Chevron's latest acquisition is yet another demonstration of the financial discipline that has made the company the best-performing supermajor this century.

Forbes

Chevron's PDC Energy Acquisition Signals Confidence

According to the International Energy Agency (IEA), the global investment in solar power is set to exceed that in oil production, demonstrating the scale and speed of energy transformation.



Energy Trend

Solar Power Overtakes Oil Spending for First Time with Global Investment of $1 Billion Per Day

Whenever you fill up your gas tank, a portion of that fuel, usually around 10%, comes from corn ethanol—the most abundant biofuel produced by the United States

Tech Xplore

Is corn ethanol really sustainable? Researchers analyze the true cost of biofuel production

Oil prices settled more than 1% lower on Friday, falling for the third consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China

Reuters

Oil prices fall on stronger dollar, demand fears

Oil held a two-day decline as concerns over physical demand and the possible restart of some flows from Iraq offset a plan by the US that it could start refilling the Strategic Petroleum Reserve after June.



Bloomberg

Oil Holds Two-Day Drop as Demand Concerns Offset SPR Refill Plan

Oil prices fell by more than a dollar a barrel on Wednesday, ending a three-day rally, as economic data suggested that the U.S. Federal Reserve might hike interest rates further.

Oil drops 1% after US data points to further rate hikes

But at nearly $32 billion, the oil giant’s quarterly earnings still far exceeded those of Western rivals, and it announced an increase in dividend payments.

The New York Times

Falling Oil Prices Cause Saudi Aramco's Profit to Slip 19 Percent

Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government's plans to refill the nation's emergency oil reserve and anticipated higher seasonal demand.

Oil recoups losses on plans for SPR refill, higher seasonal demand

Oil prices are nearly $10 lower today than they were a month ago when OPEC+ announced its latest production cut and sent prices soaring. The major factor driving oil prices lower at the moment is economic uncertainty, with more and more analysts talking about a recession. But there are plenty of bullish factors on the horizon, including falling U.S. inventories, growing Chinese demand, and slowing U.S. production growth.

Oil Price

How Much Lower Could Oil Prices Fall?

Equities sell-off comes despite companies reporting another strong quarter of cash flows


Financial Times

Falling crude prices and recession fears bring US oil and gas rally to a halt

Crude oil and gas divestment in Nigeria is a trend that denotes the selling of assets by oil majors or international oil companies (IOCs) operating in the country.

Africa.com

The Paradox of Nigerian Crude Oil Divestment and Climate Change

The importance of ESG within the energy sector continues to be a headline topic and one which for oil and gas companies needs to form part of their business strategy as to how they contribute to the economy and society in which they operate.



Energy Voice

Divesting oil & gas assets – is it ESG?

Crude markets have suffered a disastrous few weeks, dragged down by alarm over the wider economy. But real oil demand still looks strong enough to foster a rebound in prices.

Yahoo Finance

The Real Oil Market Shows $20-a-Barrel Price Collapse Is Excessive

Oil prices rose slightly in Asian morning trade on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand.

Oil ticks up, but set for third week of losses over demand concerns

Between August 2022 and March 2023, EU consumption of natural gas dropped by 17.7%, compared with the average gas consumption for the same months (August-March) between 2017 and 2022.

European Commission

Natural gas demand down 13% in 2022 in cutback efforts

Oil prices fell 4% on Wednesday, extending steep losses from the previous session after the U.S. Federal Reserve raised interest rates and as investors fretted about the economy.

Oil falls 4%, extending losses after Fed rate hike

The International Monetary Fund expects Saudi Arabia won’t balance its budget if oil is below $80 a barrel, a revision that means the kingdom will move back into fiscal deficit after its first surplus in almost a decade.

Saudi Arabia Needs Pricier Oil to Balance Its Budget, IMF Says

Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week.

