Global Oil & Gas: Oil Unchanged as Market Struggles for Direction

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Global Oil & Gas: Oil Unchanged as Market Struggles for Direction

Oil narrowly held onto a four-day winning streak as investors weighed a mixed supply-and-demand outlook. West Texas Intermediate settled unchanged near $78 a barrel, erasing an equities-led morning rally. The US benchmark has struggled for direction — crossing above its 200-day moving average just one week after breaching it on the way down. Prices earlier tested the 13-day moving average, another key resistance level, before retreating.  While oil demand is healthy, according to the International…

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Global Markets: LNG Buyers in Asia Look to Resell Supply

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Global Markets: LNG Buyers in Asia Look to Resell Supply

North Asia’s top liquefied natural gas buyers are looking to resell shipments due in part to high inventories, a move that is bound to push spot prices lower. Chinese importers, including PetroChina Co., are offering to sell LNG shipments for December delivery, according to traders with knowledge of the matter. That’s on top of Chinese firms already reselling at least five shipments for November, the traders added. Some Japanese importers are also offering shipments. That’s…

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Global Oil & Gas: EU Rules on Methane Curbs May Boost LNG Industry – Exxon

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Global Oil & Gas: EU Rules on Methane Curbs May Boost LNG Industry – Exxon

New rules on curbing methane emissions in Europe’s energy sector may actually boost the case for liquefied natural gas and shouldn’t affect exports from the US. “All of the progress around emissions reduction is positive for the gas business,” Peter Clarke, senior vice president for global LNG at Exxon Mobil Corp., said at the Wood Mackenzie Ltd. oil and gas conference in London. “Ultimately it delivers what we are selling, which is a lower greenhouse…

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Global Oil & Gas: Venture Global Accused of Reneging on LNG Contracts for Europe

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Global Oil & Gas: Venture Global Accused of Reneging on LNG Contracts for Europe

European oil majors have asked a cross-Atlantic government task force to intervene in a dispute with Venture Global LNG Inc., warning that the US supplier “reneging” on contracts to supply liquefied natural gas threatens Europe’s energy security and undermines the US as a reliable supplier. In separate letters, Shell Plc and BP Plc accuse Venture Global of “misconduct” for withholding fossil-fuel cargo agreed under long-term contracts and instead opting to sell LNG on the spot…

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Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’

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Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’

Recently, Fatih Birol, Executive Director at the International Energy Agency (IEA), outlined in an article for Financial Times that the world was on the brink of “a historic turning point,” with the demand for fossil fuels set to peak before 2030, although, the decline in oil, gas and coal would not be “steep enough” to meet the requirements of the Paris Agreement and limit global warming to 1.5 C. “Despite recurring talk of peak oil and peak coal over the years, both…

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Africa: BW Offshore wraps up much-anticipated sale of Nigerian FPSO

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Africa: BW Offshore wraps up much-anticipated sale of Nigerian FPSO

After BW Offshore marked the FPSO Abo for sale, the divestment process was previously expected to close in 1H 2023. According to the Norwegian player, the FPSO was sold to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC) for $20 million on Friday, 15 September 2023. As part of the transaction, the duo entered into a bareboat charter to allow for uninterrupted operations during a transition period of a maximum of two months….

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Senegal: European JV aims to revolutionize country’s power infrastructure

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Senegal: European JV aims to revolutionize country’s power infrastructure

The award is for the Senegal Power Compact program, financed by the U.S.-based Millennium Challenge Corporation (MCC) and the Senegalese Government to contribute to the global fight against poverty. UK’s Enshore Subsea and Belgian hydraulic engineering company Herbosch-Kiere will manage the engineering, procurement, construction, and installation (EPCI) contract, encompassing both land and submarine works of two ~17.5-kilometer 220 kV links stretching from Bel Air in Dakar to Cap des Biches. The companies will establish an integrated joint venture in…

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Aramco CEO calls for ‘more realistic and robust’ multi-source plan in global energy transition

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Aramco CEO calls for ‘more realistic and robust’ multi-source plan in global energy transition

The CEO of the Saudi oil and gas giant, Saudi Aramco, has called upon world leaders and energy players to devise concrete transition steps in a bid to ensure a just transition and avert a potential energy crisis, as a result of a premature phaseout of fossil fuels. Amin H. Nasser, Aramco President & CEO, who observes the path to net-zero through the lens of climate goals and ways to achieve them, believes that everyone…

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EIA Boosts Brent and WTI Oil Price Forecasts – Rigzone

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EIA Boosts Brent and WTI Oil Price Forecasts – Rigzone

The U.S. Energy Information Administration (EIA) increased its Brent and West Texas Intermediate (WTI) spot average price forecasts for both 2023 and 2024 in its latest short term energy outlook (STEO), which was released this week. In the latest STEO, the EIA projected that Brent spot prices will average $84.46 per barrel this year and $88.22 per barrel next year and that WTI spot prices will average $79.65 per barrel in 2023 and $83.22 per…

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