British Gas owner Centrica has signed a £6.2bn ($8bn) mega deal with US fossil fuel producer Delta Midstream, in a welcome boost for the UK’s power supplies.
Concerned about energy security, Europe and China are in an intensifying competition to sign long-term supply deals with U.S. LNG developers and exporters.
Long-term contracts for LNG supply are back after a year of record-high prices and energy crises.
Italy’s Environment and Energy Minister Gilberto Pichetto Fratin said on Wednesday that deliveries by ship of liquefied natural gas (LNG) were a reliable source of energy that could cover 50% of the country’s gas needs.
China National Petroleum Corporation (CNPC) and QatarEnergy are expected to sign a 27-year agreement, which will allow China to purchase 4 million metric tons of liquefied natural gas (LNG) a year, Reuters reported on Tuesday.
Europe’s benchmark natural gas prices and supply and demand fundamentals have been reflected in the global and Asian prices of LNG in recent weeks, Rystad Energy said in a note on Wednesday.
LNG exports out of the United States fell in May to 7.66 million tonnes, according to shipping data cited by Reuters. That’s a 0.35 million tonne dropoff from the previous month.
Europe’s mad dash to build LNG import terminals could result in an excess number of regasification projects by the end of the decade if the EU manages to continue reducing natural gas consumption and accelerates the rollout of wind and solar power capacity.
Major Indian natural gas importers are discussing long-term supply deals with the biggest LNG exporting countries to lock in future supply and avoid volatility and uncertainty in case of spot price spikes, traders and executives tell Bloomberg.
Papua New Guinea’s Kumul Petroleum still has its sights on acquiring further equity in the ExxonMobil-operated PNG LNG project from largest shareholder Santos, again extending the deadline to complete the $1.4 billion deal as it has yet to secure the necessary financing.