Natural Gas Daily: August 7th, 2020
China's Gas Imports During Jan-Jul Up 2%
Chinese gas imports via pipeline and in the form of LNG were up 1.9% yr/yr in the first seven months of the year, marking a significant slowdown in growth, caused by the Covid-19 pandemic's impact on demand.
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- In contrast, Chinese gas imports surged 10.8% yr/yr in the first seven months of 2019.
Oz Worley Wins Corpus Christi Contract
Australian services company Worley has been awarded a master construction services agreement by Corpus Christi Liquefaction, a subsidiary of Cheniere Energy, it said in a statement.
- When complete, Cheniere’s Corpus Christi LNG liquefaction facility will include three liquefaction trains with an expected export capacity of up to 13.5mn metric tons/year of LNG.
- Cheniere said August 6 it had net income of $197mn in Q2 2020, reversing a net loss of $114mn incurred in the same period last year.
MOL Earnings Fall by Third in Q2
MOL's core earnings (Ebitda) fell by a third year on year to forints 124.1bn ($424mn) in the second quarter, the Hungarian oil firm said.
- MOL completed its $1.5bn takeover of Chevron's stake in the Azeri-Chirag-Gunashli (ACG) fields in Azerbaijan in April.
OMV's Focus on Gas, Petchems will Reduce Carbon Footprint: CEO
OMV is reducing its carbon footprint by increasing the share of gas in its production mix at the expense of crude oil, the Austrian firm's CEO Rainer Seele said on August 5.
- OMV struck a $4.7bn deal in March with the UAE's Mubadala, to expand its stake in Vienna-based plastics giant Borealis from 36% to 75%.
Lukoil Suffers 15% Fall in H1 Gas Output
Russia's largest independent oil and gas producer Lukoil produced 14.8bn m3 of gas during the first half of 2020, marking a 15% fall from its output of 17.4bn m3 a year earlier. The decline mainly occurred in the second quarter, with output in the three months down 24% yr/yr at 6.4bn m3.
- Lukoil blamed the result on weaker gas demand in China, which led the company to cut supply at its two projects in neighbouring Uzbekistan, Southwest Gissar and Kandym.
Sumitomo's LNG Tanker Gets Approval
Sumitomo Heavy Industries Marine & Engineering, a wholly-owned subsidiary of Japan’s Sumitomo Heavy Industries, was granted an approval in principle (AiP) last month from Lloyd’s Register for a medium-size tanker equipped with an LNG dual-fuel system, Sumitomo said on August 5.
- LNG fuelled engines present environmental challenges in that unburnt methane is emitted into the atmosphere from their exhaust gas.
- The ME-GI type main engine designed by MAN Energy & Solutions that will be installed on the vessel will substantially reduce those emissions and also improve fuel efficiency, Sumitomo said.
