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Released December 22, 2023 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
NATURAL GAS
ArcelorMittal Renews Natural Gas Supply Deal with Mexico - Steelmaker ArcelorMittal (NYSE:MT) (Luxembourg, Luxembourg) has renewed a contract with Mexico's state power utility CFE (Mexico City) to be supplied with natural gas for 10 years, in a deal worth $2.7 billion, the company said. ArcelorMittal, which called itself the largest natural gas consumer in Mexico, said in a statement that the contract would feed its operations at Lazaro Cardenas in the state of Michoacan with gas from Waha, Texas. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the plant profile. (Reuters)
PRODUCTION
China's Oil Output Growth to Slow in 2024 - China's surging oil production growth in recent years, the result of a concerted investment push, is expected to ease in 2024 as falling output from mature fields requires state oil companies to tap more challenging shale and ultra-deep reserves. Production for 2023 at around 4.18 million barrels per day (BBL/d) remains below the 2015 record of 4.3 million BBL/d. For next year, analysts and agencies are divided on the outlook, with forecasts ranging from a drop in output by as much as 31,000 BBL/d or increase of up to 60,000 BBL/d, a growth slowdown that is likely to increase China's import dependency. (Reuters)
CORPORATE
Britain's Harbour Energy to Acquire Wintershall Dea Assets in US$11.2 Billion Deal - Britain's Harbour Energy (London) on Thursday agreed to acquire German oil and gas producer Wintershall Dea's non-Russian oil and gas assets in a US$11.2 billion share and cash deal with co-owners BASF (Ludwigshafen, Germany) and LetterOne (Luxembourg, Luxembourg) that creates one of the world's biggest independent producers. Harbour, the largest British North Sea oil and gas producer, has sought to expand beyond the United Kingdom after the government imposed a windfall tax on the sector following the spike in energy prices in 2022, pushing the company into a loss in the first half of this year. Earlier this week, President Vladimir Putin ordered Wintershall Dea's stakes in Russian ventures be transferred to new Russian companies. (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 leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
NATURAL GAS
ArcelorMittal Renews Natural Gas Supply Deal with Mexico - Steelmaker ArcelorMittal (NYSE:MT) (Luxembourg, Luxembourg) has renewed a contract with Mexico's state power utility CFE (Mexico City) to be supplied with natural gas for 10 years, in a deal worth $2.7 billion, the company said. ArcelorMittal, which called itself the largest natural gas consumer in Mexico, said in a statement that the contract would feed its operations at Lazaro Cardenas in the state of Michoacan with gas from Waha, Texas. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the plant profile. (Reuters)
PRODUCTION
China's Oil Output Growth to Slow in 2024 - China's surging oil production growth in recent years, the result of a concerted investment push, is expected to ease in 2024 as falling output from mature fields requires state oil companies to tap more challenging shale and ultra-deep reserves. Production for 2023 at around 4.18 million barrels per day (BBL/d) remains below the 2015 record of 4.3 million BBL/d. For next year, analysts and agencies are divided on the outlook, with forecasts ranging from a drop in output by as much as 31,000 BBL/d or increase of up to 60,000 BBL/d, a growth slowdown that is likely to increase China's import dependency. (Reuters)
CORPORATE
Britain's Harbour Energy to Acquire Wintershall Dea Assets in US$11.2 Billion Deal - Britain's Harbour Energy (London) on Thursday agreed to acquire German oil and gas producer Wintershall Dea's non-Russian oil and gas assets in a US$11.2 billion share and cash deal with co-owners BASF (Ludwigshafen, Germany) and LetterOne (Luxembourg, Luxembourg) that creates one of the world's biggest independent producers. Harbour, the largest British North Sea oil and gas producer, has sought to expand beyond the United Kingdom after the government imposed a windfall tax on the sector following the spike in energy prices in 2022, pushing the company into a loss in the first half of this year. Earlier this week, President Vladimir Putin ordered Wintershall Dea's stakes in Russian ventures be transferred to new Russian companies. (Reuters)
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 leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
