Meantime, Canada’s Oil and Gas Sector is Expected to be in the Red for 2016 Canada’s oil and gas sector posted a pre-tax loss of more than $7 billion in 2015, according to information from The Conference Board of Canada. While oil prices have recovered in the first quarter of 2016, The Conference Board of Canada expects that the oil
From EIA Source: U.S. Energy Information Administration, based on Canada’s National Energy Board, Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040 In its recent publication, Canada’s Energy Future (CEF), Canada’s National Energy Board (NEB) projects that both Canada’s natural gas production and its domestic natural gas consumption will increase through the next decade. Exports of natural gas
In late January the U.S. House of Representatives approved H.R. 351, the LNG Permitting Certainty and Transparency Act. The bill was designed to accelerate the approvals of U.S. liquefied natural gas (LNG) exports. Rep. Bill Johnson (R-OH), Energy and Commerce Committee member wrote the bill “to put an end to the unnecessary obstructive delays” by the Department of Energy (DOE)
Chenier ships its sixth LNG cargo – destination: Europe The sixth LNG cargo to leave from Chenier Energy’s (ticker: LNG) Sabine Pass project is set to bring U.S. liquefied natural gas to Europe for the first time. The Continent, which will be the third to import U.S. LNG, has predominantly received its natural gas from Russia and Norway in the
18-year-low prices for LNG piquing interest in new parts of the world LNG prices have suffered a fate similar to oil, with most contracts linked to the price of crude oil now worth substantially less than they were two years ago. This, along with faltering demand in Asia, has called into question the economics of many major LNG projects, but
Woodside Petroleum puts the Browse floating LNG project on indefinite hold Low commodity prices have claimed yet another project this week. Woodisde Petroleum (ticker: WPL) announced that it will put its Browse floating LNG project on hold indefinitely as low commodity prices make it more difficult to justify the project. “While significant progress was made to improve project value, this
Ottawa asks for extra time for environmental assessment of Pacific NorthWest LNG Malaysia’s state-owned Petronas has hit yet another hurdle on the road to developing its Pacific NorthWest LNG project in British Columbia, Canada. The Canadian Environmental Assessment Agency (CEAA) requested three extra months to review the project, reports Reuters. The Canadian government in Ottawa said it remains committed to
FERC has rejected plans for a pipeline that would supply Jordan Cove LNG The Federal Energy Regulatory Commission released its decision on the Pacific Connector Pipeline project March 11, saying that it will not approve the pipeline. The $1.74 billion pipeline was planned to carry gas from Rockies 232 miles west to Veresen Inc.’s (ticker: VSN, VeresenInc.com) Jordan Cove LNG
$80 Oil + $4 NatGas + 1,300 Rigs Working After the news of the past few weeks, it felt like we were getting really close to the day when investors and oil industry spouses might be ready to throw in the towel. Then EnerCom’s 14th west coast investor conference unearthed something in the shadow of the Transamerica Building. By blending together a batch of
The Chevron-led project expects first cargo next week. Chevron (ticker: CVX, Chevron.com) announced that its Gorgon LNG project has begun liquefaction of natural gas on Barrow Island off the northwest coast of Western Australia, with the expectation that the first LNG cargo will ship next week, the company said in a press release. The Gorgon Project is supplied from the
The lifting of the ban on the export of liquefied natural gas (LNG) in the United States has led to a flurry of activity in the Gulf Coast region, and several other coastal areas, as companies plan export terminals for the growth of LNG shipments abroad. The first U.S. export set sail from Sabine Pass on February 24, 2016, and
Natural gas prices are down more than 4% today at $1.67 per MMBtu, the lowest they have been since 1999. Waning demand for natural gas in Japan, warmer weather expectations in the U.S., along with an expected surge in LNG supplies has put a great deal of downward pressure on natural gas prices. Japan, the world’s largest importer of natural
