European Union energy imports fell for the second consecutive quarter compared to the previous year, a reversal of the trend of significant increases in energy imports between 2021 and 2022, the Commission said on Monday European In the second quarter of 2023, compared to the same quarter of 2022, EU imports decreased by 39.4% in value and by 11.3% in net mass. These results followed falls of 26.5 percent and 6.1 percent, respectively, in the first quarter of this year, the commission said in a press release citing Eurostat data. In terms of net mass, Russia’s share of EU oil…
Author: Automotivedealernews.com
There’s a lot of nitrogen: it’s the seventh most common element in the universe, and Earth’s atmosphere is 78% nitrogen (and only 21% oxygen). And there is certainly nothing new about nitrogen in the production, processing and delivery of natural gas. That’s because all natural gas contains at least some nitrogen. But lately, the nitrogen content of some American natural gas has become a real headache, and it’s getting worse. There are two things going on. First, some counties in the Midland Permian Basin produce gas with an unusually high nitrogen content, and those same counties have been Midland’s fastest-growing…
Vancouver-based MCF Energy Ltd. has secured a multi-zone oil and natural gas exploration concession covering approximately 87 square kilometers (33.6 square miles) in western Germany. The Hessen Ministry of Environment, Climate and Energy, through its mining authority, awarded the Erlenwiese exploration concession within the massive Central Graben hydrocarbon system to Genexco GmbH, a wholly owned subsidiary of MCF Energy, the company said in a press release on Monday. The concession is good for an initial term of three years. Strategically located southwest of Frankfurt, and 125 kilometers from oil refining and natural gas processing infrastructure, Erlenwiese is “potentially relevant to…
Global chemical company Sasol Ltd, logistics giant DHL Group and German green energy firm HH2E AG have signed an agreement for a joint initiative to produce green hydrogen-based sustainable aviation fuel (SAF) (eSAF) in East Germany. The planned eSAF production facility will be built in East Germany to serve airports including Leipzig/Halle, HH2E said in a press release on Monday. The planned initial production capacity is 200,000 metric tons per year, which would reduce approximately 632,000 metric tons per year of carbon dioxide emissions. The facility would have the potential to scale up to 500,000 metric tons per year, and…
A federal court upheld an order forcing the Biden administration to expand the upcoming sale of offshore drilling rights in the Gulf of Mexico, while giving the government more time to hold the auction. The decision by the Fifth Circuit Court of Appeals in New Orleans on Monday afternoon was a blow to environmental groups that had sought to quickly restore auction limits they considered essential to protect the endangered Rice whale . The three-judge panel ordered the auction to take place no later than November 8, but otherwise left in place a lower court order forcing the Interior Department…
Oil trader Pierre Andurand is banking on a resurgence in crude prices to bounce back from his hedge fund’s worst performance as his bullish bets on the commodity start to pay off. Its main Andurand Commodities Discretionary Enhanced fund has made money over the past two months and pared annual losses to 15% through Sept. 16, according to people with knowledge of the matter, who asked not to be identified because details are private. The fund was down more than 50% at the start of the year, before paring losses to 35% after a strong July. course …
In a new report sent to Rigzone late Monday, Macquarie strategists revealed they are forecasting U.S. crude inventories fell 6.5 million barrels for the week ending Sept. 22. “This follows a 2.1 million barrel draw for the week ended September 15, with the total US crude stock again realizing a bit tighter than we had anticipated,” they said the strategists in the report. “For this week, from the refineries, we are looking for another step down in crude oil runs (-0.2 MBD). We model a slight increase in net imports, with exports slightly lower in nominal terms (-0.3MBD) and imports…
CNOOC Ltd. announced on Monday the start of production at two oil development projects offshore China, as part of efforts to raise full-year production to 660 million barrels of oil equivalent (MMboe ). The larger of the two, Lufeng 12-3, is expected to reach peak output of about 29,000 barrels of crude oil per day next year, the majority state-owned company said in a press release. “Lufeng 12-3 Oilfield is the largest oilfield jointly developed in the South China Sea in the past decade,” CNOOC said. “It will provide a stable power supply to the Guangdong-Hong Kong-Macao Bay Area and…
Sempra Infrastructure LLC’s Phase 2 Port Arthur LNG expansion project in Jefferson County, Texas has received permit approval from the Federal Energy Regulatory Commission (FERC). Sempra Infrastructure said the permit is an important regulatory milestone for the project, which includes the addition of two liquefaction trains, trains 3 and 4, capable of producing up to 13 million metric tons per year (mtpa) of natural gas liquefied (LNG). ), the company said in a recent press release. The Port Arthur LNG Phase 2 project is in active commercialization and development and “could help meet future demand for US LNG supplies expected…
Rapidly rising prices for goods and services have plagued the economy since the start of the pandemic, prompting the Federal Reserve to raise interest rates to help cool things down. Despite strong signs that headline inflation is easing, the negative impacts are far from over. Like all other sectors, the US exploration and production industry faced rising costs as it struggled to restore production after widespread shutdowns in the spring of 2020. However, on earnings calls in the second In the 2023 quarter, E&P executives offered guidance that suggested costs had not only leveled off, but could decline in 2024…