Oil and energy companies said that there will be an overage of gas supplies until 2014. There was a decrease in demand for gas due to the financial and economic crisis in 2008 so gas prices have collapsed.
Jean-Jacques Mosconi, head of strategy for Total SA (TOTF.PA) is quoted saying:
“Gas faces a bubble — especially in [...]
BHP Billiton (BHP.AX)(BLT.L), world’s largest mining company, is planning to drill for gas in South Africa’s West Coast. This project will pursue once they get their permits by August 2010.
David van der Spuy, a resource evaluation manager at Petroleum Agency SA is quoted saying:
“BHP Billiton holds the area on sub-lease under the previous legislation and [...]
The federal government’s controversial decision to allow oil and gas drilling off Virginia’s coast is reported to be delayed.
The press release is quoted as saying:
The federal government’s current five-year drilling plan, which was drawn up under the Bush administration, calls for leasing almost 3 million acres in a triangular area located about 50 miles off [...]
On Thursday, the U.S. Federal Energy Regulatory Commission approved the $2.5 billion Jordan Cove liquefied natural gas import terminal and related pipeline project. This project is expected to help meet growing natural gas demand in the Pacific Northwest.
The news release is quoted as saying:
The terminal, to be located on Coos Bay in Oregon, would provide [...]
On Wednesday, gas rose above 80$ per barrel. The dollar continues to weaken against other currencies.
The news article is quoted as saying:
The dollar has fallen steadily for most of this year and hit a 15-month low this week, helping drive commodities higher as investors have sought hard assets to hedge against the depreciating currency.
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On Monday, The Organization of the Petroleum Exporting Countries (OPEC) president Jose Botelho de Vasconcelos said it was still too early for the oil exporters’ group to make a decision on production changes. Global oil market still oversupplied.
The news article is quoted as saying:
The Organization of the Petroleum Exporting Countries will meet in Luanda, Angola, [...]
The slip-sliding natural gas market plumbed new seven-year depths Tuesday, and industry watchers warned that overflowing storage facilities and tepid demand could push prices still lower.
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A 50 billion Australian dollar $41 billion deal for China to purchase Australian natural gas shows current diplomatic tensions between the two countries will not trump their commercial interests.
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Canada’s energy players don’t quite seem to get it. At least, not yet. There is much hand-wringing going on about the depressed state of natural gas prices but nothing is being done.
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The government on Saturday declared the ongoing corporate dispute between the Ambani brothers over Andhra offshore gas will not impact India’s acreage auctions, even as the petroleum ministry kicked off the series of roadshows to hawk 70 concessions with the aim of attracting $3 billion investments for exploration. Simultaneously, the government is also offering 10 [...]
Wednesday, May 26, 2010