Spanish pipeline natural gas and LNG player Naturgy sees shares jump as Abu Dhabi firm makes takeover moves
Naturgy Energy, the power company with LNG operations from Puerto Rico to Europe and pipeline gas networks from Algeria to South America, has seen its shares jump by more than 6 percent amid moves for a takeover by a company from Abu Dhabi in the United Arab Emirates.
Chevron and Eni make ‘significant’ gas discovery in Eastern Mediterranean to boost Egyptian LNG expectations
Italian energy company Eni and US major Chevron Corp. have made a “significant” gas discovery in the Eastern Mediterranean Sea offshore Egypt in a follow up for Eni on its huge Zohr gas field that enabled the Egyptians again to become LNG exporters.
Egypt aims to maximise LNG output from Damietta and Idku plants with most cargoes pointing at Europe
Egypt’s Petroleum and Mineral Resources Minister Tareq El-Molla has said that Egypt was ready to meet more of the increased demand for natural gas in Europe as its LNG exports have increased to 8 million tonnes per annum in 2022 and the capacity is there for growth in 2023.
“Efforts exerted over the past years have made of Egypt one of the solutions to the ongoing energy problem,” said the Minister in a keynote speech to the eighth Egypt Oil and Gas Convention on November 27 in Cairo.
The convention was taking place at the Dusit Thani Lakeview Hotel in the Egyptian capital through November 29.
El-Molla noted that Egypt had the capacity to export up to 12 MTPA of LNG annually from the two plants located east of the Mediterranean city of Alexandria.
He said that out of the total of LNG cargo exports from the Idku LNG plant and the Damietta facility about 90 percent were delivered to Europe.
He noted that the successes of the petroleum sector in Egypt was due to the integrated strategy of partnerships between the public and private sectors and was fully supported by the government of President Abdel Fattah El-Sisi.
“The petroleum sector is also seeking mechanisms of action that would maximize cooperation with international partners to be able to make optimal use of our natural resources,” said the Minister.
The Minister said that the strategy rested on increasing and sustaining oil and natural gas production while also reducing carbon emissions.
Feed-gas boosted
Egypt is set to increase LNG supplies by almost 30 percent this year compared with the 6.1MT shipped in 2021 as feed-gas supplies have stabilised.
The Minister added that Egypt's revenues from the exports of LNG, petrochemicals and petroleum products would amount in 2022 to $19 billion.
He said that Egypt was working towards developing energy sources of all kinds simultaneously, be they traditional energy sources, especially natural gas, or renewable sources like solar energy and wind.
Egypt’s previous natural gas shortages were solved by Eni’s Zohr gas field discovery in the East Med and other gas finds in the nation’s extensive oil and gas basins leading to a re-start of the Damietta LNG plant in February 2021 after it had been idle since the end of 2012.
The Egyptian domestic natural gas market also receives pipeline gas from Israel.
The Damietta facility has as its shareholders the Italian energy company Eni as well as two of Egypt’s state-owned companies, Egyptian Natural Gas Holding Company (EGAS) and Egyptian General Petroleum Corp. (EGPC).
The facility has nameplate capacity of 5 MTPA and with Eni owning 50 percent of the plant while EGAS and EGPC hold 40 percent and 10 percent respectively.
The second Egyptian plant, the Idku facility, has 7.2 MTPA of capacity from two Trains and is operated by Shell.
Naturgy of Spain gives overview of LNG and natural gas utility markets as earnings and revenues increase
Naturgy Energy Group, the Spanish global utility company with LNG supplies from the US and Russia and natural gas and utility businesses in South America as well as renewables in the US and Australia, reported a more than 40 percent rise in annual net profits and an increase in gross earnings of over 7 percent.
Egyptian Damietta LNG plant dispute solved with Naturgy settlement and Eni to sell FOB cargoes
Naturgy, the Spain-based European utility with LNG volumes from the US and Russia and gas and power interests in Latin America, said it agreed to sell its stake in the Damietta LNG export plant in Egypt and to rescind its Egyptian gas contracts on departing from Unión Fenosa Gas (UFG) joint venture.
Spanish utility Naturgy extends LNG supply deal for US territory of Puerto Rico and its power generation
Naturgy, the Spanish utility and buyer of both Russian and US liquefied natural gas volumes, has agreed to extend its long-term LNG supply contract with the Puerto Rico Electric Power Authority.
Naturgy of Spain returns to profit after overhaul as LNG prices and power present challenges
Naturgy Energy Group, the Spanish utility and importer of US and Russian LNG, posted an annual net profit after the previous year’s losses amid continuing challenges in its businesses in Europe and South America.
US and Russian LNG shipments and low prices help Spain set records for gas consumption
High levels of Spanish liquefied natural gas imports and storage meant more pipeline supplies were exported to France as Spain also set records for domestic natural gas consumption.
Spanish utility Naturgy swings to profit after overhaul as LNG improves amid lower prices
Naturgy, the Spanish utility with Latin American assets and LNG volumes from the US and Russia, swung to a profit after losses last year linked to restructuring as it invested in natural gas infrastructure and renewables.
US and Russian LNG buyer Naturgy of Spain joins Sonatrach in Medgaz pipeline takeover
Naturgy, the Spanish utility with Latin American assets and LNG volumes from the US and Russia, and state-run Algerian company Sonatrach have agreed to purchase the stake in the Medgaz natural gas pipeline from Algeria to Europe held by United Arab Emirates energy company Mubadala.
