Natural Gas Daily: April 28th, 2020
India's LNG Imports in March Jump 20%
After rising by a whopping 68% yr/yr in February, India’s LNG imports in March jumped 20.4% yr/yr according to data published by the Indian oil and gas ministry.
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The Big Picture:
- The cumulative imports during the 12 months to March 31 are the highest for any financial year on record.
- The forecast of a decline in Indian LNG demand is bad news for the already oversupplied LNG market.
BP booked a loss attributable to shareholders of $4.37bn for the first quarter, down from a $2.93bn profit a year earlier, it reported, as the oil price rout and demand destruction caused by Covid-19 lockdowns took their toll.
The Big Picture:
- BP has cut its capital spending plan for 2020 by 25% to $12bn. Despite the reduction, it still intends to spend $500mn in 2020 on low-carbon activities.
UK labour unions have called on the government to invest directly in oil and gas projects in help support the North Sea industry during the crisis.
The Big Picture:
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The government should invest not as operating partners but as equity partners, offering low-cost loans to operators and making a return when oil prices recover, OCG said.
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It was recently reported that the US government is open to acquiring stakes in US energy companies in order to support the oil and gas industry during the Covid-19 crisis.
Iran has resumed exports to Iraq at 32mn m3/day as domestic housing demand has gone from 600mn m3/d in winter to 250mn m3/d, the National Iranian Gas Company (NIGC) announced. Last year, soaring demand led it to cut exports to just 3mn m3/d.
The Big Picture:
- About a third of the Iraq's power demand comes directly from Iran or is generated at power plants which run on Iranian gas.
Neptune Begins Norwegian Drilling
UK independent Neptune Energy has begun its drilling campaign on the Fenja field offshore Norway, its first operated development project there, with the spudding of the first well, it said.
The Big Picture:
- The Fenja field is due to start late 2021. Neptune's partners are Var Energi (45%), Suncor (17.5%) and DNO (7.5%).
Poland Takes Third US LNG Cargo
Polish state gas company PGNiG has received its third LNG cargo from Cheniere, it said.
The Big Picture:
- PGNiG also has a long-term LNG contract with Qatar, as part of its strategy to cease buying Russian gas when its contract with Gazprom ends in 2022.
