Europe
Global News July 2024
Latest industry developments from around the world!
Ukraine Halts Lukoil's Russian Oil Transit, Slovakia and Hungary Affected
The move highlights the volatile nature of the remaining Russian oil supplies to Europe via the Soviet-built Druzhba pipeline, the last major functioning Russian oil supply route to the continent.
Spain to Launch $2.5 Billion Plan to Boost Green Hydrogen Production
Spanish Prime Minister Pedro Sanchez announced a new plan worth $2.5 billion to boost the country's transition to clean energy, including subsidies for green energy industries and hydrogen made from renewable power.
WoodMac: National Oil Company International M&A Spending Hits 20-Year Low
Despite a surge in mergers and acquisitions by international oil companies, national oil companies have significantly reduced their international spending from a decade ago, according to Wood Mackenzie.
Tenaz Energy to Acquire NAM's Offshore, Pipeline Assets for $180 Million
The transaction includes all of NAM's offshore exploration and production businesses, associated pipeline infrastructure, and onshore processing in the Netherlands.
Ramco Secures Long-Term Contract for Equinor's Oil, Gas Pipelines
Ramco Norway will handle 80% of Equinor's oil and gas pipes running from Fjord Base in Florø to the Norwegian Continental Shelf.
Italy's New LNG Terminal to Begin Operations by March 2025, Snam Says
Italy's gas grid group Snam said on Friday it expected a new LNG terminal to become operational by March 2025, allowing the country to diversify further its energy supplies.
Shell's Gas Bet Takes Shape with New LNG Deals
Shell has replaced LNG volume it lost after exiting Russia in 2022 with a string of deals that underpin CEO Wael Sawan's bet on growing demand for the fuel as he reduces the focus on renewable energy.
MET Group Secures 10-Year U.S. LNG Supply Deal with Shell
Switzerland-based energy trader MET Group has struck a 10-year deal for Shell to supply it with liquefied natural gas from the U.S. on a free-on-board basis, it said on Tuesday.
Enagas Sells Tallgrass Energy Stake for $1.1 Billion to Support Hydrogen Projects
Enagas has agreed to sell its 30.2% stake in U.S. energy infrastructure company Tallgrass Energy to finance green hydrogen projects, the Spanish gas grid operator said on Wednesday.
Bulgaria Initiates Arbitration Against Gazprom Over Gas Contract Breach
Bulgarian state gas company Bulgargaz EAD has started arbitration proceedings against Russia's Gazprom Eksport OOO, seeking compensation of $432.76 million for breach of contract in 2022, the company said on Tuesday.
BP Shares Drop 4% After Warning of Weak Refining Impact on Q2 Profit
Weak refining margins and lower oil trading results will dent BP's second-quarter profit by up to $700 million, the company said on Tuesday, sending its shares down by over 4%.
Gas Prices Drop as Hurricane Beryl Impact on U.S. LNG Facilities Eases
Dutch and British wholesale gas prices were down on Tuesday morning amid easing concerns over the impact of Hurricane Beryl on U.S. LNG facilities after Freeport LNG said it will resume production after it has passed.
Spain Approves $865 Million for Green Hydrogen Projects
The Spanish government has approved subsidies worth $865.52 million for major green hydrogen projects, Energy Minister Teresa Ribera said on Tuesday.
Germany Plans Bids for Hydrogen-Ready Power Plants by Early 2025
Germany said on Friday it will launch the first tender for the construction and modernization of 12.5 gigawatts of gas power plants that can switch to hydrogen by the end of 2024 or early next year, following industry pressure.
Report: LNG Market Equilibrium Fragile Due to Supply Issues
The global LNG market remains tight despite lower prices and a 2.1% growth in 2023, reaching over 401 million tonnes, according to the International Gas Union's (IGU) 2024 World LNG Report.
Portugal, Spain Address Hurdles for Hydrogen Pipeline Project
Portugal and Spain are working to remove the obstacles to constructing an underwater green hydrogen pipeline by 2030 as part of their vision to become renewables superpowers, their energy ministers said on Wednesday.
Hydrogen Sector Urges EU to Support Local Firms Against Cheaper Chinese Competitors
European manufacturers of hydrogen equipment have urged the European Union to step in to help the industry compete with cheaper Chinese producers, in a letter seen by Reuters on Monday.
Germany, Morocco Form Alliance to Boost Green Hydrogen Production, Exports
Germany has agreed to form a climate and energy alliance with Morocco to support renewable energy expansion and hydrogen production in the north African country, the development ministry said on Friday.
Dealmakers Optimistic for 2024 M&A Recovery Despite Slow Q2 Growth
Global mergers and acquisitions (M&A) activity grew at a sluggish pace in the second quarter, yet many dealmakers are upbeat, forecasting transactions will pick up in the second half of 2024.
Construction of Germany's First Land-Based LNG Terminal Begins
The construction of Germany's first land-based liquefied national gas terminal at the inland port of Stade kicked off on Friday with the goal of starting operation in 2027, said the project firm Hanseatic Energy Hub.
Spanish, French Operators Sign Hydrogen Pipeline Agreement
The pipeline, known as BarMar, is expected to cost $2.67 billion. It is part of a broader plan for hydrogen infrastructure from the Iberian peninsula to France and on to Central Europe, called H2MED.
Equinor Plans Restart of Hammerfest LNG Plant Following Weekend Outage
The plant's power generators had been undergoing maintenance when its backup supply from an external grid failed, resulting in the outage.
Dangote Refinery Accuses Oil Majors of Blocking Local Crude Purchases
The $20 billion refinery, billed to be the largest in Africa and Europe at full throttle, started production in January but has struggled to find enough crude to meet its 650,000-barrel-per-day capacity.
EU Adopts 14th Sanctions Package Against Russia, Targets LNG Exports
The European Union has introduced a new round of sanctions against Russia, marking the first time its gas exports, particularly liquefied natural gas (LNG), are targeted.
EU Approves $3.2 Billion in German Hydrogen Pipeline Aid
Germany is targeting more than 9,700 km (6,000 miles) of hydrogen pipelines, with existing natural gas transmission making up 60% of the network to power heavy industry sites that cannot switch to electricity.
Carlyle Forms New Mediterranean Oil and Gas Firm in $945 Million Energean Deal
Carlyle will form a new Mediterranean-focused oil and gas company led by former BP CEO Tony Hayward after the private equity fund agreed to acquire Energean's assets in Egypt, Italy and Croatia for up to $945 million.
Global News June 2024
Latest industry developments from around the world!
Germany's Wintershall Dea Makes Gas Condensate Discovery in North Sea
Germany's Wintershall Dea and its Norwegian partners Petoro and DNO have made a gas condensate discovery at the Cuvette prospect in the northern North Sea, the operator said in a statement on Wednesday.
Air Liquide and Dunkerque LNG's CO2 Project Gets EU Support
The D'Artagnan project will include an Air Liquide pipeline to transport CO2 from capture sites to a new terminal in the port of Dunkirk, where it will be liquefied and shipped to permanent storage sites in the North Sea.
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Canada’s Canceled Oil Pipelines: The Projects That Didn’t Make It
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Michigan Court Backs Permits for Enbridge’s Line 5 Pipeline Tunnel Project
- Editor’s Notebook: Fire Fuels Pipeline Concerns
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Enbridge Plans $2 Billion Upgrade for North America’s Largest Crude Pipeline
