2016 3Q (1)


Photo courtesy of S-Oil

General Atomics’ electrostatic separators selected for S-Oil’s Onsan refinery (22 August 2016): General Atomics Electromagnetic Systems (GA-EMS) received an order for a 16-module electrostatic separator system for installation at the new residue upgrading complex (RUC) project at S-Oil Corporation’s Onsan refinery in the Republic of Korea.

Offshore Windfarm

World’s largest windfarm receives planning go-ahead (16 August 2016): The world’s largest offshore windfarm, Hornsea Project Two has received development consent from Business and Energy Secretary Greg Clark. When complete, the windfarm will deliver up to 1,800 megawatts of low carbon electricity to around 1.8 million UK homes.

US EPA has not completed required review of biofuel mandate (19 August 2016): The US Environmental Protection Agency (EPA) has not complied with federal requirements to study the effects of the nation's biofuel use mandate, an agency watchdog said Thursday.

Eia Lng Graphic 8-19-2016

EIA: Asian LNG imports increase in 2016, led by India and China (19 August 2016): According to the EIA, Asian countries may see increasing volumes of spot shipments from the US, as more US liquefaction capacity comes online in the next three years, and transit through the expanded Panama Canal reduces shipping costs and travel time between Atlantic and Pacific basins.

MARKET WATCH: Brent crude stays above $50/bbl on production freeze talk (19 August 2016): Brent crude oil prices for October delivery rose by more than $1 on the London market Aug. 18 to close at nearly $51/bbl while light, sweet crude oil prices on the New York market rose by more than $1.40 to settle above $48/bbl.

Russia's Yamal LNG gets $880 M from Chinese loans (17 August 2016): The Novatek-led Yamal LNG project in Russia received financing in July worth about $880 M from China Development Bank and Export-Import Bank of China, according to Yamal's accounting report published Tuesday.

Eia Us Primary Energy Fuel

EIA: Energy-related CO2 emissions from natural gas surpass coal as fuel use patterns change (17 August 2016): According to the US Energy Information Administration (EIA), energy-associated CO2 emissions from natural gas are expected to surpass those from coal for the first time since 1972. Even though natural gas is less carbon-intensive than coal, increases in natural gas consumption and decreases in coal consumption in the past decade have resulted in natural gas-related CO2 emissions surpassing those from coal. The EIA's latest Short-Term Energy Outlook projects energy-related CO2 emissions from natural gas to be 10% greater than those from coal in 2016.

PDVSA sees future in consolidation with China (16 August 2016): People’s Minister of Petroleum and President of Petroleos de Venezuela SA (PDVSA), Eulogio Del Pino, spoke about the future of Venezuela’s oil and gas industry on a recent visit to a desalination plant, which is part of the Chinese-Venezuelan JV Sinovensa. Del Pino said he sees more cooperation with China as a means to grow the oil and gas industries in both countries. Speaking of the reserves in the Orinoco oil belt, Del Pino said, “In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”

Kogas Incheon LNG Receiving Terminal -resized
Photo courtesy of KOGAS

KOGAS may build LNG import terminal for Mexico's Yucatan (15 August 2016, Reuters): Korea Gas Corp. signed a memorandum of understanding with the Mexican state government of Yucatan to build an LNG import terminal and gas pipelines. KOGAS said in a statement it will construct the terminal and pipelines to supply natural gas to the southern part of Mexico.

MARKET WATCH: NYMEX, Brent oil prices ended week with rally (15 August 2016): The light, sweet crude oil price for September delivery climbed $1/bbl on the New York market Aug. 12 during the second day of an oil-price rally triggered by comments from Saudi Energy Minister Kahlid al-Falih that the kingdom might be willing to discuss production limits.

Dnv Gl Flps Concept Model
A 3D model of the concept. Graphic courtesy of DNV GL.

DNV GL grants approval in principle for new IHI floating power generation concept (15 August 2016): The concept behind the floating LNG power station (FLPS) is a combination of a floating storage and regasification unit (FSRU) and a power plant. It is expected to be installed in locations where alternative onshore infrastructure is not feasible or commercially viable, while energy demand is rapidly increasing.

