Week 60: Natural Gas Report
Reuters reported that U.S. public energy and natural gas trade groups urged President Joe Biden to declare a gas emergency for extreme weather last week and to allow the Energy Secretary to lower gas prices.
The APPA and the APGA said a recent cold weather in Midwestern Texas had boosted demand for electricity, with the freezing of gas supplies and gas pipelines restricting the power generation.
APPA, APGA and the U.S. Department of Energy officers did not immediately have a comment as to whether or not the administration could or would change gas prices retroactively.
The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has risen to N186.33 per litre as a result of increasing oil prices. According to the Economic Confidential, the landing cost of PMS increased to about N180 per litre on February 5 from N158.53 per litre on January 7.
The price of crude oil accounts for a significant portion of the final cost of gasoline, and the Federal Government's deregulation of the price of gasoline last year means that the product's pump price will represent fluctuations in the international oil market.
Reuters reported Oil prices dropped on Friday as the dollar strengthened, although forecasts suggested that crude supplies would increase as prices increased above pre-pandemic levels.
WTI crude futures in the United States dropped $2.03, or 3.2 percent, to settle at $61.50 per barrel.
Brent crude futures for April, which expired on Friday, dropped 75 cents, or 1.1 percent, to settle at $66.13 a barrel during the session. The May contract, which is the most actively traded, fell $1.69 to $64.42. As U.S. government bond yields remained near one-year highs, the dollar increased, making oil priced in greenbacks more costly for holders of other currencies.
Reuters reported Oil prices dropped on Friday as the dollar strengthened, although forecasts suggested that crude supplies would increase as prices increased above pre-pandemic levels.
WTI crude futures in the United States dropped $2.03, or 3.2 percent, to settle at $61.50 per barrel.
Brent crude futures for April, which expired on Friday, dropped 75 cents, or 1.1 percent, to settle at $66.13 a barrel during the session. The May contract, which is the most actively traded, fell $1.69 to $64.42. As U.S. government bond yields remained near one-year highs, the dollar increased, making oil priced in greenbacks more costly for holders of other currencies.
Qatar pledged $60 million on Thursday to construct a natural gas pipeline from Israel to the Gaza Strip, putting an end to the Gaza economy's crippling energy crisis.
On supply disruptions in the United States and optimism about demand recovery on the back of COVID-19 vaccination programs, Brent rose 4.8 percent and WTI rose 3.8 percent on the week, and both were about 20 percent higher in the month.
Investors are hoping that the Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, will reintroduce further supply to the market at their meeting next week.
Since a final agreement to create a new ownership arrangement for the Damietta LNG plant is expected to be finalized on March 15, it appears that the plant will be making daily scheduled shipments beginning next month.
The plant was restarted only a few months ago, after operator Eni signed an agreement with the government and Naturgy of Spain. Naturgy will leave Union Fenosa Gas (UFG), a 50/50 joint venture with Eni that owns 80% of the plant. The first shipment, carrying 60k tonnes of LNG on a carrier flying the Marshall Islands flag, left earlier this week for Bangladesh.
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.
Dr Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), stated that the corporation's Research and Development Department would be incorporated as a limited liability company soon in order to maintain its current operating guidelines.
According to Baru, the unit will establish a dual career path to grow internationally renowned research and improve technology through partnerships and collaborations as part of the strategy.
Simbi Wabote, the NCDMB's Executive Secretary, noted that Nigeria's research and development problems had resulted in massive capital flight as major oil firms conducted their research in their own countries.
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Week
60
Organized labor and Nigerians have been told by the Nigerian National Petroleum Corporation (NNPC) that the price of Premium Motor Spirit (PMS), also known as Petrol, will not rise in the month of February.
Despite the increase in crude oil prices on the international market, NNPC excluded any increase in PMS's ex-depot price in February 2021.
The decision was to encourage organized labor and other stakeholders to continue to participate in an appropriate environment that would not subject the ordinary Nigerian to any hardship.
The COVID-19 pandemic bounces faster than the battered US shale companies Canadian natural gas producers, allowing them in the five-year cycle for the first time ever to increase net gas export to the United States.
One of the dominant energy developments of the last decade is when U.S. shale boilers caused a flood of inexpensive and abundant gas for Canadian companies to take over from U.S. rivals
The pandemic crushed demand, oil and gas producers in North America suffered a brutal 2020. It furiously dropped in Canada, as companies decreased gas plants from 92 in early 2020 to just 9 by June.
