December 16, 2017

Iran seeks $100 billion for gas as world fixates on nation’s oil

RAKTEEM KATAKEY, ANNA SHIRYAEVSKAYA and ISIS ALMEIDA PARIS (Bloomberg) — Iran needs $100 billion to rebuild its gas industry and has met with European energy giants as an end to decades of international sanctions looms, according to the state-run company in charge of discussions. “We welcome and appreciate investment by companies; we welcome new technology,” Azizollah Ramazani, International Affairs Director at National Iranian Gas Co., said in an interview in Paris. “During the last 18 months, we have had many discussions with foreign companies.” While commodity markets fixate on a return of Iranian oil, the importance of gas in the…

Second gas pipeline under Baltic in the works – Thenews.pl :: News from Poland

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The pipeline will have the same capacity as the existing Nord Stream pipeline – 55 billion cubic metres of gas per year – and if built will double the quantity of gas exported to Germany from Russia. “The construction of additional transport infrastructure along the shortest route between gas fields in northern Russia and markets in Europe will contribute to increasing the safety and reliability of deliveries for new contracts,” said Gazprom CEO Alexei Miller. Germany is the largest buyer of Russian natural gas, with a total volume of 40 billion cubic meters in 2013. Gazprom supplies 30 percent of…

Chevron Corporation To Sell Stakes In Nigerian Oil Blocks: Here’s Why

Chevron Corporation (NYSE:CVX) is planning to sell 40% stakes in two Nigerian Shallow water offshore oil blocks, Oil Mining Leases (OML) 86 and 88. As reported by Reuters Africa, Chevron highlighted the latest development on Wednesday. Recently, energy companies are planning to wrap up their operations in Niger Delta area. The area has a lot of problems, which make it difficult to operate. Problems such as oil thefts, destruction of pipelines, and other uncertainties such as tax rules have prompted companies to withdraw their investments from the country. The San Ramon-based company in early February sold its 40% stake in two…

Argentina judge orders asset seizure of Falklands oil firms – BBC News

A federal judge in Argentina has ordered the seizure of assets of five companies drilling for oil in the Falkland Islands. Tierra del Fuego judge Lilian Herraez ordered the authorities to seize boats and other assets worth $156m. Argentina claims sovereignty of the islands, which it calls the Malvinas. The oil companies named in the case are not based in Argentina and it is not clear how the measure will be implemented. Drilling for oil in the territorial waters around the Falklands began in 2010 despite opposition from Buenos Aires. ‘Bordering on stupidity’ Judge Herraez says the new ruling will…

Nigeria Eases Grip on Gas Prices to Boost Power-Plant Supply – Bloomberg Business

Nigeria’s energy regulator said it’s prepared to approve higher prices for natural-gas supply to ensure increased deliveries to the nation’s ailing power plants. The Nigerian Electricity Regulatory Commission will consider endorsing contracts above the regulated rate between a “willing buyer and willing seller,” Chairman Sam Amadi said in an interview in Lagos. The West African country needs to increase deliveries of gas to power stations to boost generation for its 170 million people. New President Muhammadu Buhari has described electricity shortages as a “national shame” after administrations since 1999 spent as much as $20 billion to expand supplies without any…

Alberta NDP’s plan to increase carbon fees another strain on oil industry – The Globe and Mail

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Alberta’s plan to increase carbon fees and toughen its climate strategy adds costs and more uncertainty to an industry already struggling to cope with the sharp plunge in oil prices. The province’s new NDP government on Thursday said carbon levies on major polluters would increase to $30 a tonne over two years, up from $15 a tonne under current regulations. The fee would rise to $20 a tonne starting Jan. 1 next year, and to $30 in 2017. Companies will also be required to reduce emissions by 20 per cent over time, compared with a 12-per-cent target today. Alberta Environment…

Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India

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  Nigeria has replaced Saudi Arabia as the largest crude oil supplier to India after its oil exports to India last month surged by nearly 200 percent, supplying some 745,000 barrels per day. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter, has lost the top spot, according to Reuters. The shift comes as more Indian refiners switch out their long-term contracts with Middle East suppliers in favor of African oil spot purchases. Saudi Arabia also fell behind Russia and Angola last month as the largest crude supplier to China. The petroleum kingpin…

EU will struggle to reduce natural gas imports from Russia, experts say – Yahoo Finance UK

LONDON (ShareCast) – The European Union would find it difficult to reduce its reliance on natural gas imports from Russia, according to industry experts. While overtures are afoot to decouple from Russian imports in wake of the Ukraine crisis and subsequent sanctions on Moscow, published data paints a grim picture. According to Eurogas, a non-profit lobby group of natural gas wholesalers, retailers and distributors, the EU’s 28 members sourced 24% of their gas from Russia in 2012. However, averages can be misleading. For instance, Estonia, Finland, Latvia and Lithuania got nearly 100% of their gas from Russia, with Bulgaria, Hungary and…

Emerging Israel gas deal ignites fierce debate – Yahoo News

FILE - This Thursday, Oct. 7, 2015 file photo shows a general view of the Eshkol power station, the first in Israel to produce electricity from natural gas, in the coastal city of Ashdod, southern Israel. When natural gas was discovered a few years ago off the shores of resource-poor Israel, it was heralded as nothing short of a miracle, but an emerging deal with developers has been plagued by criticism, with opponents accusing Prime Minister Benjamin Netanyahu of caving to a monopoly.(AP Photo/Tsafrir Abayov, File)

JERUSALEM (AP) — When natural gas was discovered a few years ago off the shores of resource-poor Israel, it was heralded as nothing short of a miracle, but an emerging deal with developers has been plagued by criticism, with opponents accusing Prime Minister Benjamin Netanyahu of caving to a monopoly. After long negotiations, a government committee has struck a deal with the firms, which aims to break up their monopolistic control of Israel’s gas reserves and introduce competition while maintaining incentives for fresh investment. But liberal lawmakers and environmentalists say the deal would squander a national treasure. Netanyahu has held…

Nigeria lawmakers probe NNPC’s crude swap contracts – TV360 Nigeria

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The House of Representatives on Wednesday ordered a fresh probe of the Refined Product Exchange Agreement contracts between the Nigerian National Petroleum Corporation and various trading companies. The reps resolved to investigate alleged scams in the Refined Product Exchange Agreement, commonly called crude oil swaps contracts, involving the NNPC and some companies. The programme involves the exchange of crude oil for refined petroleum products in which the corporation gave out 445,000 barrels of crude per day. A House resolution passed indicated that nine companies benefited from the contracts through the Pipelines Product Marketing Company, a subsidiary of the NNPC. On…