 |
Louisiana Light • 3 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 173 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 20 mins | 2.745 | +0.011 | +0.39% |
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Girassol • 1 day | 89.90 | +0.45 | +0.50% | ||
|
Opec Basket • 3 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 23 hours | 76.56 | +1.46 | +1.94% | ||
|
Light Sour Blend • 23 hours | 79.61 | +1.46 | +1.87% | ||
|
Syncrude Sweet Premium • 23 hours | 86.56 | +1.46 | +1.72% | ||
|
Central Alberta • 23 hours | 76.96 | +1.46 | +1.93% |
|
Eagle Ford • 3 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 6 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.50 | +0.50 | +0.68% | ||
|
Buena Vista • 3 days | 87.02 | -0.29 | -0.33% |
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Shell, Exxon Close Deal To Build Five LNG Import Terminals
Shell and Exxon are among the companies picked by the Pakistani government to build five LNG import terminals as part of efforts to boost natural gas imports to deal with shortages in supply.
Reuters reports that the terminals could be operational in two to three years, quoting the country’s oil and power minister, Omar Ayub Khan.
With a fast-rising population, Pakistan has been plagued with power outages largely resulting from a shortage of fuel necessary to keep its power stations going. Though there is some local production, in financial year 2017/18, demand exceeded this supply by about 3 billion cu ft daily. Imports of gas and LNG are already on the rise but not fast enough to ensure no more blackouts.
To remedy matters, the government has picked five consortia to build additional terminals. The consortia include, besides the two supermajors, also Mitsubishi Corp, Energas, Trafigura, and Gunvor.
The consortia must submit their detailed plans for the terminals for government approval by November 5 although Reuters quoted PM Khan as saying this approval had already been granted.
Pakistan currently has LNG import capacity of 1.2 billion cu ft per day in two terminals, with plans to add another with a capacity of 600 billion cu ft daily in 2020. One billion cu ft of natural gas equals about 21,000 tons of LNG.
Besides imports, however, Pakistan is also pursuing higher local production. The country is eager to open up its gas deposits to foreign energy companies, and earlier this year a senior government official told Reuters, “I expect in the second half of this year we will be auctioning at least 10, if not 20 blocks for exploration.”
The resources seem to be there, according to estimates. Pakistan has conventional gas reserves of 20 trillion cu ft and shale gas reserves exceed 100 trillion cu ft. So far, the authorities have delineated more than 30 gas blocks, all onshore.
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By Irina Slav for Oilprice.com
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Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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The shale industry is also not profitable, and has not been profitable ever. So there is hardly much motivation to increase costs, even if the house is falling apart.
So it strikes me as either utterly evil money-grabbing as usual from the oil companies, or complete and total incompetence.
Why would the US export shale at a loss? Its not worth it, except for someone's fat bonus.
We know that the recent methane uptick is largely due to shale because of the difference in carbon signature between shale and convention gas. So shale is largely responsible for the extreme warming trend since 2008 (all hottest years in history have been after this date bar one).
Hurricane damage in 2017 was $300 billion, not including productivity losses. And now, Houston has been hit again with flooding. All in all the oil and gas industry are not leaving much money for anything else, as the combination of climate impacts and commercial losses start to stack up. Senior US IPCC panellists are putting the cost of impacts at $1 trillion for the US over the next decade. This could end up being a conservative guess.
And then, there is the 2 meters and above that we are very likely to see by 2100 if the West Antarctic ice sheet collapses. That will actually be the start. So I am not sure what these individuals think they are doing, but they are not doing anything intelligent, and they are not doing anything with anybody else in mind but themselves.
You mean we will ship LNG to Pakistan cheaper than Iran...??
You mean Pakistan will now use shipped LNG to sell to Afghanistan instead of Iran...?
Since China is funding a port to "export" then are they funding Pakistan to "import" American LNG.?
How would such proposed infrastructure impact a negative CB&I sell-off....