Oil slumps 5% to five-week low amid US debt default fears

Delicate diplomacy, refining capacity and forex payments pose challenges

Pakistan eyes economic relief from Russian oil imports due in May

Newly released data from the Energy Information Administration provides a clear picture of U.S. energy independence in 2022

U.S. Energy Independence Soars To Highest Levels In Over 70 Years

Oil & Gas | Downstream

LNG prices would need to fall below $5/MMBtu, traders said

Plunging LNG Prices Have Traders Bracing for US Export Cancellations

European LNG import capacity is expected to increase by 74% over the next few years based on the projects announced so far

Hellenic Shipping News

European LNG Imports on the Rise

The Group of Seven's move to promote deliveries of liquefied natural gas as a temporary response to the energy crisis prompted warnings from environmental groups over the continued embrace of fossil fuels

Japan Times

Embrace of LNG by G7 a setback for climate goals

Asian buyers continue lining up to sign 20-year deals for LNG from existing and proposed US terminals

Energy Intelligence

Will Europe Follow Asia's Lead in Procuring US LNG?

Liquefied natural gas inventories may be at a record high due to weak demand, but importers around the world are looking to secure long-term contracts

The Race To Secure Long-Term LNG Contracts

Authorization of the Alaska LNG project was lawful and reasonable, a U.S. appeals court ruled, dismissing environmental groups’ petition to review federal approvals.



Offshore Energy

Authorization of Alaska LNG is lawful and reasonable, U.S. appeals court says

The U.S. Department of Energy's refusal to grant export permit extensions to liquefied natural gas (LNG) developers that fail to meet a construction deadline poses a new hurdle for greenfield plants, analysts said on Thursday.

US permit crackdown poses new hurdles for proposed LNG projects

Canada is eyeing a role in the global gas markets via LNG exports with Asia as its prime destination, as multiple producers work through regulatory approvals and engineering and design processes to build facilities on its West Coast, officials said at an industry conference in Vancouver, British Columbia.



S&P Global

Canada eyes role in global gas markets via LNG exports, targets Asian buyers

Liquefied natural gas stored on ships has jumped to seasonal records in a sign of stalling demand for the fuel despite a months-long plunge to cheaper prices.



Record Amounts of LNG Idle at Sea as Europe’s Demand Stalls

Dozens of Democratic lawmakers on Monday called on the Biden administration to consider the climate and environmental justice impacts of the expansion of the liquefied natural gas (LNG) industry.

Democrats press Biden administration on climate impact of LNG buildout

PetroVietnam Gas (GAS.HM) said on Monday it had received a certificate from local authorities to become the country's first company eligible to import and export liquefied natural gas (LNG).

PetroVietnam Gas gets country's first LNG import-export approval

Australian Treasurer Jim Chalmers urged minor political parties on Sunday to back proposed changes to the Petroleum Resource Rent Tax (PRRT) paid by the offshore LNG industry

Australian Treasurer urges parliament to back petroleum tax changes

Australia will change its Petroleum Resource Rent Tax (PRRT) to increase the tax paid by the offshore LNG industry, moves that should increase revenue by A$2.4 billion ($1.6 billion) over the next four fiscal years


Australia to change petroleum tax, LNG projects to pay more

Oil and gas major Eni has begun offloading the LNG at the terminal, which was developed and operated by Italian grid system operator Snam, Eni said on Friday. The regasification facility is one of two being planned in Italy, and one of more than 20 projects dotted across Europe that were sanctioned last year to rapidly increase Europe’s import capacity for LNG and reduce dependence on natural gas flows from Russia.



Upstream Online

Eni delivers first LNG cargo to Italy’s new regasification terminal

As a large swath of long-term and shorter LNG contracts are set to expire by the end of the decade, buyers could see a future global natural gas market that is both more physically flexible and financially complex.



Natural Gas Intelligence

Wave of Upcoming LNG Contract Expirations Could Help Reshape Global Natural Gas Markets

The Gas Market Report provides an overview of recent gas market developments during the 2022/23 heating season, with a forecast for 2023. The new issue of the report explores the main gas trends at the beginning of 2023 with future forecast for the rest of the year. 

Gas Market Report, Q2 2023

This column is part of a regular series by industry veteran Brad Hitch for NGI’s LNG Insight dedicated to addressing the complexities of the global natural gas market.

LNG Takes a Backseat in China Amid Country’s Broader Natural Gas Market Reforms

European natural gas extended its decline, trading at a 21-month low amid record LNG imports and rising stockpiles. 



European Gas Prices Extend Slide as LNG Imports Swell to Record

Asia's imports of liquefied natural gas (LNG) fell in April as major buyers China and Japan trimmed purchases, offsetting small gains among South Asian countries.

