The global will remain oversupplied for the next two years but low prices will not hinder China from stepping up domestic output and reducing its reliance on imports, according to a senior executive of one of China’s largest natural gas distributors. “This year, the coronavirus pandemic has rendered the global …

LNG giant Shell said it recently signed a deal to supply carbon-neutral liquefied natural gas cargoes to CNOOC Gas & Power Group, a unit of China National Offshore Oil Corporation. Hague-based Shell said on Monday that these shipments will be the first carbon-neutral LNG cargoes to Chinese Mainland. The cargoes …

The U.S. Henry Hub natural gas prices reached the lowest levels in 21 years last week, as supply rises slightly while demand drops, according to the U.S. Energy Information Agency (EIA). The benchmark natural gas price reached $1.38 per million British thermal units (MmBtu) on Tuesday, June 16. This is …

Asia is set to lead the global construction of new trunk/transmission oil and gas pipelines by 2024, holding a 36% of total estimated additions, consulting firm GlobalData said in a new analysis on Friday. The region expects 109 projects with a 46,699-kilometer length of new-build oil and gas pipelines. Roughly …

Saudi Arabia and Kuwait are “working very hard” to reopen the onshore Wafra oil field in the Neutral Zone shared between both countries, a source directly involved in the project said June 21. There is no restart date yet, the person told S&P Global Platts. Arab news agency Attaqa reported …

Iran planned to speed up implementation of petrochemical projects with the aim of increasing the capacity of propylene- colorless gas- production to three million tons in a year, said an official of the Oil Ministry on Sunday. Deputy Oil Minister Behzad Mohammadi made the remarks according to a report by …

North America is expected to be the frontrunner in global LNG liquefaction capacity growth through new-build (planned and announced) and expansion projects during the outlook period 2020 to 2024. The region is likely to contribute about 75% of the total growth across the globe by 2024, according to GlobalData, a …

The Russian energy ministry expects the average Urals price to be $35/b in 2020, minister Alexander Novak said in an interview with German daily Handelsblatt published June 20. Russia’s 2020 budget is based on an oil price of $42/b, officials said previously. Novak said he currently only expects oil services …

As reported by Reuters, Norway is not planning to deepen its oil output cuts after a decision by the OPEC+ group to prolong its own production cut, the Nordic country’s energy minister said on Thursday. Norway, which is not part of the OPEC+ group, has said it would cut its …

The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations on Thursday promised full conformity with oil output cuts from July through September to balance the global oil market. The 23-member group known as OPEC+ said “attainment of 100% conformity from all participating countries is not only fair and …