LNG

Russia's oil and gas revenues from taxes are likely to increase next month, due to higher oil prices boosted by the Iran war.

State-owned Oil India has discovered oil and gas in Libya, according to an Indian stock exchange filing.

The discovery was made in Area 95/96 block, located in the Ghadames Basin in the southwestern region of the country. The area is considered highly prospective for hydrocarbons.

Oil India holds a 25% stake in the block, which covers an area of around 6,630 sq km, as part of an Indian consortium that also includes the Indian Oil Corp (IOCL).

Oil India said the find could enhance the value of its overseas assets and potentially open new revenue streams in the future, while further strengthening its global exploration footprint.

Paris-based International Energy Agency’s (IEA) latest quarterly report showed how the ongoing supply shock and infrastructure damage from the Middle East conflict are increasing price volatility and pushing back the easing of global gas balances.

Canadian pipeline operator, Enbridge has confirmed that the Canadian Government had approved the Sunrise expansion programme, a $4 bill natural gas expansion of the company’s British Columbia Westcoast pipeline system.

Venture Global’s subsidiary, Venture Global Calcasieu Pass (VGGP) has closed its $750,000,000 aggregate principal amount of 6% senior secured notes offering.

The notes will mature on 1^st May, 2036.

VGCP used the net proceeds, together with cash on hand and proceeds received from certain hedge terminations, for the prepayment, in full, of its outstanding term loans, and to pay fees and expenses in connection with the offering.

The notes are guaranteed by TransCameron Pipeline, a VGCP’s affiliate and are secured on a pari passu basis by a first-priority security interest in the assets that secure VGCP’s existing senior secured first lien credit facilities and VGCP’s existing senior secured notes.

Addressing the current natural gas problem, Dubai-based Gas Exporting Countries Forum (GECF) secretary, Philip Mshelbila, said that a full global gas recovery would take six months to a year if the supply-sapping US/Israeli war in Iran stopped tomorrow.

Australian energy developer, Santos has reported stable operational and financial performance in the first quarter of this year.

US energy giant, Chevron has restarted LNG production at Wheatstone after repairs, caused by cyclone damage in March, were completed.