Natural Gas Daily: June 12th, 2020
ExxonMobil to Revive UK North Sea Sale: Press
ExxonMobil is resuming efforts to sell its UK North Sea operations, after low oil prices and the coronavirus (Covid-19) crisis delayed the proceedings by several months, Reuters reported on June 11 citing sources.
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The Big Picture:
- ExxonMobil announced plans in last November to shed $15bn of assets by 2021. It sold its Norwegian business to Eni-owned Var Energi for $4.5bn late last year, and is seeking buyers for its stake in an offshore Romanian project as well.
- It was also reported on June 11 that the company is looking to invest in gas exploration, petrochemical refining, and gas-to-power projects in Vietnam.
Shell Launches Norwegian Sale: Press
Shell plans to sell its shares in two oil and gas fields and two pipelines in Norway, Reuters reported on June 11 citing a sales document.
The Big Picture:
- The Anglo-Dutch major cut its dividend for the first time in many decades this year following heavy impairments in the first quarter, but these assets are past their prime and so of greater interest to a smaller company looking for growth.
Qatar's QP to Integrate Petchems
Top LNG exporter Qatar Petroleum (QP) announced on June 11 it planned to integrate Qatar Chemical and Petrochemical Marketing and Distribution (Muntajat) into its operations, as part of efforts to strengthen the competitiveness of its downstream business.
The Big Picture:
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Earlier this month, QP struck a trio of deals worth Qatari riyals 70bn ($19.2bn) to reserve capacity for the construction of LNG carriers at South Korean shipyards, hailing the agreements as the biggest of their kind in history.
SD2 Sales to Turkey to Reach Contractual Level in July
Gas deliveries from Azerbaijan's Shah Deniz 2 (SD2) project to Turkey are set to reach the contractual level of 6bn m3/yr in July, the CEO of the Trans-Anatolian Pipeline (Tanap) that handles the supplies, Saltuk Duzyol, said on June 11.
The Big Picture:
- The pipeline runs from eastern Turkey, where it connects with the South Caucasus Pipeline, to the Greek-Turkish border in the west, where it is due to feed gas into the Trans-Adriatic Pipeline (TAP) traversing Greece and Albania and ending in Italy.
