“The DOE erred in concluding that a ship-to-ship transfer of LNG from a bunkering vessel to another ship, regardless of where the transfer occurs, includes elements of both shipment from the United States and ‘subsequent entry into commerce at the destination, where the destination is a foreign country’”, JAX argued in the request, according to a recent DOE order granting rehearing.
“SLB’s acquisition of ChampionX comes at an important time in the industry”, SLB said in the deal announcement April 2, 2024. “The production phase of oil and gas operations typically comprises the majority of an asset’s life cycle from completion through decommissioning. This places a premium on service providers’ ability to help customers address challenges across the entirety of their production system.
The energy transition, hailed as both inevitable and profitable, has run into trouble over the past three years for reasons ranging from the energy crunch that began in Europe in the autumn of 2021 to higher interest rates following the fallout of the pandemic lockdowns, and supply chain snags resulting from ambitious generation capacity targets adopted by various pro-transition governments.
Energy trading major Vitol became the latest to point to petrochemicals as the main source of oil demand in its first long-term oil demand outlook. The company’s analysts expect petrochemicals demand to add some 6 million barrels daily by 2040 when it would come to account for 20% of all crude oil consumed globally. Meanwhile, gasoline demand is seen declining by 4.5 million barrels daily over the next 15 years. Liquefied petroleum gas demand was also set for growth over the next decade and a half, Vitol said.
OPEC+ has finally decided to go through with its long-delayed oil production increase, adding about 138,000 barrels per day to its production plans beginning in April, according to Reuters calculations. It’s the first output hike for OPEC since 2022, marking a cautious step toward unwinding the 2.2 million bpd in cuts the cartel has been clinging to like a security blanket.
India’s electricity demand will grow at an average 6.3% annually over the next three years, above the 2015-2024 average growth rate of 5% due to a surge in cooling demand, the International Energy Agency has predicted. According to the IEA, India will account for 10% of the total increase in global electricity demand by 2027.
“Reaching first LNG at Plaquemines at this pace will enable the United States to remain the top exporter of LNG in the world. Between current and planned facilities, Venture Global is prepared to invest $50 billion in energy projects based in the United States which will create jobs, support local economies, strengthen the balance of trade and unleash much-needed US LNG supply to our allies,” remarked Venture Global CEO and Co-Founder, Mike Sabel.
Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd.
The strongest solar power generation in Germany since September sent intraday power prices in Germany, Belgium, and the Netherlands to below zero for the early Monday afternoon, in yet another spate of negative prices that undermine investment in renewable energy capacity.
China has substantial shale resources, especially in natural gas, but extracting them is a challenge, unlike in the United States, due to the complex geology of the local shale formations.