• 15 mins India’s Reliance Boosts Export Refinery Capacity By 30%
  • 2 hours Nigeria Among Worst Performers In Electricity Supply
  • 8 hours ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 13 hours Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 17 hours Saudis To Award Nuclear Power Contracts In December
  • 20 hours Shell Approves Its First North Sea Oil Project In Six Years
  • 21 hours China Unlikely To Maintain Record Oil Product Exports
  • 22 hours Australia Solar Power Additions Hit Record In 2017
  • 23 hours Morocco Prepares $4.6B Gas Project Tender
  • 1 day Iranian Oil Tanker Sinks After Second Explosion
  • 4 days Russia To Discuss Possible Exit From OPEC Deal
  • 4 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
  • 4 days Kenya Cuts Share Of Oil Revenues To Local Communities
  • 4 days IEA: $65-70 Oil Could Cause Surge In U.S. Shale Production
  • 4 days Russia’s Lukoil May Sell 20% In Oil Trader Litasco
  • 4 days Falling Chinese Oil Imports Weigh On Prices
  • 4 days Shell Considers Buying Dutch Green Energy Supplier
  • 5 days Wind And Solar Prices Continue To Fall
  • 5 days Residents Flee After Nigeria Gas Company Pipeline Explodes
  • 5 days Venezuela To Pre-Mine Petro For Release In 6-Weeks
  • 5 days Trump Says U.S. “Could Conceivably” Rejoin Paris Climate Accord
  • 5 days Saudis Shortlist New York, London, Hong Kong For Aramco IPO
  • 5 days Rigid EU Rules Makes ICE Move 245 Oil Futures Contracts To U.S.
  • 5 days Norway Reports Record Gas Sales To Europe In 2017
  • 5 days Trump’s Plan Makes 65 Billion BOE Available For Drilling
  • 6 days PetroChina’s Biggest Refinery Doubles Russian Pipeline Oil Intake
  • 6 days NYC Sues Five Oil Majors For Contributing To Climate Change
  • 6 days Saudi Aramco Looks To Secure $6B In Cheap Loans Before IPO
  • 6 days Shell Sells Stake In Iraqi Oil Field To Japan’s Itochu
  • 6 days Iranian Oil Tanker Explodes, Could Continue To Burn For A Month
  • 6 days Florida Gets An Oil Drilling Pass
  • 7 days Oil Prices Rise After API Reports Staggering Crude Oil Draw
  • 7 days Tesla Begins Mass Production Of Solar Shingles
  • 7 days EIA Boosts World Oil Demand Forecast For 2018 By 100,000 Bpd
  • 7 days Businessman Seeks Sale Of $5.2B Stake In Kazakhstan Oil Field
  • 7 days Exxon Accuses California Of Climate Change Hypocrisy
  • 7 days Norway’s Recovering Oil Industry Resumes Hiring
  • 7 days $2.3 Million Seized Following Singapore Oil Heist
  • 7 days China Nears 2016 Carbon Emissions Target
  • 8 days Oil Companies Respond Slow To New U.S. Lease Plan
Could An Oil Surplus Be A Sign Of Things To Come?

Could An Oil Surplus Be A Sign Of Things To Come?

The world economy badly needs…

Is The Current Oil Price Rally A “Head Fake?”

Is The Current Oil Price Rally A “Head Fake?”

Oil prices have experienced a…

Gazprom’s Power Of Siberia To Start Pumping In 2 Years

Gazprom

The Power of Siberia natural gas pipeline to China will start pumping the fuel by late December 2019, Gazprom’s CEO Alexei Miller said today. Two-thirds of the 2,500-mile pipeline has already been laid, Miller added.

Gazprom has a 30-year contract with China’s CNPC for the supply of an annual 1.3 trillion cu ft of natural gas via the infrastructure. Its completion is among Gazprom’s top priorities for next year, according to plans approved by the company last week. The other top priority is the expansion of the Nord Stream pipeline to Europe – the Nord Stream 2, which has become a major headache for the European Union on concern that it will deepen the its dependence on Russian gas supplies.

Natural gas demand in China is growing at a fast rate and, according to a recent report by Eurasia Daily, the Power of Siberia will be essential in to solve future gas shortages in the north of the country. This winter, northern China is experiencing a shortage of gas due to colder than usual weather and the local authorities have had to enact restrictions on gas consumptions.

Chinese natural gas consumption surged through the first 11 months of 2017, up 19 percent year-on-year, and the pace of demand growth will only intensify. The country is already the third largest consumer of natural gas in the world, behind the U.S. and Russia, and is expected to show the strongest demand growth over the coming decades—propelling it to second place by 2040, as the econom,y shifts away from coal.

Asia’s biggest economy has also become the second-largest importer of LNG, overtaking South Korea. That’s very good news for U.S. LNG exporters, supported by fresh data that Chinese LNG imports from the U.S. skyrocketed to a record 407,325 tons in November. That was up by 57 percent in October.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News