• Natural Gas News

    Natural Gas Daily: July 15th, 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 15th, 2020

Aramco to Restructure Downstream Business

Saudi Aramco announced plans on July 14 to reorganise its downstream business to support its global growth strategy, a process it expects to complete by the end of the year.

  • As part of this strategy it recently bought Saudi petrochemicals giant Sabic for $69.1bn, and it also wants to double its refining capacity to 10mn b/d.

 

Woodside Sees 8% Drop in Q2 Revenue

Australia's Woodside reported an 8.35% yr/yr drop in revenue for the three months to June 30 (Q2) thanks to weaker realised oil and gas prices as demand plunged due to Covid-19 lockdowns.

  • In March, Woodside had deferred targeted FIDs on Scarborough, Pluto Train 2 and Browse and slashed approximately 50% in forecast 2020 total expenditure in response to uncertain market conditions created by low oil prices and Covid-19 outbreak.

 

Oz Origin to Take A$1.16bn-A$1.24bn Hit

Australian gas and power retailer Origin Energy expects to recognise non-cash post-tax charges in the range of A$1.16bn-A$1.24bn for the 12-months to June 30, it said in a statement.

 

Premier Expects Positive Cash Flow in 2020

UK North Sea producer Premier Oil expects to be free cash flow positive this year, it said, having hedged more than a fifth of its output in the second half to a price of $56/barrel of oil equivalent (boe). Brent is trading at $42.5-43.5/b. Premier expects its first-half revenues to come in at $530mn.

  • Premier is preparing to seal a deal to buy a group of UK North Sea assets from BP, after negotiating a much lower purchase price, but it has dropped plans to take an extra 25% stake in the Tolmount gas field from South Korea's Dana Petroleum.