Markets , Trade , International

G7 to Hike Sanctions on Russia Including Oil Price Cap Deal

The announcements came as the White House said Russia had defaulted on its foreign sovereign bonds for the first time in a century—an assertion Moscow rejected.

June 27, 2022

Liquefied Natural Gas (LNG) , International , Midstream

Germany Considering Repurposing Unused Nord Stream 2 Pipeline for LNG Use: Report

The German economy ministry is considering expropriating the German portion of the Nord Stream 2 pipeline system, built by Russian gas giant Gazprom, and cutting it off from the rest of the pipeline.

June 24, 2022

Exploration & Production , Markets , International

Ecuador’s Oil Production Dinged by Social Unrest

To date, the direct economic damage to Ecuador is estimated at around $45 million considering a WTI price of $100/bbl, according to state-owned Petroecuador, the country’s main oil and gas producer.

June 24, 2022

Public Capital , Exploration & Production , International

BP Pays Britain $127 Million in Taxes for North Sea Production

The payments only relate to BP’s upstream operations in the country and do not include other corporate taxes such as its retail business.

June 24, 2022

Exploration & Production , Natural Gas , International

E.ON CEO Says Germany Should Boost Domestic Gas Production Including Fracking

“We have to ask ourselves the question: Can we develop additional fields in Germany?” E.ON CEO Leonhard Birnbaum said, adding that maximizing domestic gas production could be part of the solution and more environmentally friendly than other alternatives.

June 24, 2022

Business , International , Energy Transition

Hydrogen Energy Outlook: Bridging the Gap from 5% to 15%

DNV CEO Remi Eriksen warned consumers that hydrogen usage globally needs to triple by 2050 to be in compliance with the Paris Agreement. “Hydrogen seems to be everywhere and nowhere,” he said during a recent webinar.

June 24, 2022

Exploration & Production , International

Philippines Abandons Joint Energy Exploration Talks with China

“The president had spoken ... oil and gas discussions are terminated completely. Nothing is pending; everything is over,” the Philippines’ outgoing foreign minister said of talks over joint energy exploration between his country and China.

June 23, 2022

Field Development , International , Emissions

Environmental Group Seeks to Halt Woodside’s $5.7 Billion Gas Project

The Australian Conservation Foundation commenced proceedings in the Federal Court of Australia against Woodside Energy’s Scarborough gas project due to its projected impact on the Great Barrier Reef.

June 23, 2022

Natural Gas , Trade , International

Germany Triggers Gas Alarm Stage, Accuses Russia of ‘Economic Attack’

“If this minus becomes so big that the companies can’t bear it anymore and they fall down, the whole market threatens to fall down at some point—so a Lehman Brothers effect in the energy system,” German Economy Minister Robert Habeck warned.

June 23, 2022

International , Pipelines

Canada-owned Trans Mountain Oil Pipeline Not Profitable: Budget Officer

Canada's parliamentary budget officer recently reported that the government-owned Trans Mountain pipeline has a net present value of negative C$600 million, making it no longer profitable.

June 23, 2022