Reuters reported that the COVID-19 pandemic bounces faster than the battered US shale companies while the Canadian natural gas producers, in the five-year cycle for the first time ever, increase net gas export to the United States.
One of the prevailing energy developments of the last decade, where U.S. shale drillers unleashed a flood of cheap abundant gas - largely a by-product of crude oil drilling - and forced western Canadian producers out of their only export market, is reversed by the potential for Canadian companies to seize a piece of the market back from U.S. rivals.
P & GJ inline with the companies reported that Dallas-based Energy Transfer and Oklahoma City's Enable Midstream Partners are combining after agreeing that Energy Transfer will buy Enable for an all-equity transaction of $7.2 billion.
Enable owns and operates approximately 14,000 miles of natural gas, crude oil, condensate and manufactured water collection pipelines, approximately 2.6 Bcf/d of natural gas. Acquiring Enable would improve the natural gas and natural gas liquid (NGL) transportation sector of Energy Transmission by dramatically improving its NGL infrastructure, according to a news release
Energy producer Dana Gas, listed in Abu Dhabi, posted a net loss of USD 376 mn in 2020, compared to a net profit of USD 157 mn in the previous year, according to the earnings statement.
Dana sold its Egyptian properties for less than half of its initial purchase price, agreeing to hand over the portfolio to IPR Wastani Petroleum for USD 236 million, well below the price tag of USD 500 million it hoped to raise.
The Emirati company attributed the bulk of the losses to Egypt, stating that it suffered an impairment of USD 412 million that was 'mostly related' to the selling of its onshore properties in Egypt, and also saw a decrease in sales, combined with lower realized rates, due to lower output levels in Egypt.
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.
Mr Timipre Sylva, Minister of State for Petroleum Resources, says Nigeria is on track to bring an end to gas flaring by 2025. At a public hearing on gas flaring organised by the House of Representatives on Monday in Abuja, Sylva made this clear.
The ministry took the issue of eliminating gas flaring seriously and said that the ministry was committed to finding a global consensus on the elimination of gas flaring by 2025.
The concern that the Earth might snowball into a runaway greenhouse effect like we have on planet Venus is one of the key reasons why it has been agreed internationally that all hands need to be on deck to ensure that gas flares are fully put out
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Reuters reported on Thursday, days after the oil and gas producer cut wages for top executives and board members, Marathon Oil Corp laid off about 100 U.S. employees, or around 5 percent of its total workforce, a company spokeswoman told Reuters.
While oil prices have risen back above the $60 per barrel pre-pandemic level in recent months, producers are concentrating on improving balance sheets rather than raising production, as demand estimates rely on the rollout of vaccines.
"The spokeswoman for Marathon Oil said that the actions of the company were part of its "commitment to constantly optimize cost structure.
The three-month campaign consists of more than 3,200 sqkm and is scheduled to begin in Q2 2021, using its multisensor streamer system with a zero-offset configuration to use Geo Coral.
This announcement coincides with the decision by Shearwater to open a manufacturing and imaging center in Perth that will serve customers in Australia and Asia-Pacific. In the coming period we will be able to incorporate and expand this center with the leading processing technologies from the Shearwater industry.
Reuters reported on Monday, oil prices rose, with Brent futures reaching $60 a barrel, fuelled by key producers' production cuts and expectations of more U.S. economic stimulus measures to raise demand.
Brent crude hit a high of $59.95 a barrel for April and was 51 cents, or 0.9 percent, at $59.85 by 0041 GMT. On Feb. 20, 2020, front-month rates last reached $60.
A weak U.S. employment report lifted expectations of more stimulus measures, ANZ analysts said, adding that the increased appetite for risk among investors gained from oil products and industrial metals.
Reuters reported on Friday, the chief executive of Virginia natural gas corporation RGC Resources Inc said that the joint venture constructing the $5.8 billion-$6.0 billion Mountain Valley gas pipeline from West Virginia to Virginia expects the project to be completed by the end of 2021.
That correlates to what other companies involved in the project have said after they agreed to give up a national permit in January that covers all stream crossings and obtain individual permits to cross the remaining approximately 430 streams instead.
