Eni SpA has signed a memorandum of understanding (MoU) with Argentina’s state energy company YPF for the joint evaluation of the Argentina LNG project. Argentina LNG is a large-scale upstream and midstream integrated gas development project, designed to develop the resources of the Vaca Muerta onshore gas field and serve international markets. The project is expected to be developed in multiple phases and export up to 30 million tons per year (mtpa) of liquefied natural gas (LNG) by the end of the decade, Eni said in a news release. The project phase covered by the MoU between the two companies covers the development of upstream, transportation, and gas liquefaction facilities through two floating LNG units of 6 mtpa each, for a total of 12 mtpa, according to the release. Eni CEO Claudio Descalzi said, “YPF’s choice of Eni as a strategic partner stems from the specific and distinctive know-how we have developed in FLNG projects in Congo and Mozambique, and from the recognition of our global leadership in implementing projects with this technology”. YPF President and CEO Horacio Daniel Marín said, “We are very pleased to sign this agreement with Eni, which would allow us to accelerate the timeline for the Argentina LNG project. We see great interest worldwide, both from large production companies and from countries seeking to purchase gas from Vaca Muerta”. Plenitude Signs PPA in Italy Last week, Eni-controlled Plenitude signed a 10-year power purchase agreement with Autostrade per l’Italia. The agreement is for the entire output of its wind power plant owned in the municipality of Banzi in Basilicata, Italy. The plant has a capacity of 16 megawatts and an estimated electricity production of about 390 gigawatt-hours over the entire period, Eni said in a separate news release.  The agreement also includes Autostrade per l’Italia’s purchase

How low can the Brent oil price go in 2025? That was the question Rigzone asked Diana Furchtgott-Roth, Director of the Center for Climate, Energy, and the Environment at The Heritage Foundation, in an exclusive interview recently. Responding to the question, Furchtgott-Roth told Rigzone, “I don’t see the price of oil going much below $55 per barrel for any length of time” but warned that “the situation is volatile and could change”. “The price of oil can decline because the supply increases or the demand goes down. The supply could increase as America ramps up production. Demand could go down if America or the rest of the world go into a recession,” the Heritage Foundation expert added. Furchtgott-Roth went on to tell Rigzone that forecasting the price of oil depends on the macroeconomic outlook. “The Blue Chip consensus predicts slower growth in the United States this year as the economy adjusts to new tariffs, but not a recession,” Furchtgott-Roth said. “Job creation in the United States is healthy and the unemployment rate is below 4.5 percent,” the Heritage Foundation expert added. In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone on April 9 by the SEB team, Ole R. Hvalbye, a commodities analyst at the company, highlighted that Brent “crashe[d]… to [a] four year low”. “Since markets opened yesterday, Brent crude prices have tumbled another $4 per barrel, falling from already depressed levels to the current $60.9 per barrel – marking the lowest level in over four years (since early February 2021),” Hvalbye noted in that report. In a Stratas Advisors report sent to Rigzone by the Stratas team late Monday, the company pointed out that the price of Brent crude ended the week at $64.59 after closing the previous week at $66.01. “Last week, oil prices continued to

In a release posted on its website this week, industry body Offshore Energies UK (OEUK) announced that it is delivering a series of live debates across the UK this spring and said it is inviting the public “to join important conversations about the future of the UK’s offshore energy industry”. The debates are set to take place in Aberdeen, Falkirk, and Newcastle, the release revealed. OEUK said they will feature a range of voices, including industry leaders and the local community. The debates are free to attend and are aimed at anyone interested in the future of the UK’s energy supply, OEUK noted in the release. The industry body went on to state that it is encouraging people from all walks of life to attend and actively participate in discussions on the UK’s energy future. “The UK’s offshore energy sector plays an important role in providing energy to homes and businesses,” OEUK stated in the release. “With the UK government currently consulting on key energy policies, and domestic energy production at record lows, these events offer a timely opportunity for local communities to learn more about offshore energies including oil, gas, and renewables, ask questions, and engage in a transparent dialogue about how the country can achieve a secure, affordable, and sustainable energy future,” it added. “These debates offer a valuable opportunity to ask questions, hear diverse viewpoints, and engage directly with those influencing the country’s energy landscape,” it continued. In the release, OEUK Chief Executive David Whitehouse said, “we’re hosting these events to open up the conversation on energy production”. “Whether you work in the offshore energy sector or not, these debates are a chance for everyone to have their say on what the UK’s energy future should look like,” he added. “We want to hear from local communities,

