Malaysian national oil company Petronas is selling a 10% stake in its proposed Pacific NorthWest LNG Ltd. (PNW LNG) export facility and the gas reserves underpinning the project to Indian Oil Corp. As part of the deal, Indian Oil will offtake 1.2 million tons of LNG – 10% of production capacity – from the liquefaction… Keep reading →
Baghdad’s promising offer on oil exports and revenues could provide vital breathing room to build a permanent revenue-sharing law, and Washington should encourage the Iraqi Kurds to sign on. On February 16, the Iraqi central government and the Kurdistan Regional Government (KRG) will hold another round of negotiations on oil exports and revenue sharing, the… Keep reading →
China Investment Corp. has been selling shares in energy companies, including AES Corp., a US utility, as it seeks to limit energy market volatility risk. “CIC, which purchased billions of dollars in resources-related holdings between 2009 and the first half of 2012, is closely watched by investors world-wide for signals on where China is steering… Keep reading →
IEA’s latest Monthly Oil Market Report called for Opec to maintain current production levels of around 30 mmb/d amid developed world demand resurgence that has depleted OECD oil inventories by 1.5 mmb/d in the last three months of 2013, the steepest quarterly decline since 1999. “At this time of year, when the global oil market… Keep reading →
Big news from the Commerce Department this week is that U.S. exports rose to a new high in 2013 and imports dropped to their lowest level since 2009 for the smallest U.S. trade deficit since 2009 – thanks largely to reduced oil imports due to growing domestic production and record exports of products made from petroleum. The Wall Street Journal (subscription… Keep reading →
The US State Department released its Final Environmental Impact Statement on the Keystone XL Pipeline project Friday, which received spirited reactions across the energy business and political spectrums. The findings were largely in line with previous Environmental Impact Statements, which concluded Canada’s oil sands resources would likely be developed regardless of the pipeline’s construction.… Keep reading →
Majority government-owned Danish utility Dong Energy recently brought in new investors that included two Danish pension funds and US investment bank Goldman Sachs. The Danish public strongly opposed Goldman’s involvement due to several aspects of the deal’s structure and the degree of control Goldman would receive with its 19% equity stake in the company. This… Keep reading →
The news has been buzzing about heating fuel demand and price spikes due to sustained frigid temperatures across much of the US. Roughly 80% of homes primarily heated with oil are located in the northeast, where the market has flipped into backwardation, meaning spot prices are higher than those for future delivery contracts. “This steep… Keep reading →
Extreme cold in the US is testing power generators and grid operators like PJM who are asking customers to reduce consumption during peak demand periods. At the same time, utilities are being pressured by shareholders to close coal plants, thus increasing natural gas reliance. This piece sums up the situation in the Pittsburgh area. [Pittsburgh… Keep reading →
As Beltway types rush to make their opinions known on Senator Max Baucus’ energy tax revision proposals before a response deadline at the end of this month, financiers are scrambling to get deals together that can support renewable energy projects already underway. Tax policy has been a major component of energy policy in the US… Keep reading →
