BKV Announces Sale of So-Called Carbon-Neutral Natural Gas
BKV Corporation (BKV), a driller in both the Pennsylvania Marcellus and Texas Barnett shale plays (majority-owned by Banpu, Thailand’s largest coal company), announced yesterday that it has signed a contract for the sale and purchase of Carbon Sequestered Gas (CSG) with Kiewit Corporation, one of North America’s largest construction and engineering companies. According to the press release, CSG is “a revolutionary, innovative, natural gas product that is Scope 1, 2 and 3 carbon-neutral, effectively mitigating the environmental impact of natural gas consumption.” Most, if not all, of the gas being labeled and sold by BKV as CSG comes from the company’s Barnett operation. However, BKV’s story has implications for all drillers, including drillers in the Marcellus/Utica.
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On Wednesday, the International Gas Union (IGU) released its 15th annual 2024 World LNG Report, the world’s most comprehensive public source of information on key developments and trends in the LNG sector (full copy below). According to the report, the global liquefied natural gas (LNG) market has a newfound but fragile equilibrium. The global LNG trade reached a record level of 401.42 million metric tons in 2023, growing by 2.1% or 8.4 million tons from the previous year. However, the pace of growth decreased last year over the previous year. Why? Not enough LNG supply to meet worldwide demand.
Yesterday, the Federal Energy Regulatory Commission (FERC) issued a decision to approve Venture Global’s plan to build a second Calcasieu Pass LNG export plant called CP2 LNG. The vote was 2 to 1, with a predictable negative vote by the outgoing Allison Clements (former attorney for the radicalized organization National Resources Defense Council). Venture Global’s existing Calcasieu Pass LNG facility can liquefy and export 10 million metric tonnes per annum (MTPA) of LNG. The CP2 project will be twice as large and will be able to export 20 MTPA (with a peak capacity of approximately 24 MTPA). Huge! But there’s a problem…
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