Latest news with #LNG
Bloomberg
5 hours ago
- Business
- Bloomberg
TotalEnergies Says It Can Get Mozambique LNG Running by 2029
TotalEnergies SE and its partners can still start producing liquefied natural gas in Mozambique from 2029, as they are poised to resume work at a $20 billion project thanks to improved security, Chief Executive Officer Patrick Pouyanne said in an interview with Nikkei Asia. 'Production will be by 2029,' the CEO of the French energy giant said in an interview with the Japanese media dated June 25. While on-site work was halted after insurgents attacked the region four years ago, 'people continued with the engineering,' so 'we should be able to meet' the 2029 target.
Yahoo
7 hours ago
- Business
- Yahoo
Nat-Gas Prices Fall to 6-month Low on Bearish EIA Report and Cooler Temps
July Nymex natural gas (NGN25) on Thursday closed sharply lower by -0.131 (-3.70%). July nat-gas prices on Thursday extended this week's slide to a 6-month low. Nat-gas prices fell on Thursday's weekly EIA report, which showed a +96 bcf increase in the week ended June 20, which was a larger build than expectations of +88 bcf and the 5-year average increase for the week of +79 bcf. In addition, the Commodity Weather Group is forecasting a cool-down in the eastern half of the US for the later period of June 20-July 4 behind a cold front, which should curb nat-gas demand from electricity providers to run air conditioning. How High Can Middle East Turmoil Drive Crude Oil Prices? Nat-Gas Prices Fall to 6-month Low on Bearish EIA Report and Cooler Temps Dollar Weakness and Stock Strength Push Crude Oil Prices Higher Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. An easing of geopolitical risks is also bearish for nat-gas prices due to the Israel-Iran ceasefire. The ceasefire reduces the likelihood that Iran will close the Strait of Hormuz and disrupt LNG shipments through that Strait, which accounts for approximately 20% of global LNG trade. Lower-48 state dry gas production on Thursday was 105.6 bcf/day (+2.7% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 77.1 bcf/day (-1.2% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 14.1 bcf/day (+4.0% w/w), according to BNEF. A decline in US electricity output is negative for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended June 21 fell -3.1% y/y to 91,334 GWh (gigawatt hours), although US electricity output in the 52-week period ending June 21 rose +2.6% y/y to 4,243,923 GWh. Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended June 20 rose +96 bcf, above the consensus of +88 bcf and the 5-year average for the week of +79 bcf. As of June 20, nat-gas inventories were down -6.6% y/y, but were +6.6% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of June 23, gas storage in Europe was 57% full, compared to the 5-year seasonal average of 66% full for this time of year. Baker Hughes reported last Friday that the number of active US nat-gas drilling rigs in the week ending June 20 fell by -2 to 111 rigs, slightly below the 15-month high of 114 rigs from June 6. In the past nine months, gas rigs have risen from the 4-year low of 94 rigs posted in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Malaysia Sun
15 hours ago
- Business
- Malaysia Sun
Brunei GDP declines 1.8 pct in Q1
Xinhua 27 Jun 2025, 15:45 GMT+10 BANDAR SERI BEGAWAN, June 27 (Xinhua) -- Brunei's gross domestic product (GDP) at constant prices recorded a year-on-year decline of 1.8 percent in the first quarter (Q1) of 2025, according to the Department of Economic Planning and Statistics. According to the local daily Borneo Bulletin on Friday, the decline in the oil and gas sector in Q1 2025 was due to lower production of natural gas and liquefied natural gas (LNG), following both scheduled and unscheduled maintenance activities. The report from the Department of Economic Planning and Statistics under Brunei's Ministry of Finance and Economy shows that Brunei's GDP at current prices was 4.9 billion Brunei dollars (3.84 billion U.S. dollars) in Q1 2025, a decrease from Q1 2024, which was 5.1 billion Brunei dollars (3.99 billion U.S. dollars). The non-oil and gas sector contributed 54.2 percent of Brunei's GDP in Q1, comprising downstream activities such as the manufacture of petroleum and chemical products, among others. The oil and gas sector contributed 45.8 percent, according to the report. Brunei is a key oil and natural gas producer in Southeast Asia.
