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Fri, Sep. 19, 10:50 AM
- The worldwide gas glut is prompting Japanese and Indian firms to resell some of the U.S. liquefied natural gas they had committed to buy several years ago, signaling tempered enthusiasm for U.S. energy, Reuters reports.
- Japanese utilities Tokyo Gas and Osaka Gas as well as India's Gail are dialing back on their U.S. LNG commitments via stake sales to European traders and utilities after realizing they can't handle the initial surge of volume due to low demand at home.
- Tokyo Gas, which bought 1.4M metric tons/year of LNG over 20 years from Dominion's (NYSE:D) Cove Point, reportedly has offered to sell 0.75M tons/year to at least one European energy firm; Gail is offering 1M metric tons/year for its first five years of supply from Cheniere Energy's (NYSEMKT:LNG) Sabine Pass project.
- ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, KOLD, UNL, NAGS, DCNG
Jun. 22, 2012, 9:54 AMOsaka Gas (OSGSF.PK), Japan's second biggest supplier of city gas, will pay $249M for a 35% stake in a Texas shale project run by Cabot Oil & Gas (COG +1%), estimated to be worth 250K metric tons/year of liquefied natural gas equivalent when output stabilizes. Drilling is set to start in July and the project, aimed at the U.S. market, is expected to run ~30 years. | 1 Comment
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