Super typhoon Mangkhut has battered the Philippine island Luzon late Friday, leaving a 40 people dead and a quarter of a million affected with seven province reportedly flooded and without electricity supply. Now, the storm moved on to hit Hong Kong and mainland China, with more than five million people estimated to be at risk.
Imminent landfall of Hurricane Florence has left nearly 300,000 Americans without electricity as the outer bands of the hurricane hit the coast of North Carolina with wind speeds of up to 90mph (150 km/h). Though the storm is now comparatively slow-moving, it brings with it a lot of destructive rainfall and is forecast to make landfall just before 9 am local time today.
Construction of a third train at Gazprom’s Sakhalin II project has long been in the making, and Gazprom this week held talks with all project stakeholders except Shell at the 4th Eastern Economic Forum in Vladivostok. Mitsui and Mitsubishi, both partners in the venture, buy Russian LNG for the Japanese power market and for trading purposes.
Texas-based Exelerate Energy has signed a Memorandum of Understanding (MoU) with Argentina’s Transportadora de Gas del Sur (TDS) to evaluate the construction of the country’s first liquefaction plant at Bahia Blanca. The idea is to export part of the flourishing production from Vaca Muerta, one of the world’s largest shale gas plays.
Utilities in South Carolina are preparing for widespread power outages as Hurricane Florence has been classified as “extremely dangerous” as it gathers pace at windspeeds of over 140 miles per hour (mph). The U.S. National Hurricane Centre predicts it could strengthen to “near Category-5 intensity” before making landfall between northern South Carolina and North Carolina’s Outer Banks on Thursday.
Qatargas, the world’s largest LNG producer, has entered a 22-year sales and purchase agreement with PetroChina to deliver around 3.4 mtpa of LNG its regasification terminals at Dalian, Jiangsu, Tangshan and Shenzhen. In August, China brought two new regas terminals in service that brought the overall number to 19 – in line with the government’s policy to replace coal with natural gas in the power sector.
Decarbonisation of the power sector is seen as the most crucial factor in sustaining the current competitive edge advantage for mid-size electric vehicle (EV) over cars with a combustion engine. ” As gasoline-fuelled vehicles become more efficient, the power mix must comprise more renewables for electric vehicles to remain competitive,” says Wood Mackenzie research director, Prakash Sharma.
DNV GL’s 2018 Energy Transition Outlook predicts an investment boom in natural gas with global Capex in gas upstream projects set to grow from $960 billion in 2015 to a peak of $1.13 trillion in 2025. This spending spree will herald a shift in the global energy mix, allowing gas to overtake oil as the world’s primary energy source in 2026 and account for a quarter of the world’s energy by 2050.
Higher relative cost to produce natural gas from the Haynesville region has led to a gradual decrease in shale gas production over the past five years. The Haynesville formation lies at a greater depth than Marcellus, so drilling costs are significantly more expensive. This caused a sharp drop in monthly dry gas production from a peak at 7.4 billion cubic feet per day (Bcf/d) in January 2012 to less than half that level by early 2016, according to EIA figures. Output rebounded since then to 6.4 Bcf/d in June 2018.
Venture capitalist are pouring money into the development of novel technologies that are hoped to disrupt existing markets and deliver huge returns, ideally within a 5-year time horizon. Investment is flourishing, with more money spent on energy technologies start-ups in 2018 than in the first two quarters of any previous year, the International Energy Agency (IEA) says with reference to data from the market intelligence agency i3.
China National Petroleum (CNPC) has committed to help raise funding funds for $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project designated to transport up to 3,500 million standard cubic feet per day (Mmscf/d) of wet gas from several gas gathering projects in southern Nigeria to centers of demand in the country’s North.
General Electric is losing share in a “rapidly concentrated market”, the Swiss bank UBS said in a note, reducing GE’s price target to $13 a share as this year’s sharp drop in sales puts future earnings at risk. GE already made hefty cost cuts at its power unit, but sluggish demand and tough competition may require even more cuts UBS says, warning this could be “forcing GE in a vicious cycle.”