Latest news with #LNG
Reuters
8 minutes ago
- Business
- Reuters
Pipeline operator Kinder Morgan posts higher second-quarter profit
July 16 (Reuters) - Kinder Morgan (KMI.N), opens new tab posted a rise in second-quarter profit on Wednesday, helped by higher volumes of natural gas transported through its pipelines. Pipeline operators such as Kinder Morgan are banking on a rise in demand for natural gas from LNG export facilities as well as for electricity associated with AI operations, cryptocurrency mining and data centers. The United States was the largest exporter of LNG in 2024, with 11.9 billion cubic feet per day of LNG leaving its export terminals throughout the year. Exports of the superchilled gas are expected to increase even further, as new terminals come online after President Donald Trump lifted a pause on new permits in January. The company said it transported about 44,585 billion British thermal units per day (BBtu/d) of natural gas in the repored quarter, compared with 43,123 BBtu/d last year. Its total delivery volumes, which includes refined products such as jet fuel and diesel fuel, also rose to 2.21 million barrels per day (bpd) during the quarter ended June 30, from 2.17 million bpd last year. The Houston, Texas-based company said its net income came in at $715 million for the three months ended June 30, compared with $575 million a year earlier.
Yahoo
5 hours ago
- Business
- Yahoo
TotalEnergies sees Q2 hydrocarbon production at midpoint of outlook
French energy concern TotalEnergies on Wednesday said it expects second-quarter hydrocarbon production to be at the midpoint of its outlook, about 2.5% up from the same quarter a year ago. The average liquids price of $65.6/b decreased from $81/b last year; the average LNG price of $9.10/Mbtu declined from $9.32/Mbtu, while average gas price rose to $5.63/Mbtu from $5.05/Mbtu. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
5 hours ago
- Business
- The Independent
Activists sue US development bank over $4.6bn loan to massive Mozambique gas project
Environmental groups have filed a lawsuit accusing a US development bank of providing an 'unlawful' near-$5 billion loan to a fossil fuel project in southern Africa. Friends of the Earth US, Mozambican environmental charity Justiça Ambiental, and EarthRights International are accusing the US Export-Import Bank (EXIM) - which uses US public money to support US investments abroad - of not conducting sufficient due diligence around the re-approval of the $4.6bn loan to a liquefied natural gas (LNG) project in Mozambique. In March, under President Donald Trump, EXIM announced the re-approval of the loan, which had been paused after the project ran into difficulties related to an ongoing Islamic Insurgency in the Cabo Delgado region where the project is based in 2021. The groups allege EXIM 'rushed through approval' without conducting required environmental reviews, economic assessment, or complying with the procedural requirements mandated by Congress. The lawsuit also claims that EXIM failed to follow neither its own Charter nor federal law, setting a dangerous precedent for future decisions. The Independent has previously reported on the numerous human rights and environmental concerns that surround the project. "There are legal procedures and processes in place to ensure the U.S. Export-Import Bank does not waste taxpayer dollars on risky projects plagued by violent insurgencies,' said Kate DeAngelis, deputy director for economic policy at Friends of the Earth US. 'Yet EXIM – like the rest of the Trump Administration – believes that it can operate outside the law. We will not stand by while the Trump Administration cuts health care and disaster aid so that it can give handouts to fossil fuel companies.' Richard Herz, of EarthRights International, added: 'EXIM's Board's illegal decision to subsidize this project, without even considering the risks to local people, let alone the serious allegations that project security committed a massacre at the project site, is beyond reckless. 'EXIM needs to do its job and actually consider the harms this project will inflict on local people.' The long-delayed LNG project has displaced thousands of local people. In 2021, French oil giant TotalEnergies, which is spearheading the project, was forced to halt operations after Islamist insurgents killed dozens of workers near the company's main site in the Cabo Delgado region. The ongoing insurgency – and a 'force majeure' declaration around the project – also means that TotalEnergies has been unable to resume operations. Signs of discontent can be found in villagers claiming that they have not been sufficiently compensated for giving up land that most rely on for subsistence farming, according to evidence collected by local NGO Justica Ambiental, after Mozambique LNG was given rights to 6,625 hectares of land to build its liquefaction terminal. A spokesperson for TotalEnergies previously told The Independent that prior to the force majeure announcement, 89 per cent of compensation payments had been paid within six months of the signing of compensation agreements, and 66 per cent were paid within 90 days. 'The Force Majeure situation has prevented the full implementation of the relocation and compensation process and has slowed down the exercise,' they said. A spokesperson for Justiça Ambiental said: 'To continue financing gas projects in Cabo Delgado would be a betrayal of Mozambique and humanity. 'It would ignore the voices of the families who are bearing the heaviest burdens – who have lost their land, access to the sea, and their livelihoods. It would show a lack of commitment to national laws, international standards, and any efforts to deal with the climate crisis.' An EXIM spokesperson said: 'The Export-Import Bank of the United States is aware of recent reports and inquiries regarding ongoing legal proceedings. As a matter of longstanding policy, EXIM does not comment on pending litigation. 'EXIM remains committed to its mission of supporting American jobs by facilitating the export of U.S. goods and services. The Bank continues to operate in accordance with all applicable laws and regulations.'
