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Suez Canal a critical chokepoint for oil and natural gas trade

As EIA informs, the Suez Canal and the SUMED Pipeline are strategic routes for Persian Gulf crude oil, petroleum products, and LNG shipments to Europe and North America. Located in Egypt, the Suez Canal connects the Red Sea with the Mediterranean Sea, and is considered as a key chokepoint due to the large volumes of energy commodities that flow through it.

Oil and gas discoveries increase 35% in 2019

Worldwide discoveries of conventional oil and gas continue to present promising growth, as new finds total to an overall 6.7 billion barrels of oil equivalent (boe) in the first half of 2019, according to the mid-year assessment of upstream data by Rystad Energy.

Malaysia contains significant gas potential

According to research by natural resources consultancy Wood Mackenzie, Malaysia provides some of the most material and attractive upstream investment opportunities in Southeast Asia, primarily because of the need for additional gas supply.

US achieves new oil production record in May

The American Petroleum Institute released its latest Monthly Statistical Report and API Industry Outlook outlining the increased growth and resiliency of the US natural gas and oil industry. Namely, US crude oil production reached a new all-time high of 12.2 million barrels per day in May 2019.

Fire erupts at Iranian South Pars gas platform

Fire took place at the SPD9 platform, in the South Pars gas field, on June 12. About 14 people were working at the platform the moment of the fire, and after the explosion they were transported to Asaluyeh, Southern Province of Bushehr, by helicopter. No casualties were reported, while the fire has now been contained.

Reliance, BP to develop MJ project off India

Reliance Industries Limited and BP announced the sanction of the MJ project in Block KG D6, offshore the east coast of India. MJ is the third of three new projects in the Block KG D6 and its approval comes after sanctions for the development of ‘R-Series’ deep-water gas field in June 2017 and for the Satellites cluster in April 2018.

Natural gas, renewables leading energy consumption growth

BP published its 68th annual Statistical Review of World Energy, reporting that global primary energy consumption grew fast in 2018, driven by natural gas and renewables. However, carbon emissions grew at their highest rate for seven years.

2018 was a golden year for natural gas, IEA says

As IEA informs in its Gas 2019 report, global demand for natural gas will continue its growth over the next five years, due to strong consumption in fast-growing Asian economies and driven by the continued development of the international gas trade. Namely, demand for natural gas increased 4.6% in 2018, which is its fastest annual pace since 2010.

US hydrocarbon gas liquids achieve 5 million barrels per day in 2018

As EIA informs, US production of hydrocarbon gas liquids reached 5 million barrels per day (b/d) in 2018, which is an increase of over 0.5 million b/d (13%) compared to 2017 levels. HGLs accounted for more than a quarter of total US petroleum products output in 2018.

Norway’s oil production during April less than anticipated

According to the Norwegian Petroleum Directorate, preliminary production figures for April 2019 show an average daily production of 1,729,000 barrels of oil, NGL and condensate, which is a decrease of 24,000 barrels per day in comparison to March. Overall gas sales were 10.2 billion Sm3 (GSm3), which is a reduction of 0.6 GSm3 from the month before.