Natural Gas Daily: July 8th, 2020
Norway's Pipelines Suffer Least from EU Demand Slump: Cedigaz
Europe’s imports of pipeline gas by pipeline were down sharply in the first half of the year compared with the same period last year, but Norway saw the smallest loss, according to analysis by French consultancy Cedigaz July 7.
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- Gas demand has been low globally this year so far, while US LNG exports to Europe have risen sharply, owing to their need for a market at almost any price.
EC Unveils Hydrogen Strategy: Update
The European Commission (EC) published its long-awaited hydrogen strategy, prioritising the development of renewable energy-derived hydrogen while accepting that some fossil fuel-based hydrogen will be needed to deliver emissions cuts in the short- to medium-term.
- Europe is well-positioned to gain from a hydrogen revolution, as it is highly competitive in clean hydrogen technologies manufacturing.
Aker BP Expects Pre-Tax Profit in Q2
Norwegian producer Aker BP expects to report a pre-tax profit for the three months ending June 30, it said in a preliminary update on July 7, after recovering from a $414mn pre-tax loss in the first quarter.
- Output growth helped cushion the blow of the collapse in prices. It has a 11.6% stake in Norway's Johan Sverdrup oilfield, which came on stream last autumn and is now pumping 470,000 b/d of oil.
Methane Reduction in Canada Gets $10mn of Funding
Methane reduction initiatives in Canada have received nearly C$10mn (US$7.4mn) in funding to accelerate the development of technologies to monitor and mitigate methane emissions by the country’s oil and gas industry.
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Reducing methane emissions is a significant part of Canada’s stated plan to achieve net-zero emissions by 2050, and is a focus of the recently-announced C$750mn Emissions Reduction Fund
BP Considers Kazakhstan Re-entry: Press
BP is in talks to explore areas of Kazakhstan with national oil company KazMunayGas (KMG), KMG's deputy board chairman Dastan Abdulgafarov told local press. The UK major exited the central Asian country over a decade ago and had not replied to NGW's request for a comment by time of publication.
- BP left Kazakhstan in 2009 when it sold its stake in the Chevron-operated Tengiz oilfield – now the country's single biggest source of oil production.
- BP has instead concentrated on consolidating its position in neighbouring Azerbaijan, where it is the biggest foreign investor.
Oz Vintage to Start Fracking Queensland Well
Sydney-listed Vintage Energy said that the fracture stimulation of Vali-1 ST1 well, which is to be followed by flow testing, is expected to start on July 12.
- The Vali discovery in Queensland was announced in January this year.
