17
Sep
2018

Weekly news roundup (10-14 September)

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International

PetroChina has signed its largest long-term LNG supply deal to date for 3.4 mtpa from Qatargas over 22 years, reflecting Beijing’s urgent need to secure higher volumes against a volatile spot market and worsening trade relations with the US.

Repsol has signed a binding 20-year supply agreement with Venture Global for 1 mtpa, pushing the US LNG player one step closer to taking a final investment decision on its Calcasieu Pass plant, and potentially helping Repsol achieve its goal of increasing its presence in Spain’s gas market.

Natural gas is set to overtake oil as the world’s top energy source by 2026 and meet a quarter of global demand by 2050, but only if upstream production changes radically to embrace digital solutions and become more agile, according to DNV GL’s latest energy transition outlook.

US & Canada

Canada – TransCanada claims it has support from elected indigenous bands along the route of the proposed Coastal GasLink pipeline that will feed the Shell-led LNG Canada project, but the pipeline developer it is still seeking the backing of other hereditary governance groups.

US – The Environmental Protection Agency is positioning itself for another legal fight after unveiling plans to roll back Obama-era methane emissions regulations on oil and gas producers.

bipartisan bill to save the nuclear industry would commit the US government to sign long-term power purchase agreements with atomic generators even if this means paying above market rates – potentially to the detriment of cheaper gas-fired producers.

ExxonMobil and Alaska Gasline Development Corporation have agreed the key terms – including price and volume – for a gas sales agreement.

Dozens of explosions linked to a ruptured gas pipeline occurred in suburbs of Boston on Thursday, leaving several people injured according to reports.

Freeport LNG has secured a short-term order from the Department of Energy to export up to 2.14 Bcf/d of LNG over a two-year period to both free-trade and non-free trade nations that allows more flexibility selling commissioning volumes before long-term contracts kick in.

Africa

Equatorial Guinea – Ophir has cast further doubt over the beleaguered Fortuna floating LNG project in Equatorial Guinea after announcing a USD 310 million impairment on the proposal and warning that financial milestones might not be achieved.

Asia Pacific

China – State-backed major CNPC is rolling out a raft of gas storage, processing and production initiatives in a bid to improve unreliable gas supplies that left some urban conurbations in the cold when demand for heating spiked last winter.

Malaysia – OMV has signed a heads of agreement regarding its intention to purchase a 50% stake in Malaysian firm Sapura Energy’s upstream arm, in line with the Austrian company’s 2025 strategy of greater internationalisation in both upstream and downstream sectors.

Australasia

Australia – Santos has agreed a gas supply deal with paper and packing company Visy for undisclosed gas volumes starting in January 2019.

Resources minister Matt Cavan has met with east coast gas producers for talks aimed at “securing reliable and affordable domestic gas supplies for Australian users”.

Europe

Norway – The ministry of petroleum and energy has received applications from 38 companies for the licensing round “Awards in Predefined Areas 2018”.

UK – Potential delays in accessing skilled labour from European countries post a ‘hard Brexit’ could risk shutting down production from UK North Sea platforms, industry body Oil & Gas UK has warned.

The UK government has said that a no-deal Brexit will not change the operating environment for oil and gas businesses.

Ukraine – Gazprom’s refusal to cooperate in the unbundling of Ukrainian TSO Naftogaz will not stop the process, after the company signed a memorandum of understanding with state-owned pipeline company Magistralni Gazoprovody Ukrainy to become grid operator in 2020.

Latin America & Caribbean

Argentina – Excelerate Energy is to study a liquefaction project that could become the country’s first to export excess summer production from the Vaca Muerta shale as LNG – but only if it manages to overcome challenges threatening to plunge Argentina back into a financial crisis.

Middle East

Kuwait – Spanish LNG terminal operators Enagas and Reganosa have launched a joint bid for operation and maintenance services at the Al-Zour LNG terminal in Kuwait.

Russia & CIS

Russia – Mitsui has further aligned with its Sakhalin 2 LNG partners after signing a memorandum of understanding (MOU) with Gazprom regarding the proposed 10 mtpa Baltic LNG project, which it plans to launch around the same time as the proposed third train at Sakhalin.

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