JOGMEC's fulfillment of the loan guarantee, however, does not mean the end of JARC's participation with a 10% stake in the Arctic LNG 2 project, a JOGMEC official said Feb. 5, adding that the relevant Japanese parties will carefully respond while ascertaining sanctions developments.

The US was the supplier of 56% of the total, with some 14% coming from Russia and 10% from Algeria. Notably, around 7% was also originating from Qatar and 4% from Nigeria.

Russian gas continues to flow to the European Union through Ukraine under the current deal. Some nations still rely on this fuel, while most of northwest Europe has replaced flows from Moscow with cargoes of liquefied natural gas.

CNOOC expects production to continue growing over the next two years, with plans to reach 2.25 million boe/d in 2026.

Indonesia is facing a substantial power demand owing to its rapidly growing economy, dense population, and enhanced access to electricity.

The Sakhalin-2 LNG export plant is the closest to North Asia, home to the world’s top buyers. The facility supplied nearly 10% of Japan’s LNG needs last year, and hasn’t been targeted by Western sanctions due in part to the need to ensure energy security.

Europe is benefiting from record renewables power installations last year, together with massive gas stockpiling and a relatively mild winter — some cold snaps aside.

Russia has delivered the first drop of liquefied natural gas (LNG) from its heavily sanctioned flagship project, Arctic LNG-2.

On October 18, the US Treasury suspended certain sanctions measures on nVenezuela’s oil and gas sector operations.

The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.