WEEK 66: Weekly Natural Gas

The Weekly Natural Gas Review is your resource for understanding where the natural gas market is and how it has developed.

By Teslim Waheed

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WEEK 66: Weekly Natural Gas




The Nigerian Oil and Gas Park (NOGAPS) Schema at Emeyal, Ogbía Local Government Area, Bayelsa. This is stated on Friday by Chief Timipre Sylva, Minister of State of Petroleum Resources, will create at least 2000 jobs upon completion.

The report stated that the 70 percent completed project, which Sylva visited the NOGAPS site to determine work rates, is ready for start-up by the fourth quarter of 2022.

He opined further that President Muhammadu Buhari is committed to bringing our people jobs because we believe the problem of job creation in the Niger Delta region can also be solved. President Buhari lives, and that is what he does.

 

According to Reuters and in line with the UK's National Grid Electricity System Operator (ESO) said on Thursday that, although peak demand may be slightly higher than last year, the country needs to meet demand over the summer months.

National Grid also released its gas summer outlook. It anticipates that the summer gas demand will be slightly below 32,5 bcm last year at 32,4 billion cubic meters (bcm) because of the decreased generation of electricity by gas.

 

Reuters reported in line with the state media which reported that China has boiled deep into the South Chinese Sea, in tensions with competing claimants, Taiwan and the Philippines and with the USA, to get the sediment core out of the seabed. On Thursday, the US media reported.

It was not clear exactly where the forage occurred in the South China Sea, which Beijing claims to be its territorial water at around 90 percent. Also claims are made of part of the ocean in Malaysia, the Philippines, Taiwan, Vietnam, and Brunei, which have huge oil and gas potential.

 

Reuter reported that the price of oil increased optimistically on Monday in the United States and the Houthi movement in Yemen said that missiles were fired at Saudi oil sites. The price of the oil increased on Monday.

However, over the last three weeks, crudity prices have remained unchanged, with rising expectations of the rising economic activity in the United States balanced with slow European vaccination and anticipated Iran's supply for future months.

Brent increased to $63.28 a barrel by 33 cents. The United States West Texas Intermediate (WTI) increased by $59.70 a barrel to settle 38 cents.

 

 


Texas The Midcoast Energy has finished its project to extend the CJ Express pipeline, and it is currently in service.

A business agreement with a shipper anchor to promote expansion of pipeline and transportation of gas supplies from East Texas to the Texas Gulf Coast is entered into with Midcoast Energy, an affiliated ArcLight Capital Partners.

It is further noted that CJ Express added compression and pipelines at several locations on the existing East Texas pipeline system. This increases the transmission capacity for Midcoast Clarity pipelines to Gulf Coast markets to around 1 Bcfd, and improves the capacity for collection in the Haynesville Shale Shelby Trough area.


Uganda, Tanzania and oil companies Total and the CNOOC signed Sunday agreements to launch the construction of a crude pipeline of 3.5 billion dollars to aid the international shipment of crude oil from areas of western Uganda.

The signatory countries have now agreed to "invest in infrastructure building that produced and transported crude petroleum," said Robert Kasande, Uganda's permanent secretary of energy.

During their first official visit the new leader Samia Suluhu Hassan, Uganda's president, Yoweri Museveni, and Tanzania's new leader attended the signing of the three agreements which included: pipeline host governments, a tariff and transport agreements and a shareholder agreement.

 

The government of Bangladesh has undertaken a costly gas infrastructure project with two aims: improving gas production and expanding the capacity of the gas pipeline. Any basic mathematics can explain the impetus behind expenditure of 453 million dollars. Exploration and production supply of natural gas did not keep pace with growth in demand.

The National Government set up the Bangladesh Petroleum Exploration (BAPEX) and Production Business in 1989. At Bhola, which is the heart of the Shabazazpur Gas Field, in October 2017 the company discovered gas. The company found in Comilla District in March 2020 the Srikail Gas Field.

 

The Nigerian Upstream Cost Optimization Program (NUCOP) was launched yesterday by the Federal Government to reduce crude oil costs by up to US $ 10/barrel.

According to the Minister of State, Timipre Sylva, at the Abuja ceremony, the new program is designed to promote industry collaboration and process development.

He said that the reduction in oil extraction costs remained crucial to all nine priority areas given to the Ministry as its operational mandate.

The Minister noted that since then the Ministry has identified certain initiatives to address the challenges posed by low cost of production.

 

 

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