Qatargas’commissioning cargo has berthed at Bangladesh’s first LNG import terminal, situated off Moheshkhali Island, has unloaded its commission cargo, received from Qatargas. Construction of the Moheshkhali Floating Storage and Regasification Unit (FSRU), developed by Exelerate, was finalized just 25 month after the project was first announced.
Core inflation in Singapore has reached 1.9% – the fastest rise in four years – due to a surge gas and electricity tariffs. According to the Ministry of Trade and Industry (MTI), the uptick in energy prices was instated in July 2018 in reaction to a pickup in global oil prices in the preceding quarter.
With a 7.9 GW of America’s coal capacity due to retire, the U.S. Energy Information Administration (EIA) expects coal stockpile will decline through 2018 and remain low through 2019. This May, coal inventories, or stockpiles, in the electric power sector totaled 128 million short tons (MMst), 34 MMst or 21% lower than in the previous May – the lowest level for four years.
Increasing the deployment of “volatile” renewable energies in Europe threatens power supply security across the continent, analysis the German Association of Energy and Water Industries (BDEW) shows. Surplus volume of secure power generation capacity will decline in the medium to long term throughout Europe.
Hazards of oversupply in oil and natural gas are preoccupying International Oil Companies (IOCs) as less carbon-intensive sources of energy compound the risk of future oil and gas oversupply. Still, Moody's analysts are convinced oil majors will tackle these new issues through a triad of conservative financial policies to strengthen balance sheets, capital discipline, and robust long-term planning that anticipates secular shifts – like the global trend towards renewables and energy storage.
Energy consumption per capita in Africa is forecast to rise up to 25% by 2040, but the African value is still projected to be one-half of the level in India, one-fourth of the level in Brazil, according to the International Energy Outlook 2018. The net effect of the IEO2018 Africa High Growth case on the rest of the world, because of trade and global supply chains, shows limited impacts on other countries in terms of output.
Nearly two-thirds of oil and gas sector leaders, surveyed by the Norwegian classification society DNV GL, have increased spending on gas projects in 2018; hence natural gas is expected to overtake oil as the world’s primary energy source in the mid-2030s. Thereafter, the energy transition will enter its final phase-out of fossil fuels, with hydrogen and renewables set to gain momentum.
Over the next 30 years, India is predicted to be one of the fastest-growing economies in the world which is bound to propel up energy demand, yet how that growth will occur remains uncertain. If exports dominate India’s economic expansion, rather than investment or consumption, the High Growth case assumes a 1.1% higher GDP growth through to 2040.
Improved execution of oil & gas upstream projects is now being achieved thanks to greater corporate discipline, more pre-FID planning and reduced project scope. This allows project delivery to finally hit the mark after a period of dismal performance on project returns, a new Wood Mackenzie report shows.
For the world to start meeting decarbonisation goals and mitigate climate change, deployment of renewable energy would need to be scaled up at least six times faster than today, the 2018 report from the International Renewable Energy Agency (IRENA) shows. Accelerating the shift to green energy is expected to create over 11 million extra jobs.
The proposed combination of Dominion Energy and SCANA Corp. has been approved by SCANA’s two-thirds shareholders earlier this week. Once completed, the combined company will deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 MW.
The government of Germany‘s federal state of North Rhine-Westphalia (NRW) has expressed interest in hosting Tesla’s electric vehicle and battery production facility on its planned ‘Green Battery Campus’ in Euskirchen, Handelsblatt reports. Tesla is also considering the states of Rhineland-Palatinate and Saarland as potential locations for its planned Gigafactory, which would produce electric cars and batteries.
Siemens AG, Europe’s largest engineering company, has announced sweeping changes to its company structure today while posting a 14% drop in net income to €1.2 billion in the third quarter amid a “sharp decrease in profit” at its turbine division. Shrinking the number of operating divisions from five to three – ‘Gas & Power’, ‘Smart Infrastructure’ and ‘Digital Industries’ – Siemens pledges it will increase the return-on-sales at its industrial business by 2% in the near-term future.
The Government of South Korea is planning to cut natural gas taxes by 74% and raise taxes on the use of thermal coal for power generation by 27% next year. The move is aimed at reducing the country's heavy reliance on coal for power generation and shift towards cleaner-burning gas, government officials.