Asia/Pacific
China to Launch Guangdong LNG Terminal, Exxon Secures 20-Year Access
China's Guangdong Energy Group is set to begin commercial operations of its new $1 billion LNG terminal, with ExxonMobil securing 20 years of access to handle 1.8 million tons annually. The terminal will support ExxonMobil's chemical complex in Huizhou, starting operations in 2025.
U.S. Sanctions Syrian, Iranian Entities for Shipping Oil to Syria and East Asia
The U.S. Department of Treasury has sanctioned more than a dozen entities and vessels over their involvement in the shipment of Iranian crude oil and liquid petroleum gas to Syria and East Asia on behalf of the Iran's Revolutionary Guards and Hezbollah.
TotalEnergies Signs LNG Supply Deal with South Korea's Hyundai Chemical
The gas, which will supply one of Hyundai Chemical's industrial sites in South Korea, will be partly indexed to Brent crude prices and partly to Henry Hub, the U.S. natural gas benchmark price.
Malaysia Surges to Become China’s No. 2 Crude Oil Supplier After Russia
China's crude oil imports from Malaysia surged 31% in August from a year earlier, making it the country's second-largest supplier after Russia, customs data showed, bucking a broader trend of slowing Chinese imports.
Pertamina's Shipping Unit Plans to Double Tanker Fleet, Expand LNG Capacity Over 10 Years
The shipping unit of Indonesia's state energy firm Pertamina plans to double its fleet of 320 tankers in the next 10 years, the unit's CEO Yoki Firnandi told the Gastech conference in Houston on Thursday.
Thailand’s PTT Signs 5-Year LNG Supply Deal with Oman LNG
Thailand's largest energy firm, state-controlled PTT PCL, has signed a five-year deal to buy liquefied natural gas (LNG) from Oman.
ADNOC Secures 15-Year LNG Supply Deal with Indian Oil
The Abu Dhabi National Oil Company has agreed a 15-year deal to supply Indian Oil with 1 million metric tons per annum of liquefied natural gas.
QatarEnergy Expands LNG Fleet with Six New Vessels from China State Shipbuilding
QatarEnergy has signed a deal with China State Shipbuilding Corporation to buy six additional ultra-large ships to carry liquefied natural gas, it said on Monday, raising such vessels it has on order to 128 as part of a fleet-expansion program.
Goldman Sachs Warns AI Could Weigh on Oil Prices, Reshaping Market Dynamics
Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Sept. 3.
Argus Launches New Price Quotes for Trans Mountain Pipeline Oil Exports to Asia
Oil pricing agency Argus launched on Wednesday three daily price quotes for crude exported from western Canada's newly expanded Trans Mountain (TMX) pipeline amid rising demand for the oil from Asia.
LNG Tankers Queue at Malaysia's Bintulu Complex Post-Maintenance
A backlog of LNG tankers is waiting to load at Malaysia's Bintulu terminal this week after outages and maintenance work disrupted production, according to industry sources and shiptracking data.
Putin Arrives in Mongolia, a Key Link in Russia's Planned Gas Pipeline to China
The Kremlin said on Monday that Russian President Vladimir Putin had arrived for a state visit in Mongolia, which lies on the route of a planned new gas pipeline connecting Russia and China.
EU to Tighten Hydrogen Funding Rules Amid Cheap Chinese Imports
The European Commission is working on tighter rules to ensure EU funding for hydrogen projects benefits European companies, after local industries raised concerns over cheap Chinese imports, the EU's head of climate change policy said on Monday.
India's ONGC Seeks U.S. License to Operate Venezuela Oil Projects
India's ONGC Videsh Ltd. is seeking U.S. approval to operate two projects in sanction-hit Venezuela to boost output.
OPEC+ Set to Move Forward with October Output Hike Despite Demand Woes, Sources Say
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
Mexico Pacific Signs 20-Year LNG Deal with POSCO International
Mexico Pacific has finalized a 20-year sales and purchase agreement with POSCO International, a leading energy trading company from Korea.
Nigeria's NNPC Expands LNG Shipments to China and Japan
State-owned Nigerian oil company NNPC has expanded shipments of liquefied natural gas (LNG) cargoes to a port in China after its first delivery to Japan in June, it said on Monday.
China's Hygreen Energy to Invest $2.2 Billion in Spanish Green Hydrogen Plant
The investment is part of a broader set of agreements, which include a deal with Spanish firm Coxabengoa to manufacture and develop green hydrogen technology in the Spanish region.
Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows
Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.
Inpex Plans October Restart for Ichthys LNG's Train 2 Following Repairs
The production train at the plant in Darwin, Australia, was halted on Aug. 20 and is the plant's second train outage in the past month.
CNPC Eyes Global Expansion, Aims to Revive Bold Dealmaking
CNPC, Asia's top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as building on its record of producing more from aging wells, the head of its research arm said.
New Zealand to Reverse Oil and Gas Exploration Ban, Ease LNG Import Rules
New Zealand said on Monday it would pass laws by the end of this year to reverse a ban on offshore oil and gas exploration and take urgent steps to remove regulatory hurdles to import LNG amid energy shortages.
Morgan Stanley Cuts 2024 Oil Demand Forecast on China's LNG Truck Growth, Economic Slowdown
Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China's slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by LNG.
Vietnam's Newest LNG Terminal Prepares for Commissioning with October Cargo
Vietnam's Cai Mep LNG terminal is seeking a cargo to initiate commissioning tests, two industry sources said, putting it on track to become the country's second terminal to bring in the fuel.
Philippines' Top Oil Storage Firm Seeks Strategic Investor, Valuation Could Reach $500 Million
Owners of Philippine Tank Storage International are seeking to bring a strategic investor into the company that runs the biggest petroleum products import storage facility in the country, sources told Reuters.
Global News August 2024
Latest industry developments from around the world!
U.S. Oil Export Growth Slows as Output and Global Demand Wane
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
EnerMech Secures Two Pipeline Pre-Commissioning Contracts in Malaysia
EnerMech has been awarded two pipeline pre-commissioning contracts in offshore East Malaysia. These contracts involve pre-commissioning work in both deep and shallow water environments.
Petronas Teams Up with ADNOC, Storegga to Develop Carbon Capture in Malaysia
Malaysia' Petronas will collaborate with ADNOC and U.K.-based Storegga to evaluate carbon dioxide emissions storage in Malaysia, the companies said on Tuesday.
India's Petronet Signs 5-Year LNG Supply Deal with Sri Lanka's LTL Holdings
Indian state-run firm Petronet LNG said on Tuesday it signed a deal to supply liquefied natural gas to Sri Lankan engineering firm LTL Holdings' power plants in Colombo.
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
