All eyes will be on Vladimir Putin's movements as the Gas Exporting Countries Forum convenes the 4th High Level Ad-Hoc Working Group meeting at the GECF Secretariat.
Industry
All is Quiet Except on the Western (Australian) Front
Strikes are the only thing keeping shoulder season prices buoyant. Volatility has returned to gas markets as workers at Chevron’s Wheatstone platform and LNG facility, as well as the Gorgon LNG facility, went on strike on 8 September after the five-day negotiations with the US supermajor failed.
In a gas and LNG market update, Rystad Energy’s vice president Kaushal Ramesh noted that the front-month Title Transfer Facility (TTF) had opened at over $12 per million British thermal units (MMBtu) on 8 September - 25% lower than the recent high on 22 August when concerns over the impact of the strike were only pervasive.
Report Finds Growing Role for Natural Gas in Fuelling WA Economy
An independent report into Western Australia’s gas market has highlighted the growing importance of natural gas in WA’s energy mix and the need for investment in new supply.
Gas Investment Critical as AEMO Warns Blackouts Looming
The urgent need for new gas supply has been laid bare in an independent report warning of a “material risk” to Australia’s power supplies because of future gas shortfalls and a lack of investment in gas generation.
US Shale Reinvestment Rates Hit three-year High Amid Inflation and Muted Oil Prices
The reinvestment rate of US shale oil producers hit its highest level in three years in the second quarter of 2023, but the recent trajectory will not last, according to Rystad Energy research.
New Report Accelerates Australia’s Hydrogen Powered Transport Future
A new report by CSIRO, Australia’s national science agency, and GHD Advisory calls for Australia to focus on hydrogen-powered transport – alongside electric vehicles – or risk being left behind our international counterparts.
North America to Dominate Global LNG Additions Through 2027, says GlobalData
North America will continue to dominate global LNG growth, contributing about 60% of total capacity additions between 2023 and 2027, according to data and analytics company GlobalData.
GlobalData’s latest report, ‘LNG Liquefaction Terminals Capacity and Capital Expenditure (CapEx) Forecast by Region, Key Countries, Companies and Projects (New Build, Expansion, Planned and Announced), 2023-2027’, reveals that North America is expected to witness the highest capacity additions globally, by gaining a total capacity of 284.1 mtpa (million tonnes per annum) from new build and expansion projects during the outlook period.
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “The US will primarily drive the LNG liquefaction additions in North America through 2027, accounting for nearly 76% of the region’s total capacity additions by 2027. S
TTF rises 30% on LNG Strike Risks in Australia
The TTF gas price has risen 30% on Australian LNG strike risks.
Victorian Home Gas Ban “Ignores Importance of Gas in Net Zero Energy Mix” – APPEA
The Victorian Government’s gas ban for new homes ignores the fundamentals of the energy system transformation to net zero including the importance of gas as a partner to renewables in reliable electricity generation.
Conventional Oil and Gas Exploration Grows, but Discoveries Remain Elusive says Rystad Energy
Spending on conventional oil and gas exploration is rebounding and expected to top $50 billion this year, the highest since 2019, but operators are still waiting for the results they had hoped for.