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billion cubic meters (bcm) per year. With total geological reserves exceeding 150 bcm, Deep-Sea No. 1 is seen as a cornerstone of China’s efforts to strengthen energy security and reduce reliance… China National Offshore Oil Corporation (CNOOC) has fully launched the second phase of its Deep-Sea No.
Pipeline gas accounted for 55 percent or 38 Bcm while liquefied natural gas (LNG) contributed 45 percent or 31 Bcm, according to the Commission’s latest quarterly gas market report. Bcm, followed by Russia at 14 percent or 9.7 Bcm, followed by Qatar at five percent or 3.2 Bcm and Azerbaijan at four percent or 2.6
Russia expects its natural gas exports, including via pipeline and LNG, to jump twofold by 2030 and threefold to 2050 under its new long-term energy strategy approved by the government on Monday. Crude oil and condensate production is targeted to increase from 531 million metric tons per year, or 10.66 million bpd, by 2050.
To do this, demand must fall by 110 bcm per year until 2030. Under current trends, global gas demand is set to peak before the decade’s end. Bringing forward this peak in line with climate imperatives can bolster economic growth, security, and resilience.
Image by vitacopS via iStock The European Commission rolled out Wednesday a mechanism for coordinated purchases of hydrogen, the first mechanism under the EU Energy and Raw Materials Platform. The Commission’s Directorate-General for Energy said more products may be covered in the future. billion cubic feet).
Over the past few months, Ashgabat has gone on a deal-making binge that, over the long term, could significantly alter the European Unions energy-import pattern. billion cubic meters (bcm) of gas by the end of 2025, with annual supplies slated
(Oil Price) –Surging power demand in both developed and emerging economies accelerated global energy demand growth in 2024 to nearly twice the pace of recent years, the International Energy Agency (IEA) said on Monday. rise in global power consumption last year, the IEA said in its annual report Global Energy Review 2025.
“This will increase our energy independence while also reducing the revenues Putin uses to finance his war”, Energy and Housing Commissioner Dan Jorgensen said in a statement issued online by the Commission. The EU imported a total of 70 Bcm in the October-December 2024 period. billion cubic meters (473.22
(Oil Price) –Chinese gas and clean energy distribution firm ENN Energy Holdings Limited has been valued at around US$11.6 ENN Natural Gas currently owns 34.28% in ENN Energy. ENN Natural Gas and ENN Energy are two of the four listed firms within the ENN Group conglomerate, which was founded by Wang Yusuo.
bcm, compared to 7.7 bcm in 2024. bcm in 2022 to 28.3 bcm in 2023, then rose to 32 bcm in 2024. TurkStream is now Russia’s only gas route to Europe after Ukraine ended a transit deal on January 1, 2025. First-quarter 2025 exports via TurkStream were 4.5 Russia’s total gas exports to Europe fell from 63.8
Read more Iran suspends partial output at major gas field after Israeli attack Summary : Iran partially suspended production at South Pars, the world’s largest gas field, after an Israeli strike caused a fire, halting 12M cm/day output (4% of Iran’s 275 bcm annual production). Read more Baker Hughes reports U.S.
February 14, 2025 There will be no Daily Energy Report on Monday as the markets are closed in observance of President’s Day. bcm, followed by Spain (2.2 bcm) and Italy (1.52 Chart of the Day EOA: EU’s Natural Gas Imports by Source in January 2025 Subscribe now Summary Figure (1) shows EU gas imports by source.
But global energy demand is rising even faster, with total fossil fuel use growing by just over 1% and oil remaining the largest source of energy, accounting for 34% of total global demand. Total energy supply rose by 2% to reach a new high of 592 EJ, with records reached across all forms of energy.
The International Energy Agency (IEA) released a report stating that the global demand on energy has grown by 2.2% The report added also that the advanced economies also saw a return to growth, with their energy demand increasing by almost 1% in aggregate, after several years of declines. between 2013 and 2023.
Those countries, which have sought to maintain close political ties to Russia, have threatened to block gas sanctions, which they say would drive up energy prices. EU energy commissioner Dan Jorgensen said this would amount to a tax or levy on imports. The two countries still import more than 80% of their oil from Russia.
billion cubic meters (bcm) of natural gas to the industrial sector, including power plants, petrochemical units, steel producers, and cement factories, during the 18-day period from March 20 to April 7. bcm between March 20 and April 7, 2025up from 3.39 bcm during the same period last year.
The International Energy Agency (IEA) at India Energy Week 2025 today released its comprehensive India Gas Market Report, revealing that India's natural gas sector has reached an inflection point.
In Europe’s industry, gas use fell by 25 bcm, or around 25%, in 2022, due to production curtailment and fuel switching, as the energy-intensive industries were the first to respond to the gas price shocks last year, WHY IT HAS HAPPENED.
Global gas demand reached a new all-time high in 2024, while oil demand growth slowed markedly, according to the IEAs newly-released Global Energy Review 2025 Demand for all energy sources increased in 2024, as global energy demand rose by 2.2% Oils share of total energy demand fell below 30% for the first time ever.
One report is that if the 22 LNG terminals that have been approved for construction are built, their combined regasification capacity could reach 349 Bcm/y. (If If US LNG consumption grows 6% annually, consumption will total 46 Bcm/y by 2020.)
He elaborated that the company transported 64 billion cubic meters (bcm) of gas during 2024. This came during the general assembly meeting of the company chaired by the Minister of Petroleum and Mineral Resources Karim Badawi to discuss and approve its annual results of 2024.
bcm, crude oil increased 1.5% million cubic metres as Turkey aims to reduce its over 90% energy import reliance and enhance supply security. The post Valor | Energy Connection May 19, 2025 appeared first on Oil and Gas Outsourcing and Mineral Management. million tons, and coal climbed 3.8% to 389 million tons.
Away from the oil market, yours truly also discussed Central Europe's natural gas conundrum following Ukraine's new year's eve decision to end Russian energy transit via its territory on CGTN earlier this month. We're barely a week away from Trump entering the White House with massive implications for the energy market and beyond.
Read more Russia targets major surge in natural gas exports by 2050 Summary : Russia aims to double its natural gas exports by 2030 and triple them by 2050 under its new energy strategy. The country’s gas exports are expected to increase from 146 bcm in 2023 to 293 bcm by 2030, and up to 438 bcm by 2050.
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