Business & Markets

Norway's Hoegh LNG in Talks to Supply More Regasification Vessels to Europe

Norway's Hoegh LNG is in talks to supply more of its floating storage and regasification units to several European countries seeking alternatives to Russian gas, its CEO said.

US Energy Regulator Approves Energy Transfer's 135-Mile Louisiana Gas Pipeline

Pipeline operator Energy Transfer on Thursday received approval to start operations on a natural gas pipeline that will deliver fuel to the U.S. Gulf Coast at a time of supercharged demand overseas.

Putin Plans to Increase Gas Sales to China

President Vladimir Putin said on Thursday that Russia would increase gas supplies to "the East", particularly China, and set prices for sales to Europe using an electronic platform.

German Pipeline Firms Say They Will 'Make Hydrogen Happen' in 2025

Germany's Gascade, Ontras and terranets have agreed to convert high-pressure gas pipelines to transport low-carbon hydrogen from the Baltic Sea all the way the south of the country by 2025, the companies said on Thursday.

Hungary to Start Talks with Qatar About Buying LNG

Hungary and Qatar have agreed that their state-owned energy companies will start talks about Hungary buying LNG from the Gulf Arab state, Foreign Minister Peter Szijjarto said in a Facebook video on Wednesday.

Morgan Stanley Sees Brent Crude Oil Back at Around $110/bbl by Mid-2023

Oil

Morgan Stanley on Wednesday said it expects Brent crude oil prices to rally to around $110 per barrel level by mid-2023, citing support from rising demand and continued supply tightness.

Report: Global Investment Financing Trends Rebound

(P&GJ) — Are global and regional foreign direct investment (FDI) trends favorable for those investing in new pipelines or redeveloping existing ones? The United Nations Conference on Trade and Development’s (UNCTAD’s) “World Investment Report 2022” answers that question.

Oil Rises to Over $80/bbl as Dollar Slumps on Slowing Inflation

Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over a month, as investors bought up risk assets after U.S. data pointed to slowing inflation.

EU Delays Decision on Natural Gas Price Cap, Countries Still At Odds

European Union energy ministers meeting in Brussels on Tuesday failed to strike a final deal on a bloc-wide cap on natural gas prices, after months of infighting over whether the measure can ease Europe's energy crisis.

IEA: EU Could Face 27 Bcm Gas Shortage Next Year

If Russia was to cut the small share of gas it still delivers to Europe, and Chinese gas demand rebounded from COVID-19 lockdown-induced lows, the EU could face a gas shortfall of 27 billion cubic meters (Bcm) in 2023, the IEA said. Total EU gas consumption was 412 Bcm in 2021.

VTTI Plans to Build New Floating LNG Platform in Netherlands by 2024

Dutch energy company VTTI said on Monday it plans to build a new floating LNG terminal in the Netherlands with capacity to import 5 billion cubic meters of gas annually.

Argentina Bags $689 Million from Brazilian Bank for Vaca Muerta Pipeline Project

Argentina has secured financing of $689 million from Brazilian state development bank BNDES for the second stage of a crucial natural gas pipeline in the huge Vaca Muerta shale region, energy secretary Flavia Royon said on Monday.

Gas Producers Seek Urgent Talks with Australian Prime Minister

Australia's gas industry lobby group on Sunday called for urgent talks with Prime Minister Anthony Albanese after learning that the government's plan to cap gas prices for one year, announced on Friday, includes long-term measures to limit profit margins.

280-Mile Hydrogen Pipeline Connecting Spain to France to Cost $2.6 Billion

An underwater pipeline set to carry green hydrogen between Spain and France will cost about $2.6 billion, Spanish Prime Minister Pedro Sanchez said on Friday, adding he hoped the European Union would partly fund the project.

Russia’s NG Pipeline Exports to Europe Near 40-Year Lows

(P&GJ) — Russia’s natural gas exports by pipeline to the European Union and the United Kingdom declined by almost 40% during the first seven months of 2022 compared with the same period in 2021, and by almost 50% compared with the previous five-year (2017–21) average, according to data from Refinitiv Eikon.

