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Natural Gas News - December 18, 2017

Natural Gas News - December 18, 2017

Egypt's Zohr Natural Gas Field Begins Production

Middle East Eye reported: Egypt's Zohr natural gas field, the largest in the Mediterranean, began production on Saturday with an initial 350 million cubic feet a day, the oil ministry said in a statement. The field operated by the Italian ENI company is estimated to hold 850 billion cubic metres of gas. "With the completion of the initial phase for this project planned for June 2018 production will gradually reach more than a billion cubic feet a day," oil minister Tarek al-Molla said in the ministry statement. Production will eventually increase to 2.7 billion cubic feet a day, he said. Production from Zohr will help the most populous Arab nation achieve "selfsufficiency of natural gas, ease the burden on the state budget and cut the imports bill," Molla said. The field also will help ease pressure on Egypt's economy, which has been plagued by a shortage of foreign currency since a 2011 uprising, according to Bloomberg. For more visit middleeasteye.net or click http://bit.ly/2ySdsvn

Arctic Liquefied Natural Gas Project Survives U.S. Sanctions against Russia

Arkansas Online reported: Building the $27 billion Yamal liquefied natural gas project meant shipping more than 5 million tons of materials to construct a forest of concrete and steel about 370 miles north of the Arctic circle, where temperatures can drop to almost minus 60 degrees and the sun disappears for two months straight. Yet those challenges weren't as tough as the U.S. sanctions imposed in 2014, forcing a complete refinancing just as construction was about to start. Jacques de Boisseson, head of the Moscow office of French energy giant Total SA, which has a 20 percent stake in Yamal LNG, said there were "various moments" when he thought the project may never happen. "We were too much advanced to stop. We were in a deadlock." de Boisseson said. "We had a dream," Mark Gyetvay, deputy CEO of Novatek, said on Tuesday. "Now we have realized that dream." For more visit arkansasonline.com or click http://bit.ly/2BbwOS3

This article is part of Nat Gas NGN Archive

Daily Commodity Report

COMMODITYLASTCHANGE
CRUDE$52.27▼0.35
NO.2 DSL$1.8694▼0.0192
GASOLINE$1.3796▼0.0061
NAT. GAS$3.10▲0.120
CBOT ETHANOL$1.2751▼0.0003
UPDATED01/24/19 - 8:57 a.m.

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