Technip Energies (PARIS:TE), as leader of a joint venture (T.ENCCCGAC JV) with Consolidated Contractors Company (CCC) and Gulf Asia Contracting (GAC), has been awarded a major1 Engineering, Procurement, Construction and Commissioning (EPCC) contract by QatarEnergy for the onshore LNG facilities of the North Field West (NFW) project. This award covers the delivery of 2 mega trains, each with a capacity of 8 MTPA2 of liquefied natural gas, as a replication of the 2 trains under construction by Technip Energie ...

Industry Overview - Natural gas prices are stabilizing around $3.00 per MMBtu, with a recent close at approximately $3.05, influenced by a 144 Bcf storage withdrawal that was slightly below expectations [1] - Inventories are significantly below the five-year average and last year's levels, providing stronger support for prices within the $3.00-$3.15 range [1] LNG Export Impact - LNG export facilities are operating near full capacity, which is reshaping U.S. gas pricing dynamics and reducing reliance on weather fluctuations [3] - The Golden Pass LNG project, backed by QatarEnergy and ExxonMobil, is expected to produce around 18 million tons of LNG annually, nearing first production despite construction delays [4] - A new pipeline will transport up to 1 Bcf per day from the Permian Basin to the terminal, expected to begin initial volumes in early March, further supporting price stability [5] Market Dynamics - The gas market is transitioning from being weather-driven to infrastructure-driven, with overall U.S. consumption dropping by over 15 Bcf per day as temperatures warmed [6] - Rising LNG capacity and steady exports to Mexico suggest that prices may trade within a tighter and more stable range, with storage levels below average but manageable [7] Investment Opportunities - Companies like Expand Energy (EXE), Cheniere Energy (LNG), and Excelerate Energy (EE) are positioned to benefit from the evolving export-centered pricing regime [2][10] - Expand Energy has become the largest natural gas producer in the U.S. and is well-positioned to capitalize on rising demand from LNG exports and electrification trends [9] - Cheniere Energy has a competitive edge with its regulatory approval for LNG exports and strong operational performance, indicating substantial growth potential [11][12] - Excelerate Energy, focusing on LNG infrastructure and services, accounts for about 20% of the global FSRU fleet and is expanding into LNG-to-power and gas distribution [13]

Core Insights - PC Oman Ventures, a subsidiary of Petronas, has signed a concession agreement with the Government of Oman and OQ Exploration and Production Batinah Offshore to explore oil and gas resources in Block 18, covering over 21,000 km² in north-east Oman [1][2] - The partnership aims to leverage Petronas' offshore exploration experience and OQEP's regional knowledge to develop hydrocarbon resources and enhance long-term collaboration in Oman [2][3] - Petronas has been active in Oman since 2018 and holds a stake in Block 61, indicating a strategic commitment to expanding its portfolio in the region [2][4] Exploration and Development - The exploration of Block 18 will focus on areas ranging from shallow to ultra-deep water, with the goal of unlocking the potential of the region's hydrocarbon resources [1][3] - Petronas has made significant discoveries in other regions, such as Malaysia and Suriname, showcasing its technical strengths and commitment to expanding exploration activities [3] - The addition of Block 18 is part of Petronas' disciplined portfolio expansion strategy, providing strategic options across its international portfolio [4] Strategic Partnerships - The agreement builds on a memorandum of understanding signed in October 2025, highlighting the ongoing collaboration between Petronas and OQEP [2] - The partnership is expected to contribute to Oman's long-term energy security through innovative exploration approaches [3] - Earlier in the month, Petronas LNG entered into a 20-year LNG sale and purchase agreement with QatarEnergy, marking a significant development in its international operations [4]

Core Insights - Worley has secured a contract from Samsung C&T Corporation for detailed engineering services related to a CO₂ sequestration project in Qatar, aiming to permanently store approximately 4.3 million tonnes per annum (mtpa) of CO₂ [1][2] Group 1: Project Details - The engineering work will be conducted from Worley's office in Qatar, with support from its Global Integrated Delivery center in India and technical teams in Australia [2] - The QatarEnergy LNG CO₂ sequestration project is part of regional efforts to reduce greenhouse gas (GHG) emissions through permanent CO₂ storage [2] Group 2: Company Statements and Future Projects - Worley CEO Chris Ashton expressed pride in the collaboration with Samsung C&T, highlighting the company's capabilities in carbon capture, utilization, and storage (CCUS) [3] - In June 2025, Worley was selected by Glenfarne to provide engineering services and a final cost estimate for the Alaska LNG Pipeline project, which will support financial investment decisions [3] Group 3: Alaska LNG Pipeline Project - The Alaska LNG Pipeline project involves a 1,300 km natural gas pipeline from Alaska's North Slope to the southern coast near Anchorage, including a gas treatment facility and LNG import/export terminals [4] - The pipeline is expected to transport enough natural gas to meet local demand in Alaska while supplying the full 20 mtpa capacity of the export facility [4]