Vancouver Sun
18 hours ago
- Business
- Vancouver Sun
Kitimat's LNG Canada set to make its first shipment: Here's what to know
The first phase of Kitimat's $40 billion LNG Canada export terminal marks the completion of its first production run, with its first shipment of natural gas expected in the coming days. A decade after the project first received regulatory approval, Premier David Eby said Wednesday the shipment heralds the largest private sector investment in B.C. history. 'It will result in a 0.4 per cent increase in the nation's GDP, just this project alone. It will bring billions of dollars in benefits to British Columbia and to the nation,' he said in Vancouver. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The project has been touted by the government and the industry as a way to support rural communities in northeastern B.C. and northwestern Alberta through the development of the Montney formation, which is estimated to hold roughly 90 billion barrels worth of natural gas, and reduce global emissions for countries reliant on coal. LNG Canada and its supply pipeline, Coastal GasLink, have been opposed by environmental advocates and some First Nations who argue the fracking needed to develop natural gas releases methane, a greenhouse gas that is 28 times more potent that carbon dioxide. Here are five things you need to know: LNG Canada announced its first production of LNG on Monday and the Gitxaała Territorial Management Agency told CFNR Network that the first shipment is expected to transit through their territory in the coming days. The project is expected to export 14 million tonnes of natural gas annually, with the potential for export levels of up to 28 million tonnes each year if Phase 2 of LNG Canada goes ahead. The shipments are primarily to Japan and South Korea, but could also be sent to Vietnam and China. 'The benefit for the Northwest and for the province is significant,' Energy Minister Adrian Dix said. 'I think British Columbia has a great story to tell on the quality of our product on emissions, on the value of our natural gas and I think that puts us in a good position.' B.C. estimates that LNG Canada could be $575 million annually for 40 years, for a total of as much as $23 billion. The site as it exists now will sustain 300 permanent jobs, mostly residents from Kitimat and the surrounding area. Phil Germuth, mayor of Kitimat, said the second phase of LNG Canada could create an additional 100 to 150 jobs. 'This project has really put Kitimat on the map,' he said. 'We're looking for other opportunities, whatever that may be. I think we clearly have a new federal government now that's really wanting to capitalize on our resources. So we hope to be a part of that.' The second phase of LNG Canada is awaiting a final investment decision from the consortium of Shell, Petronas PetroChina, Mitsubishi Corporation and the Korea Gas Corp that owns the project. The project has received all necessary federal and provincial permitting and approvals. The remaining issue is whether there will be enough demand for the expansion and if it's financially viable as the global supply of LNG is rapidly increasing with countries such as Qatar and the U.S. building their supply. Clark Williams-Derry, an energy finance analyst at the Institute for Energy Economics and Financial Analysis, said there is a 'glut' in the market that makes it difficult for companies invested in LNG Canada to make money on new projects. He also said that Canada getting into the LNG market could lead to spikes in local prices as demand increases. 'You may have a case where Shell is losing money, and consumers are paying higher prices, and the only people who are making any benefit are the royalties that go to the government,' he said. There are five LNG projects in B.C. at various stages of development, with LNG Canada the largest and closest to being in operation. The others include the Ksi Lisims LNG project, a partnership between the Nisga'a First Nation and Western LNG, Woodfibre LNG near Squamish and Cedar LNG, majority owned by the Haisla First Nation. The final project is the second expansion of the Tilbury LNG facility in Delta owned by FortisBC. The LNG projects are expected to produce 47.5 million tonnes annually and the government projects that before all the projects are completed, natural gas revenues could double to $1.4 billion by 2027. Dix said LNG Canada's product is less carbon intensive than its competitors, adding it will release 0.5 tonnes of carbon dioxide equivalent per ton of LNG, compared to the international average of 1.5 tonnes of CO2 equivalent. Green interim leader Jeremy Valeriote said the problem is there is no data on how much methane could be released into the atmosphere from LNG Canada and there is very little discussion of the potential health impacts of flaring, including respiratory diseases. Valeriote said B.C. claims to have a study proving that LNG is better than using coal, but government has yet to produce it. 'Replacing coal with LNG is like replacing smoking with vaping,' he said. 'We don't really know the effects to overall health, but it's only a tiny, tiny degree of better, and it still has the same detrimental effects.' Williams-Derry also said there is evidence showing that LNG isn't working to replace coal in countries such as China and India, with gas providing only three per cent of their power for much of the last 10 years.
Yahoo
19 hours ago
- Business
- Yahoo
Japan's Tokyo Gas eyes US LNG supply deal
Japan's gas distributor, Tokyo Gas, is currently in discussions with several US liquefied natural gas (LNG) suppliers to finalise a long-term purchase agreement, reported Bloomberg. This strategic move is in response to Japan's increasing reliance on LNG as a critical energy source. The company is engaging with at least four suppliers along the US Gulf Coast, with names such as Energy Transfer and Commonwealth being mentioned by sources familiar with the negotiations. The details of the talks remain confidential as the involved parties have either declined to comment or have not responded to inquiries. This initiative is part of Japan's broader preparation for an anticipated surge in power demand, driven by the growth of data centres and semiconductor manufacturing. The Japanese Government views LNG as an essential component of the nation's energy security and is seeking to secure supplies that could extend beyond 2050. US-sourced LNG is particularly appealing due to its contractual flexibility, which allows Japanese buyers to redirect shipments based on fluctuating domestic needs or more favourable global prices. In addition to securing LNG supplies, Tokyo Gas is also bolstering its presence in the US gas market. The company acquired shale drilling company Rockcliff Energy in late 2023 and has reorganised its US portfolio, including purchasing assets from Chevron in east Texas and divesting its Eagle Ford stake to Shizuoka Gas. In February, Tokyo Gas acquired a 20% stake in FGEN LNG, the owner and operator of an offshore floating LNG terminal in Batangas City in the Philippines. "Japan's Tokyo Gas eyes US LNG supply deal" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
