The Algerian state company Sonatrach SPA and TotalEnergies SE have signed three agreements on gas supply and development of gas and renewables. In one of three deals with Algeria that the French world energy major announced this week, a Sonatrach LNG contract has been extended, guaranteeing a supply to Europe of two million metric tons per year until 2024. to be delivered to the French port of Fos-Cavaou, Algeria’s LNG will “contribute directly to energy security in France and Europe,” TotalEnergies said in a press release. The French major in world energy had already extended its subscription to Algerian LNG…
Author: Automotivedealernews.com
China’s President Xi Jinping called for more efforts to curb carbon dioxide emissions, a sign that the biggest polluter will not back down on climate goals, even as it turns to fossil fuels for energy security. There needs to be better regulation of energy consumption and a gradual shift towards “dual control” – usually the setting of specific targets – for both the total volume and the intensity of carbon emissions, he said. Xi said at a meeting on deepening reforms on Tuesday, according to a Xinhua transcript. Even as domestic oil and gas production increases, China must also accelerate…
Tighter supplies and slower U.S. inflation helped crude break out of a trading range it had been stuck in for about two months, with Brent crude closing above $80 a barrel for the first time since April OPEC+ production cuts, as well as slowing Russian flows, are overshadowing a 6 million barrel jump in US crude stockpiles. Slower-than-expected inflation growth and a weaker dollar also helped ease concerns that further interest rate hikes could hurt demand. “A softer CPI and a weaker dollar helped break crude above some important technical levels,” said Rebecca Babin, senior energy trader at CIBC Private…
Wellesley Petroleum’s Carmen discovery in Norway has exceeded pre-drill expectations, Palzor Shenga, Rystad Energy’s vice president of Upstream Research and Analysis, told Rigzone. Shenga, who described the find as “significant”, stressed that the discovery has estimated recoverable reserves of around 175 million barrels of oil equivalent. Rystad’s vice president said Carmen has been the largest in Western Europe since 2013 and “presents an opportunity for development using the existing infrastructure.” “Norway’s exploration efforts continue to deliver impressive results, with the Carmen find increasing its discovered volumes by 2023 to more than 400 million barrels of oil equivalent,” Shenga told Rigzone.…
In a joint statement released Tuesday, Centrica and Delfin Midstream Inc. announced the signing of a long-term purchase and sale agreement for one million tons of LNG per year for 15 years free on board at the Delfin deep-water port. Louisiana. The deal has a market value of $8 billion, according to the statement, which notes that the deal will see Centrica deliver around 14 LNG cargoes a year “and could provide enough power to heat the five per cent of UK homes over 15 years.” The statement highlighted that the agreement marks a further step by Centrica “to improve…
According to a company executive, the Rovuma liquefied natural gas export project, led by Exxon Mobil Corp. in Mozambique, it is on track for final approval in 2025. “A lot depends on the security situation, which has been handled very well,” Peter Clarke, senior vice president of upstream oil and gas, told a conference in Vancouver on Tuesday. “The government is doing a good job and hopefully we will see more positive news in this regard as we move towards the end of the year,” Clarke said. This is the first time Exxon has set a clear timeline for the…
A Philippine energy supplier has placed an order for about 5.46 million cubic feet of liquefied natural gas (LNG) from Shell PLC for start-up activities. Shell Eastern Trading Pte. Ltd., a unit of the British giant based in Singapore, will deliver the cargo contracted by First Gen Corp. (FGEN) in September, FGEN said this week in a filing with the Philippine Stock Exchange. FGEN said its floating storage and regasification unit was successfully moored and secured last week at the company’s LNG import terminal in Batangas province, one of the first of seven terminal projects in Philippine LNG that was…
Energy Affairs’ head of geopolitics, Richard Bronze, has told Rigzone that he sees no realistic prospect of restoring the 2015 Iran nuclear deal (the Joint Comprehensive Plan of Action) after the failed negotiations during 2021-22. “In recent months, there have been indirect talks between the US and Iran to explore a much more limited deal that would limit aspects of Iran’s nuclear program, particularly the enrichment of uranium to a purity greater than 20 percent, in exchange for a moderate easing of US sanctions,” Bronze said. “There is no firm timetable for these diplomatic efforts, but if there is a…
Global crude oil markets are undergoing a profound transformation. But it is mostly out of sight, out of mind for all but the most involved players in the physical markets. On the surface, it’s a simple change to the dated Brent delivery mechanism: from May 2023, Midland-spec WTI cargoes (we’ll shorten this to “Midland” for clarity and simplicity) could be offered to the complex Brent. to deliver the following month. This change has been in the works for years. Production of North Sea crudes that were until now the exclusive members of the Brent club has been in decline for…
Small-scale solar projects and forestry are being considered as sectors to generate new emissions reduction credits under a revival of China’s stagnant offsets market, according to people familiar with the details. The issuance of China’s new Certified Emission Reduction Credits, or CCERs, which aim to reward activities that help avoid or eliminate the emission of greenhouse gases, was halted in 2017 to avoid the creation of supply surpluses. Utility-scale renewable energy projects are expected to be excluded from generating new credits, with officials focused on using the system to help bolster the viability of smaller projects or new sectors, the…