Commodities Trader Trafigura Doubles Profit to Hit New Record in 2022

Global commodities trader Trafigura Group posted a record profit for its full year 2022, more than double last year's record, as it cashed in on unprecedented market volatility following Russia's invasion of Ukraine.

TC Energy’s Keystone Pipeline Shut After Oil Release into Kansas Creek

TC Energy on Thursday said it shut the 622,000 barrel-per-day Keystone pipeline due to an oil spill into a Kansas creek. The size of the leak, which occurred about 20 miles south of a key junction in Steele City, Nebraska, is currently unknown.

Alaska North Slope Crude Price Falls to Lowest Since April 2020

Oil

Prices for Alaska North Slope (ANS) crude fell on Tuesday to the lowest since September 2020, as refineries in California bought more crude locally and the spread between low sulfur and higher sulfur crudes widened.

Gasunie Set to Oversee North Sea Hydrogen Network Plan

The Dutch government said it would appoint gas grid operator Gasunie to oversee plans to develop a hydrogen network in the North Sea, Energy Minister Rob Jetten said Dec. 2 in a letter to parliament.

Waha Hub Natural Gas Still Falling Below Henry Hub Price

(P&GJ) — Since late 2021, the difference has been widening between the natural gas price at the Waha Hub in West Texas and the U.S. benchmark Henry Hub in Louisiana.

Natural Gas Producer Cenovus Forecasts 21% Increase in 2023 Capital Spending

Canada's Cenovus Energy on Tuesday forecast higher capital expenditure and production in 2023 and said its natural gas business could grow by as much as 25% in coming years due to higher prices.

Ørsted Plans Large-Scale Green Hydrogen Project in Denmark

Renewable energy firm Orsted on Tuesday said it intends to invest in a large-scale facility in Denmark to produce green hydrogen, considered a cornerstone of the shift to cleaner energy. The first stage of the investment in the so-called Power-to-X facility is estimated at somewhere between $141-$705 million.

Consortium Seeks First Proposals for Carbon Capture Shipping Project

A consortium of global energy and shipping organizations said on Tuesday it was seeking proposals to study ways to offload captured carbon dioxide from ships during port calls. The call for proposals is part of the world's first project aimed at building and testing a full-scale carbon-dioxide capture system aboard an oil tanker.

Focus: BP Doubles Down on Hydrogen as Fuel of the Future

BP chief executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as the governments of major economies stump up cash to develop the fuel to decarbonize.

Australia In Talks to Help Papua New Guinea Buy $1.1 Billion PNG LNG Stake

Papua New Guinea's state-owned Kumul Petroleum is in talks with Australia's export credit agency to help fund a $1.1-billion acquisition of a 5% stake in the PNG LNG project from Santos Ltd., the PNG company's head said on Tuesday.

Sempra Energy Strikes 15-Year LNG Supply Deal with France's ENGIE

Sempra Energy said on Tuesday it would supply about 0.875 MTPA of LNG to French power company ENGIE for 15 years from its proposed Port Arthur LNG project in Texas.

Trafigura Enters $3 Billion Loan to Supply Germany's Sefe with Gas

Commodities trading firm Trafigura on Monday said it has entered into a $3 billion four-year loan to supply gas to German gas trader Sefe, formerly known as Gazprom Germania, and help Europe's largest economy secure volumes long-term.

Moldovagaz to Buy Gas from Energocom, Russia’s Gazprom

Moldova's natural gas company Moldovagaz will start buying gas from domestic supplier Energocom while continuing to buy it from Russia's Gazprom, the head of Moldovagaz said late on Saturday.

Outrigger Energy Sells Nearly 200 Miles of Natural Gas, Crude Pipeline to Summit Midstream

(P&GJ) — Outrigger Energy II LLC has completed the sale of its midstream system in Weld County, Colorado to Summit Midstream Partners LP, which includes approximately 160 miles of low and high pressure natural gas gathering pipeline and 30 miles of crude oil gathering pipelines with delivery to the Pony Express Pipeline.

Germany Plans 1,118-Mile Hydrogen Pipeline Network by 2027

Germany plans to develop a 1,800-km (1,118-mile) hydrogen energy pipeline network by 2027 with state participation, according to an economy ministry draft strategy paper seen by Reuters on Friday.