2 Min Read
LONDON/MILAN (Reuters) -BP and Eni said on Wednesday they had entered into talks to merge their oil and gas operations in Angola to form one of Africa’s largest energy companies.
FILE PHOTO: A BP logo is seen at a petrol station in central London July 28, 2009. REUTERS/Stefan Wermuth
The two companies have signed a non-binding memorandum of understanding and are in discussions on a joint venture that will include their liquefied natural gas (LNG) facilities, they said in a statement.
A business plan will be agreed to allow the companies “to capture future opportunities in exploration, development and possibly portfolio growth, both in Angola and regionally.”
3 Min Read
LONDON (Reuters) - A group of mostly Green Party lawmakers from the European Parliament on Wednesday urged the leaders of Germany, France and Italy not to support a Russian Arctic liquefied natural gas (LNG) project due to climate change concerns.
The $21 billion project, led by Russian gas producer Novatek and with international backers including French oil major Total, is expected to launch in 2023 and reach full LNG production capacity of almost 20 million tonnes a year in 2026.
The lawmakers’ call comes a day after the International Energy Agency said to cap global warming in line with the goals of the Paris Agreement on climate change, all investments in new fossil fuel projects must cease.
3 Min Read
BRUSSELS (Reuters) - The European Union’s landmark rules to classify green investments may need to accommodate natural gas, the European Commission said on Monday, as Brussels weighs a politically fraught decision on how to treat the fossil fuel.
FILE PHOTO: Smoke billows from a chimney at a combined-cycle gas turbine power plant in Drogenbos, Belgium April 27, 2021. REUTERS/Yves Herman/File Photo
The Commission last month published its “sustainable finance taxonomy”, a list of economic activities that can be marketed as green investments that is central to the EU plan to steer private capital into activities that will help meet climate targets.
3 Min Read
LONDON, May 14 (Reuters) - Natural gas, long touted as a transition fuel by policymakers and industry, is losing its appeal for some producers in Europe as they try to reach net-zero emissions.
Below are examples of projects that have been dropped, gas asset sales and companies shifting focus.
SOLD AND SCRAPPED
Earlier this year, Drax Group, which aims to become carbon negative by 2030, scrapped plans for a new 3.6 gigawatt (GW) gas-fired power plant in Britain, which would have been the largest in Europe.
“The future of gas power generation fuel is getting shorter all the time,” Drax Group Chief Executive Will Gardiner said at the time.
2 Min Read
RIO DE JANEIRO, May 14 (Reuters) - Asian spot prices for liquefied natural gas (LNG) rose this week on the back of tightened supplies around the world.
The average LNG price for June delivery into Northeast Asia LNG-AS was estimated at about $10.15 per million British thermal units (mmBtu), up $0.50 from the previous week, industry sources said.
The price for July delivery was estimated at about $10.25 per mmBtu, according to traders, almost twice as much February levels ($5.60).
Export issues in Australia, Peru, Indonesia, Malaysia and Nigeria have contributed to a tight global supply at a time when Japan and Korea, among the world’s largest buyers, are keeping LNG demand strong for summer power generation, industry sources said.