08-14-2017, 11:50 PM
The prospect of a U.S. blockade of crude oil imports from Venezuela has ignited fierce lobbying in Washington pitting domestic energy producers such as oil tycoon Harold Hamm, who favor a get-tough approach, against refiners that depend on those supplies. Hamm said hitting Venezuelan President Nicolas Maduro where it counts would deter the socialist leader’s moves to undermine democracy and consolidate power. In an interview, the Continental Resources, Inc. chief executive officer urged President Donald Trump to block the oil, a vital source of revenue for Venezuela.
Threat of Venezuelan oil ban pits oil boss Hamm against refiners
The Greater Lafourche Port Commission (GLPC) and tenant Energy World USA (EWUSA) have announced that wholly-owned Fourchon LNG LLC has filed its formal letter to request initiation of the pre-filing review process with the U.S. Federal Energy Regulatory Commission (FERC). Upon completion of the pre-filing process, Fourchon LNG LLC intends to file an application with FERC for authorization to construct the proposed 5 million tons per annum mid-scale liquefied natural gas (LNG) production and export facility at Port Fourchon.
Fourchon LNG kicks off federal regulatory process for $888-million LNG facility
The chief executive of LNG terminal maker Liquefied Natural Gas Ltd. told Bloomberg in an interview that the shift towards short-term contracts may come back to bite LNG traders. Greg Vesey said that the only way to secure funding for new export/import capacity is through long-term contracts, and failure to ink some may tip the scales towards a shortage as soon as 2021. The Pacific NorthWest LNG is a case in point. The Malaysian state oil and gas company terminated the project because of low gas prices. In this price environment, the company simply could not afford the investment.
Is LNG Moving From A Buyers’ To A Sellers’ Market? | OilPrice.com
The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and in 2018 after lowering its historical assessments of consumption in some emerging nations. World oil markets are re-balancing as the Organization of Petroleum Exporting Countries and its allies implement production cuts, the IEA said in its monthly report. Still, inventories remain high and the volume of crude needed from OPEC is less than previously thought as consumption in some developing nations had been overestimated, it said.