Business & Markets

Williams Strikes Natural Gas Gathering Deals with Oil Major Chevron

Natural gas processing and transportation firm Williams Cos Inc. said on Friday it executed deals with oil major Chevron Corp.'s unit to support natural gas development in the Haynesville basin as well as the deepwater Gulf of Mexico.

India's GAIL Explores Up to 26% Equity Stake in US LNG Projects

India's largest gas distributor GAIL (India) Ltd. is looking to buy an equity stake of up to 26% in an LNG liquefaction plant or project in the United States, according to a document issued by the company.

US LNG Producers Poised to Leapfrog Rivals with Three New Projects

Projects best positioned to move ahead include Sempra Energy's Port Arthur plant in Texas, Energy Transfer LP's Lake Charles in Louisiana and NextDecade Corp.'s Rio Grande in Texas. They have all or most of the long-term LNG sales agreements needed to convince bank's that the projects are ready for debt financing, according to Reuters analysts.

Sources: Abu Dhabi's ADNOC to Float 4% of Gas Business

Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.

Report: Galp Planning to Sell 10% Stake in Mozambique Gas Project

Portugal's Galp Energia has mandated Bank of America to prepare a sale of its 10% stake in a multibillion-dollar natural gas project in Mozambique's Rovuma basin, the Negocios newspaper said on Thursday, citing an unidentified source linked to the energy sector.

Navigator to Submit Expanded Proposal for 1,300-Mile Carbon Pipeline Project

(P&GJ) — Navigator CO2 plans to resubmit an enhanced proposal to the Illinois Commerce Agency before the end of February, over six months after initially submitting an application to the commission for its multistate pipeline. The expanded proposal is set to include at least one new sequestration site and an additional lateral route.

Canada's Suncor Mulling Options to Replace Supply from Key Oil Sands Mine

Canada's Suncor Energy on Wednesday said it is weighing options for replacing around 200,000 barrels per day of raw bitumen supply from its largest oil sands mine, which is set to run out by the mid-2030s.

Oil Prices Fall After Additional US Crude Reserve Release Announced

Oil prices fell in early Asian trade on Tuesday after the U.S. government said it will release 26 million barrels of crude from its Strategic Petroleum Reserve. Last year, U.S. President Joe Biden's administration sold a record 180 million barrels from the reserve.

Williams Closes Acquisition of MountainWest Natural Gas Transmission, Storage Business

(P&GJ) — MountainWest comprises roughly 2,000-miles of interstate natural gas pipeline systems primarily located across Utah, Wyoming and Colorado, totaling approximately 8 Bcf/d of transmission capacity. MountainWest also operates 56 Bcf of total storage capacity, including the Clay Basin underground storage reservoir, providing valuable service to western markets.

Nicor Gas Completes Meter Modernization Deployment Using Xylem’s Sensus Technology

(P&GJ) – Nicor Gas, Illinois’s largest natural gas distribution company, has completed its meter modernization deployment with Sensus, a Xylem brand. Nicor Gas integrated the technology without interrupting the day-to-day life of its 2.3 million customers – no easy task.

Source: Argentine Congress to Take Up LNG Law in March After Delay

A law aimed at boosting Argentina's LNG industry, with an eye toward future exports, will be taken up in March after a delay blamed on disputes over legislative fine print, a energy ministry source told Reuters on Tuesday.

US to Sell 26 Million Barrels of Oil Reserves As Mandated by Congress

The Biden administration said on Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years. The U.S. Department of Energy considered canceling the sale of the 26 million barrels after the Biden administration sold a record 180 million barrels from the reserve last year.

US Gas Producers Skimped on Price Hedges and Now Face A Reckoning

A rout in natural gas prices will hurt first-quarter earnings and cash flows at gas producers as hedges — the industry's version of price insurance — were inadequate to offset the expected losses, analysts and industry experts said.

Neste Engineering Solutions Completes Construction of Transmission Pipeline

(P&GJ) — Neste Engineering Solutions, a global solution provider of high-quality technology, engineering and project services, has completed the construction work of the 2.2-km (1.4-mile) long gas transmission pipeline for Gasgrid Finland's LNG floating terminal vessel Exemplar in Inkoo, Finland.

U.S. Treasury to Open Advanced Energy Tax Credit Applications on May 31

The U.S. Treasury said on Monday it will open applications on May 31 for $4 billion worth of new tax credits for advanced energy manufacturing and decarbonization projects, with $1.6 billion of those required to be in communities hit by closures of coal mines or coal-fired power plants.

