• Natural Gas News

    Natural Gas Daily: July 20th, 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 20th, 2020

Chevron to Buy Noble Energy for $5bn: Update

Chevron has struck a deal to acquire Houston-based producer Noble Energy for $5bn, in a bid to build up its US unconventionals position and expand in the east Mediterranean.

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  • Chevron's takeover of Noble marks the first large-scale corporate acquisition of the downturn.

  • "Noble’s position in Israel is the company’s crown jewel," WoodMac analyst Jean-Baptiste Bouzard added.
 

Europe's LNG Glut Comes to an End: Timera

Northwest Europe's abundance of LNG is now tightening as demand rises in Asia and US terminals are shut in, energy consultancy Timera said July 17. Prices at the Dutch gas hub have risen in anticipation of a more constrained supply outlook, it said.

  • Europe had been awash with surplus LNG in 2020, which had dragged TTF spot prices below €5/MWh, but European LNG regasification has been falling.
 

Japan's LNG Imports Rise 1.2% in June

After witnessing a steep 18.9% yr/yr drop in May, Japan’s LNG imports in June saw a modest increase.

  • Month on month, imports were up 16.6%. Despite the declining trend in imports in recent months due to coronavirus outbreak, Japan remains the world's biggest LNG importer.

 

India to Increase Oil, Gas Imports from the US: Minister

India’s oil and gas imports from the US will continue to grow as Indian companies enter into more long-term contracts, Indian petroleum and natural gas minister Dharmendra Pradhan said on July 17 after a second meeting of the India-US Strategic Energy Partnership.

  • India is now the fourth largest export destination for US crude and 5th largest for US LNG.

 

Russian LNG Output Slumps 10% in June

Russian LNG production in June was 10.1% lower than the same month last year, state statistics agency Rosstat reported on July 16, marking the first year-on-year decline in 2020.

  • Russia produced 29.5mn mt of LNG last year, up 47.7% thanks to the launch of Yamal LNG's three 5.5mn mt/yr trains, operated by Novatek, between late 2017 and late 2018. Russia's other main source of LNG supply is the 11mn mt/yr Sakhalin-2 plant in the Far East, managed by Gazprom.

 

Portugal Eyes Hydrogen Projects Worth €16bn

The Portuguese government is reviewing hydrogen proposals worth €16 ($18)bn as it vies to host a coveted Important Project of Common European Interest (IPCEI) project.

  • Projects covered areas ranging from producing green hydrogen to transport.

  • The European Commission (EC) published its long-awaited hydrogen strategy on July 8.