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☆ Italy's Eni wins in arbitration case against Uniper -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo Acquire Licensing RightsLONDON/MILAN/FRANKFURT, Nov 27 (Reuters) - Eni has won a $600-million award after an arbitration court decided in the Italian firm's favour and against Germany's Uniper in a row over a liquefied natural gas (LNG) supply contract, three trading sources said. The 2017 annual report by the International Group of LNG Importers (GIIGNL) showed a 15-year contract under which Eni supplied Uniper with 0.65 million tonnes of LNG per annum between 2007 and 2022. Eni was not immediately available for comment. ($1 = 0.9168 euros)Reporting by Marwa Rashad, Francesca Landini and Christoph Steitz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Alessandro Bianchi, Germany's, Uniper, Eni, Marwa Rashad, Francesca Landini, Christoph Steitz, Miranda Murray Organizations: Eni, REUTERS, Sunday, International Chamber of Commerce, E.ON, International Group, Thomson Locations: Rome, Italy, MILAN, FRANKFURT

Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility to use novel technology and cost over $12 billion, according to estimates. That means the 3.6-million-ton-per-year LNG plant could continue to encounter operational issues, the sources said. A Shell executive said on Wednesday that Prelude was currently undergoing a major turnaround that would last around two months. The decision not to go ahead with extended repairs stemmed in part from concerns that Shell (SHEL.L) would miss out on sales of LNG at a time of strong demand, the sources said. Shell said in response that "turnarounds are a regular part of maintaining LNG facilities and are planned well in advance".

Persons: Chris Helgren, Shell, Wael Sawan, Sawan, Cederic Cremers, Ron Bousso, Nick Macfie Organizations: Shell, REUTERS, Companies Shell, LNG, Thomson Locations: Vancouver , British Columbia, Canada, Australia, China, Europe, Ukraine

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14. The Flex Artemis is carrying around 160,000 cubic meters of LNG, according to Olumide Ajayi, senior LNG analyst at Refinitiv. Leo Kabouche, LNG market analyst at consultancy Energy Aspects, said warm weather in Argentina and the start of the Nestor Kirchner pipeline is likely reducing the call on LNG. Argentina turns away Gunvor-chartered LNG tanker, citing sanctions Argentina turns away Gunvor-chartered LNG tankerReporting by Marwa Rashad in London and Julia Payne in Brussels; additional reporting by Ron Bousso in London and Nicolas Misculin in Buenos Aires; Editing by Josie Kao and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Gunvor, counterparty, Olumide Ajayi, Leo Kabouche, Nestor Kirchner, Marwa Rashad, Julia Payne, Ron Bousso, Nicolas Misculin, Josie Kao, Jonathan Oatis Organizations: Energy, Argentina, Thomson Locations: Russia, France, Argentine, Yamal, Ukraine, Geneva, Argentina, Gunvor, London, Brussels, Buenos Aires

A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Shell and BP missed out on billions of dollars in sales that went to Venture Global LNG because they were unable to get their contracted fuel, one of the people familiar with the arbitration filings said. Another Venture Global LNG contract customer, Spanish energy firm Repsol SA (REP.MC), has asked U.S. regulators to release confidential records that would shed light on the plant's startup. Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants. The contracts were tied to Calcasieu Pass LNG, the first of Venture Global LNG's three planned facilities.

Persons: Costas Baltas, Ira Joseph, Marwa Rashad, Curtis Williams, Scott DiSavino, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Top, Shell, BP, U.S, Venture Global LNG, Venture Global, London Court, International, Edison SpA, Repsol SA, Columbia University's Center, Global Energy, Thomson Locations: Bermuda, Revithoussa, Greece, Europe, Calcasieu, London, Houston

SINGAPORE/LONDON, July 7 (Reuters) - Thailand's largest energy company, state-controlled PTT (PTT.BK), is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters. The Gulf energy giant has been in negotiations with several other Asian buyers this year and has so far signed three LNG supply deals with Asian buyers, with more expected later this year. PTT also signed a nine-year deal with Oman LNG at the start of the year, which will see it receive 800,000 tons of LNG per year beginning 2026. Thailand, a net oil and gas importer, needs to increase imports of LNG to offset a steep production fall at its gas fields. So far, the country has imported around 6 million tons of LNG this year versus 8.7 million tons in 2022, according to data firm Kpler.

