Eni, U.S. Rig Count: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

LNG
Panama Canal LNG Traffic Declines - The Panama Canal has seen a 30% fall in the traffic of vessels carrying liquefied natural gas (LNG), driven by Asia's weak demand for U.S. LNG and limited exports from the U.S. Gulf Coast since a terminal explosion in June. Warmer temperatures in Asia have driven down demand for LNG, especially cargoes coming from far destinations, which pay higher freight rates. (Reuters)

Eni Buys Floating Liquefaction Facility to Produce LNG in Congo Republic - Energy group Eni (NYSE:E) (Rome, Italy) said on Friday it had acquired Tango FLNG to produce and export LNG from the Republic of Congo, as Italy rushes to find alternative supplies to Russian gas. Built in 2017, the Tango LNG floating liquefaction facility will begin its activity in Congo in the second half of 2023 and become part of Eni's operations of the natural gas development project in the Marine XII block. LNG production from Marine XII is expected to begin in 2023, and when fully operational it will provide volumes of more than 4.5 billion cubic meters per year, Eni said in a statement. (Reuters)

PRODUCTION
Number of U.S. Oil Rigs Declines - U.S. energy firms last week cut the number of oil rigs by the most since September. The number of oil rigs fell seven to 598 in the week ending August 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Company (NYSE:BKR) (Houston, Texas) said. Gas rigs rose four to 161, their highest since August 2019, while the combined oil and gas fell by three to 764. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.