Oil Price The U.S. North American neighbors are emerging as the latest competitors of the United States to ship LNG to Asia, the world’s biggest and most important LNG-importing region. While U.S. LNG development has suffered a series of setbacks in recent months, Canada and Mexico are looking to tap the growing Asian market for the super-chilled fuel, analysts tell
Oil and Gas 360 A report from the International Gas Union (IGU) suggests reasons for optimism about the future of the world marketplace for LNG exporters and importers. Measuring its calculations through millions of tons per annum (MTPA), 2023 saw over 400 million tons traded on the global LNG market. The number represents 70 MTPA growth y-o-y, the highest single
World Oil (Bloomberg) – The Biden administration granted the first liquefied natural gas (LNG) export license since a federal court overturned a temporary moratorium on issuing permits to ship the fuel. The U.S. Energy Department granted a five-year license Tuesday to Wes Edens’ company New Fortress Energy Inc., which is developing the small-scale LNG export plant known as Fast LNG
Oil Price The Trans Mountain Expansion Project, now finally completed after years of delays, is expanding access to markets for Canadian oil producers and is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say. The expanded pipeline is tripling the capacity of the original pipeline to 890,000 barrels per
Oil Price Cheniere Energy (NYSE: LNG) booked a 36% decline in its second-quarter earnings compared to a year ago, due to lower margins for delivered LNG cargoes. Cheniere Energy, the biggest U.S. LNG exporter, reported on Thursday a net income of $880 million for the second quarter, down from $1.37 billion for the same period of 2023. Half-year net income slumped by
World Oil (WO) – Cheniere Energy, Inc. entered into a long-term liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Galp Trading S.A., a subsidiary of Galp Energia. Galp has agreed to purchase approximately 0.5 MMtpa of LNG for 20 years from Cheniere Marketing on a free-on-board basis for a purchase price indexed to the Henry Hub price, plus
Oil and Gas 360 The United Arab Emirates (UAE) has attracted some big industry investors in its bid to challenge the U.S., Australia, and Qatar as the world’s leading LNG exporters. Shell and fellow European energy titans TotalEnergies and BP each take 10% of Abu Dhabi’s Ruwais project; Mitsui of Japan takes another 10%. The remaining 60% will be
World Oil (Bloomberg) – The Freeport liquefied natural gas (LNG) export terminal in Texas has canceled at least 10 cargoes for loading through August after Hurricane Beryl forced the facility to shut, according to traders familiar with the matter. That number is expected to keep rising as long as the facility is not at full capacity, said the traders, who
Oil Price Environmental campaigners have slammed Donald Trump’s pick for running mate, Ohio Republican Senator J.D. Vance, saying that he is a climate change denier and a “Big Oil sell-out” who will strongly support continued fossil fuel production. Trump announced on Monday that he had picked Vance, 39, once a critic of the former president but now a staunch supporter, to
World Oil (WO) – Texas LNG Brownsville LLC, a subsidiary of Glenfarne Energy Transition, LLC, has signed a non-binding Heads of Agreement (“HOA”) a long-term LNG free-on-board (“FOB”) sale and purchase agreement (“SPA”) for 0.5 MMtpa of LNG from Texas LNG. “This agreement positions Texas LNG on the verge of full sell out, and we look forward to finalizing our
World Oil (Bloomberg) – A federal judge halted Joe Biden’s temporary moratorium on new licenses for exports of U.S. liquefied natural gas (LNG), though the decision is unlikely to immediately jump start approvals. U.S. District Judge James D. Cain Jr. in Louisiana issued a preliminary injunction Monday in a lawsuit filed by 16 states, which argued Biden violated federal law
BOE Report Federal regulators on Thursday approved a Louisiana liquefied natural gas project that has been a lightning rod for environmental activists and a litmus test for the Biden administration’s energy policies. The Federal Energy Regulatory Commission voted 2-1 to allow construction and operation of the Calcasieu Pass 2 LNG plant and a related, 85-mile-long (137 km) pipeline. The multi-billion-dollar
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