Energy News Beat

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Slovakia’s Robert Fico seeks full disclosure of US funding to organizations undermining his government

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Lithuania, Latvia and Estonia recently disconnected from a transmission network that linked them to Russia and Belarus

 

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The billionaire has blasted bureaucracy as an “unelected, unconstitutional fourth branch of government”

 

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India’s natural gas demand is forecast to increase by nearly 60 percent by 2030, doubling the country’s need for liquefied natural gas (LNG) imports, according to a new report by the International Energy Agency.

The report shows the country’s gas consumption is set to reach 103 billion cubic meters (bcm) annually by the end of the decade.

Following over a decade of slow growth and periodic declines, India’s natural gas demand increased by more than 10 percent in both 2023 and 2024, indicating an inflection point, the agency said.

While total gas consumption in 2023 was only marginally higher than 2011 levels, three key factors are now converging to drive substantial growth: rapid infrastructure expansion, recovering domestic production, and an expected easing of global gas market conditions, the IEA said.

“India’s gas market is entering a new phase of growth, supported by significant infrastructure development and clear policy direction,” said IEA director of energy markets and security Keisuke Sadamori.

“The prospect of higher gas demand in India coincides with an expected wave of new global LNG supply. However, it will require careful planning and market coordination to ensure supply security and to help gas to compete in a price-sensitive market,” Sadamori said.

India’s domestic gas production, which met 50 percent of demand in 2023, is projected to grow gradually, reaching just under 38 bcm by 2030.

This would put it around 8 percent above 2023 levels. The limited growth in domestic supply means India’s LNG imports will need to more than double to around 65 bcm a year by 2030 to meet rising demand, the IEA said.

India currently imports LNG via seven facilities with a combined capacity of about 52.7 million tonnes per year.

These include Petronet LNG’s Dahej and Kochi terminals, Shell’s Hazira terminal, the Dabhol LNG, Ennore LNG, Mundra LNG, and Dhamra LNG terminal.

Also, the newest LNG import terminal is HPCL’s 5 mtpa Chhara LNG import terminal in India’s Gujarat, which just launched commercial operations.

The IEA said India is looking to increase the share of gas in its energy mix and the report identifies potential for even higher growth under an accelerated scenario, where targeted policy measures could push total demand to approximately 120 bcm by 2030 – comparable to the current gas consumption of South America.

This scenario would require additional policy support to drive higher utilization of gas-fired power plants, faster adoption of LNG in heavy-duty transport, and more rapid expansion of city gas infrastructure.

Looking ahead, the report emphasizes the need for strategic planning in LNG procurement and import infrastructure.

As legacy contracts expire, India faces a widening gap between contracted supply and projected demand after 2028, potentially increasing exposure to spot market volatility unless new long-term contracts are secured in the coming years, the IEA said.

 

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Novatek reported a profit attributable to shareholders of 493.5 billion roubles in 2024, a rise of 6.6 percent compared to 463 billion rubles in 2023.

The company logged a net profit of about 463 billion roubles in 2023, while it did not publish its financial results in 2022.

Novatek reported a profit attributable to shareholders of 341.7 billion roubles in the six-month period of 2024, a rise of 119.5 percent compared to 155.6 billion rubles in the first half of 2023.

In 2024, Novatek’s total revenues and normalized Ebodta, including its share in the Ebitda of joint ventures, reached 1,546 billion roubles and 1,008 billion roubles, respectively, representing increases of 12.7 percent and 13.2 percent as compared to 2023.

Novatek said normalized profit attributable to its shareholders, excluding the effect of foreign exchange gains (losses), reached 553.4 billion roubles in 2024, which is 4.6 percent higher as compared to 2023.

According to the LNG producer, net cash provided by operating activities of the group amounted to 357.1 billion roubles in 2024, representing a decrease of 17.6 percent compared to 2023.

Novatek’s cash used for capital expenditures amounted to 193 billion roubles in 2024, which is 13.8 percent lower than in 2023.

Last month, Novatek reported a 1.1 percent decrease in its natural gas sales, including LNG, in 2024.

Novatek’s natural gas sales reached 77.76 bcm in 2024. This compares to 78.63 bcm in 2023, which marked a rise of 2.7 percent year-on-year.

Novatek did not break down the 2024 gas sales just to LNG, as it had done in the previous five quarterly reports.

On the other hand, Novatek’s gas production rose 2.1 percent to 84.08 bcm in 2024.

In 2024, hydrocarbon production totaled 667 million barrels of oil equivalent (mmboe), including 13.8 million tons of liquid hydrocarbons (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 21.6 mmboe, or by 3.3 percent as compared with the twelve months 2023.

Novatek currently exports LNG via its 17.4 mtpa Yamal LNG plant and the mid-scale facility in Vysotsk with a nameplate capacity of 660,000 tons.

In addition, Novatek is working on the sanctioned Arctic LNG-2 export plant.

In August 2024, Novatek delivered the second gravity-based structure platform from its yard near Murmansk to the site of the Arctic LNG 2 project located on the Gydan peninsula.