Asia's LNG imports slip as soft China, Japan outweigh stronger India

Ministers are weighing up a new gasfield but is more UK fossil fuel production necessary or desirable given its climate commitments?



The Guardian

Does the UK really need to drill for more North Sea oil and gas?

Oil & Gas | LNG

China's natural gas consumption and LNG imports dropped in 2022 as a result of lower economic growth and higher gas prices, marking the first annual decline in consumption since 1990

China's yearly natural gas use logs first decline in over three decades, EIA says

Climate experts criticised the G7 group of advanced economies for failing to commit to tougher action on fossil fuels after Germany and Japan prevailed on the continued use of gas and coal respectively.


G7 disappoints on climate progress without deadlines on gas and coal use

Among the diverse energy options for Africa, the abundance of natural gas and the proven efficiency of CCGTs in power generation make it a suitable complement to renewables in Africa's just transition plan

Zawya

Role of natural gas in powering Africa’s future

Europe may have done a good job in reducing its dependency on Russian oil and gas and mitigating an energy crisis caused by the war in Ukraine but it’s “not out of the woods”

CNBC

Europe’s energy market faces 3 key challenges this year

G7 leaders called on the need for major economies to accelerate climate actions, while ensuring energy security through steps including investment in the gas sector in response to the current energy crisis and potential gas supply shortfalls

G7 leaders call to strengthen climate response, adopt gas investment for energy security

On May 2, 2023, New York passed its 2024 fiscal year budget, including a prohibition on fossil fuel equipment and building systems in new construction

Mondaq

New York Becomes First State To Pass Natural Gas Ban For New Construction

Producers are coming off a rough span. Natural gas prices rose 6% this week and just notched their fourth positive week in five

Major natural gas investor sees signs prices are bottoming

Iran arrested leaders of a strike at a key gas facility and accused them of being supported by “foreign networks,” the semi-official Tasnim news agency reported

Iran Blames Foreigners for Strikes at World’s Biggest Gas Field

Russian Prime Minister Mikhail Mishustin approved an inter-governmental agreement to supply natural gas to China through the Far East Route

Global Times

Russia approves agreement on supplying natural gas to China via Far Eastern Route

As G7 leaders prepare for their annual summit meeting in Japan, Germany seems to be backing the host nation's efforts to ensure that natural gas continues to play a role in developed nations' energy mix

Natural Gas Could Divide G7 Leaders at Summit

In 2010, Mozambique discovered massive offshore natural gas reserves that promised to transform the country’s economy

Foreign Policy

Finally, Rich Countries Recognize Africa’s Right to Use Gas

The industry sector was the third largest consumer of final energy in the EU in 2021, after transport and households, accounting for 25.6% of the EU’s final energy consumption. 



Industry relied mostly on natural gas & electricity

A total of 25.3 billion cubic feet (bcf) of natural gas worth about $169 million was lost in the upstream petroleum sector through flaring.



Ghana Business News

Ghana loses $169m worth of natural gas through flaring

Wholesale gas prices in northwest Europe have fallen 23% so far this quarter to just below 37 euros, or about $41, a megawatt-hour


The Wall Street Journal

Natural Gas Hasn't Been This Cheap in Europe Since Summer of '21

As of April 1, Europe’s natural gas inventories were 56% full — the highest percentage on record for the end of a heating season (November 1 through March 31) — according to data from Gas Infrastructure Europe’s Aggregated Gas Storage Inventory.



Compressor Tech

Europe sets natural gas storage record

Brazil is expected to more than double offshore natural gas supply to the domestic market in the next five years. 



BNamericas

How Brazil will more than double offshore natural gas supply by 2028

European natural gas prices have fallen to their lowest in nearly two years amid rising stockpiles and record imports of liquefied natural gas

The National News 

European natural gas prices fall to 21-month low on record imports and rising stocks

US natural gas futures gained about 2% on Friday on forecasts for more demand this week and next than previously expected

Business Recorder

US natgas futures up on higher demand forecasts

US natural gas producers are seeing signs that oil-field service cost inflation has peaked, which along with a possible tightening of the gas market could provide another tailwind heading into next year

Falling Service Costs Set to Benefit US Gas Producers

The surprise move to nationalize the country’s gas assets will also include other assets—including the Nyhamna processing plant

Norway’s Surprise Natural Gas Nationalization Plan Even Broader Than Expected

Oil & Gas | Natural Gas

Investigation finds energy giant’s efforts to offset its huge emissions rely on schemes with little impact

‘Worthless’: Chevron’s carbon offsets are mostly junk and some may harm, research says

U.S. oil major Chevron announced a $7.6 billion takeover of Denver-based PDC Energy Monday in the largest acquisition thus far in 2023.

