· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Financal Times or enjoy below:
🗞️ Driving the news: Gulf oil giants Saudi Aramco and Abu Dhabi's Adnoc are expanding into international natural gas trading, seeking to secure deals and marketing agreements with major LNG exporters like Sempra and NextDecade
• They aim to fill the gaps left by renewable sources with natural gas
🔭 The context: Traditionally focused on domestic markets, these state-owned companies are now pursuing global ventures, leveraging their LNG export terminals in the US
• Despite speculations, both companies denied bidding for the Australian gas producer Santos
🌍 Why it matters for the planet: Despite significant investments in sustainable energy, both companies continue to see natural gas as essential for future energy needs, balancing renewable intermittency and reducing reliance on coal, especially in regions like Asia
⏭️ What's next: With significant proven gas reserves, Saudi Aramco plans to increase its gas output by 60% between 2022 and 2030, targeting international markets
• Adnoc also aims to become a gas exporter within the next decade, enhancing global competition for gas assets
💬 One quote: "Even in the most optimistic scenario for the growth of renewables, fossil fuels will make up 62 per cent of primary energy demand in 2030," notes the IEA
📈 One stat: Saudi Aramco's Jafurah gas field has 229 trillion cubic feet of proven gas reserves, expected to significantly boost output
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