Most traders are anticipating a cyclical acceleration in oil and energy consumption this year as the manufacturing and freight sectors put last year’s slowdown behind them.
The challenge confronting the industry involves ensuring there is sufficient demand for the gas that the industry produces.
European governments and Israel last year agreed to proceed with the so-called EastMed project, a $6 billion to $7 billion pipeline project to carry gas from Israeli and Cypriot waters into Europe.
Williams’ Gateway Expansion Project is an expansion of the existing Transco pipeline system to meet growing demand for natural gas in the Northeastern U.S. region.
The deal, which came just 24 hours before the current agreement expires, averted a potential Russian gas-flow interruption to Europe and helped Moscow avoid another blow to its reputation.
Over the past couple of months, Singaporean gas importer Pavilion Energy canceled the loading of a U.S. LNG cargo and some Chinese companies were offering to resell cargoes.
President Donald Trump signed a bill late this month imposing sanctions on the Nord Stream 2 gas pipeline project led by Russia's state-controlled gas company.
With their business outlook worsening, about half of oil field service firms plan to cut spending in 2020, the Federal Reserve Bank of Dallas said on Dec. 27 in its quarterly energy survey.
Companies developing the huge natural gas field Leviathan will begin production on Dec. 31 after receiving approval from Israel's Environmental Protection Ministry, one of the project's partners said on Dec. 27.
Egypt will begin importing natural gas from Israel by mid-January, a senior industry source said on Dec. 22.