Osaka University researchers succeeded in biomanufacturing a sugar product using chemically synthesized sugar for the first time. With refinement of this technology, one can envision a future society in which the sugar required for biomanufacturing can be obtained ‘anytime, anywhere, and at high rate’. In the future, biomanufacturing using chemically synthesized sugar is expected to be a game changer in the biotechnology field – including the production of biochemicals, biofuels, and food, where... Читать дальше...
Nigeria’s economy grew 2.54% quarter-on-quarter, ending 2023 with a 3.46% expansion in gross domestic product as the oil sector ended three years straight of contraction, according to the country’s National Bureau of Statistics. Source: Nigeria National Board of Statistics The economic growth expansion beat Bloomberg estimates of 2.4%. According to the Nigerian government, the country’s oil sector expanded 12.1%, with production rising to 1.55 million barrels per day, up from 1.34 million bpd in the previous year. Читать дальше...
When it comes to hydrogen, all eyes have been on the development of the world’s green hydrogen potential. This would mean a move away from fossil-fuel-derived hydrogen in support of a green transition. However, there may be a clean alternative right under our noses – white hydrogen. Naturally occurring hydrogen, also known as white hydrogen, was first discovered in Mali in 2012 when a borehole drilled for a well several decades earlier was found to be emitting natural hydrogen. This has given scientists... Читать дальше...
India's solar installations fell dramatically last year as the country ran into difficulties acquiring the large swaths of land needed, a new research report said on Thursday. Research firm Mercom Capital said in a new report that India's solar installations came in at just 13.4 GW last year, a 7.5 GW drop from the year prior. The challenges that India faced in adding solar installations were not the high cost of solar. The biggest challenges were delays in land acquisition, connectivity issues,... Читать дальше...
Crypto companies worldwide have carried out mining and trading activities relatively unchecked in recent years, as governments have dragged their feet in establishing adequate regulations to manage the sector. Meanwhile, many companies have been using vast amounts of energy to power the activities required to mine crypto, as demand for the digital currency has steadily increased. The U.S. is now taking legal steps to punish companies that have abused their position of economic power. However, the... Читать дальше...
Chinese LNG importers are on the lookout for cheaper supply of liquefied natural gas on the spot market as prices in North Asia have halved from October levels and slid to a nearly three-year low last week, traders familiar with the deals told Bloomberg on Thursday. Shenzhen Energy Group and China Gas Holdings Ltd have entered into talks with potential suppliers for more spot LNG cargoes for the coming months, while China Resources Gas Group has bought a shipment for delivery in the middle of March... Читать дальше...
Europe and Asia are set to finish the winter without significant disruptions to liquefied natural gas (LNG) supply and without price spikes, despite the ongoing chaos in global commodity shipping due to the Houthi attacks on commercial vessels in the Red Sea. Weaker demand than historical averages and higher gas stockpiles in both regions have spared them any spikes in spot LNG and benchmark natural gas prices this winter heating season. While global LNG trade has been upended by the Red Sea disruptions to shipping... Читать дальше...
In the latest U.S. oil and gas merger, Chord Energy and Enerplus have agreed to combine in an approximately $11 billion stock and cash transaction, which will create a premier Williston basin-focused exploration and production company. The combined firm will have a premier position in the Williston Basin in North Dakota and Montana with deep, low-cost inventory, around 1.3 million net acres, combined Q4 23 production of 287,000 barrels of oil equivalent per day (boepd), and enhanced free cash flow... Читать дальше...
Crude oil prices moved slightly higher today, after the Energy Information Administration reported an inventory increase of 3.5 million barrels for the week to February 16. This followed a sizeable build of 12 million barrels for a week that also saw gasoline and middle distillate fuel inventories decline. For the week to February 16, the EIA also reported an estimated gasoline inventory draw of 300,000 barrels, which compared with a decline of 3.7 million barrels for the previous week. Gasoline... Читать дальше...
The UK will leave the Energy Charter Treaty (ECT), a 1994 pact that allows oil and gas companies to sue governments over their climate policies for compensation for lost profits. The Energy Charter Treaty was originally designed to promote international investment in the energy sector and has historically provided protections for investors in fossil fuels. Efforts to modernize the treaty, which the UK considers “outdated” in view of its net-zero policies and ambitions, have failed, resulting in a stalemate... Читать дальше...
With US natural gas prices crashing to lows not seen since early Covid in recent days, around $1.60 per million British thermal units, major shale producer Chesapeake Energy announced in a Tuesday earnings report that it would decrease the number of drilling rigs to reduce production this year. As a result, NatGas futures soared. This followed news from Chesapeake: Chesapeake is currently operating nine rigs (five in the Haynesville and four in the Marcellus) and four frac crews (two in each basin). Читать дальше...
Colombia’s plan to start importing natural gas from Venezuela this year may not materialize because of a decayed idle pipeline in dire need of repairs, an industry official told Bloomberg. Colombia’s domestic natural gas resources are not enough to meet growing demand, which has risen in recent years due to the El Nino, which has reduced hydropower generation and raised the need for gas-fired power. At the end of 2022, Colombia’s leftist President Gustavo Petro announced that an agreement had been... Читать дальше...
