intent, Author at GUPC | Page 214 of 747

China Axes Imports of Most U.S. Commodities in Escalating Trade War

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

China slashed its imports of many U.S. energy and agricultural commodities in March amid intensifying trade and tariff tensions with the United States, which are set to further reduce Chinese purchases of American goods this month and in the coming months.
China’s LNG imports from the United States crashed to zero in March as China slapped tariffs on American LNG and other energy products, making these uneconomical for Chinese buyers.
Last year, U.S. LNG represented about 5% of China’s imports of the super-chilled fuel.

ADNOC signs term LNG offtake with two Chinese buyers

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

ADNOC has signed term deals for the supply of LNG with Chinese buyers ENN Natural Gas and state-owned Zenhua Oil, Reuters reported on Saturday.

Privately owned natural gas company ENN Natural Gas agreed to buy about 1 million tonnes per year for a period of 15 years. The deal represents ADNOC’s largest-ever LNG supply contract with a Chinese buyer, according to the report.

TotalEnergies starts production from USA’s Ballymore deepwater field

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

TotalEnergies has commenced production from the Ballymore deepwater field in the US Gulf of Mexico, the company said on Monday.

The company holds a 40% stake in the project alongside Chevron as operator with 60%.

Located 120 kilometres off Louisiana’s coast, the Ballymore field ties back to Chevron’s Blind Faith floating production unit. It has a daily gross production capacity of 75,000 bopd and 50 mcf (1.4 mcm) of gas. The project, launched in May 2022, uses existing infrastructure and standardised equipment to minimise development costs and emissions.

Russia Expects Fewer Exports and Lower Oil Prices This Year

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

Russia downgraded its outlook for exports this year and lowered expectations for the price for its oil, developments that may force the government to dip into its wealth fund to cover wartime spending.

The Economy Ministry forecast a 5.3% decline in exports to 410.6 billion rubles ($5 billion), down from an earlier projection of 445 billion rubles, the Interfax news service reported on Monday. The updated macroeconomic outlook also included a lower price for Urals oil of $56 a barrel, versus $69.70 seen earlier.

Wood lands $11 million TotalEnergies contract to support Ratawi field redevelopment in Iraq

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

Wood has secured two engineering and procurement framework agreements worth $11 million from TotalEnergies EP Ratawi Hub to support redevelopment work at Iraq’s Ratawi oil field.

The contracts are part of the Gas Growth Integrated Project (GGIP), a multi-energy initiative aimed at improving Iraq’s natural gas production and electricity supply. Under the three-year agreements, Wood will help advance the Associated Gas Upstream Project (AGUP), a key component of GGIP that involves debottlenecking and upgrading existing facilities.

MODEC secures ExxonMobil contract for Hammerhead FPSO in Guyana

Oil & Gas‚ Oil and Gas Industry‚ Uncategorized | intent | April 22, 2025 | Comment off

The contract, issued as a Limited Notice to Proceed (LNTP), allows MODEC to begin early-phase work on the FPSO while awaiting regulatory and government approvals. Phase one of the project will involve front-end engineering and design (FEED), followed by engineering, procurement, construction, and installation (EPCI) in phase two—pending final project sanction by ExxonMobil Guyana and its Stabroek Block co-venturers.

The Hammerhead FPSO will have a production capacity of 150,000 barrels of oil per day, along with processing facilities for associated gas and water. It will be moored in approximately 1,025 meters of water using a SOFEC spread mooring system.

The LNTP enables MODEC to begin FPSO design activities to support an early project startup target of 2029, should approvals move forward.

Chevron, TotalEnergies begin oil production at Ballymore project in deepwater Gulf

Oil & Gas‚ Oil and Gas Industry | intent | April 22, 2025 | Comment off

Chevron Corp. has started oil and natural gas production from the Ballymore field, a deepwater subsea tieback in the Gulf of Mexico/Gulf of America.

The project, located about 160 miles southeast of New Orleans in the Mississippi Canyon area, is Chevron’s first development in the Norphlet trend. Ballymore connects three production wells to the existing Blind Faith facility, eliminating the need for a new offshore platform.

Trump’s Tariffs Just Torched His Own Energy Agenda

Oil & Gas‚ Oil and Gas Industry | intent | April 17, 2025 | Comment off

President Trump’s tariff policies – which tanked oil prices and raised the odds of a recession – are undermining America’s petroleum trade surplus. That’s not a desirable outcome for an administration fixated on fixing trade deficits. Petroleum and energy trade, in fact, is one of the few sectors in which the U.S. has a large trade surplus in the dozens of billions of U.S. dollars annually.

Oil Prices Are Recovering, But Can Exporters Outlast the Tariff Circus?

Oil & Gas‚ Oil and Gas Industry | intent | April 17, 2025 | Comment off

Whether China will keep this rate of imports going forward is an open question, with U.S. exports of crude to the world’s top importer clearly set to get decimated if not outright sapped. For oil exporters, however, the more pressing issue is how long the tariff war will continue. Alas, this is also an open question at this part, although there is a chance of good news down the road. Until then, there will be some suffering, especially among the less wealthy oil exporters.

Crude Oil Gains 2% on Hopes of Tariff War Truce

Oil & Gas‚ Oil and Gas Industry | intent | April 17, 2025 | Comment off

Despite bullish inventory and mere hopes that the trade war will not escalate, global economic concerns look set to put significant limitations on how far crude could climb in this climate. The World Trade Organization (WTO) slashed its 2025 global trade growth forecast from +3.0% to -0.2%, citing escalating tariff risks. If the U.S. proceeds with reciprocal tariffs, global trade could shrink by as much as -1.5%, raising fears of reduced energy demand.

Author: intent