The combination of higher U.S. prices, coronavirus demand destruction and record stockpiles in Europe has already prompted buyers to cancel dozens of U.S. LNG export cargoes for delivery this summer.
A mild winter and the coronavirus have stunted global demand.
The midstream sector may prove to be the energy industry’s best story in this black swan event as the global oil and gas business scrambles to respond to 2020’s unexpected shocks.
Goodrich Petroleum President and COO Rob Turnham discusses the strategy behind the Houston-based company’s 100% natural gas-weighted position and how the Haynesville Shale’s location helps make that successful.
The company postponed its FID for the Rovuma LNG project, which had been expected this year, in March as the coronavirus outbreak and an oil price slump forced firms to delay projects and slash spending.
U.S. prices are less favorable than in the past, making it less attractive for overseas buyers. Buyers in Asia and Europe have canceled over 20 U.S. LNG cargoes for both June and July, with more anticipated.
The March market meltdown may have unnerved some oil and gas investors, but plenty of midstream projects either opened or moved forward.
The new API Manual of Petroleum Measurement Standard is focused on helping suppliers, operators and customers of LNG terminals and storage facilities accurately measure the quality of LNG.
John Jacobi, non-executive director at Comstock Resources, says tough times are ahead but the oil and gas industry could benefit from getting a little smaller.