Natural Gas Daily: July 29th, 2020

Russia Eyes Place in Europe's Hydrogen Market: Press

Russia's energy ministry has drafted a five-year plan for developing hydrogen energy, with the aim of exporting the fuel to Europe and other markets, RBC reported on July 22, citing a copy of the plan.

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• The European Commission published its long-awaited hydrogen strategy in early July, promoting the fuel as a means of curbing emissions alongside renewables. Russia, as Europe's current biggest energy supplier, does not want to be left behind.

Chevron Confirms Gorgon Restart Target

US major Chevron confirmed it intended to restart the second train at its 15.6mn mt/yr Gorgon LNG facility in Australia in early September, once it completes repairs to a pair of propane heat exchangers.

• Joint venture partners in Gorgon include the Australian subsidiaries of ExxonMobil (25%), Anglo-Dutch major Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1%) and Jera (0.417%).

• Last month, Chevron announced its intention to sell the minority stake in Australia’s oldest LNG export project.
  

Ceiling Test Pushes Ovintiv to $4.4bn Loss in Q2

A $3.25bn non-cash ceiling test impairment taken on the revaluation of its proved reserves pushed Denver-based producer Ovintiv (formerly Canada’s Encana) to a $4.4bn net loss in Q2 2020, the company reported. A year ago, it had second quarter earnings of $336mn.

• Completions were halted for the quarter in all three of the company’s core operating areas – the Permian and Anadarko basins in the US and the Montney basin in Canada.

Gasum Reports Slide in H1 Operating Profit

Finland's Gasum saw its operating profit fall by 21% year on year in the six months ending June 30, to €17.5mn ($20.5mn), it said, blaming the decline on weaker gas prices in Europe.

• Highlights of the period included Gasum closing its acquisition of the biogas business of Linde, and the marine bunkering business of another German firm Nauticor.

• The company also reported it has conducted its first truck-to-ship LNG bunkering operation in Germany, providing the gas to the world's first LNG-fuelled research vessel Atair.

Spanish Gas Operator Hits Targets for H1

Spanish gas transmission system operator Enagas met its first-half financial targets with a net income of €236.3 ($277.3)mn, 9.4% up on the same period last year, it said July 28. It carried out an analysis of its main investments (impairment test) in the second quarter and found that it did not need to write down any investments on its balance sheet.

• Its regasification terminals worked harder, vaporising 17% more LNG from 12.5% more tankers – 126 in all – than in the first six months of 2019.

Japan's NYK Joins Hydrogen Council

Japanese shipping company NYK Line has joined the Hydrogen Council, a global coalition working to enable the global energy transition through hydrogen, the company said on July 28 in a statement.

• NYK said through the Hydrogen Council it will work to build a hydrogen supply chain and promote decarbonisation through conversion of alternative fuels for ships.