US LNG equipment-maker and energy services company Baker Hughes increases profits as order book grows
Baker Hughes, the US liquefied natural gas equipment-maker and energy services company, posted increased third-quarter revenues and earnings backed by liquefied natural gas and subsea contracts.
Baker Hughes orders grow and sees multi-year investments in LNG projects despite economic challenges
Baker Hughes, the US liquefied natural gas equipment-maker and energy services company, said in reporting third-quarter earnings that even amid economic challenges the outlook for oil, gas and LNG was supportive of a multi-year upturn in spending.
BP publishes Energy Outlook 2022 with LNG and upstream oil and gas investment marked as priorities
UK major BP says that natural declines in existing hydrocarbon production imply continuing investment in new upstream oil and natural gas is required over the next 30 years and the LNG sector is expected to see substantial growth.
European class society DNV GL sees LNG thriving in years ahead but believes oil may have peaked
DNV GL, the leading European classification society, said liquefied natural gas was set to thrive in a strong gas market on the route to energy transition through 2050.
OPEC of natural gas outlines key role of LNG at UN Economic Commission for Europe online event
The Gas Exporting Countries Forum (GECF), based in Qatar and known as the OPEC of natural gas, and the the International Gas Union were among the participants in a wide-ranging online discussion held by the United Nations Economic Commission for Europe (UNECE) on future LNG and pipeline gas use.
The Web gathering was entitled “99 minutes of LNG - trends, developments and innovative” and examined the need for a more vibrant natural gas industry due to the long-term benefits it brings and its key role in the energy transition.
The session was organised by the UNECE’s Group of Experts on Gas and featured speakers from the GECF and the IGU in addition to several UN member states and for leading gas companies from 10 nations, including Germany, Indonesia, the Netherlands, Nigeria, Norway, Russia and the US.
The GECF was represented by Hussein Moghaddam, Senior Energy Forecast Analyst at the Secretariat in the Qatari capital, Doha.
Moghaddam presented the latest data on Covid-19's impact on LNG markets and outlined the long-term prospects for the fuel.
The GECF has 12 members: Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela.
The seven observer-status countries are Angola, Azerbaijan, Iraq, Kazakhstan, Norway, Oman and Peru.
The current Secretary-General of the GECF is Yury Sentyurin from Russia.
During the UNECE’s event Moghaddam spoke in relation to one of the key messages which was that despite the current market environment due to COVID-19 and the oil price slump, the LNG industry was better placed than ever because of its massive contribution to decarbonising the world.
“While coal is still considered a critical source for energy security and affordability, particularly in Asia, coal development plans are being revised downward compared to previous years amidst low electricity demand and rising availability of alternative sources,” said Moghaddam .
“There is, therefore, a real opportunity for coal-to-gas switching,” he added.
“Further, gas and LNG can benefit from the climate policies being pushed out now due to their competitiveness and alignment with the UN’s Sustainable Development Goals (SDGs),” stated Moghaddam.
The GECF is a regular contributor to the discussions of the UNECE Group of Experts on Gas and took part in the UN body's summit in Geneva in 2019.
The GECF’s “Global Gas Outlook 2050” published earlier in 2020 said that gas production in GECF countries, including Qatar, would grow by almost 50 percent through 2050 to more than 2.5 trillion cubic metres, underlining the continued importance of the group.
The sixth GECF summit of heads of states is scheduled to take place in Doha in 2021.
World Energy Outlook forecasts prime role for LNG with plant investment at $35Bln per year
Natural gas remains the second-fastest growing energy source after renewables through to 2040, with global consumption seen rising 45 percent and LNG infrastructure investment amounting to $35 billion per annum on average, according to the latest World Energy Outlook from the International Energy Agency.
European class society DNV GL sees natural gas investment surge and doubling of LNG capacity
European classification society DNV GL said natural gas projects would receive more investment in the coming years and LNG capacity would double by the late 2040s as gas overtook oil as early as 2026 as the world’s primary energy source, accounting for a quarter of the world’s energy by mid-century.
Natural gas trade expands as demand supports surge in output and LNG glut is not apparent
Global natural gas trade expanded last year by 63 billion cubic metres, or 6.2 percent, with growth in LNG outpacing growth in pipeline trading, according to the 67th edition of the BP Statistical Review of World Energy.
US may be on track to becoming largest LNG exporter as shale revolution gets a second wind
The US will take the lead on global natural gas supply as the shale revolution gets a second wind and the world’s largest producer increases output and LNG exports over the next five years, accounting for almost 40 percent of global gas output growth, the International Energy Agency said.
