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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WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.
NPD - Preliminary production figures for February 2018 show an average daily production of 1 944 000 barrels of oil, NGL and condensate, which is a decrease of 83 000 barrels per day compared to January.
AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close. Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.