Egypt is ignoring the elephant in the room (15 August 2016): IMF loan will be of little value if the government does not address issues surrounding the ease of doing business. Egypt’s President Abdul Fattah al-Sisi has said he is not afraid of applying tough economic reforms during a speech days after a $12bn loan from the Washington-based IMF was agreed.

Malaysia's Petronas says to conduct review on Canada LNG project (12 August): Malaysia's state-owned oil and gas firm Petronas said it would conduct a total review of its proposed LNG project in Canada before committing to a final investment decision (FID). "Upon the finalization of the report, we need to conduct a total review of the proposed project prior to tabling it to the project's partners for FID," Petronas said in a statement received on Tuesday, referring to an environmental report on the LNG project by the Canadian Environmental Assessment Agency (CEAA).

MARKET WATCH: NYMEX, Brent oil prices rebound on Saudi comments (12 August 2016): The light, sweet crude oil price for September delivery jumped by nearly $1.80/bbl on the New York market Aug. 11 while the Brent contract for October gained nearly $2/bbl on the London market after a Saudi Arabian official suggested the Saudis would work with other producers to stabilize prices.


Photo courtesy of Motiva Enterprises

Motiva Convent refinery catches fire, HCU heavily damaged, no injuries reported (12 August 2016): A blaze broke out Thursday at Motiva Enterprises 235 Mbpd Convent, Louisiana refinery, heavily damaging the structure of the heavy oil hydrocracker before being extinguished in the afternoon, sources familiar with plant operations said. Motiva confirmed that the fire was extinguished and said there were no injuries.

Japan's Jera plans 42% cut in long-term LNG contracts by 2030 (12 August 2016): Japan's Jera Co., the world's biggest importer of LNG, is planning to cut the amount of gas it buys under long-term contracts 42% by 2030 from current levels, the company's president told Reuters.

Oil & Gas UK Publication Promotes Industry Good Practice for Reviewing Maintenance Regimes (11 August 2016): A new publication launched by Oil & Gas UK today (11 August), “Maintenance Optimisation Reviews: Sharing Experience and Learning” will contribute to industry efforts to promote improvements in major accident hazard management and operational efficiency on offshore oil and gas installations.

Nigeria Lng Bonny Island Plant
Photo courtesy of Nigeria LNG

Shell unit declares force majeure on gas supplies to Nigeria LNG (10 August 2016): Shell Petroleum Development Co. has declared force majeure on gas supplies to the Nigeria Liquefied Natural Gas (NLNG) export facility on Bonny Island, a spokesman said. "The Shell Petroleum Development Co. of Nigeria, Ltd. (SPDC) declared force majeure on gas supply to NLNG on 8 August, 2016, following a leak on the Eastern Gas Gathering System (EGGS-1) pipeline through which it supplies the bulk of its gas to NLNG," a spokesman said in an emailed statement.

Business Trends (August 2016: Nichols, L., Hydrocarbon Processing): The state of the global downstream construction sector

Capital-intensive investments are being made in every sector of the hydrocarbon processing industry, in every region. The following is an update on the global downstream investment and construction sector. This overview provides a detailed trends analysis on new and active downstream construction projects around the world. This information will help shed some light on the state of the downstream construction sector, as well as provide a detailed overview on each region’s project outlook.

MARKET WATCH: NYMEX, Brent crude prices drop slightly (8 August 2016): The light, sweet crude oil price for September delivery fell slightly on both the New York and London markets on Aug. 5 amid reports that some members of the Organization of Petroleum Exporting Countries want to revisit the idea of setting new production limits with non-OPEC members.

Siemens wraps power-supply project at Kuwaiti refineries (5 August 2016): Siemens AG has completed upgrades to high-voltage substations at Kuwait National Petroleum Co.’s Mina Abdullah and Mina Al Ahmadi refineries in southern Kuwait as part of a greenfield development to increase power stability and expand crude processing capacities at the refineries under KNPC’s Clean Fuels Project (CFP). As part of a $225.5-million contract, Siemens delivered and installed its proprietary 132 kv AHRF C substation at Mina Al Ahmadi and a 300/132 kv MARF W substation at Mina Abdullah, as well as provided 250 km of cabling for the project, the service provider said.