Mountain Valley Pipeline contends that pursuing the process of individual permits... RGC CEO Paul Nester told analysts on a call, "It is the most effective regulatory path to completing the remaining components of the project."
Reuters reported on Wednesday, that Brookfield Partners with Infrastructure L.P. confirmed an unsolicited C$7.08 billion ($5.6 billion) bid to acquire Canada's Inter Pipeline Ltd as it tries to gain from rebounding demand for oil and gas was rebuffed after an approach last year.
Brookfield has gained 19.65 per cent of economic interest in Inter Pipeline to become the top shareholder in the Calgary based business, controlling and operating assets in utilities, shipments and storing.
The infrastructure firm provided Inter Pipeline with a premium of C$16.50 per share on Wednesday, valuing the equity of the group at C$7.08 billion. The agreement is worth C$13.5 billion, including debt.
Reuters reported on Wednesday that with a new EUR 1 billion ($1.21 billion) issue, Gazprom reverted to the bond market, in a signal of investor trust in the state's Russian gas producer in spite of tensions with the West.
The latest bond agreement comes just 3 weeks after a $2 billion Eurobond issue was raised by Gazprom.
In the last few weeks, the Kremlin critic Alexei Navalny has been imprisoned in Russian relations with the West, resulting in the expulsion of diplomats by tit-for-tats. Gazprom leads from Russia to Germany, against which Washington is opposed, a $11 billion Nord Stream 2 gas pipeline project. The project is subject to U.S. sanctions that delayed it.
TheNation News reported that the Federal Government has launched the Nigerian Upstream Cost Optimization Program (NUCOP) to reduce crude oil costs to 10 dollars per barrel. The Minister for Petroleum made this known in Abuja
Sylva told the meeting that this year's Petroleum Industry Bill (PIB) passed the executive branch of government on the same page as the legislature. If the renovation is complete, the money will be repaid over seven years by deliveries of Nigerian crude and refining products.
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According to the U.S., monthly U.S. liquefied natural gas (LNG) exports surpassed pipeline exports of natural gas by almost 1.2 billion cubic feet per day (Bcf/d) in November 2020. Natural Gas Monthly of the Energy Information Administration (EIA). This has previously occurred only once since 1998, when LNG exports narrowly surpassed pipeline exports that month by 0.01 Bcf/d in April 2020.
Based on the shipping data given by Bloomberg Finance, L.P., preliminary forecasts for December 2020 and January 2021 indicate a continuation of this pattern. The United States, in November and December 2020, Two consecutive monthly records for LNG exports were set at 9.4 Bcf/d and 9.8 Bcf/d, respectively, and another monthly record in January 2021 was set at 9.8 Bcf/d.
The Punch reported that on the back of the rise in global oil prices, the landing costs of Premium Motor Spirit (petrol) imported into the country have increased by 13.34 percent in one month to around N180 per litre. Last Friday, from $480.25 per MT (N139.67 per litre) on January 7, the rising price of crude oil raised the cost of petrol quoted on Platts to $543.25 per metric tonne (N157.99 per litre, using N390/$1)
The price of crude oil accounts for a large part of the final cost of petrol, and last year's deregulation of the price of petrol by the Federal Government means that the product's pump price will reflect changes in the international oil market.
Brent Crude prices are close to $60 a barrel, a one-year high, powered mainly by OPEC+ cuts that are expected to hold this year's oil market in deficit.
As economies across the globe had to shut down for prolonged periods of time to contain the spread of the virus, the coronavirus pandemic devastated oil demand. Yet, amid renewed lockdowns in Europe and Asia, the oil market is on a price surge to curb the second and third waves of the virus.
On Friday, the six-month Brent spread hit approximately $2.4 a barrel backwardation, the widest in a year. Backwardation is when prices at a premium to future prices are on prompt trade, which typically allows traders to take oil out of storage, signaling a stronger demand.
In the first phase of the state's liquefied natural gas (LNG) export plant and pipeline project, Alaska wants to start negotiating with a private company seeking to construct a pipeline for natural gas from the North Slope to Fairbanks. The planned $5.9 billion gas pipe from Prudhoe Bay to Fairbanks will run approximately 500 miles (805 kilometers) and could begin supplying gas to central Alaska in 2025.
For a long time, the LNG export plant and pipeline project have been spoken about. Alaska signed an agreement to develop the project in 2014 with major oil and gas firms, but after the North Slope oil companies pulled out, the state ended up taking over the project in 2016.
