Natural Gas Daily: May 18th, 2020
IEA Sees Minor Recovery in Oil Demand
The gradual easing of lockdown measures has led to an upward adjustment of 3.2mn barrels/day to the International Energy Association's forecast second-quarter demand figures; but it is still sharply down on last year by 19.9mn b/d, the watchdog said.
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The Big Picture:
- Norwegian consultancy Rystad said that both Brent and WTI oil prices were above $30/b for the first time in two months as the oil balance seems now closer.
Total Scraps Purchase of Anadarko's Ghana Assets (Update)
Total has backed out of a deal to buy Anadarko's assets in Ghana from Occidental Petroleum, it said.
The Big Picture:
- The French major closed its $3.9bn takeover of the company's Mozambique business in September last year.
- In a separate announcement, Total said it had struck a €515mn ($557mn) deal to acquire gas and power assets in Spain from Energias de Portugal (EDP).
Qatar's QP Makes Foray into Cote d'Ivoire
Qatar Petroleum (QP) is set to enter Cote d'Ivoire, announcing it had signed an agreement with France's Total to farm into two exploration blocks off the west African country's coast.
The Big Picture:
- QP also agreed earlier this month to take 30% positions from Total at three blocks off Mexico. It is also partnered with the French major off the coast of Congo Brazzaville and South Africa.
Iraq Needs to Push Ahead with Energy Reforms: IEA
The International Energy Agency (IEA)'s head Fatih Birol spoke on the phone with Iraq's newly appointed leader Mustafa al-Kadhimi on May 14, pledging increased support for Iraq in the energy sector. The Paris-based organisation has also called on Iraq to push ahead with gas and power reforms.
The Big Picture:
- The country relies on oil sales for 90% of its government revenues. If current oil prices persist, Iraq will see net revenues from oil slump by at least 70% in 2020, causing the country to run a $3.5bn deficit
Alberta Eyes its Hydrogen Future
Alberta, the heart of Canada’s oil and gas industry, is eyeing a central role in the country’s transition to a greener economy with the creation of hydrogen task force to develop a framework for a hydrogen economy in the province.
The Big Picture:
- Over the next 10 weeks, the task force will set the stage for a long-term build out of a hydrogen economy in Alberta by identifying opportunities for technology deployment, investment, employment and more.
Nakilat, Shell Start 2nd Fleet Management Handover Phase
Qatari shipping firm Nakilat has started the second phase of its fleet management transition from Shell International Trading and Shipping, with Q-Max LNG carrier Al Mayeda being the first vessel transitioned as part of several vessels phased management transition agreement, it said on May 16.
The Big Picture:
- In 2017, Nakilat successfully transitioned 10 vessels to in-house management.
