Europe Must Invest in LNG Terminals to Secure Long-term Supplies- RWE
RWE, Germany's largest power producer, said Europe needed more investment in liquefied natural gas (LNG) terminals on land to secure shipped fuel supplies from global gas producers in the long term.But RWE Chief Executive Andree Stracke told the Gastech conference in Milan that he did not think Europe would abandon Russian gas forever because of the cost to industries and households.Europe is facing its worst gas supply crisis ever, with energy prices soaring and German importers…
Asia LNG Price Jumps by 40% to Record High
Asia liquefied natural gas (LNG) spot prices surged by 40% to a record high of over $56 per million British thermal units (mmBtu) on Wednesday, amid a global energy crunch and low gas inventories.Price agency S&P Global Platts' Japan-Korea-Marker (JKM), which is widely used as a spot benchmark in the region, climbed to $56.326 per mmBtu on Wednesday for a cargo delivered into North Asia in November, up $16.65 from Tuesday, its data showed.This works out to roughly over $320 per barrel of oil equivalent.
Norwegian Oil, Gas Plants Restart after Ship Collision
An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields.The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship."We are working on stabilizing the vessel…
Hoegh LNG to Supply FLNG Terminal to Australian Import Project
Norway's Hoegh LNG has won a tender to supply a floating LNG import terminal for a consortium aiming to import liquefied natural gas to Australia's east coast from 2020 in a push to boost local supply.Australian Industrial Energy, a consortium that includes Japan's JERA and Marubeni Corp, said on Monday it signed an agreement giving it the right to lease one of Hoegh LNG's floating storage and regasification units (FSRU), to be docked at Port Kembla.The project needs approvals from the state of New South Wales, which is evaluating the proposal on a fast track as "critical state significant inf
PetroChina Reviews Push for Transport LNG
China's biggest energy firm PetroChina is reviewing its multi-billion-dollar push to produce liquefied natural gas (LNG) to fuel trucks and ships in place of diesel, shutting two major gas liquefaction plants, sources said. Seen just a year ago as a fast-growing profit engine, PetroChina unit Kunlun Energy Co Ltd is now reconsidering its investment in the niche business after being wrongfooted by rising costs and China's slower economic growth, two sources with direct knowledge of the situation said. China, which controls energy prices to curb inflation, has announced hikes in wholesale natural gas prices totalling 33 percent since mid-2013 as part of its long-term market reforms.
Norway to Relaunch Carbon Capture Plan
Norway's government will this spring launch a strategy to develop technology for capturing and burying heat-trapping emissions from polluting industries, aiming to make good on a pledge to build a full-size plant by 2020. Proponents of carbon capture and storage (CCS) hope the oil-rich nation will join Britain and the Netherlands in funding a handful of schemes to keep Europe from falling behind other major economies in adopting the technology. Europe had once aimed to take a global lead in the development of CCS, which bodies such as the International Energy Agency view as essential to meet a globally agreed goal of limiting temperature rises to 2 degrees Celsius.