UGI, Archaea Energy Partner to Develop Renewable Natural Gas Project in Pennsylvania

(P&GJ) — UGI Energy Services LLC and Archaea Energy Inc., a subsidiary of bp, have entered into a joint venture, Aurum Renewables LLC, to develop a renewable natural gas (RNG) project at the Commonwealth Environmental Systems landfill in Hegins, Pennsylvania.

Oil Falls on Demand Fears as Federal Reserve Nears 'Make or Break Moment'

"Crude prices are softening as energy traders anticipate a potentially weakening crude demand outlook as a pivotal inflation report could force the Fed to tighten policy much more aggressively," said Edward Moya, senior analyst at OANDA, referring to U.S. consumer price data due on Feb. 14.

China's CNPC Set to Seal Mega Qatari LNG Deal

China National Petroleum Corp. (CNPC) is close to finalizing a deal to buy LNG from QatarEnergy over nearly 30 years from the Middle Eastern exporter's massive North Field expansion project, three people with knowledge of the matter said.

Enagas: Algeria Regains Spot as Spain's Top Natural Gas Source

Enagas said 25%, or 8,545 GWh, of total gas deliveries to Spain in January of this year came from Algeria. Both countries are linked through the 757-kilometer (470-mile) submarine Medgaz pipeline.

Australian Government Seeks More Leeway to Curb East Coast LNG Exports

Australia's government has proposed to expand its ability to curb LNG exports from three projects on the east coast in order to meet gas supply shortfalls, under a plan due to take effect in April.

Germany in Advanced Talks with Oman for Natural Gas Supplies

Germany and Oman are in advanced talks to sign a long-term deal for LNG lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said.

Pipeline Operator Enbridge Swings to Loss on $1.86 Billion Charge

North American pipeline operator Enbridge Inc. on Friday posted a quarterly loss from a year-ago profit as it took a non-cash $1.86 billion hit from the higher cost of capital related to its natural gas transmission business.

Louisiana Slams EPA Over Lack of Urgency on Carbon-Project Approvals

Louisiana and other top oil-producing states say they can speed up permitting of carbon sequestration projects if allowed to handle decisions that currently fall under the EPA. There are dozens of these projects with multimillion-dollar price tags proposed by energy firms around the United States.

Indonesia Approves Revised Development Plan for Kasuri Gas Project

Indonesia has approved a revised development plan by Malaysia's Genting Oil & Gas for the first phase of its gas project in West Papua following changes in production estimates, the energy ministry said in a statement on Wednesday.

CEZ Seeking $45 Million in Damages from Gazprom for Gas Undersupply

Czech utility CEZ said on Thursday it had initiated international arbitration in Geneva against Russian gas company Gazprom seeking compensation for lower-than-contracted gas delivery last year.

France’s Dispute with Germany and Spain Over Hydrogen Could Block Billion-Dollar Pipeline Project

A new row has erupted between France, Germany and Spain over nuclear energy, with Paris furious about a lack of support from Berlin and Madrid for its efforts to have nuclear-derived hydrogen labeled as 'green' in EU legislation, sources said.

Oman LNG Agrees to Supply China's Unipec with 1 Million Tonnes of LNG Per Year

Oman LNG has agreed to supply China's Unipec with around 1 million metric tonnes of LNG per year for four years starting in 2025, state news agency ONA said on Tuesday. Unipec is the trading arm of Asia's largest refiner, Sinopec.

Equinor Shares Spike as Gas Bonanza Lands Record Profit

Equinor posted a record $74.9 billion adjusted operating profit on Wednesday, more than doubling its previous high and sending the Norwegian oil and gas producer's shares up more than 7%.

Philippine Malampaya Gas Field Operator Seeks 15-Year Contract Extension

Prime Infra Holdings Inc., the new operator of the Philippines' Malampaya natural gas field, is seeking a 15-year extension of the project contract to be able to explore for additional supply around the reservoir, its chief executive said on Wednesday.

BP Azerbaijan Declares Force Majeure on Crude Loadings from Turkey's Ceyhan Port

BP Azerbaijan declared force majeure on Azeri crude shipments from the Turkish port of Ceyhan on Feb. 7, a company spokesperson confirmed on Wednesday. The notice was issued to oil shippers following a temporary suspension of loading operations from the Ceyhan Marine Terminal.