TotalEnergies SE and Petroliam Nasional Berhad (Petronas) have agreed to build a carbon storage facility for Asian customers and develop a solar farm to service Australia. One of the two deals, both signed on Monday, involves the French global energy giant, Malaysia’s state oil and gas company and Mitsui & Co. Ltd. to a “commercial storage service” of carbon dioxide (CO2) serving services in Asia. industrial sector. “The partners will evaluate various CO2 storage sites in the Malaysia Basin, including both saline aquifers and depleted offshore fields,” TotalEnergies said in a press release. TotEnergies noted regulatory and financing challenges: “In…
Author: Automotivedealernews.com
Major fossil fuel players are making the message clear: The transition to a green future will require a lot more natural gas. From Shell Plc to Chevron Corp., the world’s top producers plan to accelerate investments in the fuel. China continues to sign deals to buy liquefied natural gas after 2050, with European importers not far behind. The United States is moving forward with new projects that will make it the world’s number one exporter of LNG for the foreseeable future. This boost marks a turning point for gas. The “cleaner” fossil fuel was seen as a short-term bridge to…
Natural gas and NGL production growth in the Marcellus/Utica slowed and then leveled off in the early 2020s, largely due to pipeline carryover constraints. Still, the Northeast remains a key supplier of natural gas and NGL “purity products,” and Energy Transfer’s NGL pipelines and the Philadelphia-area marine terminal continue to play a critical role in the ‘equilibrium of the ethane and LPG markets in the region. On today’s RBN blog, we continue our series on the robust and growing networks of U.S. NGL pipelines, fractionators, and export terminals, this time taking a look at the Mariner West and Mariner East…
European natural gas jumped as jitters over a short-lived rebellion in Russia added to supply fears in an already volatile market. Benchmark futures rose as much as 13% on Monday. Gas has soared more than 30% this month with prolonged production outages in Norway to offset sluggish demand. Price volatility has increased in June, and the dramatic riot in Russia over the weekend is only likely to further roil the markets. “Russian geopolitical risk is now significantly higher than before the weekend,” said Tom Marzec-Manser, head of gas analysis at ICIS in London. “The uncertainty of what could happen in…
Oil edged higher as a weaker dollar made the commodity more attractive to importers, with the market so far shrugging off the dramatic but short-lived rebellion in Russia. Calm returned to Moscow after the end of the uprising led by Wagner Group chief Yevgeny Prigozhin, with investors waiting to see if it foreshadowed the potential for more turmoil in Russia. Although the country is a major OPEC+ producer, oil prices were not affected by the riot. “There’s very little reaction and not a lot of disruption,” S&P Global Inc. Vice President Daniel Yergin said at a conference in Kuala Lumpur.…
Two giants in China’s oil and refining sector have taken the most significant opposing positions in the Middle East crude trade in years, transforming global cargo flows and confounding oil traders around the world. Over the course of this month, Dubai crude has fluctuated widely, largely due to aggressive bids and offers from the trading units of Chinese oil refiners PetroChina Co and Sinopec. They are respectively the country’s largest oil company and its main refiner. This has only intensified over time, eclipsing other players. Public clashes between China’s state-owned behemoths are rare, and in this case, the activity of…
SBM Offshore has signed an agreement with a consortium of 12 international banks to finance the Alexandre de Gusmão FPSO project. Financing in the amount of $1.615 billion is additionally secured by three international export credit agencies (ECAs). The financing consists of four separate facilities with a ca. The weighted average cost of debt of 6.6 percent and a post-completion maturity of 14 years for both ECA’s covered and non-covered facilities, the company said. The FPSO design incorporates SBM Offshore’s “industry-leading” Fast4Ward multipurpose hull, SBM Offshore noted. The FPSO will have a processing capacity of 180,000 barrels of oil and…
North America added more rigs week over week, according to Baker Hughes’ latest rotating rig count, which was released on June 23. Canada added 10 rigs week-over-week, while the US dropped five rigs over the same time period, pushing North America’s total rig count up five weeks over the week, the rig count showed Baker Hughes. The North American rig count now stands at 851 teams, with 682 in the US and 169 in Canada, according to the count. Canada’s total rig count is made up of 110 oil rigs and 59 gas rigs, according to the count, which noted…
Data from the Texas Workforce Commission (TWC) showed that upstream oil and natural gas employment in the state increased by 6,900 jobs in May, the highest month on record for a job growth in the 33 years of data available on the TWC website, the Texas Oil & Gas Association (TXOGA) highlighted. The addition of those jobs in May brings the total oil and natural gas job count in Texas to over 200,000 for the first time in more than three years, TXOGA noted. Single month-to-month data points typically reflect labor market variations that are analyzed over longer periods, such…
Saudi Arabian Oil Co. (Aramco) and TotalEnergies SE have awarded the rights to build an $11 billion petrochemical complex in Saudi Arabia that they believe will be the largest mixed-charge steam cracker in the Gulf. The Amiral complex will be integrated with the SATORP refinery on the kingdom’s east coast to allow the already operational plant to convert the waste gases and naphtha it produces, as well as Aramco’s ethane and natural gasoline, into products higher value chemicals, according to the ad. of the final investment decision of December 15, 2022. It is scheduled to come into operation in 2027.…