Summary of LNG Market Conference Call Industry Overview - The conference call focused on the global Liquefied Natural Gas (LNG) market, highlighting a significant supply wave expected to last seven years, starting in 2025 and peaking around 2030 [4][25]. Key Points Supply Dynamics - 2025 is projected to be the first year of the largest global LNG supply wave, with supply expected to average 431 million tonnes per annum (mtpa), slightly below the previous expectation of 433 mtpa [4][5]. - The U.S. is anticipated to lead the supply growth, with a notable ramp-up at the Plaquemines facility contributing to the overall supply despite some disruptions and delays in other regions [4][29]. - Global LNG supply growth from 2025 to 2030 is expected to increase by 193 mtpa, which is 45% of the 2025 global supply, significantly outpacing Asia's demand growth of 144 mtpa [4][7]. Price Forecasts - A bearish cycle for European natural gas prices (TTF) and LNG (JKM) is anticipated, with forecasts suggesting prices could drop below $5/mmBtu by 2028/29, more than 50% lower than current prices [4][66]. - The JKM-TTF spread has turned negative, indicating that JKM prices have not fully adjusted to the recent TTF price rally [12][20]. Demand Insights - Asia's LNG demand is expected to rise by 14 mtpa in 2026, driven by a 5 mtpa increase in China and a 7 mtpa rise in Southeast Asia [41][43]. - The demand response to low gas prices is estimated to be over 40 mtpa from China alone, indicating a potential shift in consumption patterns [4]. Regional Supply Challenges - Structural supply losses are anticipated from Algeria and Indonesia due to rising domestic energy demands, with Algeria's export forecast lowered by 1 mtpa for future years [4][34]. - Delays in export capacity starts in the U.S., Canada, Congo, and Australia have led to a slower start for global LNG supply in 2026, although recovery is expected by the second half of the year [4][10]. Future Projects - All but one of the supply projects in the forecast through 2029 have reached a Final Investment Decision (FID), indicating strong commitment to future supply growth [4][3]. - Upcoming liquefaction projects are expected to increase global LNG supply by approximately 50% relative to 2024 by 2030 [4][36]. Additional Insights - The U.S. LNG export contracts are projected to remain profitable only through 2027, with significant implications for future export strategies [22][24]. - The conference highlighted the importance of monitoring the timing of liquefaction projects, as they are critical to balancing supply and demand in the LNG market [4][66]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current and future state of the LNG market.

The delay to QatarEnergy's project is likely to keep global markets tighter for longer https://t.co/3EWLIg1wp5 ...

Core Viewpoint - Mitsui & Co is nearing a deal to acquire a stake in the second phase of QatarEnergy's North Field project, aiming to secure a stable supply of liquefied natural gas (LNG) [1] Group 1: Company Actions - Mitsui & Co is actively pursuing investments in LNG projects to enhance its energy supply stability [1] - The acquisition is part of Mitsui's broader strategy to strengthen its position in the global energy market [1] Group 2: Industry Context - The North Field project is significant as it represents one of the largest LNG developments globally, highlighting the increasing demand for LNG [1] - QatarEnergy's expansion efforts in the North Field project align with the global shift towards cleaner energy sources, positioning Qatar as a key player in the LNG market [1]

