U.S. LNG FOR EUROPE ANEW
OGJ - Europe's natural gas market is evolving from politically driven projects to commercial agreements, and US suppliers will need to move more aggressively on those terms if they expect to be a substantive part of it, speakers suggested at a Mar. 20 conference. "US suppliers have an opportunity to step in now and line up customers when prices are low. The biggest question is who will take the strategic risk," said Mindaugus Jusius, chief executive at AB Klaipedos Nafta, Lithuania's state oil products and gas terminal company.
"The US government did its part to start reforming policies, but US gas is owned by companies which need to start moving the conversation about liquefied natural gas in Europe from political to commercial terms," added Amos J. Hochstein, senior vice-president for marketing at Tellurian Inc. in Houston, during the discussion on expanding global gas infrastructure hosted by LNG Allies and Our Energy Moment.
Hochstein added, however, that it will be necessary for the US, as well as Europe, to increase its gas pipeline capacity because Permian basin production associated with crude oil has risen so dramatically. "It's at a critical point; $150 billion of new infrastructure will be needed domestically. With all the growth in the Permian, there's not capacity to ship gas to Louisiana," Hochstein said. "If governments in both the US and Europe aren't willing to put infrastructure in place, real progress won't be made."
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.