Al-Jazeera reported that an order to arrest oil chief Major ExxonMobil from Nigeria has been signed by the Federal Court in Abuja to force him to appear before investigators on anti-graft. On 29 January, the EFCC Center of Justice Okon Abang approved the order for a bench warrant. Exxon or others have not been charged with misdeeds and his investigation is pending.
The EFCC claimed that it had rejected three requests to appear before investigators testing the suspected procures fraud involving a pipeline project following Richard Laing, Managing Director, ExxonMobil Nigeria. The EFCC said the inquiry related to the alleged fraudulent establishment of pipeline orders worth over $213m.
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Reuters reported that Saudi Arabia, top oil exporter, will reduce their official sale price (OSP) for asian purchasers in March, first reduction in three months, follow-up on dropping benchmark rates, and poor demand triggered by coronavirus.
DME Oman's Dubai premium dropped 23 cents last January, since the appetites of Asian refiners for raw materials have been squeezed by seasonal maintenance and requirement insecurities. Refiners in China, the second largest world oil user, purchased crude oil in January and lowered Chinese-oriented grades as the Russian ESPO Blend crude since September last year.
7.2 million mt/year plant in Idku, a total of 7 freight have been shipped, according to the S&P Global Platts Analytics and Platts trading tools cFlow, since the beginning of January.
This represents just six shipments shipped in the first quarter of 2020, and only one shipment between the end of the first quarter and the end of October.
Egypt is among a small number of LNG exporters who had to cut back on production in mid-2020, due to the low prices. In recent months, however, the price of JKM has steadily increased.
Africa Oil+gas reported that Conoil Manufacturing, an independent E&P of Nigeria belongs to the billionaire Mike Adenuga, paid a deposit in Oil Mining Leases (OMLs) 86 and 88 for its acquisition of Chevron Corp.'s 40 percent equity. Conoil bids for blocks that lie adjacent to some of its own generating assets for $250 million. For more than six years Chevron attempted to dispose of the shallow waters of the new Niger Delta basin.
They belong to the five Nigerian tracts which were acquired 22 years ago during the Chevron-Texaco merger. But in the last 12 months things have just resurrected. At first, in May 2020 bidders expected their financial and operational capacities to be completely communicated by the end of April 2020.
On Wednesday, Reuters reported that Iraq has signed an agreement with Total to implement "large and promising projects" in the Near East, particularly with regard to the utilization and clean power of natural gas, its Ministry of Petroleum.
Total has been involved in Iraq for almost a century, since the 1920s, in oil and gas exploration and development. In the Halfaya oil field, currently in production, located in Missan province in southern Iraq, the French oil major has a 22.5 percent stake.
Oil Minister Ihsan Abdul-Jabbar Ismail and Pouyanné signed the document in Baghdad.
Reuters reported that the extension of the Trans Mountain pipeline operated by the government of Canada assumes greater significance for the oil sector after the cancellation of rival Keystone XL limited potential options for carrying crude oil.
The government owned Trans Mountain Corp. is investing C$12.6 billion ($9.9 billion) to almost triple production to 890,000 barrels per day (bpd), an increase of 14 percent from the current total Canadian capacity.
Joe Dion, chief executive of the Western Indigenous Pipeline Alliance, one of many First Nations organizations involved in purchasing Trans Mountain, said this pipeline is much more valuable now.
Bloomberg reported that the International energy firms in Nigeria are concerned about the barrier to investment in new offshore projects under the country's long-lost legislation on the oil industry.
Nigeria's total crude production is at least half offshore oilfield, which is leading to offsetting decreased output from mature onshore reserves. However, in the face of legislative and regulatory uncertainty, recent research has remained unfolded.
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Reuters reported on Friday that, oil prices settled lower, weighed down by a build-up in U.S. crude inventories and concerns that China's current pandemic constraints would limit fuel demand in the world's largest oil importer.
Brent crude futures dropped 69 cents to $55.41 a barrel to settle, for a weekly change of 0.4 per cent. U.S. West Texas Intermediate (WTI) crude futures dropped 86 cents, or 1.6 per cent, almost unchanged from the beginning of the week, settling at $52.27.
In the most recent week, total U.S. crude inventories unexpectedly increased by 4.4 million barrels, compared to expectations for a draw of 1.2 million barrels.
