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
World Oil (Bloomberg) – Energy-focused private equity firm Kimmeridge is taking a majority ownership stake in the proposed Commonwealth LNG project and naming a former bp Plc executive to lead the venture, marking a major bet on the future of natural gas. Kimmeridge is buying out Commonwealth LNG founder Paul Varello’s share in the company as he retires and boosting
World Oil (WO) – Following recent reports that the Biden Administration’s federal moratorium on new liquified natural gas (LNG) export plants is prohibiting Ukraine from purchasing American LNG, Railroad Commissioner Wayne Christian slammed the administration’s policy and called on the president to rescind the ban. “This politically motivated ban is doing more than simply costing America economic activity— it’s jeopardizing
Oil Price Surging labor and construction costs are plaguing some major U.S. LNG export projects, threatening to delay new LNG supply to international markets. Wage growth since 2021, a shortage of skilled workers, and rising costs of materials with the inflation over the past three years have increased overall contractor costs for U.S. LNG export projects, analysts tell Reuters. Wages for
U.S. News BRUSSELS -European Union countries adopted a 14th package of sanctions on Russia that aims to close some loopholes and hits Russia’s gas exports for the first time, EU foreign ministers said on Monday. Western powers imposed sweeping sanctions on Moscow after Russia launched a full-scale invasion of Ukraine in February 2022, which have been progressively ramped up since.
BOE Report The amount of natural gas flowing to U.S. liquefied natural gas firm Cheniere Energy’s Sabine Pass export plant in Louisiana was on track to drop to an 11-month low on Friday, according to data from financial firm LSEG. Reductions at Sabine and other U.S. LNG export plants have often had a major impact on global gas prices. A
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