobil's carbon capture and sequestration (CCS) efforts beyond the southeast Louisiana Mississippi River Corridor into several additional Gulf Coast areas.

U.S. Oilfield Jobs at Risk as Natural Gas Prices Plummet

Oilfield service companies and drillers have put the brakes on hiring and further job cuts could loom as natural gas producers respond to sliding prices by slashing spending on new wells to reduce excess production.

Pioneer Natural Exceeds Production Expectations Amid Pending Exxon Takeover

Pioneer Natural Resources on Thursday reported 2023 production that exceeded its prior forecast, as the U.S. shale producer works to close its about $60 billion purchase by oil major Exxon Mobil later this year.

Cheniere Energy's Annual LNG Revenue Falls on Lower Natural Gas Prices

U.S. liquefied natural gas (LNG) company Cheniere Energy on Thursday forecast a lower core profit for 2024 as prices of the fuel buckle under excess supply, sending its shares down 1.7% premarket.

Exxon Considers Guyana Offshore Gas Production Post-2029

Exxon, Hess Corp. and CNOOC are under pressure from Guyana to develop untapped natural gas in the South American country, where they have discovered more than 11 billion barrels of oil and gas since 2015.

Chesapeake Plans to Cut Output, Spending Amid Oversupplied Natural Gas Market

Chesapeake Energy said it would cut spending and natural gas output this year as it sees the market being "oversupplied", causing the company's shares to rise more than 7% on Wednesday.

FOCUS: Tumbling U.S. Natural Gas Prices Prove Unstoppable, Hurting Producers

For nearly a year, U.S. natural gas producers have slammed the brakes on production as prices fall. But relentless output gains including from oil companies that pump gas as an oil byproduct have unleashed record supplies.

Chesapeake Energy Beats Q4 Profit Estimates Amid Lower Expenses, Production Decline

Chesapeake Energy beat Wall Street estimates for fourth-quarter profit on Tuesday as the natural gas producer saw a steep decline in its operating expenses.

Guyana's $1.9 Billion Gas-to-Power Project Pushed to 2025

Guyana will delay until 2025 its biggest effort to capitalize on its energy bounty, a $1.9 billion gas-to-power project that was to start this year, using untapped gas to slash electricity costs, a Ministry of Natural Resources consultant said on Tuesday.

CenterPoint Energy to Sell 12,000-Mile Pipeline Network in Louisiana, Mississippi for $1.2 Billion

CenterPoint Energy said on Tuesday it would sell its natural gas assets in Louisiana and Mississippi for $1.2 billion to Bernhard Capital Partners, as the electric and gas utility plans to focus on its regulated business.