Reuters reported that as demand for transporting natural gas picked up after a coronavirus-induced downturn in 2020, Kinder Morgan Inc posted a better-than-expected quarterly profit on Wednesday.
After the pandemic wreaked havoc on demand, pipeline companies are seeing a recovery in transport volumes, hurting production and forcing operators to slash fees to ensure that customers continue to use their networks to move oil, gas and refined products.
Reuters reported that on his first day in office, Wednesday, President Joe Biden cancelled Keystone XL's permit, delivering a death blow to a long-gestating project that would have brought 830,000 barrels of heavy oil sands crude from Alberta to Nebraska every day.
The Keystone XL pipeline may be over, but the USA will still have to move via other pipelines in the process of expanding record imports of Canadian oil in the coming years.
The campaign has been welcomed by environmental activists and indigenous groups, but traders and analysts said US-Canada pipelines would have more than ample capacity for handling increasing quantities of crude oil from Canada as the United States' largest foreign oil supplier.
Reuters reported that Russia's Inter RAO has been able to raise its earnings, according to a Moscow-listed shareholder, by purchasing Russian fossil fuels from Germany's Uniper and Finland's Fortum on Friday.
An agreement for Russian assets, probably already under consideration for Inter RAO, would increase the company's profit and could amount to about EUR 4.5 billion ($5.5 trillion), approximately equivalent to the liquidity available for Inter RAO.
The Russian properties, potentially already under consideration by Inter RAO, would increase the business profit and could cost approximately EUR 4.5 billion ($5.5 billion), which would approximately equal the liquidity available to Inter RAO.
A force majeure on Nigeria's Qua Iboe crude oil export terminal has been lifted by Exxon Mobil. The force majeure was issued in December after the facility was hit by a fire and two workers were injured. In Nigeria, Africa's largest exporter of crude, Qua Iboe is one of the largest oil export sources.
On Tuesday, The Nation in line with the Petroleum Products Pricing Regulatory Agency (PPPRA) announced that the domestic consumption of Nigerian Liquefied Petroleum Gas (LPG) surpassed one million metric tonnes (Mt) last year, making it the first in the history of the nation in 2020 where the consumption of LPG crossed the one million MT mark.
In 2019, Nigeria consumed 840,594.37 MT LPG, suggesting a 60.5 percent increase over the 635,452.061MT reported in 2018. This steady and sustained growth trend culminating in the more than 1 million metric tonnes of domestic LPG consumption milestone in 2020, and has put the country first in West Africa LPG consuming nations.
Through its major exploration and production operations, acreage leasing, bid rounds, company assets and portfolio expansion, oil & gas discoveries, untapped potential and joint venture interests, the Maghreb-Mediterranean oil, gas and energy environment continues to lie at the heart of the world energy industry.
In order to highlight new discoveries, ventures and output changes, natural gas findings, LNG innovations, state oil & gas strategies and policies, investment opportunities and the region's changing oil-energy game that drives regional economic growth, the event brings key governments, national oil firms and leading corporate players together.
Reuters reported that In spite of the coronavirus shock early in the year, China's overall crude oil imports increased 7.3 percent in 2020, with record arrivals in the second and third quarters in the midst of plunging oil prices and expanding refineries, data showed on Thursday. The world's top purchaser of oil produced a record 542.37 million tons of crude oil in 2020, or 10.85 million barrels per day (bpd).
According to data released on Thursday by the General Administration of Customs, December shipments amounted to 38,47 million tons, equivalent to 9,06 million bpd. That was down approximately 15 percent from 10.71 million bpd last year in December and 11.04 million bpd in November.
As a private sector affiliate, Qalaa Holdings' energy distributor was revealed last week to further expand the country's network of natgas stations as more gas-fuelled vehicles and buses take to the roads over the coming years.
The company will invest EGP 800 million this year to build 40 stations, EGP 1.2 billion in 2022 on 60 stations and EGP 1.6 billion in 2023 on 80 stations, Abu Bakr said.
This indicates that far more than half of the 300 stations planned by the government over the next three years have been taken over by TAQA.
Reuters reported that, the U.S. State Department told European companies it believes are helping to develop Russia's Nord Stream 2 gas pipeline that they face the possibility of sanctions as a final round of punitive steps against the project is being planned by the outgoing Trump administration, two sources said on Tuesday.
