In a new report submitted to Rigzone, analysts at BMI, a Fitch Solutions company, have outlined several megatrends for the oil and gas sector through 2050. Declining demand for oil is one such megatrend, analysts note in the report, adding that global demand for oil and gas will come under increasing pressure, “forcing industry consolidation as it accelerates the energy transition, encouraging increased energy efficiency and widespread fuel switching.” . “So far, most of the demand destruction has been concentrated in easier-to-reduce industries such as the road transport and power sectors, and has been largely concentrated in developed markets (DMs),”…
Author: Automotivedealernews.com
A glut of unsold Nigerian oil has again built up, with up to half of the output due to be loaded next month still looking for buyers. The nation’s oil traders said the surplus was partly caused by a claim for back taxes from shipping companies, which led to mistrust among some of the companies about shipping their ships. to collect the barrels of the West African nation. Although the government later clarified that there would be a six-month grace period to comply with the tax request, traders said the lack of sales showed that Nigeria needs to do more…
UK-based Jersey Oil & Gas (JOG) has completed a farm transaction with NEO Energy, both companies now holding a 50 percent interest in licenses for assets P2498 and P2170 in the North Sea, it said JOG in a news. liberation Licenses P2498 and P2170 are also known as the Buchan and Verbier assets respectively and are part of the Greater Buchan Area (GBA) development project in Jersey. As part of the transaction, NEO will be the operator of the assets. JOG confirmed receiving a cash payment of $2 million to complete the transaction and will also receive full transportation for…
Proved oil and natural gas reserves of public companies listed on the US Securities and Exchange Commission (SEC) fell by 5.6 billion barrels of oil equivalent (Bboe) in 2022, after Russia invaded Ukraine, according to the US Energy Information Administration (EIA). report In its latest weekly oil report released Thursday, the EIA analyzed the published financial reports of 187 domestic and international exploration and production (E&P) companies provided to the SEC. The agency estimates that the companies in the analysis accounted for about half of total non-OPEC oil liquids production in 2022. The top 20 companies accounted for 68 percent…
Cheniere Marketing, a subsidiary of Houston-based energy company Cheniere Energy Inc., has entered into a long-term sale and purchase agreement (SPA) to deliver liquefied natural gas (LNG) to Norwegian energy company Equinor ASA, according to press releases from both. companies Equinor will buy approximately 1.75 million metric tons per annum (mtpa) of LNG from Cheniere Marketing for free for a purchase price indexed to the Henry Hub price plus a fixed liquefaction fee, Cheniere Energy said. The term of the agreement is 15 years from the first delivery of the full volume of LNG. Half of the volume will begin…
Oil posted its biggest weekly drop since early May as the Federal Reserve signaled possible rate hikes and European data pointed to the risk of an economic slowdown. West Texas Intermediate fell nearly 4% this week, the most since the week of May 5. In testimony this week, Fed Chairman Jerome Powell indicated that further monetary tightening is likely in the second half. Data on Friday showed that German economic activity lost much more momentum than expected in June, while the French economy likely contracted in the second quarter. Powell’s comments lifted the greenback, dampening the appeal of commodities priced…
TotalEnergies has tagged German natural gas distribution company VNG to supply green hydrogen to its Leuna refinery. TotalEnergies said that under the agreement, green hydrogen will be produced from renewable electricity with a 30 MW electrolyser in Bad Lauchstädt, built and operated by VNG with its partner Uniper. This agreement contributes to the decarbonisation of the Leuna refinery and will reduce the site’s annual CO2 emissions by up to 80,000 tonnes in 2030, TotalEnergies said. In addition, the pipeline connection to the Bad Lauchstädt energy park will give the Leuna refinery access to future European hydrogen infrastructure and international green…
An unusually warm winter in the southern hemisphere threatens to burden Argentina with an excess of liquefied natural gas. Argentina is spending about $1.8 billion to import 44 LNG cargoes this year, with 20 already delivered and the rest expected to arrive in the coming months. The mild weather means that some of these supplies may not be needed as households keep the heating off. LNG traders watch Argentina’s imports closely because it is a key buyer in the volatile spot market, and the country’s bonds monitor its energy trade because it affects the country’s fragile foreign exchange reserves. After…
The American Petroleum Institute (API) recently announced that it has raised “significant” concerns with the US Environmental Protection Agency’s (EPA) proposed GHG emissions standards for heavy-duty vehicles. In a statement posted on its site, API urged the EPA to modify its proposed new tailpipe emissions standards for heavy-duty vehicles “to better meet the agency’s goal of reducing emissions while preserving access to affordable and reliable transportation and freight options.” API said it raised major concerns with several aspects of the proposed rule in comments submitted to the EPA, “including its singular focus on zero-emission vehicle technologies while ignoring the challenges…
Long-delayed negotiations between Tanzania and oil majors for a $42 billion onshore liquefied natural gas plant were concluded in May, paving the way for deals to be signed in July. The East African nation could confirm a host government agreement and an amended production sharing agreement with the project consortium that includes Equinor ASA, Shell Plc and Exxon Mobil Corp. already next month, according to the permanent secretary of the Ministry of Energy, Felchesmi Mramba. It also aims to pass a bill to speed up the construction of the plant. “We want to have a special law for this project,”…