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A key concern is that hostilities could disrupt shipments through the Strait of Hormuz, an important waterway for liquefied natural gas and oil.
Spot gas prices are trading around $10 per million metric British thermal unit (mmBtu) currently, compared to highs of $23 per mmBtu in early 2023. Gas prices have, however, risen since mid-April due to the geopolitical crisis in the Middle-East.
Motilal Oswal Financial Services suggested in a note that any complete or partial blockade of the Strait of Hormuz by Iran could trigger significant spikes in oil and LNG prices.
Australia is the second largest LNG exporter worldwide. The three LNG plants in question, located in Western Australia produce 10 percent of the world’s LNG supplies used primarily for electricity generation in Asia and Europe and for industrial purposes
The uptick in prices has been fuelled by supply issues in Europe and steady demand growth in the US because of hotter temperatures.
Natural gas prices have fallen to $2.50 per mmBtu in April 2023, compared to $4.40 MMBtu in January.
The global shipping industry is seeking to reduce its reliance on oil as it tries to meet carbon emission reduction targets set out by the U.N.'s International Maritime Organization.
Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha time to study the impact on the reservoir from a rapid rise in output.
Debtors have risen since last couple of quarters mainly because of some ongoing issues because of the PNGRB tariff orders which has still not been finalized. Once this thing is sorted out, this PNGRB revised tariff order and zoning the receivables will go away: GSPL
Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
Shaleen Sharma MD of Gujarat Gas tells CNBC TV-18 that although, the retrospective aspect of the Petroleum and Natural Gas Regulatory Board (PNGRB) order was a cause of concern, the decision for 65% BG stake sale in Gujarat Gas has not yet been finalized.