The State Department is set to release a report on businesses that it suspects are funding the Russia-to-Germany pipeline by Thursday or Friday. Companies that may be included in the report include insurance companies, helping to lay the undersea pipeline or verifying the construction equipment of the project.
The Commission of the Canada Energy Regulator (CER) has endorsed the approval of the NOVA Gas Transmission (NGTL) Edson Mainline Expansion Project by the federal cabinet, which requires the development and operation of two sections of 53 miles (85 km) of natural gas pipeline loops and associated facilities.
During the hearing, indigenous people raised different concerns about future effects on their rights and interests. The Commission recommended a number of requirements, including the need for a construction monitoring plan to include indigenous observers during and after construction, as part of its response to these concerns.
On Wednesday, Norway's Equinor said it had sold its interest in Athabasca Crude, a Canadian company that produces carbon-intensive oil sands. In 2017, Equinor, formerly named Statoil, obtained the shares as part of a deal in the Canadian province of Alberta to sell its Kai Kos Dehseh oil sands plant.
Athabasca produced 20,200 barrels per day of oil sands crude in the third-quarter of 2020, accounting for about two-thirds of its total output, according to regulatory filings.
In 2017, Equinor vowed not to invest in oil sands, a heavy oil resource that needs more energy to be generated than traditional sources, resulting in greater emissions of greenhouse gases.
An exploration and production agreement was signed by an international consortium led by Total (Total 35 percent Producer, Shell 30 percent, KUFPEC 25 percent, Tharwa 10 percent) and the Egyptian Natural Gas Holding Company (EGAS) for the North Ras Kanayis Offshore Block in the Herodotus Basin, offshore of Egypt in the Mediterranean Sea.
This exploration block occupies an area of 4,550 sq km with water depths ranging from 50 to 3,200 m, reaching from 5 to 150 km from the coast. The Herodotus Basin is an understood region and within the first three years the agreement involves a 3D seismic campaign.
In addition to ENI operator (37.5%) and BP, Total retains a working interest of 25% in the North el Hammad licence (37.5 percent).
According to the Department of Petroleum Resources, the gross output of Nigeria crude oil dropped by 9 percent month on month to 1.52 million b/d, due to the hit by production problems at Qua Iboe, a leading export grade.
Production in crude material decreased from 1.33 million b/d in November to 1.17 million b/d. in December. Condensate production increased marginally from 339.920 last month to an average of 348,078 b/d. Nigeria is capable of producing approximately 2.2 million b/d of crude but, according to S&P Global Platts figures, pumped approximately 1.75 million b/d in 2019.
Reuters reported on Thursday that the global crude oil prices rose higher but lost more than a fifth of their value in 2020, as lockdowns to battle the latest coronavirus depressed economic activity and sent declining oil markets.
Still, from April's nadir, Brent and U.S. crude benchmarks have more than doubled as producers cut production to meet weaker demand. News of the delivery of coronavirus vaccines also lifted prices in the fourth quarter, allowing futures to rebound to their highest level in around 10 months.
Brent rose 17 cents to settle at $51,80 a barrel on the last trading day of 2020. To settle at $48.52 a barrel, West Texas Intermediate rose 12 cents. For the year, Brent fell 21.5 percent, with WTI dropping 20.5 percent .
According to an e-mail communiqué dated 4 January, ExxonMobil Egypt signed a concession deal to purchase more than 4,000 square kilometres in the Stare marine. In partnership with the petroleum company Tharwa, the agreement was entered into with Egyptian Natural Gas Holding Company (EGAS).
The deal will allow ExxonMobil to operate 90%, while Tharwa will own 10%. Total recently announced an oil contract for EGAS on the offshore Mediterranean Sea Exploration and Development in Egypt. ExxonMobil Egypt (Upstream) Limited will operate with a 90% stake, while Tharwa Petroleum has a 10% stake, and 3D seismic data reprocessing is part of the activity in the region
On Wednesday, TC Energy initiated an open season to request contractual commitments for crude oil transportation services from Hardisty, Alberta to Patoka, Illinois on the Keystone Pipeline System. Subject to terms and conditions stated in the open season information kit, up to 80,000 barrels per day of capacity is provided.