The Trump administration took steps to impose levies on Chinese vessels docking at US ports, threatening to shake up global shipping routes and escalate the trade war between the world’s two biggest economies. Under a plan put forward by the US Trade Representative on Thursday, all Chinese-built and -owned ships docking in the US would be subject to a fee based on the volume of goods carried, on a per-voyage basis. The proposal follows a months-long investigation ordered by the Biden administration into whether Chinese shipbuilding threatens US national security. The plan also hits non-Chinese shipbuilders, adding a levy to any vehicle carriers not made in America calling at US ports. The so-called 301 petition ordered the fee to go into effect in six months, with another phase restricting foreign-built vessels that transport liquefied natural gas to begin in three years. After six months, the fee for Chinese vessels would be set at $50 per net ton, or the volume of a ship’s revenue-earning space, and then increase incrementally over three years.  Chinese-built vessels would be assessed based on net tonnage or per container. Funds from the docking fees would be used to help revitalize the waning US shipbuilding industry, which long ago pivoted from building commercial ships to focusing on naval contracts.  Chinese Foreign Ministry spokesman Lin Jian slammed the actions at a daily press briefing in Beijing on Friday, saying they will hurt US consumers and businesses in addition to disrupting global supply chains, while also failing to revitalize the US shipbuilding industry. “Measures such as imposing port fees and levying tariffs on cargo-handling facilities hurts the US itself as well as others,” Lin said.  Thursday’s proposal is a departure from its initial iteration, which suggested charging fees of at least $1 million per ship each time it called at a

The trade body representing the offshore energy industry including the oil and gas sector has launched a series of debate events across the UK. Events in Aberdeen, Falkirk and Newcastle will feature a Question Time-style debate format that brings together politicians, industry leaders, unions, and the local community. Offshore Energies UK (OEUK) has launched a ballot registration system for people who want to attend and will be “selecting attendees to ensure a broad range of perspectives”. The body said it wants to encouraging “people from all walks of life” to attend and actively participate in discussions on the UK’s energy future. The debates are free to attend and are aimed at anyone interested in the future of the UK’s energy supply, from workers in the sector, to people simply curious about how the nation will tackle its energy challenges in the years ahead, OEUK said. OEUK chief executive David Whitehouse said:  “We’re hosting these events to open up the conversation on energy production. “Whether you work in the offshore energy sector or not, these debates are a chance for everyone to have their say on what the UK’s energy future should look like. “We want to hear from local communities, businesses and workers who will be affected by these decisions.” The body has highlighted the sector faces a critical time period. The UK government is currently mulling a number of existential issues in the sector including the so-called windfall tax on North Sea oil and gas producers, new legal requirements on the environmental impact of oil and gas as well as support for clean energy production such as carbon capture and storage (CCS) and hydrogen. OEUK said with the UK government currently consulting on key energy policies, and domestic energy production at record lows, these events offer a “timely opportunity for local

The fall in global oil prices caused by uncertainty around US trade tariffs is currently “painful but not causing injury” for North Sea operators, according to an analyst. US President Donald Trump imposed sweeping tariffs on trading partners around the world on 3 April, leading to widespread economic uncertainty. Fears of a global slowdown in trade has seen a steep drop in oil prices, with Brent crude dropping from around $75 on 2 April to around $65 on 16 April. European natural gas prices have also seen similar falls since the tariff uncertainty began. As a result, the International Energy Agency (IEA) has forecast that the world will use less oil this year, and warned oil markets are “in for a bumpy ride” as multiple countries scramble to enter trade negotiations with the White House. North Sea impacts of oil price slump But Wood Mackenzie research director Gail Anderson told Energy Voice that the fall in prices is not currently causing major problems for North Sea producers. However, Anderson said that could change if oil and gas prices drop further, with possible impacts on North Sea exploration. “If [oil prices] were to go down below $60 per barrel then we could see operators revising near term capex guidance to preserve cash flow and canning any discretionary spend like exploration, etc.,” Anderson said. © ShutterstockAn offshore oil and gas platform in the North Sea. While all North Sea operators are “being impacted to a similar degree,” Anderson said “the most oil-weighted players are feeling the biggest impact”. Rosebank ‘probably won’t be affected’ But amidst the near-term uncertainty for 2025 and 2026, Anderson said Wood Mackenzie’s “long-term assumption for prices remains unchanged”. This means that the current oil price levels should not change the economic outlook for North Sea projects which are