Category: Highlights

Over the past three years, the majority of U.S. energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders in the form of dividends and share buybacks. Most oil and gas companies have only announced small increases in their capital spending for the current year, and also plan to grow production modestly. But this does mean that these companies won’t try to capitalize on oil prices that remain at multi-year highs. In its 2023 outlook, Energy Intelligence notes that global…

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Freeport LNG on Monday confirmed for Oilprice.com that repairs had been completed at its liquefied natural gas export facility, which has been offline since June, and that a request to restart by introducing LNG to the piping system had been filed with regulators. In the regulatory filing, Freeport LNG asked regulators for a response to their restart request by Tuesday.  The Texas-based Freeport LNG export terminal has been offline since a June explosion and subsequent fire.  Rystad Energy is speculating that Freeport LNG will not be able to restart until…

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Despite market rumors suggesting a restart might be delayed again, Freeport LNG is sticking to its original pledge of resuming production in the second half of January. – Freeport LNG is the US’ second largest gas liquefaction facility with three trains and a 15 mtpa capacity. Since its explosion in June 2022 overall exports out of the US dropped by 15%. – The wider gas market increasingly expects the January restart to be delayed after the US Federal Energy Regulatory Commission did not provide a formal reply to Freeport’s assessment…

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The UK government will support British industries—including the construction, mining, and quarrying sectors—with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding, announced on Friday, will support the development of clean alternatives to oil products to power operations and help industry cut emissions and energy costs, the UK government said. The funds will go toward developing alternatives to red diesel, or gas oil, such as electrification and green hydrogen, and are the government’s latest step in “driving industrial energy independence and encouraging green investment across the…

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Germany has come up with development plans for offshore wind turbine sites, eyeing 30 GW of installed power capacity by 2030, the Economy Ministry said in a Friday statement, according to Reuters. The Federal Maritime and Hydrographic Agency’s (BSH) plan allows for even more wind power capacity, with adequate space for 40GW or even 50GW by 2035—although the details of the plan have not yet been shared. One snippet that has been shared its plans to integrate Germany’s wind turbines into the offshore network of its neighbors bordering the North…

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