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Cyprus Confirms 350-Meter Gas Column in ExxonMobil’s Pegasus-1 Well

OilPrice

The government of Cyprus has confirmed a new natural gas discovery in the Pegasus-1 well located in Block 10, operated by ExxonMobil and its partner QatarEnergy. The well intersected approximately 350 meters of gas-bearing reservoir at a depth of 1.9 kilometers, according to government spokesperson Konstantinos Letymbiotis.

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UK Reconsiders North Sea Oil and Gas to Lower Energy Bills

OilPrice

The UK government is mulling over a change to the law to oil and gas projects in the North Sea in a drive to lower energy bills. The government has given extra funds for the Department for Energy Security and Net Zero to invest between 2026…

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Russia Considers Tax Breaks for Natural Gas Producers As Challenges Mount

OilPrice

Russia’s government is weighing the possibility of some tax relief for the giant gas firm Gazprom, which would be paid for by potentially higher taxes on other Russian natural gas producers, a source in the Russian government told Reuters on Monday. Gazprom has been bleeding cash since it cut off most of its pipeline gas deliveries to Europe in (..)

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Middle Eastern Oil Giants Go On LNG Buying Spree

OilPrice

With strong government backing and billions of dollars at their disposal, Middle Eastern oil giants are aggressively expanding into the global liquefied natural gas (LNG) market, aiming to nearly double their LNG capacity within the next decade. Companies like Saudi Aramco, Abu Dhabi National Oil Co.

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Qatar To Supply Natural Gas To Syria’s New Government

OilPrice

Qatar is set to supply Syria with natural gas via Jordan with Washington's approval, Reuters has reported. The gas would be transferred from Jordan via a pipeline to the Deir Ali power plant in southern Syria, where it could boost power supply by up to 400 megawatts.

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Ofgem Unveils £24 Billion Grid Modernization Plan

OilPrice

The Office of Gas and Electricity Markets (Ofgem) move comes as the government renews its push for cleaner energy, despite backlash around the impact on prices. Over £15bn is set to be deployed into the UK’s gas transmissions and distribution systems to ensure a “safe and secure” supply of gas to households and businesses.

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Morningstar Report Says Summer Heat, LNG Exports Will Tighten Gas

Marcellus Drilling News

Here’s a third natural gas price prediction, from Morningstar DBRS, a top company that gives independent credit ratings and opinions for businesses, governments, banks, and financial projects worldwide.

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