• Natural Gas News

    Natural Gas Daily: August 4th, 2020

Summary

Daily digest of the latest natural gas news and LNG news by Natural Gas World.

by: NGW

Posted in:

Complimentary, Covid-19, Daily Digest

Natural Gas Daily: August 4th, 2020

BP Slumps into Red in Q2 on Upstream Losses

BP suffered an underlying replacement cost (RC) loss of $6.7bn in the second quarter, owing to low prices, weak demand and significant write-downs, the UK major reported, also announcing it would halve its dividends.

  • BP reported a net loss of $16.8bn for the second quarter, including $9.2bn in impairments mostly relating to BP's revised forecasts for oil and gas prices over the next three decades.
  • The company also published its long-awaited strategy for reaching net zero emissions by 2050.

 

Gas Supplies to India's Power Plants Up 13% in June

Gas supplies to gas-based power plants in India rose by over 13.1% yr/yr in June, as per the latest data by the country’s Central Electricity Authority (CEA).

  • India’s LNG imports in June were down 6.9% yr/yr compared with the corresponding month of the previous year. Imports were, however, up 12.1% month on month, as India significantly eased the lockdown and demand for gas improved.

 

Shell Inks Charter Deal for Six LNGCs

Shell has signed separate agreements for two LNG ships each with affiliates of Knutsen LNG, Korea Line Corporation, and ICBC Financial Leasing and institutional investors advised by J.P. Morgan Asset Management, it said on August 3 in a statement.

  • “These ships will deliver a 60% reduction in carbon emissions compared to 2004 steam turbine LNG carriers,” said Grahaeme Henderson, head of Shell Shipping & Maritime.
  • Shell Australia announced the same day that it will acquire 100% of Select Carbon, a company that develops carbon farming projects throughout Australia.

 

Noble Energy Losses Deepen in Q2

Houston-based Noble Energy, due to be acquired by US major Chevron, posted a $408mn net loss in the second quarter, company results published on August 3 showed, amid continuing fallout from the Covid-19 pandemic.

  • Chevron struck a deal to acquire Noble in July for $5bn, in a bid to build up its US conventionals position and expand in the east Mediterranean. The deal is expected to be closed in the fourth quarter.

  • Noble produces gas at Israel's offshore Tamar and Leviathan fields, the latter of which started up in January.

 

Freeport LNG Seeks Train 4 Extension

Freeport LNG has filed a request with the US Federal Energy Regulatory Commission (Ferc) seeking a three-year extension of the deadline to place into service the fourth train at its Quintana Island terminal in Texas, the commission said August 3. 

 

Air Products to Provide Tech for Qatari LNG Expansion

The US' Air Products has been selected to provide its proprietary AP-X gas liquefaction technology and equipment for the first phase of Qatar Petroleum (QP)'s expansion plans at the North Field LNG production hub, it said.

  • Air Products' liquefaction process will be used at each of the four new 7.8mn mt/yr LNG production trains QP intends to build under the North Field East project, due to lift Qatar's liquefaction capacity to 110mn mt/yr by 2025.