Cheniere Energy (NYSE: LNG), the biggest U.S. LNG exporter, reported on Thursday a 39% plunge in its revenues for 2023, dragged down by lower natural gas prices. Cheniere Energy’s revenues fell to $20.4 billion last year from $33.4 billion booked in 2022, primarily due to lower U.S. and international natural gas prices in 2023. Last year, natural gas prices dropped in the United States amid record-high production, and fell on international markets, too, due to a warmer 2022/2023 winter, high inventory... Читать дальше...
Refining margins for India’s biggest state-owned refiners have dropped in recent months amid more difficult access to Russian crude and soaring freight rates due to the Red Sea disruption to crude shipments, analysts and traders tell Bloomberg. For most of 2023, Indian refiners enjoyed high refining margins and profits as they imported cheap Russian crude at $20 a barrel and more below international benchmarks. Margins started eroding last quarter, although they are still higher than before the... Читать дальше...
Canada’s Suncor Energy beat Q4 quarterly earnings estimates as its oil sands production jumped to an all-time high and total upstream production was the second highest in company history. Suncor Energy (NYSE: SU) reported late on Wednesday adjusted operating earnings of US$1.21 billion (C$1.635 billion) for the fourth quarter of 2023, down year-on-year due to lower crude and products realizations. But the adjusted operating earnings of US$0.94 (C$1.26) per common share were above the US$0.78 (C$1.05)... Читать дальше...
The three supermajors that are suing Venture Global for breach of LNG delivery contracts have attacked again, asking U.S. regulators to be allowed to voice their position on Venture Global's plans to further delay the official launch of its Calcasieu Pass LNG plant. Venture Global has been allowed to delay the commissioning of the Calcasieu Pass facility for one year by the Federal Energy Regulatory Commission but that permit expires soon. Venture Global wants to renew it for another year. The Big... Читать дальше...
The Premier of Alberta Danielle Smith has warned that lower oil prices will have an impact on the province’s new budget, forcing some spending cuts. During a televised address on Wednesday night, Smith said "Lower resource revenues will certainly require us to show more restraint than previously predicted.” "We will ensure this is done thoughtfully and with priority given to the programs and services Albertans most rely on such as health, education and social supports," the Premier added, as cited by the Canadian Press. Читать дальше...
Last month, U.S. oil and gas supermajor Exxon Mobil Corp. (NYSE:XOM) released its long-term global energy outlook report. Exxon has predicted that global energy demand will reach about 660 quadrillion Btu in 2050, good for a 15% increase from 2021 levels reflecting a growing population and rising prosperity. The energy company has projected that renewables and nuclear will record strong growth through 2050, contributing around 70% of incremental energy supplies; natural gas demand will remain robust... Читать дальше...
While the upstream mega deals in the U.S. shale patch have been drawing the most market attention, pipeline operators are also embarking on a merger spree in a quest to add scale, optimize assets, and gain more exposure to export markets. The next big midstream deal could be one involving a major U.S. oil and gas producer that has recently announced a large upstream acquisition to add acreage and scale in the top-producing shale basin, the Permian. Occidental Petroleum, which has recently announced a $12-billion deal to buy CrownRock... Читать дальше...
In the US, companies that want to build liquefied natural gas (LNG) export terminals need to get advance approval for their plans from the US Department of Energy. There was a recent news item saying, “Biden pauses LNG export approvals under pressure from climate activists.” After looking into the situation, I 100% agree with Biden’s decision. There is no sense in the US adding more approvals for added LNG capacity at this time. This is the case, completely apart from climate considerations. When... Читать дальше...
Despite a record-breaking 60 gigawatts direct current (GWDC) of solar PV capacity expansion in 2023, solar power generation in Europe saw a modest increase of about 20%. This year, however, will be another story. Rystad Energy forecasts solar photovoltaic (PV) energy will spike by about 50 terawatt-hours (TWh) in 2024 – growing for the first time more than any other generation source – due to major capacity installations across the region, with Germany leading the way. Wind power generation is also expected to increase in 2024. Читать дальше...
Crude oil inventories in the United States rose this week, by 7.168 million barrels for the week ending February 16, according to The American Petroleum Institute (API), after analysts predicted a build of 4.298 million barrels. The API reported an 8.52-million-barrel rise in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of February 16. Inventories are now... Читать дальше...
Speaking this weekend at a Denver meeting of the American Association for the Advancement of Science, geologists heralded a coming, game-changing surge in mankind's harvesting of a resource long thought impractical to collect: naturally-occurring or "geologic hydrogen." The scientists provided a first look at the findings of an as-yet-unpublished study performed by the US Geological Survey (USGS). The key takeaway: naturally-occurring hydrogen is far more abundant near the Earth's surface than previously known. Читать дальше...
