LNG: JAPAN INVEST IN USA
A senior company official at Osaka Gas Co. said the company is considering investing in one or more shale gas projects in the U.S. as it expects Henry Hub natural gas prices will go up, Reuters reported. After Japan's nuclear reactors were forced to shut down following the Fukushima disaster in 2011, some of the country's energy companies have turned to importing more liquefied natural gas supplies from the U.S.
In 2013, Japan imported a record high of 87.49 million metric tons, according to Businessweek.
Osaka Gas, the second biggest gas provider in Japan, has agreed to buy 2.2 million tons of LNG each year from Freeport LNG for the next 20 years. Last year, the U.S. Department of Energy approved Freeport to export more than 10 million tons of LNG per year. Before the Freeport project begins operations, Osaka Gas plans to acquire a stake in a shale gas development in the U.S. by the end of March 2017, according to Businessweek.
Motoyuki Hirabayashi, general manager for Osaka Gas, said the company expects to invest between $196 million and $293.6 million for stake in the development. Koichiro Age, senior general manager of Osaka Gas' Freeport Project Development Unit, said the company may receive project financing from Japan Bank for International Cooperation (JBIC) or other major Japanese banks, Reuters reported.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.