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Gas Shortages News

12 Apr 2023

LNG Imports Test EU Resolve to Quit Russian Fossil Fuel

© KKF / Adobe Stock

Political pressure is building within the European Union to tackle the daunting challenge of closing a loophole in its efforts to stop using Russian fossil fuels: liquefied natural gas (LNG).In the year since Russia's February 2022 invasion of Ukraine, the EU has placed sanctions on seaborne oil and coal imports from Russia.It has drastically cut reliance on Russian pipeline gas, despite not imposing sanctions on the fuel. But at the same time, EU countries have increased their overall purchases of Russian LNG…

26 Sep 2022

Gas from Russia's Nord Stream 2 Pipeline Leaks into Baltic Sea

© sakramir / Adobe Stock

The Danish authorities on Monday asked ships to steer clear of a five nautical mile radius off the island of Bornholm after a gas leak overnight from the defunct Russian-owned Nord Stream 2 pipeline drained into the Baltic Sea.The German government said it was in contact with the Danish authorities and working with local law enforcement to find out what caused pressure in the pipeline to plummet suddenly. Denmark's energy ministry declined to comment.The pipeline has been one…

23 Sep 2022

Greece's Sole LNG Terminal Ramps Up Imports to Replace Russian Gas

© Igor Groshev / Adobe Stock

Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country's gas grid operator said on Thursday.Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases from other countries in line with a European Union plan to cut dependence on Russian energy. It has been receiving Russian gas via the Turkstream pipeline which also delivers to Hungary via Serbia.Its LNG facility on the Revithoussa islet…

25 Mar 2022

U.S., EU Strike LNG Deal as Europe Seeks to Cut Russian Gas Dependency

 ©Alexander Limbach/AdobeStock

The United States will work to supply 15 billion cubic meters of liquefied natural gas (LNG) to the European Union this year to help it wean off Russian energy supplies, the transatlantic partners said on Friday.The EU is aiming to cut its dependency on Russian gas by two-thirds this year and end all Russian fossil fuel imports by 2027 due to Russia's invasion of Ukraine. Russia supplies around 40% of Europe's gas needs.Concerns over security of supply were reinforced this week after Russia ordered the switch of gas contract payments to roubles…

29 Nov 2021

Cheniere to Sell US LNG to China's Foran Group

© Carabay / Adobe Stock

U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said Wednesday its marketing arm agreed to sell LNG to a unit of Chinese natural gas distribution company Foran Energy Group Co Ltd for 20 years starting in January 2023.Analysts said the deal should move Cheniere closer to making a final investment decision (FID) to build the proposed Stage 3 expansion at its Corpus Christi plant in Texas, which is expected in 2022.The deal is one of several announced in recent weeks…

27 Feb 2019

Golar Bullish on LNG Market

Through the provision of cheaper and cleaner energy the liquefied natural gas (LNG) market will likely take market share from coal and oil and sustain industry growth levels of around 10% for the foreseeable future, said Golar LNG.The shipping company registered in Bermuda said that key markets continue to import record levels of LNG as they distance themselves from coal and nuclear, with Chinese and Korean 2018 demand up 41% and 18%, respectively.Lessons learned from gas shortages and last minute buying at the end of 2017 meant that China entered the winter buying market earlier in 2018. Milder than expected temperatures subsequently…

23 Jan 2019

LNG Import: China is World's No. 2 buyer in 2018

© Wojciech Wrzesien/AdobeStock

China's imports of liquefied natural gas (LNG) in December soared 25 percent from the same period a year earlier to a monthly record of 6.29 million tonnes, customs data showed on Wednesday.The previous record of 5.99 million tonnes was set in November.For the whole of 2018, imports grew 41 percent from 2017 to a record 53.78 million tonnes, according to the data from the General Administration of Customs. That saw China retain its position as the world's second-buyer buyer of the super-chilled fuel after Japan…

21 Dec 2018

FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders

Photo courtesy of Hoegh LNG

Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America was expected to be boosted by FSRU technologies that are less expensive and time-consuming than onshore import terminals.But a boom in speculative FSRU orders from shipowners led to an oversupply of units this year as import projects across the world were delayed or cancelled…

29 Sep 2017

Chinese Demand Ensures Asian LNG Rally Has Legs

© Altin Osmanaj / Adobe Stock

Unexpectedly strong demand from China, along with rising oil and coal prices, should keep Asian liquefied natural gas (LNG) spot levels buoyant this winter. Despite rising supplies from new plants, spot prices have risen by 55 percent from their 2017 lows to $8.40 per million British thermal units (mmBtu) as Asian buyers also refilled summer stocks. With the peak demand October-March winter gas season almost underway, further price gains are expected. Nuclear outages in Taiwan and rising demand from Thailand…

11 Jan 2017

US Shifts LNG Exports to Asia as Arb Opens Ip

Photo: Cheniere Energy

The biggest divergence between U.S. and Asian gas prices in a year has created an opportunity for tankers delivering liquefied natural gas, with most departures from a key Louisiana terminal in the last month-and-a-half heading toward East Asia, shipping data released on Wednesday show. The facility, Sabine Pass, owned by Cheniere Energy Inc, opened last year as the first LNG export terminal in the U.S. Lower 48 states. The United States has been exporting gas out of Alaska since 1969. U.S.

28 Jul 2014

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers whether such sanctions could have sufficient teeth. Russia is the world’s largest exporter of natural gas and second largest exporter of oil which together account for near 60% of its export earnings. Gazprom supplies 30% of Europe's gas - some 15% via Ukraine - and has warned exports will be affected if sanctions are expanded. But in its payments row with Ukraine Gazprom has already stated that it will “only be supplying the exact amount of gas requested by our European partners to the Russia-Ukraine border”.

11 Oct 2010

Bangladesh Exploration Deal with ConocoPhillips

According to a report from Reuters, state-run Bangladesh Oil, Gas and Mineral Corporation clinched a preliminary deal with U.S. firm ConocoPhillips on Oct. 10 for oil and gas exploration in the Bay of Bengal, subject to signature of a production sharing agreement. ConocoPhillips will start seismic surveys and exploration around two deepwater gas blocks after signing the PSC. The deal, concluded after two years of talks, is intended to address acute gas shortages, with production hovering at around 2,000 million cubic feet per day against demand of about 2,500. (Source: Reuters)