Reuters on Tuesday reported that work has commenced on the southern portion of the China-Russia East natural gas pipeline. The purpose of the project is to enable the carrying of supplies from the Power of Siberia system in Russia.
China Oil & Gas Piping Network Corp (PipeChina) will start work from Yongqing in China's northern province of Hebei and end construction at Shanghai in eastern China. When completed, the full China-Russia East system will be a 5,111-km (3,176-mile) pipeline pumping natural gas from the Siberia region in Russia to China.
The project is planned for launch in 2025 when the southern part of the pipeline is expected to transmit 18.9 billion cubic metres (bcm) of natural gas to the Yangtze River delta region each year, the company stated.
The Oil and Gas Climate Initiative (OGCI) announced a U.S$1 million worth of technical and financial sponsorship commitment US-based Payne Institute for Public Policy (PIPP) at Colorado School of Mines, to develop a transparent web platform to support real-time mapping and tracking of global gas flaring data.
The initiative is been developed under the World Bank-led organization umbrella, Global Gas Flaring Reduction Partnership (GGFR). The programme will make publicly available, flaring volume data with an improvement in monitoring, visibility and transparency by 2022.
The funding partnership is part of the OGCI’s vision of ensuring Zero Routine Flaring by 2030.
P&GJ recently reported that U.S. natural gas consumption continued to rise through the pandemic days of April 2020 with a year-over-year increase even when total energy demand fell to a 30-year, as shown in a recent government statistics.
The U.S. Energy Information Administration’s (EIA) latest publication of the Monthly Energy Review, states that the United States consumed 6.5 quadrillion British thermal units of energy in April 2020, the lowest monthly energy consumption since September 1989. Compared to April 2019, Energy consumption in April 2020 was 14% lower, representing the largest year-over-year decrease in EIA’s monthly total energy consumption, a data series that dates back to 1973.
Chevron is expanding in the “prolific Eastern Med” stake with a plan to acquire $5bn stake in Noble Energy. The highlight of the deal is a 40% operator’s stake in the region’s largest gas field, Israel’s 23tcf Leviathan.
Just six months after dipping its toe into the East Mediterranean with its first Egypt block, US major Chevron has dived straight in with its $5bn takeover of compatriot Noble Energy.
Pertamina plans to acquire energy assets in Africa and the Middle East owned by Occidental Petroleum.
Pertamina is currently in discussion on acquiring oil and gas stakes in countries including Ghana and the United Arab Emirates, according to the people. Pertamina is considering a purchase price of about $4.5 billion for the assets.
The Indonesian company has also expressed interest in buying some assets from Occidental in Algeria and Oman, though they may not be included in an initial deal, the people said.
Bloomberg reports that Total plans to write down $8.1 billion after the push to curb carbon emissions and the coronavirus pandemic challenged assumptions about the long-term viability of some oil and gas assets.
A major part of the planned write-down relate to about $7 billion that applies to Canadian oil sands, which are costlier and more carbon intensive than conventional fields.
“Beyond 2030, given technological developments, particularly in the transportation sector, Total anticipates oil demand will have reached its peak and Brent prices should tend toward the long-term price of $50 a barrel,” the company said in a statement on Wednesday.
