02/19 Weekly oil & gas update

Eni reports profit in quarterly results

Eni recorded an adjusted profit of €0.98 billion (USD1.22 billion) in Q4 2017, beating analyst estimates. The company has also reached record hydrocarbon production of 1.92 MMboe/d in December, with further increases expected next year

Cheniere signs long-term deal to supply LNG to China

In the first-ever long-term supply deal for US LNG to China, Cheniere Energy announced that it will export 1.2 MTPA of liquefied natural gas to energy giant China National Petroleum Corporation. Part of the delivery will begin this year, with the remainder from 2023 to 2043

TransCanada announces USD1.9-billion NGTL expansion project

TransCanada plans to go ahead with its USD1.9-billion expansion of the Nova Gas Transmission Ltd. (NGTL) natural gas system. The expansion will include 233 miles of large-diameter pipeline with compressor stations and other associated facilities, in order to boost market access of Western Canada Sedimentary Basin supply by 1 Bcf/d

Novatek plans LNG transshipment hub

Russia’s Novatek plans to invest up to USD1.5 billion on an LNG transshipment hub on Kamchatka Peninsula in the Russian Far East. The facility is scheduled for completion in 2022-2023. It will handle 27.5 bcm of LNG per year

West African LNG project reaches a breakthrough

Senegal and Mauritania have signed an agreement to cooperate and evenly split production from the 700 bcm cross-border, offshore gas field. The Greater Tortue Complex field is being jointly developed by BP and Kosmos, which aim for FID by the end of 2018 and first gas in 2021

Fieldwood Energy announces major acquisition, files for bankruptcy

Houston-based Fieldwood Energy has announced that it is acquiring all of Noble Energy’s Gulf of Mexico assets for USD700 million. On that same day, Fieldwood also announced that it is filing for bankruptcy in an attempt to cut its debt in half and yield an influx of capital from private equity investors

Halliburton warns investors of lower EPS due to sand delays

Halliburton’s CFO announced that first quarter earnings per share (EPS) will be 10 cents lower due to delays in sand deliveries. The delays were caused by severe weather in the Midwest, forcing rail companies to run shorter trains hence reducing delivery capacity

US’ LOOP terminal runs test for crude exports

Louisiana Offshore Oil Port (LOOP), the biggest privately owned crude terminal in the Unites States, has started to test loading and unloading of a very large crude carrier (VLCC). The test will bring LOOP, historically an imports-only facility, closer to being able to export crude

Poland’s PKN will install visbreaking unit at Plock refinery

Poland’s biggest refiner, PKN Orlen, has announced that is investing USD176 million to build a clean fuels upgrading unit at its 330 Kb/d refinery in Plock. The visbreaker unit will help to produce more valuable, clean products such as distillates instead of sulfur-rich fuel oil

Europe adds record 15.7 GW of new wind energy capacity in 2017

In 2017, new wind farm installations were up 20% on 2016 and beat the previous 2015 record. Onshore capacity grew by 12.5 GW and offshore by 3.1 GW. Wind energy in Europe now has a total installed capacity of 169 GW: 153 GW onshore and 16 GW offshore

innogy enters Australian renewables market with 460-MW PV deal

German energy company innogy is set to acquire two solar plants totaling 460 MW in New South Wales, Australia, from Overland Sun Farming Company. Total investment in the projects, including the acquisition rights, is expected to be more than EUR400 million

Average weekly oil & gas prices


Brent (USD/bbl): 63.77 (-1.22)
WTI (USD/bbl): 60.42 (-1.52)
Henry Hub (USD/mmbtu): 2.57 (-0.12)
TTF (USD/mmbtu): 6.55 (0.07)



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Proppant demand outlook for the Bakken and Permian

North American proppant demand is up from 45 million tons in 2016 to 110 million tons in 2018. This will be beneficial for suppliers and drive low-cost sand flooding into the Permian.

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