Liquefied natural gas (LNG) prices have fallen about a third over the past nine months, propping up demand, which should tighten the LNG market in the near-term, executives said on Monday at the CERAWeek energy conference. LNG prices have tumbled as supplies have swelled. LNG for April delivery into northeast Asia was at $8.60 per million British thermal units (mmBtu) last week, its lowest since April 2021. Executives from companies including Chevron and trading firm Trafigura estimated [Read more]
Big Oil executives push back against calls for fast energy transition
Top oil executives took to the stage of a major energy conference on Monday to vocally oppose calls for a quick move away from fossil fuels, saying society would pay a steep cost to replace oil and gas. Big oil companies including BP and Equinor have written down renewable energy projects and others have been forced to push back their greenhouse gas reduction targets due to greater uncertainties with the transition to clean fuels. That and unexpected strong demand for oil has stiffened the [Read more]
Alaska LNG seeks funding on path to final investment decision in 2025
Alaska Gasline Development Corp (AGDC) said on Monday it was working to secure funding for Front-End Engineering Design (FEED) for its proposed Alaska LNG project in 2024, which would lead to a final investment decision (FID) in 2025. FEED focuses on technical requirements and identifying main costs for a proposed project. Alaska LNG, which is expected to cost roughly $44 billion, is one of several North American liquefied natural gas (LNG) export projects that have been under development [Read more]
U.S. to return emergency oil reserve to prior levels by year-end
U.S. oil stocks in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level that would have existed prior to massive sales two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday. Stocks will reach those levels in part on the cancellation of congressional-mandated sales of about 140 million barrels, the secretary added. The reserve currently holds about 362 million barrels, down from 638 million three years ago. Other congressionally mandated sales [Read more]
U.S. oil output from top shale regions to rise in April, EIA says
U.S. oil output from top shale-producing regions will rise in April to the highest level in four months, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Production from the top basins will climb by more than 9,000 barrels per day (bpd) to 9.77 million bpd, the strongest output since December, EIA said. Oil output in the Permian basin, the largest U.S. shale field straddling West Texas and New Mexico, was due to rise by about [Read more]
Hydrogen adoption will cost Europe, US more than $1 trillion
Europe and the U.S. will have to spend in excess of $1 trillion for building infrastructure to enable widespread use of hydrogen fuel, an executive at Mitsubishi Heavy Industries said on Monday. A wholesale move to hydrogen will need significant new demand, which could only come with investments in infrastructure to reduce the cost. European and U.S. governments will have to make that investment, Emmanouil Kakaras, an executive vice president at Mitsubishi said in an interview on the [Read more]
Saudi Aramco CEO says no peak in oil demand for some time to come
Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston. Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, [Read more]
BP Whiting, Indiana refinery returns to normal ops, says company
BP Plc's 435,000 barrel-per-day (bpd) Whiting, Indiana refinery returned to normal operations for the first time since a February plantwide power outage, a company spokesperson said on Monday. Gasoline prices in the Chicago-area climbed by at least 20 cents a gallon in the days following the Feb. 1 power outage at the Whiting refinery. (Reporting by Erwin Seba) [Read more]
Exxon Mobil CEO says not trying to acquire Hess
Exxon Mobil CEO Darren Woods on Monday said his company is trying to secure preemption rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself. In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess. "We're basically standing up for what we believe is a fundamental right," [Read more]
Saudi crude exports fall for second straight month in January
Saudi Arabia's crude oil exports fell in January for a second straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter dipped 0.2% to 6.297 million barrels per day (bpd), down from 6.308 million bpd in December. The country's crude production rose to 8.956 million bpd from 8.944 million bpd in December. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum [Read more]
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