• Natural Gas News

    Natural Gas Daily: October 6th, 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, Top Stories

Natural Gas Daily: October 6th, 2020

Chrysaor Snaps up Premier in All-Share Deal (Update 2)

Harbour's UK operating company Chrysaor is to swallow UK explorer Premier in a reverse takeover that will settle Premier's $2.7bn of debt and other liabilities on completion, they said.

  • Premier, which had been struggling with debt and the purchase of BP's North Sea assets – talks on that matter have been suspended now – said it would recommend shareholders accept the terms, saying the deal marked "a new and exciting chapter in Premier's history."
  • The deal will create the largest independent oil and gas company listed on the London Stock Exchange, able to compete with Norwegian peers such as BP Aker and Lundin.

 

Oz East Coast LNG Exports Dip 4% in September

LNG exports from projects located on the Australian east coast stood at 1.84mn metric tons in September, down 3.7% yr/yr, according to data published by Gladstone Ports Corporation. Exports were up 10.1% month on month, however.

  • In August, LNG exports from the projects located on the Australian east coast stood at 1.67mn metric tons, down 7.2% yr/yr,

 

ExxonMobil to Axe 1,600 Jobs in Europe

ExxonMobil announced on October 5 it would cut up to 1,600 jobs in Europe by the end of 2021, or 11% of its workforce in the region, as part of cost-cutting measures undertaken in response to the Covid-19 pandemic.

  • ExxonMobil launched plans last year to withdraw from Europe's upstream sector, to focus on bigger, higher-margin projects in the Americas and elsewhere.
  • It has reportedly given investors until October 28 to bid for some of its UK North Sea assets, having sold its Norwegian upstream business in late 2019 to Var Energi for $4.5bn. It is also seeking buyers for its stake in an offshore Romanian project.

 

Engie Accepts Veolia's $4bn Bid for Suez Stake

French energy group Engie has accepted water and waste utility Veolia's €3.4bn ($4bn) offer for its 29.9% stake in Suez, the companies announced on October 5.

  • Engie, which announced in late July it was looking to double its divestment target to €8bn, said it would generate a pre-tax capital gain of €1.8bn from the deal.

  • Veolia previously offered only €15/share but that bid was rejected. Suez's management had advocated for an alternative offer from French investment firm Ardian.

 

Petrofac Gets Oz Green Hydrogen Feed Work

Petrofac has been awarded a green hydrogen front end engineering design (Feed) contract for the Arrowsmith hydrogen project, which will become Australia’s largest commercial-scale green hydrogen complex, it said on October 5.

  • Located in Western Australia, the Arrowsmith hydrogen project is expected to start production by the end of 2022 and will generate 25 metric tons/day of green hydrogen from the zero carbon energy sources of water, solar and wind.

  • Australia is in an ideal position to become one of the world’s largest hydrogen exporters.

 

Rolls-Royce to Supply Power Plant for Indian LNG Terminal

Rolls-Royce has signed a contract with Dhamra LNG Terminal Private for the engineering, procurement and construction of a 29-MW gas-fired power plant for the former’s LNG import terminal on India’s east coast, it said.