Sempra Infrastructure has signed an agreement with a consortium of Japanese companies to evaluate a proposed project to produce electronic natural gas on the US Gulf Coast. The consortium consists of three of the main gas companies in Japan, Tokyo Gas Co. Ltd., Osaka Gas Co. Ltd. and Toho Gas Co. Ltd., as well as Mitsubishi Corp., which have been conducting preliminary feasibility work on the project since 2022, according to a press release from Sempra Infrastructure on Wednesday. The proposed project aims to produce 130,000 metric tons of e-natural gas per year, which would be converted to e-liquefied natural…
Author: Automotivedealernews.com
Oil prices rose above $85 as OPEC+ efforts to cut supplies gripped the physical market and China showed renewed determination to shore up its economy, a key driver of global consumption raw West Texas Intermediate rose for a seventh straight day, extending its longest run since January and closing at the highest settlement price since November. US futures advanced 7.2% this week, notching the biggest weekly gain since March. Saudi Arabia has led a charge since April to cut output from OPEC and its allies in a bid to revive prices. While the start of the campaign gave crude an…
Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb output and raise oil prices. Observed flows from the kingdom fell to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg showed. That compares with the revised 6.3 million barrels per day in July. Shipments to most major destinations, including China and the US, plummeted to multi-year lows. The Organization of the Petroleum Exporting Countries and its allies, including Russia, are restricting supply in a bid to shore up the market, especially amid signs…
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), fell by 10.6 million barrels from the week ended August 18 to the week ended August 25 of August, according to the latest weekly report on the state of oil from the US Energy Information Administration (EIA). . Crude stockpiles, excluding the SPR, stood at 422.9 million barrels on Aug. 25, the EIA report showed. Those inventories stood at 433.5 million barrels on Aug. 18 and 418.3 million barrels on Aug. 26, 2022, according to the EIA report. There were 349.5 million barrels of crude in the SPR on…
Offshore drilling contract service provider Transocean said it has secured an agreement for the Dhirubhai Deepwater KG1 platform. The company said in its press release that the Oil and Natural Gas Corporation (ONGC) has granted a Binding Award Notification for work outside India. According to the company, the program has a term of 21 months and is expected to start in the first quarter of 2024. The work brings an estimated portfolio of $222 million, excluding a mobilization fee of $5 million, according to the statement. Dhirubhai Deepwater KG1 is a Samsung 12000 double hull 6th generation DP drillship built…
In a statement posted on its website Thursday, Florida Power and Light Company (FPL) said it has essentially completed restoration in Southwest Florida and is continuing to restore power to the hardest-hit areas of North Florida after Hurricane Idalia. The statement revealed that more than 190,000 customers had been restored and about 9,000 customers were without power as of 8 a.m. on Aug. 31. Nearly 50,000 outages have been avoided due to smart grid technology, according to the release. “FPL continues to actively restore power after Hurricane Idalia and will not stop operating until the last customer is restored,” the…
Canadian conventional oil and natural gas producers cut their absolute range carbon dioxide equivalent (CO2e) emissions by 24% while growing total production by 21% over the past decade, according to a study of an industrial association. The Canadian Association of Petroleum Producers (CAPP) used the most recent Canadian government production and emissions data available, and the analysis shows that “Canada has the capacity to grow its production and its role as a supplier secure responsibly produced energy while reducing greenhouse gas emissions.” , the association said in a press release Thursday. Data used in the analysis include the Government of…
The US Department of the Interior (DOI) announced this week that it held the first auction of offshore wind energy in the Gulf of Mexico region. This lease sale offered two areas off the coast of Galveston, Texas, with one area consisting of 102,480 acres and the other 96,786 acres, and a third area of 102,480 acres off the coast of Lake Charles, Louisiana, was highlight a statement published on the DOI website. RWE Offshore US Gulf LLC was the winner of the Lake Charles lease area with a high bid of $5.6 million, the DOI noted in its statement.…
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have published proposed rules and frequently asked questions about the wage and learning requirements under the Inflation Reduction Act (IRA), with the goal of encouraging good pay for clean energy jobs. Most IRA incentives involve prevailing wage and apprenticeship requirements recorded under the law, the Treasury noted in a press release. These incentives include the Production Tax Credit, the Investment Tax Credit, and the Carbon Oxide Sequestration and Clean Hydrogen Credits. The proposed rules would provide employers and workers with more clarity and guidance on proposed IRS guardrails,…
The level of activity at crude export terminals from Corpus Christi to the Louisiana Offshore Oil Port (LOOP) is nothing short of extraordinary: a record 4.8 Mb/d was loaded in the week ending 25 of August, according to the Crude Voyager report from RBN and Houston. – area terminals loaded an all-time high of 1.4 Mb/d. But there is much more to the story of crude oil exports. When you experience these things day in and day out, you see subtle changes that often extend to trends, and if you’re lucky, sometimes you get signs that things you predicted are…