Egypt plans to resume exports of liquefied natural gas in the fall after rising domestic demand led to a halt in shipments over the summer. The hot weather means Egypt is consuming all the gas it produces, leaving little for exports, Energy Minister Tarek el-Molla told reporters in Cairo. The return of supplies from the North African country will mean greater availability for key buyers in Europe and Asia ahead of the winter heating season, when demand from those regions increases. LNG shipments from Egypt’s two production plants tend to decline during the hottest months as demand at home for…
Author: Automotivedealernews.com
Abu Dhabi National Oil Co., the energy giant seeking to expand its chemical operations through a series of ambitious deals, has raised its takeover bid for Covestro AG to about 11 billion euros ($12.4 billion), people familiar with the matter said. Adnoc raised its offer to about 57 euros per share in hopes of persuading the German company to open talks, the people said. This is more than their first informal offer of around 55 euros. The state-backed company expressed confidence in Covestro’s strategy and management, according to the people, who asked not to be identified because the information is…
Trillion Energy International Inc. has announced more than 130 feet of clean gas with commercial prospects in a sixth well in the SASB field offshore Turkey. “Preliminary gas indications based on mud logging results suggest [sic] + They pay 40 meters of potential natural gas within 6 separate sands in the Akcakoca Member (SASB producing area),” the Canadian-based company said in a press release this week. Drilling of the Alapli 2 well reached nearly 10,700 feet, he said. “The next step is to run and cement the 7″ production casing and then drill the production zones,” Trillion said. Completion of…
Invictus Energy expects to mature several advantages in its projects in Zimbabwe to drill ready prospects, adding to a significant exploration portfolio and prospective resource base. The company continues with its 2023 seismic acquisition program at its 80% owned and operated Cabora Bassa project. “The company is pleased to have made significant progress with the 2D seismic data acquisition campaign at EPO 1848 and EPO 1849,” said CEO Scott Macmillan. “Seismic acquisition has commenced across several interesting tracks on the Mukuyu trend and we anticipate maturing a number of these to drill ready prospects, which will add to our world-class…
Western Canada’s Trans Mountain Expansion Project, better known as TMX, has seen more than its share of setbacks over the past 10 years: environmental protests, legal challenges, funding issues, a change in ownership and even a major flood event in 2021. But it looks like the 590 Mb/d expansion of the now 300 Mb/d Trans Mountain Pipeline system will definitely become a reality. allow Alberta crude oil to be exported on a large scale to Asian markets. There is a catch, though. Long project delays and other problems resulted in massive cost overruns that are now being reflected in preliminary…
U.S. gasoline inventories have risen in recent weeks after falling to their lowest level this year in May, thanks to purchases in Europe on the East Coast, the Energy Information Administration (EIA) said on Tuesday. The country’s gasoline stocks stood at 219.452 million barrels at the end of the first week of July, up from 219.456 million at the end of June, according to EIA data. Weekly volume rose steadily in the first three weeks of June after falling to 216.07 million barrels at the end of May, eight percent below the average for the same period over the past…
Petroleos Mexicanos is responding to an oil spill in the Gulf of Mexico near the site of a deadly explosion at one of the state-owned company’s natural gas platforms. Scientist Guillermo Tamburini Beliveau detected the leak on July 4, days before the explosion off the coast of Campeche, Mexico, Greenpeace and others said in a statement. The spill was about 400 square kilometers (154 square miles) earlier this month and may have grown to about two-thirds the size of Mexico City, Tamburini said in a presentation that includes satellite images of the leak. Pemex confirmed the spill in a statement,…
The European Union (EU) and Argentina have signed an agreement on the delivery of Argentine liquefied natural gas (LNG), as well as renewable energy and hydrogen, according to recently published European Commission documents. The Memorandum of Understanding (MoU) was signed by European Commission President Ursula von der Leyen and Argentine President Alberto Fernandez at the EU-CELAC summit in Brussels, Belgium. The MoU contains a provision to “allow a stable delivery” of LNG from Argentina to the EU that is “consistent with their respective long-term decarbonisation goals and consistent with the objectives of the Paris Agreement”. The agreement further states that…
Oil fell amid pressure from a stronger dollar, with traders largely ignoring a US inventories report that indicated tighter markets. Crude oil pared all of its previous gains and closed in negative territory as risk-on sentiment in broader markets faded and traders trimmed their positions ahead of West Texas Intermediate’s August expiration on Thursday, rising volatility. The drop in the commodity came despite a US inventories report that showed inventories at the largest storage hub, Cushing, fell by the most since October 2021 last week. National inventories fell by 708,000 barrels, which traders said was not bullish enough to push…
London-based energy services provider Petrofac Ltd. has signed a facility management contract with CNR International for a floating production, storage and offloading (FPSO) vessel off the Ivory Coast in West Africa, according to a press release. Petrofac’s asset solutions business will provide integrated services for the Espoir Ivoirien FPSO vessel. The contract is initially for a period of three years and the exact value of the contract was not disclosed, although the press release said it was worth “multi-millions” of pounds. Around 110 personnel currently supporting the FPSO, including those onshore and on board, will transfer to Petrofac from BW…