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abarrelfullabarrelfull wrote on 21 Dec 2009 06:50


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Exxon Signs New LNG Agreement

created: 23 Dec 2009 11:31
tags: exxon lng png
Exxon have announced another major LNG Deal.

Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation (NYSE:XOM) and operator of the PNG LNG Project, today announced that the Project participants have finalized a Sale and Purchase Agreement with Osaka Gas Co., Ltd. for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 1.5 million tonnes per annum (MTA).

The agreement is effective for a 20-year period.

This is a major step towards the realisation of the project, which will be a major investment for Papua New Guinea.

The PNG LNG co-venturers recently announced approval to proceed with the development of the Project pending completion of all sales and purchase agreements with LNG customers and finalization of financing arrangements with lenders.

We know that Exxon is bullish on Natural Gas, their recent acquistion proved that once again. Demand for the cleanest of fossil fuels is set to continue its rapid growth, and Big Oil is spending eye watering sums of money to become Big Gas.
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OPEC Meeting

created: 22 Dec 2009 08:34
tags: opec price
OPEC has its last meeting of the year today, but the outcome is already decided.

OPEC, which pumps 40 percent of the world’s oil, will “absolutely not” change its output quotas, Saudi Arabia’s Oil Minister Ali al-Naimi said yesterday.

This being the case, oil markets reacted with a shrug.

The main driver of markets at present is rather the extremely cold weather and its impact on demand.

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Cosmo May Mothball Refinery

created: 21 Dec 2009 08:38
tags: closures japan refining
Japanese Refiner Cosmo Oil, is the latest company to consider mothballing a refinery.

The Tokyo-based company may close the plant within three to five years, Chairman Keiichiro Okabe said in an interview yesterday, without saying which refinery is being considered..

Like compatriots Nippon Oil, they are victims of the over capacity in Japan.

Japan’s surplus capacity has grown to about 30 percent of the total as fuel demand slumps because consumers have switched to cleaner alternatives and factories have reduced output amid the global recession.

There is still more to come, as Japanese refiners slowly come to terms with their new realities.
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