Time of India
7 hours ago
- Business
- Time of India
PNGRB directs city gas companies to stop volume-based differential pricing
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The Petroleum and Natural Gas Regulatory Board ( PNGRB ) has directed city gas companies to charge a uniform rate for household fuel, regardless of consumption levels, in a bid to end the practice of some firms charging higher prices beyond a certain usage threshold.'It has come to the Board's notice that certain city gas distribution (CGD) entities are implementing a telescopic pricing structure for piped natural gas (PNG) domestic consumers , wherein the per SCM (Standard Cubic Meter) price of natural gas escalates as consumption surpasses a predefined threshold,' the downstream regulator said. 'Such pricing practices may inadvertently facilitate the unauthorized use of subsidized administered price mechanism (APM) gas by commercial consumers who may be misclassified as domestic consumers.'The regulator further said that 'genuine domestic consumers with higher consumption levels may be unfairly subjected to elevated charges,' despite the government supplying natural gas to CGD entities at a uniform domestic gas is sold to companies 'at a concessional rate compared to market or spot LNG prices,' the regulator also advised city gas companies to undertake a thorough review of consumption patterns and 'investigate anomalous cases where domestic consumers exhibit significantly higher usage relative to industry average' and, based on the findings, take suitable corrective measures.
Irish Independent
8 hours ago
- Politics
- Irish Independent
Leitrim activists join rally at the Dáil against LNG terminal plans
Climate activists from the Stop Shannon LNG Coalition including Love Leitrim, Extinction Rebellion, Slí Eile, and other groups gathered outside the Dáil to express concern that the government is planning Liquefied Natural Gas (LNG) infrastructure in Ireland. The activists strongly oppose such infrastructure because of its negative impact on the climate, public health, and the cost of living. The activists are concerned that when gas is fracked, not all of it is captured, so some of it escapes into the atmosphere, further contributing to climate change. The activists held a 14 metre-wide banner reading 'STOP SHANNON LNG,' referring to a proposed LNG terminal. Leitrim County Councillor Eddie Mitchell from Love Leitrim said the global warming impact of importing fracked gas into Ireland outweighs all our efforts to reduce our annual emissions. 'After acknowledging in 2021 that a LNG terminal would inevitably import fracked gas, the government is now walking away from its obligations to mitigate climate change by reducing global greenhouse gas emissions. "While the government struggles and fails to reduce emissions by a target of 8% a year, even just considering fracked gas imports associated with boil off would incur 3.75% of Ireland's total emissions if we were only to use the LNG terminal as a storage unit. "Those are the emissions associated with spending €900 million on a terminal that won't be used. In the real world the emissions will be so much greater,' said Mr Mitchell. According to the campaigners, since late 2023, the government has planned to support LNG import infrastructure and in March this year, that plan was updated to explicitly allow the import of fracked gas. New Fortress Energy is seeking to build their LNG terminal and 600MW gas power plant at Ballylongford in county Kerry, on the Shannon Estuary. The power plant has already received planning permission, and An Coimisiún Pleanála (formerly An Bord Pleanála) is currently reviewing the reactivated planning application for the LNG terminal. In June, An Comisiún Pleanála asked the government to clarify its position on privately owned LNG terminals. The government has not yet clarified its position. Mr Mitchell called on the Minister Darragh O'Brien to clarify policy before August 7. "He must reinstate the ban on all LNG terminals so that planning permission can be refused again, or acknowledge that continuing down the road of facilitating fracked gas requires us to admit failure on environmental policy. "All of us from Leitrim, Fermanagh, Clare, Kerry and Limerick who live on shale gas basins will not allow our country to be a market for fracked US gas,' said Mr Mitchell. Labour Party Spokesperson on Rural and Community Development, the Gaeltacht and Worker's Rights, Senator Nessa Cosgrove reiterated her support for a number of community-based Environmental groups, including Love Leitrim, who oppose the introduction of Fracked Gas into the Irish energy mix. Senator Cosgrove said, 'LNG is a dirty, polluting fossil fuel, which is often extracted through the environmentally-damaging technique of fracking 'If the Government allows the current planning application for Shannon LNG to be granted it will blow a massive hole in Ireland's chances of meeting our legally-binding climate targets. 'The Government have claimed that they are interested only in a Government-led LNG storage facility for an emergency supply, not in commercial exploitation of this gas. 'If there is a shred of truth to this claim, there is no need to lift the moratorium on granting planning permission for privately-owned LNG Infrastructure. 'I am calling on Darragh O'Brien, as the Minister for Energy and Environment to reiterate that the Government's position is that no privately-owned LNG infrastructure is to be permitted within the State, so that An Bord Pleanalla can make the correct judgement, which remains to refuse planning permission for this unnecessary and harmful development,' said Senator Cosgrove.