MARKET WATCH: NYMEX, Brent crude prices rally on US gasoline supply draw (4 August 2016): The light, sweet crude oil price for September rallied by more than $1/bbl on the New York market Aug. 3 after the US Energy Information Administration reported a larger-than-expected drop in US gasoline supplies. EIA estimated total motor gasoline inventories decreased 3.3 million bbl for the week ended July 29. The agency said gasoline inventories remained well above the upper limit of the average range for this time of year. 

GTL '16: Execs discuss small-scale GTL future, new technology applications (3 August 2016): Gulf Publishing Company's fourth annual GTL Technology Forum took place from August 2–3 in Houston, Texas. The Forum's discussions revolved around technology developments and market insights for the GTL sector and related gas industry spaces, such as methanol, LNG and MTG.

Oil edges up after slide, but glut still weighs (3 August 2016): Oil edged towards $42 a barrel Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in US inventories and a weaker dollar. But prices could struggle to make much headway, analysts said, as sentiment remains bearish. A supply glut that has weighed on prices could increase if oil exports restart from ports in Libya that have been closed since 2014.


Photo courtesy of Chevron Phillips Chemical

Chevron Phillips Chemical completes next-gen polyethylene pilot plant (3 August 2016): Chevron Phillips Chemical completed construction of its leading-edge polyethylene pilot plant at its research and technology facility in Bartlesville, Oklahoma. The pilot plant enables polyethylene research, such as new catalyst and polymer development, to take place on a pilot scale prior to implementation in full-scale operations, including the company’s $6 B investment along the Texas Gulf Coast expected to start up next year.

MARKET WATCH: NYMEX crude briefly dips below $40/bbl (2 August 2016): The light, sweet crude oil price for September dropped more than $1.50/bbl on the New York market Aug. 1 to settle at $40.06/bbl after having dipped to a trading day low of less than $40/bbl for the first time since April. The Brent crude oil contract for October also dropped by more than $1 to settle at $42.12/bbl after touching a low for the day of $41.87/bbl.

Sinopec to sell stake in gas pipeline business under reform push (2 August 2016): China's Sinopec Corp. said Tuesday it would sell half of its premium natural gas pipeline business to investors, a move spurred by Beijing's reform push to boost efficiency and increase infrastructure investment in cleaner fuel.

New Project
Data provided by Construction Boxscore

New Project Announcements: Hydrocarbon Processing - Refining, Petrochemical, Gas Processing and LNG Magazine, Data and Information

(1 August 2016): This graph represents new project announcements, globally, on a monthly basis. For more detailed information on global downstream projects, click here.

Russia in talks with Turkey on two lines of TurkStream gas pipeline (29 July 2016): Russia in talks with Turkey on two lines of TurkStream gas pipeline Moscow and Ankara have been discussing the construction of two lines of the TurkStream natural gas pipeline from Russia to Turkey, Russian Energy Minister Alexander Novak said in a TV interview aired on Friday. The capacity of one line is around 15.75 Bcmy.

USA LNG

Where will all the LNG go? (29 July 2016): The global LNG market has been turned upside down. In less than two years, the LNG marketplace has switched from a seller's market to a buyer's market. LNG buyers have gained more leverage due to a glut of liquefaction capacity and stagnant demand; spot and short-term purchases are gaining market share against long-term contracts; and LNG buyers are demanding better pricing and flexibility clauses within their supply contracts.

• Sabine Pass LNG, Louisiana—four trains, 18 MMtpy of capacity
• Cameron LNG, Louisiana—three trains, 12 MMtpy of capacity
• Freeport LNG, Texas—two trains, 9 MMtpy of capacity
• Cove Point LNG, Maryland—one train, 5.75 MMtpy of capacity

By: Lee Nichols, Editor/Associate Publisher, Hydrocarbon Processing

 

LyondellBasell approves HDPE plant at US Gulf Coast (29 July 2016) LyondellBasell has reached final investment decision to build a grassroots high-density polyethylene (HDPE) plant at the US Gulf Coast.

