Reuters reported that offshore natural gas could lead to a significant economic turnaround for Greece if a study indicating that the country's reserves are worth $600 billion is confirmed. The downside is that it will take years to explore and develop the sector.
Reuters reported that seismic surveys of the water off the southern coast of Lebanon indicate that the area contains 12 trillion cubic feet of natural gas. The country's government appears confident that exploration plans will move forward smoothly, but noted that the fact that the reserves are underwater will make extraction difficult.
China National Offshore Oil Corp, parent of CNOOC Ltd, will purchase 3.6 million tonnes of liquefied natural gas per year from BG Group Ltd’s proposed Australian plant from as early as 2014. For full story, click here
Consultancy RPS falls on the belief that planners will go ahead with gas storage developments before a new system takes in. The firm has submitted an application for a £300 million expansion of its offshore natural gas storage facility in the Irish Sea on behalf of Centrica. RPS director Geoff Bullock said: While clear national [...]
As per a new study, Oil and natural gas development in newly opened offshore areas will result in $1.7 trillion in federal tax revenue and around $600 million in state and local taxes throughout the life span of the new fields. For full story, click here
The federal government said that it is going forward with a process to begin allowing oil and gas exploration off the Virginia coast. For full story, click here
Norwegian oil company StatoilHydro ASA announced that it has found natural gas near its Snoehvit offshore field in the Barents Sea. Geir Richardsen, head of exploration activities in the far north for StatoilHydro, said: It is, of course, promising that we once more have proven gas in the Barents Sea. We need time to make an evaluation [...]
By Duncan Sutherland – Exclusive to Gas Investing News Market News: The American Energy Information Administration (the U.S. Government’s register of official energy statistic) is still forecasting an increase in home heating costs over the winter. The EIA did note that its figures were subject to change as new information about the extent of the [...]
By Duncan Sutherland – Exclusive to Gas Investing News Bloomberg reported that NYMEX natural gas futures have lowered to their lowest in six months. The huge decline in the past month is comprised of multiple factors. First, the increased output and stockpiles have reassured traders of supply security. Second, the commodity drawdown has lured hedging [...]
India’s Oil & Natural Gas Corp. (ONGC) plans to establish an integrated offshore supply base and onshore terminal on India’s east coast to speed up production from the Krishna-Godavari (KG) basin. For full story, click here
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