Natural Gas News – March 21, 2019
Natural Gas News – March 21, 2019
Malaysia’s Petronas And PetroVietnam Agree To Increase Gas Supply To Southern Vietnam
S&P Global reported: Petronas and PetroVietnam have signed a binding heads of agreement for the supply of additional natural gas from Malaysia’s Block PM3 CAA to Vietnam’s southern Ca Mau province, to meet the region’s growing gas demand. Vietnam has stepped up investment in gas and LNG supply and infrastructure, as domestic output is unable to keep up with consumption growth. S&P Global Platts Analytics estimates Vietnam’s gas demand at 26 million cu m/day in 2019, of which 22 million cu m/day will be consumed by the power sector. “Vietnam’s demand for power is rapidly increasing, and we assume Vietnam might start LNG imports in the early 2020s,” senior LNG analyst at Platts Analytics, Lambine Andre, said. For more on this story visit spglobal.com or click https://bit.ly/2Yd9LOH
Israel And Egypt Compete To Become New Energy Hub
Oil Price reported: The discovery of the giant gas field Tamar of the coast of Israel in 2009 was the beginning of a new period for the Eastern Mediterranean as an energy hot spot. More recently Exxon and Qatar Gas have discovered another giant gas field off the coast of Cyprus, and Italy’s Eni found more energy deposits off the coast of Egypt. To put the numbers into perspective, the Eastern Mediterranean contains approximately 2,100 billion cubic meters of gas compared to the EU’s consumption in 2017 which was 410 bcm. It shows that the recoverable reserves are more than sufficient to supply the entire EU for a couple of years. Despite the significant discoveries, technical difficulties and geopolitical tensions could raise barriers for infrastructure projects that would connect producers with customers. Furthermore, several alternatives are being considered by the littoral states Egypt, Cyprus and Israel to transport the energy to markets in Europe. One of two competing options will likely materialize. For more on this story visit oilprice.com or click https://bit.ly/2HyIr8j
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