MARKET WATCH: NYMEX crude drops to nearly $41/bbl (29 July 2016) MARKET WATCH: The light, sweet crude oil price for September continued dropping on the New York market July 28 to settle at $41.14/bbl—the contract’s lowest front-month closing since Apr. 19. The contract has fallen in eight of the last nine trading sessions.

UK offers 1,261 blocks in 29th offshore licensing round (28 July 2016): UK’s Oil and Gas Authority (OGA) has launched the 29th offshore licensing round, making available 1,261 blocks for bid on the UK Continental Shelf (UKCS). Firms have until Oct. 26 to apply for blocks.

MARKET WATCH: NYMEX oil price for September drops below $42/bbl (28 July 2016) Light, sweet crude oil prices dropped $1/bbl on the New York market July 27 to approach 3-month lows after a weekly government report showed an unexpected gain in US oil inventories last week. Brent crude oil prices dropped more than $1/bbl on the London market.

Gazprom Neft lets contract for Omsk refinery (27 July 2016): PJSC Gazprom Neft has let a contract to RusTechnip, a joint venture of Technip SA and Rostec State Corp. subsidiary JSC Rustechexport, for a grassroots 8.4 million-tonne/year primary crude and vacuum distillation (CDU-AVT) complex at its existing 21.4 million-tpy Omsk refinery in Western Siberia, Russia.

BP lets expansion contracts for Tangguh LNG project (27 July 2016):  BP Berau Ltd. awarded two new engineering and construction contracts for onshore and offshore work in Indonesia on the Tangguh LNG expansion project. The first, for the engineering, procurement, construction, and installation of two offshore unmanned platforms and associated subsea pipelines, was let to Saipem.

CHAD REFINERY
Image Credit: David Stanley/Flickr

Collapse in oil revenues for Chad: IMF report (26 July 2016): Low oil prices and falling oil revenues have contributed to underperformance in the economy of Chad, according to a report by the International Monetary Fund (IMF). Oil revenues have collapsed to a fraction of their previous level and are projected to only partly and gradually recover. Foreign direct investment in the oil sector will remain an important source of external funding for the country's hydrocarbons sector.

Golar and Schlumberger form OneLNG JV (26 July 2016) Golar LNG Ltd. ("Golar") and Schlumberger joined forces to create OneLNG, a JV to rapidly develop low cost gas reserves to LNG. The combination of Schlumberger reservoir knowledge, wellbore technologies and production management capabilities, with Golar's low cost FLNG solution, will offer gas resource owners a faster and lower cost development, increasing the net present value of the resources.

Mozambique closes in on gas deal after years of delays (25 July 2016) Mozambique's long-delayed offshore gas project with Italy's Eni could be approved within months, sources close to the deal said, sparking investments with the potential to transform one of the world's poorest countries into a major energy player.

Aramco lets $1.6-billion contract for gas field off Saudi Arabia (25 July 2016): Chiyoda Corp. has secured a $1.6-billion engineering, procurement, construction, and installation (EPCI) contract to complete the second phase of Saudi Aramco’s Hasbah natural gas field, part of the two-field Al Wasit gas project.

MARKET WATCH: NYMEX oil prices drop on higher US rig count (25 July 2016):Light, sweet crude oil prices fell on the New York market July 22 to their lowest level since May 9. Analysts attributed falling oil prices to ample world gasoline supplies and also a climbing weekly US rig count, which suggests world oil inventories could remain high longer than expected.

Reuters - Panama Canal Container Ship
Photo courtesy of Reuters

First US LNG shipment to cross expanded Panama Canal next week (22 July 2016): The US will ship its first LNG cargo through an expanded Panama Canal next week. The waterway shaves distances between export plants dotted along the Gulf of Mexico and Asia to 9,000 miles from 16,000, allowing US producers to better compete in one of the world's biggest gas consuming markets. The size of most LNG tankers had previously prevented them from squeezing through, forcing them to sail around South America instead.