Persons: Maha El, Mark Potter Organizations: Qatar, Reuters, PTT, LNG, Oman LNG, Thomson Locations: SINGAPORE, LONDON, Qatar, Ukraine, Europe, Russia, Oman, Thailand, Maha El Dahan, Dubai, Chayut, Bangkok

While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.

☆ Global gas markets rebalancing, to remain tight in 2023 - IEA
▼ + stars: | 2023-05-04 | by ( Marwa Rashad | ) www.reuters.com time to read: +2 min

LONDON, May 4 (Reuters) - Global gas markets are gradually rebalancing but are expected to remain tight in 2023 amid lower Russian pipeline gas deliveries to Europe, the International Energy Agency (IEA) said on Thursday. The European and global gas markets suffered a major supply shock in 2022 when Russia reduced its pipeline gas deliveries to the European Union by 80%, triggering a global energy crisis. Mild weather, an increase in liquefied natural gas (LNG) exports and a strong decline in gas demand helped to cushion the shock leaving Europe's storage 60% full. "The improved outlook for gas markets in 2023 is no guarantee against future volatility...global gas supply is set to remain tight in 2023, and the global balance is subject to an unusually wide range of uncertainties," the report said. In Europe, gas consumption fell by a record 16%, or 55 billion cubic meters (bcm), during the 2022/23 heating season.

But at the same time, EU countries have increased their overall purchases of Russian LNG, undermining the bloc's pledge to end its use of Russian fossil fuels by 2027. Russian LNG exports by region Russian LNG exports by regionEU analysis found Russian LNG imports increased to 22 billion cubic metres (bcm) last year, up from 16 bcm in 2021. Belgium and Spain nearly doubled their imports of Russian LNG in the 12 months since Russia invaded Ukraine, analysis by Kpler showed. The Netherlands has eliminated its Russian pipeline gas imports since the war and reduced, but not eliminated, Russian LNG imports. TO BAN OR NOT TO BANHalting Russian LNG imports would be double-edged, analysts say.

[1/2] A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. Northweat Europe LNG imports Northwest Europe LNG importsAnalysts estimate that Europe accounted for more than a third of global spot market trades in 2022, from around 13% in 2021. Such exposure could reach more than 50% this year if no long-term contracts were signed. Morten Frisch, senior partner at Morten Frisch Consulting, said Europe ideally needs about 70-75% of its LNG supply under firm long-term sale and purchase agreements (SPAs). LNG spot market prices LNG spot market pricesBut they are expected to rise again, with a hot summer that could cut hydro levels, a cold 2023-2024 winter and a rebound in Chinese LNG demand all seen as among the risk factors for price.

If sealed, this would be the second such deal between major LNG exporter Qatar and the world's no.2 LNG buyer, as Beijing looks to beef up gas supply and diversify its sources in a drive to replace coal and cut carbon emissions. CNPC's talks follow a deal announced last November by China's Sinopec, in which QatarEnergy agreed to supply 4 million tonnes of LNG annually for 27 years, the longest duration LNG supply contract ever signed by Qatar. "This is a good move for CNPC, securing additional long term supply from a reliable and well positioned partner. Sinopec said in November the gas purchase agreement was part of an "integrated partnership", which indicated the Chinese firm could be considering acquiring a stake in Qatar's North Field expansion export facility. Chinese customs data showed the country's imports of Qatari LNG surged 75% last year from 2021 to 15.7 million tonnes, making up a quarter of the nation's total imports, while China's total LNG imports shrank nearly 20%.

