CNOOC makes major discovery offshore China

China’s oil and gas company CNOOC announced on Monday a “significant” oil and gas condensate discovery off the South China Sea, Kallanish Energy reports. The discovery of Huizhou 26-6 in the eastern South China Sea is set to become the first mid-to-large sized field in the shallow waters of Pearl River Mouth Basin. The well-encountered

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US gas storage build exceed expectations

U.S. natural gas storage build surpassed expectations rising by 120 billion cubic feet (Bcf) in the week ending June 19, according to data from the U.S. Energy Information Administration (EIA). The latest estimates, covering the week of 12-19 June, pointed to a storage level of 3,012 Bcf. The volume is 32.5% higher than the same

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Exmar readies to dispute YPF’s force majeure notice

Belgium shipping company Exmar is considering the best way to defend its interests in a dispute with Argentina’s YPF, Kallanish Energy reports. The company said last week it received notification of force majeure from YPF under the Charter Agreement and Services Agreement they hold for the Tango FLNG barge. Exmar said the move is “unlawful,” and

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Gazprom, CNPC discuss extra 6 Bcm/y gas supplies

Russian gas giant Gazprom is negotiating an additional 6 billion cubic meters per year (Bcm/y) of gas supply to China, Kallanish Energy reports. The company is in talks with its partners to increase gas deliveries via the Power of Siberia, CEO Alexey Miller said in an interview published on Gazprom’s website last Friday. If an

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BP sells petchem unit to Ineos for $5B

British giants BP and Ineos announced on Monday a $5 billion global petrochemical deal, covering 14 manufacturing plants across Europe, Asia, and the U.S., Kallanish Energy reports. BP’s departing chief financial officer Brian Gilvary stroke the sale of BP’s petrochemical unit to Ineos – an achievement that concludes BP’s $15 billion divestment target a year

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TechnipFMC bags two new contracts from Equinor

UK’s oilfield services company, TechnipFMC, has bagged two new contracts from Norway energy major Equinor, Kallanish Energy reports. The deals are worth up to $189.7 billion and comprise pipelaying and subsea installation for projects in the Norwegian Continental Shelf, Equinor said on Tuesday. It covers the Breidablikk project and a gas import system for the

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BP invests in geospatial analytic firm to monitor methane emissions

BP said on Tuesday it has invested in a geospatial analytics software company, as part of its plan to monitor and reduce methane emissions, Kallanish Energy reports. Through subsidiary BP Ventures, the company injected $5 million in the cloud-based Geospatial Analytics. The investment will enable Geospatial to develop its technology further and scale its application

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Mozambique LNG secures $2.25B from host government

Total-led liquefied natural gas project, Mozambique LNG, has reportedly been offered a five-year, $2.25 billion funding guarantee from the Mozambican government. Partners at the $20 billion onshore project are said to have agreed to the guarantee in lieu of an immediate equity contribution from state-run National Hydrocarbon Company (ENH). The company owns a 15% stake

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US LNG exports to face 40-45 cargo cancellations in August

U.S. liquefied natural gas (LNG) exporters could see the cancellation of an estimated 40-45 cargos for August loading, similar to levels reported for July loadings, Kallanish Energy reports. Citing unnamed sources, Reuters reported earlier this week Cheniere is likely to see 30 cargos canceled, while up to 10 shipments could be canceled from the Freeport

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Snam, investment funds buy 49% stake in Adnoc gas pipeline assets

Italy’s energy infrastructure operator, Snam, has partnered with five international funds to invest in a 49% stake in Adnoc Gas Pipelines, in a deal valuing the Abu Dhabi company in $20.7 billion. The transaction, announced by Adnoc and the other companies on Tuesday, is expected to close in July. Once complete, the newly created subsidiary

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EU discusses clean energy in €750B post-pandemic recovery fund

EU’s commissioner for energy, Kadri Simson, told the bloc’s energy ministers on Monday that there is a strong link between technology, recovery, and climate-neutral ambition. Simson discussed Europe’s €750 ($846.3) billion coronavirus recovery fund and the role of clean energy technologies for the future low carbon economy. She described it as a “sizeable, balanced plan,

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Chevron, Shell lead industry’s resilience at $30/Bbl Brent: WoodMac

Chevron and Shell’s upstream portfolios are the most resilient at oil price at $30 a barrel and offer the highest cash margins at $70/Bbl, according to analysts at Wood Mackenzie. Tom Ellacott and the Corporate Analysis team at the consulting firm have studied the resilience of the seven oil and gas majors: BP, Shell, Chevron,

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Pa. charges Cabot with 15 environmental violations

Pennsylvania Attorney General Josh Shapiro on Monday announced that a state grand jury has charged Cabot Oil & Gas in connection with 15 environmental crimes in northeast Pennsylvania, Kallanish Energy reports. The company was charged with seven counts of prohibition against discharge of industrial wastes, seven counts of prohibition against other pollutions, and one count

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Sakhalin Energy begins one-month maintenance on LNG plant

Russia’s Sakhalin Energy, the operator of the Sakhalin-2 liquefied natural gas (LNG) project, has commenced a one-month maintenance project at the plant, Kallanish Energy reports. The maintenance activities will be carried out at the Lunskoye-A offshore platform, the onshore processing facility (OPF), booster station No. 2 and the LNG plant. In a statement the company

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Clean energy needs a boost to reverse Covid-19 economic damage: IEA

The Covid-19 pandemic has dealt a massive blow to countries around the world and brought up “worrying implications” for clean energy transitions, the International Energy Agency (IEA) said in a new report. The crisis is chocking economies and significantly impacting the energy sector, the Paris-based agency said. Unprecedented action and leadership from governments, companies, and

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