Amec Foster Wheeler wins Indonesian refinery upgrade contract (22 July 2016):Amec Foster Wheeler has been awarded an engineering and project management services contract by PT Pertamina (Persero) and Saudi Aramco for the upgrade and expansion of the 348 Mbpd Cilacap Refinery in Central Java.

SK Innovation sees Asian refining margins improving in second-half on tight supply (22 July 2016): SK Innovation which owns South Korea's top refiner SK Energy, expects Asian margins to improve slightly in the second half of 2016 as more refineries shut for maintenance in autumn, leading to tighter supply of oil products.

Samsung Heavy in talks with Eni to build Mozambique LNG platform (21 July 2016): Samsung Heavy Industries expects to receive an order this year from Eni to build a floating LNG platform to process huge gas reserves in Mozambique, a spokesman said on Thursday, a sign a long-delayed project is moving ahead.

MARKET WATCH: NYMEX oil price drops pending inventory (20 July 2016): Light, sweet crude oil prices for August delivery declined nearly 60¢ to close at $44.65/bbl on the New York market July 19 while the Brent contract for September dropped 30¢ to close at $46.66/bbl on the London market pending release of the weekly US government inventory for crude oil and products.

Aramco lets contracts for Fadhili gas project (20 July 2016): Aramco signed four major contracts for development and execution of the megaproject with a mix of service providers in a ceremony on July 20, the state-owned company said.The latest contract awards, which involve engineering, construction, procurement, and ancillary services for components of the project, include: Larsen & Tubro Ltd. for offshore facilities/ Saudi KAD Contracting Co. for downstream works/ Saudi Electric Co. and Engie Group PLC for a combined heat and power plant/ Mohammed I. Al Subeae & Sons Investment Holding Co. for a residential camp.

MARKET WATCH: NYMEX oil, natural gas prices drop (19 July 2016): Oil prices dropped to settle above $45/bbl on the New York market July 18 while the near-month natural gas futures price also fell on what analysts called lingering concerns about a gas storage surplus.

Qatar lets contract for Oryx GTL plant (19 July 2016): Oryx GTL, a joint venture of state-owned Qatar Petroleum 51% and Sasol Ltd. of Johannesburg 49%, has let a contract to a division of SNC-Lavalin Group Inc., Montreal, to provide long-term engineering and support services for its gas-to-liquids (GTL) complex at Ras Laffan Industrial City, Qatar.

MARKET WATCH: NYMEX, Brent crude oil prices rise on China statistics (15 July 2016): The US light, sweet crude oil price for the August contract settled at just under $46/bbl on the New York market July 15, rising modestly on better-than-expected Chinese economic statistics, which boosted expectations for China’s oil demand. But a rising US rig count helped cap the gains for July 15 oil prices.

MARKET WATCH: NYMEX crude oil price rebounds on falling US dollar (15 July 2016): The light, sweet crude oil prices for August and September rose by nearly $1/bbl to close above $45/bbl on July 14, which analysts attributed to rising stock values and a falling US dollar. The rebound came a day after the front-month oil price settled at a 2-month low on the New York market.

China's first-half crude output drops to lowest since 2010 (15 July 2016): China's domestic crude oil production during the first six months of 2016 fell 4.6% from a year ago, official data showed on Friday, to the lowest level since 2010, as producers cut back output on lower oil prices.

S-Oil lets contract for Onsan refining complex (12 July 2016): S-Oil Corp., Seoul, has let a contract to a subsidiary of Yokogawa Electric Corp., Tokyo, to provide control systems for a high-severity residue fluid catalytic cracker (HS-RFCC) and auxiliary installations to be built as part of a residue upgrading and capacity expansion project under way at the 669,000-b/d Onsan refinery complex in Ulsan, South Korea.