TC Energy provides fantastic opportunities for shippers to enter the U.S. U.S. and Midwest Markets on the Gulf Coast through the Keystone Pipeline System. A crucial element in linking Alberta's crude oil supplies to U.S. markets in Illinois, Oklahoma and Texas, and the US crude oil supply from the Cushing Occlass, center, is the 4,324-kilometer (2,687-mile) keystone pipeline system. Gulf Coast via the Systemic Marketlink Pipeline
Reuters reported that in order to promote the completion of the Nord Stream 2 (NS2) pipeline, the German state of Mecklenburg-Vorpommern plans to set up a foundation to carry Russian gas to Germany and to fend off the danger of increased U.S. sanctions that stopped work last year.
The $11 billion pipeline will increase the capacity of the current Nord Stream pipeline in twofold and has become a focal point in the conflict between Russia and the West. The United States has said that by growing its dependency on Russian gas, Europe is weakening its energy security, while Russia says the United States is using sanctions to block the pipeline and secure its own natural gas industry.
Nigeria's state oil company, NNPC is in talks to collect around $1 billion in advance payments with trading companies to renovate its largest refining facility in Port Harcourt.
The long overdue reconstruction of the refinery could minimize Nigeria's whopping fuel import bill if the financing is concluded.
If the renovation is complete, the money will be repaid over seven years by deliveries of Nigerian crude and refining products.
Reuters reported in the midst of the first delivery of gas, Croatia's LNG terminal on the northern Adriatic island of Krk which has a potential of 2.6 Bcm per year started operations.
More than two decades ago the plans for the Krk LNG terminal floated and the proposal was to construct a land terminal initially. However, the introduction of the project experienced a number of setbacks.
This is due to too high red tape and resistance on the part of the local community and environmentalists, the new conservative administration opted for its floating terminal.
AP reported in line with the Morgan Pipeline operator that recently the pipeline was still under service with quarterly sales decreasing by 10 per cent as a result of lower shipping volumes.
Before entering northern Minnesota, line 3 begins in Alberta and clips a corner of North Dakota en route to Enbridge's terminal in Superior, Wisconsin. In Minnesota, the line is 337 miles (542km) and the aging pipeline constructed in the 1960s will be replaced in the last stage.
The decision of the Corps to grant the pipeline authorization permit violates numerous federal laws and treaties and causes irreparable damage.
Reuters reported that LNG exporters from the North American countries sound more trustworthy with new project prospects for 2021 because of the recent price rally led by increasing demand in Asia.
Europe and Asia have seen a strong increase in demand for more than a year since 2020, especially in China, where buyers have struggled to secure their supply. Gas futures have increased by more than 1 year in Europe and Asia.
Asian nations have driven record LNG growth in replacement of dirty coal-fired plants and fuel consumption. Numerous ventures in North America have been delayed over the last two years because of historically weak prices and oversupply issues.
B Investments Holding has confirmed it has reached an agreement for the total consideration of approximately EGP 146 million to sell 20% of its Total Egyptian stake to Total Outre-Mer under exit terms previously agreed to with Total at B Investments Holding investment at Total Egypt.
If the deal has been completed, the stake of B Investments in Total Egypt will decrease from 7.97% to 6.38%. In 2013, B Investments gained a capital increase of 7,97 per cent of Total Egypt, helping the company increase retail gas stations from 70 in 2013 to 240 in 2020.
Reuters reported on Monday that, the Russia-led Nord Stream 2 consortium said it had finished laying pipes for the project in German waters, completing construction on a 1.6-mile (2.6-km) section of the pipeline that had been delayed by the U.S. sanctions threat.
Earlier on Monday, Refinitiv Eikon report indicates that the Russian pipe-laying vessel Fortuna had left the construction site of the Nord Stream 2 gas pipeline in the Baltic Sea section of Germany.
The pipeline, which is expected to cost $11.6 billion (EUR 9.5 billion), would make Western Europe more dependent on Russian gas, with Washington arguing that it would threaten the security of European oil.
Egypt said it has signed new agreements involving an investment of approximately $1 billion to quest for parts of the Mediterranean and the Red Sea for oil and natural gas.
The deals are with six foreign and local firms, including Exxon Mobil Corp. and Chevron Corp., announced Friday by the state-run Middle East News Agency, citing Oil Minister Tarek El Molla's tweet.