[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ Shell still taking LNG cargoes from Russia under Novatek contract
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 2 (Reuters) - Shell (SHEL.L) is still receiving cargoes of liquefied natural gas (LNG) from Russia under its long-term contract with Novatek (NVTK.MM), a Shell spokesperson said on Thursday. The world's largest LNG trader agreed a more than 20-year deal in 2015 for Novatek to supply around 900,000 tonnes per annum from the Yamal LNG plant in Siberia. Shell said in 2022 it would exit all its Russian operations, including a major LNG plant in the Sakhalin peninsula in the eastern flank of the country after Russia invaded Ukraine. However, Russia supplied Europe with some 17 million tonnes of LNG in 2022, up about 20% from 2021, Refinitiv Eikon data show. Novatek, Russia's largest LNG producer, provided most of the supplies, having shipped 20.8 million tonnes from the Yamal LNG project - including to other customers - and 700,000 tonnes from Kriogaz-Vysotsk on the Baltic Sea, according to Refinitiv Eikon.

LONDON, Jan 19 (Reuters) - European Union energy regulators published their first daily liquefied natural gas (LNG) price assessment on Thursday, a first step in the EU's plan to launch a new European LNG benchmark price by the end of March. WHY DOES THE EU WANT A NEW LNG PRICE? Unlike pipeline gas, LNG is not widely traded on exchanges, so there is less visibility on how much the fuel costs. HOW WILL ACER'S LNG PRICE BE DIFFERENT? ACER can only produce a price assessment if it receives at least five transactions in the assessed five-day period.

A large dent has also come from industrial sectors forced to curb output as high gas prices make production uneconomic with some firms shifting production to regions with cheaper energy. FIGHT FOR SUPPLIESThe obvious way to boost supplies is through liquefied natural gas (LNG). That may not happen next year, meaning Europe would face fierce competition for LNG that would drive up the cost. Record high prices in Europe, however painful, helped the region to secure record volumes of LNG imports this year. Benchmark European gas prices hit a peak in August of more than 300 euros/MWh.

☆ ICE warns EU gas price cap could see prices rise
▼ + stars: | 2022-12-06 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Companies Intercontinental Exchange Inc FollowBRUSSELS, Dec 6 (Reuters) - An exchanges operator has warned the European Union that its proposal to cap gas prices would make it more likely that prices rise to hit the cap, according to a document seen by Reuters. In a memo sent to the Commission, the Intercontinental Exchange (ICE) - which hosts TTF trading - said that proposal could in fact drive prices higher, despite it being designed to cushion EU countries' economies from gas price spikes. The resulting shortage of sellers in the TTF market would drive up prices, it said. "The EU Commission hears the concerns and arguments expressed by the representatives of the European Gas Exchanges. The safeguards include that the Commission could immediately suspend the price cap if it caused negative consequences, including risks to financial stability or gas flows within Europe.

[1/6] QatarEnergy CEO and Qatar's Minister of Energy, Saad al- Kaabi and ConocoPhillips CEO, Ryan Lance attend the signing ceremony of two sales and purchase agreements to export liquefied natural gas (LNG) to Germany, in Doha, Qatar, November 29, 2022. The deal, the first of its kind to Europe from Qatar's North Field expansion project, will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. ICIS head of energy analytics Andreas Schroeder said the starting date of 2026 was late, as Germany needed LNG for 2023 and 2024. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field, which Qatar shares with Iran.

The pre-tax loss of around $900 million in its LNG trading offers rare insight into its trading operations that can also sharply boost the group's earnings. Shell's LNG trading performance contrasts with rivals BP and TotalEnergies (TTEF.PA) which both reported strong earnings from their trading divisions in the quarter, without providing details. The rally in European prices far outpaced Asian prices , leading to a collapse in the spread between the two benchmarks. Gorman added that for the first three quarters of 2022, LNG trading results were higher than the same period a year earlier. Asian prices have been weakened by muted Chinese demand since the start of the year due to covid and slow economic growth.

The spot where a floating storage and regasification unit will be set up is seen in front of the port city of Piombino, Italy, October 20, 2022. Such a big-scale project will help Italy avert a supply crunch it could otherwise face next winter, but keep it hooked on gas for longer, slowing down its transition to renewable energy. A new rightist government, widely expected to be led by Giorgia Meloni, could be sworn in as soon as next week, with no sign that Rome's line on Piombino project - endorsed by Italy's industrial lobby Confindustria - could be changed. With little domestic gas production and a ban on nuclear power generation, Italy heavily relies on imports for its energy needs. Some local and environmental grassroots associations and unions gathered in Piombino on Thursday for a rally against the project.