The company completed the second GBS despite US and EU sanctions.

The first GBS left the Belokamenka yard in July 2023 and Novatek completed the installation on the underbase foundation on the seabed at the Utrenniy terminal in August.

The first and second GBS each have a capacity of about 6.6 mtpa.

 

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Energy Transfer’s Lake Charles LNG project seeks to convert its existing regasification terminal to an LNG export facility.

It has a proposed liquefaction capacity of 16.45 mtpa and includes three trains and also modifications to the Trunkline Gas pipeline.

In December 2024, Energy Transfer’s unit entered into a 20-year LNG sale and purchase agreement (SPA) with Chevron U.S.A.

Under the SPA, Energy Transfer LNG will supply 2 million tonnes of LNG per annum (mtpa) to Chevron, subject to Energy Transfer LNG taking FID on the project.

Energy transfer also needs to secure approval for non-FTA LNG exports.

Last year, Energy Transfer’s unit Lake Charles Exports asked the US DOE for expedited action on its pending application for non-FTA LNG exports from the proposed Lake Charles LNG export facility.

In the meantime, US President Donald Trump lifted a moratorium by the former Biden administration on non-FTA LNG export permits last month.

Trump issued the executive order, which was widely expected, just hours after officially taking over his second four-year term as the president.

Energy Transfer’s co-CEO, Marshal McCrea, discussed the impact the new administration would have on Energy Transfer’s business and Lake Charles LNG on Tuesday during the company’s fourth-quarter conference call.

McCrea said the new administration “fully recognizes how blessed we are with not only fossil fuel resources but a lot of resources that are needed in this renewable push.”

“So, yes, needless to say, Energy Transfer and our executive team and the vast majority of our employees are very excited about what’s happening, and we think it’s going to be huge for our industry, huge for our partnership, and huge for this country and the world,” he said.

McCrea also provided an update on the Lake Charles LNG export project.

“We have a team over in London right now, had some really good reports back,” he said.

“So, as everybody knows, there are two things we’re kind of waiting for. It is to get a good, solid contract at the price that works and get that snowball going,” McCrea said.

He mentioned the recent Chevron LNG supply deal.

“They’re actually an advocate of ours now, had lunch with them last week. They do believe we have the best project, and they’re pushing others to really take a close look if they aren’t already looking at our project,” he said.

“We have over 20 million tons we’re negotiating with. We have a really strong equity partner that we’re now in negotiations with for a considerable amount of equity,” McCrea said.

“So, the stars are kind of lining. I mean, we’ve got a lot of work to do. We’re not going to undersell that. But we do have a project that’s in an excellent location with pipeline infrastructure, much of which is already there with a great terminal, with tanks that are already there, with this brownfield project,” he said.

“So, we’re very excited about it. We’re going to push hard, and we certainly hope to get to FID sometime probably in the fourth quarter of this year,” McCrea said.

Besides the Chevron deal, Energy Transfer previously said it had entered into definitive long-term LNG offtake contracts for 7.9 mtpa of LNG.

The company announced six SPAs during 2022 and the customers include China Gas, Gunvor, ENN, SK Gas, and Shell.

In July 2023, the company also entered into three non-binding HOAs related to the long-term LNG offtake from this project for an aggregate of 3.6 mtpa of LNG.

One of the deals is with Chesapeake and Gunvor, the second deal is with EQT, and the third HOA is with a Japanese customer.

During the call, McCrea also discussed these previous SPAs and the prices of these contracts.

“We don’t like those prices. So, yes, we are renegotiating those. Whether 8 or 9 million tons, we had negotiated,” he said.

He said Energy Transfer is in negotiations with “every one of those.”

“To my knowledge, not one of those has backed out yet. Everybody understands how costs have risen and we are in continued negotiations with those to renegotiate their fees as well as, as I mentioned earlier, numerous other customers that are more in today’s pricing realm of what works for our project,” McCrea said.

 

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State-owned QatarEnergy owns a 70 percent stake in the Golden Pass project with a capacity of more than 18 mtpa and will offtake 70 percent of the capacity, while US energy firm ExxonMobil has a 30 percent share.

In November 2024, Japan’s Chiyoda and US-based CB&I reached a deal with Golden Pass LNG to complete the construction of the first liquefaction following the exit of Zachry Holding which filed for bankruptcy earlier the same year.

“CB&I and CIC, and Golden Pass LNG Terminal will continue engagements on subsequently amending the contract for the completion of Trains 2 and 3 and will disclose promptly when we conclude such agreement,” Chiyoda said at the time.

The Golden Pass partners expect to launch the first liquefaction train at the end of this year.

Golden Pass LNG Terminal and Golden Pass Pipeline said in the newest construction report filed with the US FERC that Golden Pass is continuing to carry out Phase I and Phase II activities, such as such as storm water management levee construction, stockpiling of material, piling, pre-commissioning, commissioning, and electrical commissioning.

Golden Pass and its contractors progressed installation of piping in utilities and brownfield areas, continued piping and vessels insulation activities, and activities on the ground flares.