MARKET WATCH: NYMEX crude-oil price plunges on high inventory numbers (14 July 2016): The light, sweet crude oil price for August delivery fell by more than $2/bbl on July 13 to settle at $44.75/bbl, which was the lowest front-month closing since May 10. The price drop followed a weekly US inventory report that showed continuing high crude oil and product supply levels.

IEA: Huge stocks threaten oil price recovery (14 July 2016): The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-OPEC production, the International Energy Agency said on Wednesday.

Kazakhstan advances refinery modernization projects (12 July 2016): Kazakhstan’s state-owned KazMunaiGas (KMG), through a contractor, has let a contract to Ergil Group, Istanbul, to supply equipment for the second phase of the $2.9-billion revamp of its 5 million-tonne/year refinery Atyrau, Kazakhstan. Ergil will manufacture and supply shell and tube heat exchangers to be installed as part of the Atyrau refinery’s deep oil refining complex (DORC) project, the service provider said.

Petronet Dahej Lng Terminal
Petronet’s Dahej LNG terminal at night. Photo courtesy of Petronet

Petronet LNG plans $3 B investment in overseas push (11 July 2016): India's biggest gas importer, Petronet LNG, aims to spend up to $3 B in the next five years to expand overseas, setting up terminals in Bangladesh and Sri Lanka among other countries, its managing director said.

Makuhari Messe International Convention Center
Makuhari Messe International Convention Center, site of the 2017 Gastech Conference & Exhibition, Japan.

Welcome to the Land of the Rising Sun (11 July 2016): Japanese and international industry leaders will examine the critical role of gas and LNG for Japan’s future energy security at Gastech Japan 2017 in Tokyo. The Gastech Conference & Exhibition, Japan will be held 4–7 April 2017 in Chiba/Tokyo. This is the largest and most important business and technology event for the gas and LNG sector, creating a global platform to address and discuss the latest challenges faced in Asia and on a wider international scale.

MARKET WATCH: NYMEX, Brent oil price end volatile week with mild gains (11 July 2016): Crude oil prices closed with modest gains July 8 on the New York and London markets, ending a volatile week after light, sweet crude and Brent crude dropped more than $2/bbl on July 5 and July 7. Analysts attributed price swings to an uncertain global economic outlook and a rising US rig count.

MARKET WATCH: NYMEX, Brent crude oil prices drop more than $2/bbl (8 July 2016): Crude oil prices tumbled by more than $2/bbl on the New York and London markets July 7 after the US oil and product report showed a smaller decline than some analysts and others had expected. The Energy Information Administration reported US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, dropped 2.2 million bbl to an estimated 524.4 million bbl for the week ended July 1 compared with the previous week.

BHI: US oil rig count records another double-digit increase (8 July 2016): Again boosted by oil-directed units, the tally of active US drilling rigs gained 9 units to 440 during the week ended July 8, marking the fifth time in 6 weeks the overall count has risen, according to Baker Hughes Inc. The overall count is up 32 units since its first increase in 41 weeks on June 3, and down 1,480 units since the overall drilling dive commenced following the week ended Dec. 5, 2014.

Fire near Yemeni oil facility kills worker (8 July 2016):  A fire that broke out at a domestic gas storage facility in Yemen's Marib province on Thursday killed a worker and seriously injured four others, according to state media and a local official. Firefighters were able to extinguish the blaze caused by an electrical fault which broke out close to Safer, an oil industry compound in Marib province about 95 miles east of the capital Sanaa, said state news agency, Saba, citing a Yemeni official.

EIA - US crude inventories fall for seventh straight week (7 July 2016): US crude oil inventories fell for a seventh consecutive week, within analysts’ forecasts but far less than market expectations amid a drop in refinery runs and higher imports, while gasoline stocks also fell less than expected, the US Energy Information Administration said on Thursday.

MARKET WATCH: NYMEX, Brent crude oil prices gain moderately pending inventory (6 July 2016): Crude oil prices gained about 85¢ on the New York and London markets July 6 pending release of the weekly US crude and products inventory report, which was delayed a day later than normal because of the July 4 holiday. A Wall Street Journal survey of 14 investment banks sees Brent crude averaging $57/bbl for 2017, which was unchanged from WSJ’s May survey results. The bankers expect US light, sweet crude will average $55/bbl in 2017.