Core Viewpoint - Oil markets are experiencing volatility due to geopolitical uncertainties driven by U.S. President Trump's comments on Iran and mixed signals regarding India's stance on Russian crude imports [1][5][10] Oil and Natural Gas Prices - As of February 3, 2026, WTI is priced at $62.67 per barrel, Brent at $66.70, Murban at $67.57, and Natural Gas at $3.330 per MMBtu [2] U.S. Rig Count - The total U.S. rig count as of January 30, 2026, is 546, down from 582 a year ago, with a gas rig count of 411 and a net change of +2 from the previous week [3] Rigs per Basin - The Permian basin has 242 rigs, with a net decrease of 2, while the Haynesville and Cana Woodford basins saw increases of 1 and 5 rigs, respectively [4] Market Dynamics - January 2026 oil prices were consistent with the previous year's levels, with ICE Brent averaging $64.7 per barrel and closing at $70.7, despite predictions of oversupply [5] - Open interest in ICE Brent futures reached a record high of 2.65 million contracts on January 26, 2026, although it has since decreased by over 200,000 contracts [6] Company Movements - Equinor has agreed to sell its onshore business in Argentina's Vaca Muerta for $1.1 billion, while Shell's Nigerian subsidiary will suspend production at the Bonga field for maintenance [7] - Excelerate Energy is set to develop a 1.5 mtpa LNG import terminal in India, marking a significant step in the country's LNG infrastructure [8] Geopolitical Influences - Trump's comments regarding Iran and the U.S.-India trade deal are creating uncertainty in the oil markets, particularly concerning Russian oil exports [9] - OPEC+ has decided to maintain production quotas in March 2026, citing lower global oil demand in the first quarter [10]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the energy sector, particularly natural gas and nuclear power, amid a global CAPEX upcycle driven by increasing electricity demand from AI, multi-shoring, and electrification [1][2][3][8]. Core Insights - **Electricity Demand Growth**: Global electricity demand is expected to rise significantly, with projections indicating it will exceed 32% of final energy consumption by 2050, up from 20% in 2023 [8]. - **CAPEX Projections**: A bottom-up analysis estimates a total of US$1,800 billion in global CAPEX from 2025 to 2030, focusing on offshore oil and gas exploration and production (E&P), LNG terminals, and gas-fired and nuclear power plants [2][7]. - **Industry Trends**: Four key trends identified include: 1. Consolidation in the oil and gas EPC and service market, leading to concentration among upstream equipment and parts manufacturers. 2. Outsourcing of production processes by EPC and service providers to suppliers. 3. Demand for higher quality advanced metal parts due to rising applications in deep-sea oil and gas, LNG terminals, and nuclear power plants. 4. Increased global competitiveness of Chinese equipment and parts suppliers [3][7][88]. Investment Opportunities - **Recommended Stocks**: The report initiates coverage on Neway and Develop with Buy ratings, and also recommends Yingliu, Jereh, and Sinoseal as potential beneficiaries of the CAPEX upcycle [1][3][7]. - **Market Mispricing**: The market may be underestimating the investment implications of the current natural gas and nuclear upcycle for China's upstream equipment and component manufacturers [7]. Financial Metrics of Recommended Stocks - **Neway Valve (603699.SH)**: Market cap of US$6.276 billion, expected PE of 22, with 61% overseas sales and a projected EPS CAGR of 28% from 2025 to 2027 [4]. - **Develop (688377.SH)**: Market cap of US$1.126 billion, expected PE of 37, with 62% overseas sales and a projected EPS CAGR of 51% [4]. - **Yingliu (603308.SH)**: Market cap of US$5.317 billion, expected PE of 54, with 47% overseas sales and a projected EPS CAGR of 54% [4]. - **Jereh Oil Field (002353.SZ)**: Market cap of US$12.801 billion, expected PE of 24, with 45% overseas sales and a projected EPS CAGR of 21% [4]. - **Sinoseal (300470.SZ)**: Market cap of US$5.337 billion, expected PE of 31, with 10% overseas sales and a projected EPS CAGR of 33% [4]. Additional Insights - **Natural Gas and Nuclear Power**: Both sectors are expected to benefit from stable electricity generation capabilities, with natural gas producing countries ramping up exploration and production, particularly offshore [2][20]. - **Technological Advancements**: The report highlights advancements in production technology that have significantly lowered the break-even costs for offshore oil E&P, enhancing the attractiveness of investments in this area [36][49]. - **Nuclear Power Renaissance**: There is a noted global renaissance in nuclear fission power, particularly in China, with expectations of accelerated approvals and construction of nuclear projects [65][66]. Conclusion - The energy sector, particularly natural gas and nuclear power, presents substantial investment opportunities driven by increasing electricity demand and significant CAPEX growth. Chinese manufacturers with strong overseas exposure and advanced manufacturing capabilities are well-positioned to benefit from these trends [1][7][8].

Core Insights - Oil prices have sharply rebounded due to geopolitical risks, despite no significant supply losses [1][8] Market Dynamics - The unrest in Iran and the potential for US President Trump to leverage this situation for military action against Tehran have contributed to rising oil prices and increased options trading [3] - A record 556,000 Brent crude call option contracts were traded in a single day, indicating heightened market activity as participants seek to hedge against price spikes [3] - The options market has shifted towards calls over puts, suggesting expectations of significant geopolitical stress ahead [4] Positioning and Sentiment - Hedge funds' net positioning was on the verge of becoming negative for the first time in 16 months, but money managers have since increased long positions, with net length in ICE Brent quadrupling to 122,965 lots in three weeks [5][4] Company Developments - US President Trump may exclude ExxonMobil from his Venezuela strategy after the CEO labeled the country 'uninvestable' [6] - TotalEnergies, along with ENI and QatarEnergy, has been awarded the Block 8 offshore exploration block in Lebanon, expanding its operations in the Eastern Mediterranean [6] - Maersk is looking to increase its use of ethanol as a fuel to reduce reliance on green bunkering fuels, leveraging US and Brazilian biofuel production [7] - BHP is opting to wait on merger discussions between Rio Tinto and Glencore, which could influence the $210 billion megamerger landscape [7] Price Recovery Factors - Social unrest in Iran, Trump's tariffs on Iranian crude, confusion over Venezuela's oil exports, and strikes on tankers in the Black Sea have led to a recovery in oil prices, with ICE Brent reaching $65 per barrel [8] - Despite the price recovery, there has been no physical impact on production, indicating that market sentiment could shift back to concerns of oversupply with new IEA reports [8]