In addition, Golden Pass progressed brownfield tie-ins and LNG tank tops modifications scope, and levee construction activities.

Golden Pass said concrete foundation pours continue across all areas while it continues the pipe pneumatic/hydrostatic testing program.

As per the pipeline expansion project, Golden Pass continued civil activities at the MP33 and MP69 compressor stations and also continued pipe installation at these stations.

It continued construction activities of the Sabine Spur, Natural Gas Pipeline (NGPL)
Interconnect improvements and associated facilities.

FERC said in a separate inspection report dated January 23 that the anticipated in-service timing for the pipeline expansion project is expected “sometime in the first half of 2025.”

“Based on rain gauges located at the facilities, the project areas received approximately 2.4 inches of precipitation during the two weeks before the inspection, and an additional 4.5 to 5.0 inches of snowfall two days prior to the inspection,” it said.

“According to Golden Pass, the snowfall and freezing conditions resulted in closure of all project components for at least two days, beginning the afternoon of January 20, 2025,” the report said.

 

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Under the sales and purchase agreement (SPA), TotalEnergies will supply GSPC with 400,000 tons of LNG, amounting to six cargoes per year.

The deal is for 10 years, according to a statement by TotalEnergies.

TotalEnergies said the LNG supplies, sourced from its global portfolio and delivered to terminals on India’s west coast, will primarily serve GSPC’s industrial customers.

It will also supply Indian households for domestic use, businesses, and service stations for vehicles running on compressed natural cas (CNG), such as auto-rickshaws.

“This new deal underscores TotalEnergies’ leadership in the LNG domain and commitment to India’s energy transition and security of supply”, said Gregory Joffroy, senior VP LNG at TotalEnergies.

Milind Torawane, managing director at GSPC said this agreement marks a “major step towards reinforcing GSPC’s strategy to secure competitive LNG on a long-term basis, helping to bridge the growing natural gas demand-supply deficit in Gujarat and across India.”

“Partnering with TotalEnergies, one of the largest LNG players in the world, aligns with GSPC’s strategy to build up its long-term portfolio and become a leading Indian player in gas trading”, Torawane said.

In Gujarat, GSPC, along with its other group companies, supplies one-third of the natural gas demand in the Indian state, catering to 2.3 million households and 20,000 industrial and commercial clients, and operates over 800 CNG stations.

GSPC LNG operates the 5 mtpa Mundra LNG import terminal in Gujarat.

TotalEnergies says it is the world’s third largest LNG player with a global portfolio of 40 Mt/y in 2024 thanks to its interests in liquefaction plants in all geographies.

The company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering.

During 2024, TotalEnmergies sold 39.8 million tonnes of LNG, down 10 percent compared to the year before due to lower demand in Europe.

This GSPC deal could be the contract that was revealed during the TotalEnergies’ strategy and outlook presentation in New York in October last year.

TotalEnergies did not reveal the name of the Indian buyer at the time, but that contract is similar to today’s deal.

The French company was quite active last year with signing Asian LNG supply deals.

In November 2024, TotalEnergies signed a heads of agreement with China’s state-controlled energy giant Sinopec to supply the latter with two million metric tons of LNG per year for 15 years.

Before this deal, TotalEnergies signed six Asian contracts last year for a total volume of 4 Mt/y.

TotalEnergies signed LNG supply deals with India’s IOCL for 0.8 Mt/y and also with Korea South-East Power (KOEN) for 0.5 Mt/y.

Moreover, the French firm signed a 16-year deal with Singapore’s Sembcorp for 0.8 Mt/y, and it announced a five-year extension of its SPA with CNOOC, for the delivery of 1.25 million tons of LNG per year.

TotalEnergies also signed a heads of agreement to supply LNG to South Korea’s HD Hyundai Chemical.

Under the deal, TotalEnergies will deliver 200,000 tons of LNG per year for seven years starting from 2027.

 

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The resources of the Donetsk People’s Republic will benefit its people and the rest of the country, Denis Pushilin has said

 

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At the recent Paris AI Action Summit, both the United States and the United Kingdom declined to sign a joint declaration aimed at promoting ethical, transparent, and sustainable artificial intelligence. The declaration, endorsed by 61 nations including France, China, India, Japan, Australia, and Canada, emphasizes the importance of ensuring AI is “open, inclusive, transparent, ethical, safe, secure, and trustworthy.” It also calls for increased global collaboration in AI governance.

The UK government cited concerns over the declaration’s lack of practical clarity on global governance and insufficient emphasis on national security issues. A spokesperson stated that while the UK agreed with much of the declaration, it felt that certain aspects did not align with its national interests.

Similarly, U.S. Vice President JD Vance expressed apprehension about potential overregulation of AI, emphasizing the need to keep AI free from ideological bias and to support innovation. He highlighted the Trump administration’s stance against excessive regulation, suggesting that stringent rules could hinder technological advancement.

This decision by the US and UK has drawn criticism from AI ethics advocates, who argue that international cooperation is crucial for the responsible development of AI. The refusal to sign the declaration underscores differing global perspectives on AI governance and the balance between fostering innovation and ensuring safety.

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