Chevron Deal Could Kick Off Another Round Of U.S. Shale Consolidation

Statewide financial assurance covers less than 1% of upstream decommissioning costs



Carbon Tracker

California taxpayers could be stuck with paying $6.9 billion to close and clean up oil and gas wells

The COP28 Climate Change Conference in Dubai this year is a unique opportunity for the oil and gas industry to show it’s serious about tackling climate change

International Energy Agency

COP28 is a moment of truth for the oil and gas industry’s efforts on climate

India's imports of Russian oil rose tenfold last year, according to Indian state-controlled lender Bank of Baroda. The figures show Asia's third largest economy saved around $5bn (£4bn) as it ramped up crude purchases from Moscow.

BBC News

India's Russia oil imports jumped tenfold in 2022

The UK Supreme Court ruled that it was too late for Nigerian claimants to sue two Shell subsidiaries over a 2011 offshore oil spill 

Shell wins UK Supreme Court case on 2011 oil spill off Nigerian coast

Company accused of ‘lobbying and greenwashing’ for more fossil fuels despite knowing of risks

Italian oil firm Eni faces lawsuit alleging early knowledge of climate crisis

Pakistan is planning to blend newly purchased Russian crude with Arabian light crude in order to create a mixture that will be more easily processed by the nation's oil refineries, Pakistan's energy minister said on Tuesday.

Pakistan plans Russian-Saudi oil 'cocktail' to help cut energy cost

A new alliance of the oil-and-gas sector formed by the COP28 team does not address the “most damaging emissions”, according to a letter seen by the Financial Times.

Carbon Brief 

COP28 team marshals oil and gas industry alliance ahead of climate summit

Recent news that the New Zealand government has granted an offshore oil and gas exploration permit it had earlier declined demonstrates how fragile the current ban on such activity still is.



The Conversation

The end of offshore oil and gas exploration in NZ was hard won – but it remains politically fragile

For the first time in at least two years, the Americas will be the world's biggest driver of oil production growth, while OPEC cuts back.

Oil Market's Latest Drag Is a Flood of Crude From the Americas

Plans to build a £20 billion network of hundreds of floating wind turbines to power North Sea oil and gas platforms have been unveiled by one of the biggest winners in Crown Estate Scotland's recent offshore leasing round.


Yahoo News

Hundreds of floating wind turbines to decarbonise North Sea oil

$600 billion could cut scope 1 and 2 emissions in half. Oil and gas companies need to 'move faster'.

Oil and gas upstream, midstream operations primed for affordable decarbonization: IEA

Search efforts are underway for three missing crew members after a Gabon-registered oil tanker caught fire off the coast of southern Malaysia, Malaysian maritime authorities said in a statement.

Oil tanker catches fire off Malaysian coast, three crew missing

Brazilian environmental agency Ibama has conclude da report recommending that Petrobras be denied a drilling permit needed to spud an high-impact exploration well off the mouth of the Amazon River.



Brazil environmental agency opposes Petrobras plan to drill offshore from Amazon mouth

There’s a new era of transparency coming for oil and gas companies. Satellites are generating images so clear it’s possible to see methane emissions at the asset level



Orbiting Methane ‘Speed Cameras’ Are Catching Polluters in the Act

Two mergers of oil and gas companies in the Permian Basin were announced in the last week as they seek to target operations to the busy fossil fuel region shared by southeast New Mexico and West Texas, with production expected to grow next month.

Carlsbad Current Argus

$600M in oil and gas investments announced in Permian Basin as production to spike

Recent developments demonstrated potential for Mexico's oil and gas industry, including new refinery projects, increasing condensate production, and offshore oil discoveries.


Private Investment Boosts Mexico's Oil And Gas Sector

Various conservation groups, including the New Mexico-based WildEarth Guardians, filed a lawsuit Tuesday in federal court alleging that the U.S. Department of the Interior has failed to respond to a petition for a rulemaking to phase out oil and gas extraction on public lands.



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