Blog

According to the Ministry of Energy of Colombia, Colombia may have to raise its LNG imports between 2021 and 2023, as domestic gas reserves and production may prove insufficient to meet the strong increase in gas consumption. According to preliminary estimates, Colombia produces just enough gas to cover its domestic demand, which doubled between 2000 (7.3 bcm) and 2016 (14 bcm) and contracted in 2017 (-9%). Gas reserves slightly decreased in 2018 (-2.9%) and the reserves/production (R/P) ratio fell by 16% due to a significant increase in consumption (+16%).

Colombia is betting on offshore exploration and other alternatives such as gas fracking. However, if no new gas reserves are found, Colombia would then be forced to resort to LNG imports that would cost twice the domestic production cost. The country, which already imports LNG from the Sociedad Portuaria El Cayao LNG plant in Cartagena, would turn to US spot LNG imports.

Russian gas giant Gazprom has discovered two new hydrocarbon fields on the Yamal Peninsula shelf (Russia), exceeding 500 bcm of gas reserves.

China National Petroleum Corp. (CNPC) plans to open dozen of service stations in Myanmar and to invest tens of millions of dollars in the development of its retail network in the country. The group would start with stations in Yangon (first one opened in March 2019), Mandalay and capital Naypyidaw and could later reach hundreds of outlets, even if no timeline has been specified so far.

US energy group NRG Energy has agreed to acquire the retail electricity and natural gas business of US energy retailer Stream Energy for US$300m plus working capital in an all-cash transaction. Stream Energy currently supplies more than 600,000 Residential Customer Equivalent (RCE, i.e.

The Central Electricity Regulatory Commission (CERC) of India has allowed power companies to claim compensation for extra coal procurement costs as Coal India failed to meet its coal supply obligations.

Saudi Arabia has announced that OPEC members and allied oil producers are considering extending their production cut plans in the second half of 2019 in order to reduce inventories towards normal levels.

The Oil and Gas Regulatory Authority (OGRA) of Pakistan has proposed significant increases in regulated prices for gas supplied by the two main gas suppliers: the OGRA recommended to increase prices from Sui Southern Gas Company by 28% and those from Sui Northern Gas Pipelines by as much as 47% and to rationalise tariff structures that benefit some customer categories.

Tilt Renewables has signed a 20-year power offtake agreement with power company Genesis for its 130 MW Waverley wind project in South Taranaki, in New Zealand. The Power Purchase Agreement (PPA) will pave the way for Tilt Energy to take the final investment decision (FID) on the project – it secured a resource consent in July 2017 – and to start construction within 6 to 9 months (i.e.