• Natural Gas News

    Natural Gas Daily: July 14th, 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: July 14th, 2020

Gazprom Posts Q1 Loss on Weaker Prices, Ruble

Russia's Gazprom posted a net loss of rubles 116bn ($1.64bn) for the first quarter, versus a net income of rubles 536bn in the same period last year, it said, blaming the result on oil price-related impairments and ruble devaluation.

  • European gas demand took a hit in March as a result of travel restrictions and other measures coming into force to slow the spread of the coronavirus (Covid-19) pandemic. Gazprom has also ceded some market share this year to new suppliers of LNG, notably from the US.

 

Woodside Forecasts $3.9bn Impairment

Australian Woodside said it will recognise non-cash, post-tax impairment losses of $3.92bn (A$5.6bn) during the six months to June 30 thanks to a drop in oil and gas prices.

  • The company said that despite the challenges of the current environment, the fundamentals of its business remained strong, particularly the outlook for core product, natural gas, and future products such as hydrogen and ammonia.

 

China's H1 Gas Imports Up Over 3%

Chinese gas imports via pipeline and in the form of LNG were up 3.3% yr/yr in the first six months of the year, marking a significant slowdown in growth, caused by the Covid-19 pandemic's impact on demand.

 

Aker BP Reports $151mn Pre-Tax Profit in Q2

Norway's Aker BP achieved $151mn in pre-tax profits in the second quarter, compared with a $414mn loss in the first quarter, thanks to higher production and the reversal of impairment charges, it said. The company recorded a pre-tax income of $249mn in the second quarter of 2019.

  • Driving this growth was the Johan Sverdrup oilfield, which came on stream last autumn and is now pumping 470,000 b/d of oil. Aker BP has a 11.6% stake in the project.

 

Neptune Joins Hydrogen Alliance

UK-listed Neptune Energy has joined the European Clean Hydrogen Alliance, it said. The alliance was launched earlier in July, with the aim of bringing together industry, public authorities and civil society in support of the European Union's plan to become a carbon-neutral region by 2050. This includes a hydrogen strategy.

  • Neptune's PosHYdon project will use offshore-generated electricity to power a hydrogen plant on the Neptune-operated Q13a platform, converting seawater into demineralised water, then into hydrogen via electrolysis.

 

Oz Santos to Study Hydrogen in Cooper Basin

Australian Santos has started a concept study on a hydrogen future for the Cooper Basin. The concept study has been awarded to services company GHD, it said in a statement.

  • Santos' proposed Moomba CCS project in South Australia would capture the 1.7mn mt of carbon dioxide currently separated from natural gas each year at the Moomba gas plant and reinject it into the same geological formations that have safely and permanently held oil and gas in place for tens of millions of years.