EU countries want to ease conditions for a proposed gas price cap to be triggered following criticism that the European Commission’s model was too strict, according to a leaked draft, seen by EURACTIV. The new set of amendments, circulated by Czechia, which currently holds the EU’s six-month rotating presidency, show …
Read More »Ukraine Welcomes Russian Oil Price Cap Agreed by EU, G7
Ukraine on Saturday welcomed a $60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would “destroy” Russia’s economy. The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an …
Read More »Saudi Arabia Announces Discovery of Two New Natural Gas Fields
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has announced the discovery of two new natural gas fields in the Kingdom. The “Awtad” unconventional natural gas field was discovered southwest of the Ghawar field, 142 kilometers southwest of the city of Hofuf, according to the Saudi Press Agency. The “Al-Dahna” …
Read More »Germany Running on Dwindling Supply of Gas
While Germany’s gas reserves are currently almost full, there is also no gas supply coming through its main supply pipelines, which originate in Russia. According to energy analyst Thomas O’Donnell, this is a major problem for German industry and private consumers. He casts doubt on claims by the German government …
Read More »Germany Secures Qatar LNG Supply under ConocoPhillips Deal
Qatar has agreed to supply Germany with liquefied natural gas under a long-term deal as the latter continues to seek alternatives to Russian pipeline gas supply. State-owned QatarEnergy signed deals with ConocoPhillips that will see deliveries of about 2m tons of LNG annually to Germany over 15 years, starting in …
Read More »Disagreement over Gas Price Cap Jeopardizes EU Energy Crisis Plan
The European Union’s energy crisis response plan is being challenged by the bloc’s members’ differing opinions on whether a price cap should be implemented on natural gas imports and, if yes, how exactly this implementation should look. While EU officials try to put on a brave face and send positive …
Read More »Germany Warns of Rationing this Winter if Gas Storage Dips below 40%
Germany may have to take drastic measures such as gas rationing if levels of gas in storage drop below 40% by February 1st next year, according to the German Federal Network Agency, which will enact such measures if necessary. Germany’s gas storage sites were 99% full at the start of …
Read More »EU to Resume Talks on Russia’s Oil Price Cap
After failing to reach an agreement on a price cap for Russian gas, the EU is set to resume talks on limiting the price of Russian crude on Friday night. And, just as was the case for natural gas, the bloc has so far failed to agree on how strict …
Read More »Qatar Signs 27-Year Deal with China as LNG Competition Heats up
QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG), the longest such LNG agreement so far as volatile markets drive buyers to seek long-term deals. Following Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast …
Read More »Europe’s Dash for Energy Means Rigging Up LNG Plants at Sea
As Europe scrambles to replace Russian gas with supplies from across the globe, producers are turning to a new technology to drill quickly and cheaply: small floating plants out at sea, often made out of old tankers. While liquefied natural gas is conventionally made at large plants on the coast, …
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