Amid resistance from France, Spain and Italy had previously broached the idea of building an underwater pipeline between the two countries. Iberdrola, which is building Europe's largest green hydrogen plant in Puertollano in central Spain, declined to comment on the pipeline announcement. Cepsa CEO Maarten Wetselsaar told Reuters the agreement put Spain at the heart of Europe's plan to diversify away from Russian energy. As for natural gas, Spain has six terminals allowing it to bring in liquefied natural gas and convert it into its gaseous form, and three storage facilities, while Portugal has one. The United States and Nigeria are among key suppliers of LNG to Spain, which also receives piped gas from Algeria.

☆ Eastward gas flows via Yamal-Europe pipeline rise; flows via Ukraine steady
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Gazprom PAO FollowLONDON, Oct 19 (Reuters) - Eastbound gas flows via the Yamal-Europe pipeline from Germany to Poland rose on Wednesday while Russian supplies to Europe via Ukraine remained stable. Nominations for Russian gas into Slovakia from Ukraine via the Velke Kapusany border point stood at 36.7 million cubic metres (mcm), almost unchanged from the previous day, Ukrainian transmission system data showed. Gas flows via the Nord Stream 1 pipeline, which crosses the Baltic Sea from Russia to Germany, were flowing at 102 kWh/h on Wednesday between 0700 and 0800 CET. Russia said it was unable to restart the pipeline but since then the pipeline has also been damaged by suspected sabotage. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marwa Rashad; Editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ Octopus Energy creates JV with Italian solar and wind farm developer Nexta
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - Britain's Octopus Energy Group said on Wednesday it was creating a joint venture (JV) with Italian solar and wind farm developer Nexta Capital Partners to produce 1.1 gigawatts (GW) of new onshore wind and solar farms in Italy by 2025. The move will help Italy, which depends on Russia for around 25% of its imported gas, in its plans to expand in renewables energy and reduce such reliance. Octopus Energy said the investment will be through its recently launched 220 million euro arm, Octopus Energy Development Partnership (OEDP), which invests in early stages of green power builds and is managed by Octopus Energy Generation. "This (1.1 GW) could power 1.2 million homes, avoiding a potential 950,000 tonnes of carbon dioxide a year. Octopus Energy Generation manages 3 gigawatts of renewable energy assets across Europe worth 4.4 billion euros ($4.3 billion).

And demand for the greener fuel has dried up, according to Reuters interviews with nine LNG market analysts, industry officials and traders. Several gas drillers, including in the world’s top gas producer the United States, told Reuters they have invested in finding and plugging greenhouse gas emissions associated with production, transport and processing. Since Russia's Feb. 24 invasion of Ukraine, gas prices have soared about 25% in the United States and 32% in Europe . To export gas, the fuel must be supercooled into LNG and then shipped across the sea, a process that produces substantial additional greenhouse gas emissions. Other U.S. LNG suppliers, like Cove Point LNG and Cameron LNG, also told Reuters they are not certifying their cargoes.

☆ Nigeria LNG outage threatens Europe, traders with higher costs
▼ + stars: | 2022-10-18 | by ( Libgeorge Marwa Rashad | Marwa Rashad | ) www.reuters.com time to read: +3 min

LAGOS/LONDON, Oct 18 (Reuters) - European countries and gas traders are reeling from the latest LNG supply shock - a force majeure from Nigeria LNG - that threatens nearly 4% of global supply and further squeezes the continent's resources in absence of Russian pipeline gas. Nigeria LNG declared force majeure this week due to heavy flooding in that it said impacted virtually all of its gas suppliers. NLNG, with 22 million tonnes per year of capacity, said it is working to mitigate the impact, but flood waters are still rising. Unplanned disruptions in the United States, Nigeria and Australia have forced traders to pay millions in inflated costs for alternative supplies. France's Total, the second-largest offtaker, takes around 3 million tonnes per year.

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