MARKET WATCH: NYMEX, Brent crude oil prices drop more than $2/bbl (6 July 2016): Crude oil prices tumbled more than $2/bbl on both London and US markets July 5 as US traders and investors returned to work after a July 4 holiday. They expressed concerns that a climbing US rig count might mean a slowing in the US production decline rate despite ample world oil supplies.

World Bank Group to finance $1bn for India’s solar growth (5 July 2016): The World Bank Group has signed an agreement with International Solar Alliance (ISA) to finance more than $1bn in support expansions of solar generation capacity.

Agreement reached to unify Libya's National Oil Corporation (5 July 2016): Rival leaders of Libya’s National Oil Corporation have reached an agreement to unify the state company under a single management, a move which could help to revive the country’s embattled oil sector as well as boosting the prospects of the UN-backed unity government and its Presidency Council.

Britain could import as much as 93% of its gas by 2040 (5 July 2016): Britain could be forced to rely on other countries for 93% of its gas supplies by 2040, if there is weak economic growth and not enough money made available to support domestic gas production, National Grid said on Tuesday.

MARKET WATCH: Oil prices rise modestly on New York, London markets (5 July 2016): Light, sweet crude prices for August delivery gained modestly in light trading on the New York market July 1 before trading was closed July 4 for Independence Day holiday weekend in the US. Prices fell to under $48/bbl in early July 5 trading.

Rabigh 2 power project

Refinancing completed for Rabigh 1 IPP (4 July 2016): $1.8bn refinancing includes international debt and Islamic tranche

MARKET WATCH: Oil prices drop on New York, London markets (1 July 2016): Light, sweet crude prices for August and September delivery each dropped more than $1.50/bbl on the New York market June 30, reversing the previous day’s gains in a volatile week for commodity prices. The downward momentum continued in early July 1 trading.

Energy costs help explain the UK’s vote to leave EU (1 July 2016): On energy and the European Union, the UK follows the arc of David Cameron’s career as prime minister: from bright green to olive drab to out. Cameron took office in 2010 proclaiming the start of “the greenest government ever.” Promises like that win leaders access to executive washrooms at EU headquarters, that fortress of climate-change sanctimony. By the end of 2013, however, Cameron was dismantling the subsidies and other favors his government had created for uncompetitive energy forms. British voters, it turns out, dislike double-digit annual percentage increases in the price of electricity. Inevitably, as pain like that grows, popular support for climatological central planning shrin...

Oil & Gas UK’s response to the publication of the Oil and Gas Authority’s Decommissioning Strategy (1 July 2016): Oil & Gas UK’s upstream policy director, Mike Tholen, said: “We welcome the publication of the Oil and Gas Authority’s Decommissioning Strategy.  The industry has been working on closely with the OGA on the content of the strategy and looks forward to reviewing the detailed proposals now published. In the years to come, billions of pounds will be spent annually across the North Sea to decommission assets no longer for oil and gas extraction. The industry is well positioned, and has already done considerable work, to seize the opportunities decommissioning presents and will want to work closely with the OGA, DECC and HM Treasury to realise these opportunities.” Further information about the OGA’s decommissioning strategy is available at here

Chevron Gorgon LNG Jetty

Chevron suspends Gorgon LNG production after gas leak (1 July 2016): Chevron on Friday suspended production at Australia's Gorgon LNG export facility after a leak, but remained on track to make a second shipment in coming days, it said. "Chevron Australia plans to undertake some minor repair work on the low pressure flare system at the acid gas removal unit before recommencing production in the coming week," it said in a statement. "Plans remain on track to load the second cargo of Gorgon LNG in the coming days."

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BP, partners get Tangguh FID approval (1 July 2016): BP, along with its Tangguh production sharing contract partners, have received the approval for the final investment decision (FID) for the development of the Tangguh Expansion Project in the Papua Barat Province of Indonesia.