Gas to overtake Oil as energy source

BP in its annual energy outlook has predicted that natural gas will overtake oil in the Middle East to become the dominant fuel, with about 60 percent consumption by 2040. Meanwhile, renewable energy is expected to account for 40 percent of the increase in primary energy. Read more here: https://www.thenational.ae/business/energy/natural-gas-to-account-for-60-per-cent-of-middle-east-consumption-by-2040-says-bp-1.706746

First Phillipine Gas import terminal to start up late 2018

Plans are in full gear to start-up a gas-fired power plant in the Philippines this year. The power plants run by Australia’s Energy World Corporation is set to provide about 400 megawatts (MW) in 2018. Read more here: https://business.mb.com.ph/2018/02/20/energy-world-to-kick-off-ph-lng-terminal-plans-another-one/

Gas deals - Politics vs Economics

Isreal just signed a deal to export gas to Egypt. However, whilst that seems like great news for Isreal, Egypt does not seem as excited. There has been a long political history over the Cyprian waters, with Turkey, despite being a huge market for gas, refusing to admit Cyprus’ sovereignty over the waters. Ankara does not have good terms with Egypt either. Read more here: https://www.haaretz.com/israel-news/huge-15-billion-israel-egypt-gas-deal-is-a-mirage-1.5840826

More countries want to depend less on Russia

The European Union supported the construction of the offshore LNG terminal on KrKisland with 101.4 million euro last December. This development helps Europe consolidate supply, as it seeks to break dependence on Russia for gas. Read more here: https://www.naturalgasworld.com/the-krk-island-lng-debate-at-cee-gas-2018-promoted-content-59038