Natural Gas Daily: April 23rd, 2020
Tullow Exits Uganda in Deal with Total
France's Total has struck a deal to acquire London-based Tullow Oil's entire interests in the Uganda Lake Albert development, including the East African crude oil pipeline (EACOP) for $575mn, the companies announced.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
The Big Picture:
- Tullow has struggled for several years with operational setbacks, and its problems have worsened with the collapse of oil prices this year. The company said it would use proceeds from the deal, expected to close in the second half of the year, to reduce its debts and strengthen its balance sheet.
Daewoo E&C Wins Tangguh Pipe Contract
Daewoo Engineering & Construction (Daewoo E&C) has won a $50mn contract to carry out piping work for the Tangguh LNG expansion project, it said in a statement.
The Big Picture:
-
The Tangguh LNG project is operated by BP and is located in Teluk Bintuni Regency in the Papua Barat province of Indonesia. The country's LNG demand is set to grow faster up to 2030, owing to the start-up of gas-fired power plants.
MHPS Picked for Taiwan Power Plant Upgrade
Japan's Mitsubishi Hitachi Power Systems (MHPS) has won a deal to convert a unit at a gas-fired power plant in Taiwan from simple to the more efficient combined-cycle operations, it announced on April 22.
The Big Picture:
- Datan is already one of Asia's largest gas-fired stations. The company is expanding its capacity to meet rising demand, with gas power set to play a major role.
Oz AGIG Plans Investment in Victoria Gas Project
Gas infrastructure firm Australian Gas Infrastructure Group (AGIG) is looking to invest A$200mn (US$127mn) to help commercialise the Golden Beach gas field, which is being developed by GB Energy Holdings, AGIG said in a statement.
The Big Picture:
- Last year, Origin Energy agreed to buy the entire gas produced from the Golden Beach field, which is located approximately 3 km offshore in the Gippsland Basin, one of Australia's most prolific gas-producing regions.
Sinopec's Northwest Oilfield Resumes Gas Supply to West-East Pipe
Sinopec’s Northwest Oilfield has resumed gas supply to West-East gas pipeline as the Covid-19 outbreak recedes in China and demand recovers, the company said in a statement.
The Big Picture:
- The West-East gas pipeline is one of the most important gas transmission projects in the country and is operated by PetroChina, a unit CNPC.
The board of directors at Norway's Equinor have decided to pay out cash dividends of $0.09/share from earnings in the first quarter of 2020, which is 67% less than the payment for the fourth quarter of 2019.
The Big Picture:
-
The state oil company recently announced steep cuts to capital and operational spending this year. As part of its crisis response, it has also suspended its $5bn buyback scheme and raised $5bn in debt.
