Royal Dutch Shell plc (ticker: RDS.A) and Kuwait Petroleum Corp. have signed an LNG contract that secures Kuwait’s domestic energy needs for the next 15 years. A private source told Bloomberg that the contract will cover 2-3 million metric tons of LNG a year, all while undercutting Brent benchmark prices by 11%. “The big issue for Kuwait is they burn
Dominion Energy (ticker: D) issued a statement today saying it would begin commercial operations early next year under the terms of previously negotiated 20-year contracts with ST Cove Point, which is the joint venture of Sumitomo Corporation and Tokyo Gas, and for GGULL, the U.S. affiliate of GAIL (India) LTD. Responding to a report from India’s Oil Minister, reported by
Tellurian Inc. (ticker: TELL) has priced an underwritten public offering of 10,000,000 shares of its common stock at a price to the public of $10.00 per share, for total gross proceeds (before underwriters’ compensation and estimated expenses) of $100.0 million. The size of the offering was increased from the previously announced size of 8,000,000 shares. The company has granted the
China on a tear to expand domestic gas output and diversify its natural gas imports China’s quest for natural gas “China supports domestic enterprises to increase natural gas output and at the same time to diversify imports of the resource,” said spokesperson Gao Feng at a regular press conference, Hellenic Shipping News reported. China’s natural gas import is expected to
Introduces feed gas this week: commissioning operations underway Dominion Energy Cove Point (ticker: D) introduced feed gas into its new LNG facility this week. The facility has been under design, permitting and construction for the past several years and it is finally undergoing the commissioning process in Lusby, MD. When Cove Point is greenlighted to export liquefied natural gas, it
Widening spread incentivizes marketers to export abroad: Fed U.S. crude oil exports went from 1.29 MMBOPD in Sept. to 1.78 MMBOPD in Oct., an all-time high according to the Federal Reserve Bank of Dallas. The crude oil export ban was lifted in Dec. 2015 and infrastructure was built or modified to help exports. One major construction project was the Ingleside
U.S. responsible for 40% of the world’s new gas production by 2022: IEA A report by the EIA indicated that coal exports—for both steam coal, used for power generation, and metallurgical coal, used for refining steel—have increased by 58% from Q1 of 2016 to Q1 of 2017. The majority of the increase was in steam coal, which grew by 6
In its appearance at EIA’s annual Energy Conference last week, Wood Mackenzie gave a presentation on crude oil exports, saying that U.S. crude oil exports rose in tandem with U.S. oil production following the repeal of the U.S.’s 40-year crude oil export ban in December, 2015. Oil from North Dakota, Texas moves to users in Asia and Europe According to
As production cuts fail to raise prices further, Saudi Arabia looks to influence U.S. data to strengthen commodity prices Crude oil prices hit a five-week low Wednesday as OPEC production rose and U.S. inventories showed smaller than expected draws. OPEC has been trying to bolster oil prices with a production cut deal, but increased output from Libya and Nigeria, both
Larger quotas expected later in 2017 China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet or exceed this year’s record levels. The Ministry of Commerce and the General Administration of Customs said the four state majors
Crude oil plays an important role in both energy and politics, and sometimes policy can have a significant impact on the development of the oil and gas industry. In order to help companies navigate the obstacles of federal regulation, Former Chairman of the Texas Railroad Commission Elizabeth Ames Coleman now works as an advocate for the industry in her current
The U.S. House of Representatives passed the FY17 National Defense Authorization Act (NDAA), which authorizes $602 billion in funding for the Department of Defense and the national security programs of the Department of Energy. While defense spending has little effect on the oil and gas market compared to other factors, there was a provision in the bill that will affect
