Natural Gas News – August 31, 2020

Nat Gas News

U.S. energy exports severely disrupted by Hurricane Laura

Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports. The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas, with shipments on track to fall to their lowest in 18 months. Laura made landfall early Thursday near the Texas-Louisiana border, one of the most powerful storms to ever hit the region, and raced north. Ports of Lake Charles, Beaumont and Port Arthur remained closed on Thursday, according to the U.S. Coast Guard. The Port of Houston, which is the top U.S. crude oil export hub accounting for about 600,000 bpd of shipments, closed on Wednesday and was in the process of reopening to commercial shipping late Thursday, according to the Coast Guard. For more on this story visit oilandgas360.com or click https://bit.ly/3bdKQl1

Turkey’s natural gas find won’t solve all its problems

President Recep Tayyip Erdogan last week announced that Turkey had discovered an offshore gas field of 320 billion cubic meters in the Black
Sea, at a depth of 2,100 meters. The depth of the sea, which is 1,400 meters at that point, has to be added to this figure, so the field is 3,500 meters below the surface. Treasury Minister Berat Albayrak, who is Erdogan’s son-in-law, presented the discovery as extremely important news that would be a “game changer” in the region. He added that two more layers were identified under the discovered field, but they needed to be confirmed by several checks in order to make it a proven reserve. Therefore, there is still the chance of an upward revision of this volume; but a downward revision cannot be entirely discarded either. For more on this story visit arabnews.com or https://bit.ly/2QGn5IU

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