In the near future, three other deals are awaiting approval. The deals plan the drilling of 23 wells in nine Mediterranean regions and three Red Sea regions, with a minimum overall investment of $1.4 billion.
On Thursday, Chairman Timipre Sylva, Minister of State for Petroleum Resources, said the life of petroleum and gas players depends on their willingness to take less costly solutions.
In addition to the potential to deploy lower costs solutions and to explore a broader variety of crude oil to cleaner fuels, many players have a stronger future and survival.
The plan to reinforce the Nigerian oil and gas industry is to turn the national oil company into a diversified energy holding company to quickly respond to the twin challenges of the potential crash in crude oil prices and de-carbonisation by rapidly shifting to become an energy holding company with more divested interests.
Reuters reported in line with the senior Trump administration official that the US advises European allies and private companies to stop the work that could help develop the Nord Stream 2 natural gas pipeline and, in the coming weeks, is planning broader sanctions on the Russian project.
Three officials said the outgoing Trump administration is planning a new round of "in the very near future" congressionally imposed sanctions that it believes could deliver a fatal blow to the Russia-to-Germany project led by state gas firm Gazprom.
Eni announces a recent discovery of oil in the Meleiha Concession, in Egypt's Western Desert. The latest discovery adds 10,000 barrels of oil per day to the existing output from the Concession.
In the discovered reservoir, the three wells share the same oil-water touch. In the overlying Alam El Bueib 3D formation, Arcadia 11 also earned 20 feet of oil pay.
Through AGIBA, a joint venture between Eni and the Egyptian General Petroleum Corporation (EGPC), Eni's successful execution of its infrastructure-led exploration strategy in the Western Desert makes it possible to rapidly exploit these new resources.
Alhaji Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), opined that the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project is currently 15% completed.
The project is currently crossing the Niger River via the Ndoni-Aboh River crossing in the states of Rivers and Delta, which, according to the GMD, will bring gas from the eastern part of the country into the western corridor.
In addition, Alhaji Kyari claimed that the NNPC has government assurances about the delivery of this transnational gas pipeline project, which will establish a major gas trunkline for the domestic market to deliver gas.
Reuters reported in line with the Russia and Belarus statement that they had signed a gas price agreement for 2021 on Thursday, easing tensions between the two former Soviet countries. Russian gas giant Gazprom said Alexei Miller, its chief executive, and Belarusian officials have signed a protocol on how to measure supply prices of natural gas for 2021.
The Belarusian Ministry of Energy reported that the prices agreed were roughly on par with 2020 levels, but still below the prices determined by the formula agreed in 2011.
This year's price was 127 dollars per 1,000 cubic meters.
Russia and Belarus have failed to reach an agreement on compensation for polluted oil contained in the Druzhba pipeline last year, which exports Russian crude.
For three of its gas expansion programs, Williams said early in-service capability was achieved. Williams' current energy infrastructure in Pennsylvania was extended to include 125 MMcf/d of power in November.
It is planned that the remaining 457 MCF/d will be completed in 2021.
This expansion ties Appalachian supplies of natural gas along the Atlantic coast with rising demand centres.
In order to satisfy the increasing demand in the Mid-Atlantic and South East, the Southeastern Trail has been an expansion project. It started partial operation of 150 MMcf / day in November, and an extra 80 MMcf / day in December.
Bloomberg announced on Thursday that a number of investors at home and abroad have expressed interest in acquiring a majority stake in the military-owned oil distribution company Wataniya Petroleum.
People familiar with the deals said the state-owned Abu Dhabi National Oil Company (Adnoc), which produces most of the UAE's oil, is interested in partnering with the Sovereign Fund of Egypt (SFE) on full ownership of Wataniya, which operates over 200 refueling stations across the region.
Abu Dhabi National Oil Company for Distribution, Adnoc's services arm, has previously said it plans to expand in Egypt. The proposal will come as part of last year's USD 20 bn joint investment platform Adnoc set up with the SFE.
In addition to its related facilities, the Canadian Energy Regulation (CER) Commission recommended that NOVA Gas Transmission Ltd. (NGTL) be approved as a federal cabinet by Edson Mainline Expansion Project which includes the creation and operation of 53-mile loops in two areas (85 km) of natural gas pipelines.
To boost pipeline capacity and transfer gas from the Peace River Project Region to growing markets in central and southern Alberta, the Edson Mainline Expansion Project is required.