Natural Gas News – December 18, 2017

Natural Gas News – December 18, 2017

Egypt’s Zohr Natural Gas Field Begins Production

Middle East Eye reported: Egypt’s Zohr natural gas field, the largest in the Mediterranean, began production on Saturday with an initial 350 million cubic feet a day, the oil ministry said in a statement. The field operated by the Italian ENI company is estimated to hold 850 billion cubic metres of gas. “With the completion of the initial phase for this project planned for June 2018 production will gradually reach more than a billion cubic feet a day,” oil minister Tarek al-Molla said in the ministry statement. Production will eventually increase to 2.7 billion cubic feet a day, he said. Production from Zohr will help the most populous Arab nation achieve “selfsufficiency of natural gas, ease the burden on the state budget and cut the imports bill,” Molla said. The field also will help ease pressure on Egypt’s economy, which has been plagued by a shortage of foreign currency since a 2011 uprising, according to Bloomberg. For more visit middleeasteye.net or click http://bit.ly/2ySdsvn

Arctic Liquefied Natural Gas Project Survives U.S. Sanctions against Russia

Arkansas Online reported: Building the $27 billion Yamal liquefied natural gas project meant shipping more than 5 million tons of materials to construct a forest of concrete and steel about 370 miles north of the Arctic circle, where temperatures can drop to almost minus 60 degrees and the sun disappears for two months straight. Yet those challenges weren’t as tough as the U.S. sanctions imposed in 2014, forcing a complete refinancing just as construction was about to start. Jacques de Boisseson, head of the Moscow office of French energy giant Total SA, which has a 20 percent stake in Yamal LNG, said there were “various moments” when he thought the project may never happen. “We were too much advanced to stop. We were in a deadlock.” de Boisseson said. “We had a dream,” Mark Gyetvay, deputy CEO of Novatek, said on Tuesday. “Now we have realized that dream.” For more visit arkansasonline.com or click http://bit.ly/2BbwOS3

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Make a Call

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote