Woodside's Revenue Slumps More than Expected
Australia's Woodside Petroleum Ltd reported a worse-than-feared 29% drop in quarterly revenue, hit by weak spot liquefied natural gas (LNG) prices, but said it still expected to book a net profit in the first half.The hit came due to the double whammy of a global gas glut and a slump in demand with the coronavirus pandemic, and sent the company's shares down more than 2% while its…
Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April.Global travel restrictions to prevent the virus spreading affected more than 4 billion people at one point…
Exceptional Growth in LNG Trade, Says Awilco
The exceptional growth in LNG trade recorded in the first half of the 2019 continued in Q3, says Awilco LNG Group, the Norwegian based fully integrated pure play LNG transportation provider.According to Fearnleys LNG total LNG trade is up about 13 % in the first nine months of the year vs last year. In line with normal seasonal patterns gas prices inched upwards in Q3 but remained…
Rebooting What’s Possible in India’s Gas Market
‘To lose patience is to lose the battle’ -Mahatma GandhiIndia is something of a conundrum for global LNG players. I recently returned from a week in Delhi, just as the capital was making headlines for one of the worst episodes of air pollution, while the country’s energy mix remains dominated by cheap domestic coal. At the same time, gas price sensitivity continues to stymie investment and contracting negotiations.
LNG Spot Shipping Rates Increase, Says Awilco
In spite of low gas prices due to ample LNG supply growth and muted demand so far in 2019 spot shipping rates have gradually increased over the last few months and are currently about USD 70,000 per day on average, said Awilco LNG Group.According to Norwegian LNG transportation provider, European gas storage nearing full capacity coupled with a consistent contango across the LNG…
UK Gas Prices Rise as Norway Imports Dip
British wholesale gas prices rose on Tuesday morning as imports from Norway fell, creating undersupply.Within-day gas price up 1.30 pence at 31.20 pence per therm by 0809 GMT.Day-ahead gas price up 0.90 p at 30.50 p/therm."Prompt prices are all up a bit on lower supply," a gas trader said.UK gas system undersupplied by 11.7 million cubic meters (mcm) with demand forecast at 153.3 mcm and flows at 141.6 mcm/day, National Grid data showed.Imports from Norway through the La
European Gas Prices Fall To 10-Years Low
European natural gas prices reached their lowest in at least a decade, fueled by a battle for market share between Russia, traditionally the continent's supplier, and the U.S., whose gas exports have gained momentum on the back of the shale boom.European natural gas prices are at a historical low and below the cost of shipping gas from the US to Europe. In May, prices remained just above this floor…
LNG Shipping Demand Flat in Q1 209
Global liquefied natural gas (LNG) shipping demand in Q1 209 was essentially flat compared to Q1 2018 and coupled with a 10 % growth in the fleet since Q1 2018 rates suffered, said Awilco LNG Group.A relatively warm winter in the Far East and high storage levels in China and South Korea resulted in muted gas buying interest in the quarter and the downward gas price pressure seen in Q4 2018 continued throughout Q1 2019…
U.S. LNG Exports Soar, Europe a Big Buyer
U.S. LNG to Europe may squeeze out smaller gas suppliers.Shipments of U.S. liquefied natural gas (LNG) have gathered pace in March and Europe is set to stay a top destination for spot cargoes with Asian prices still too low to ship the chilled fuel that far.But winter demand for gas is fading, while steady supplies of gas and LNG have kept inventories well stocked, depressing European gas hub prices.
Shell Sells Upstream Interests in Ireland for $1.3bln
Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt…
Low Returns Put Lid on New British Gas Storage
Investment in new, large gas storage sites in Britain which can help provide a buffer in times of high demand and reduced supply is seen by operators as unlikely due to market prices offering low returns.This is due to weak gas price spreads, the difference between gas prices in summer and winter, which are not allowing operators to cover their fixed costs.The spread has narrowed in recent years…
LNG Bunkering to Grow at CAGR of 62.50% CAGR to Reach $247bn in 2023
The global liquefied Natural Gas (LNG) bunkering market is expected to witness a CAGR of 62.5% over the forecast period 2017-2023, and is projected to reach USD 24,684.7 million by 2023.The key factors driving the growth of LNG bunkering market are increase in LNG demand in order to reduce the carbon footprint in the shipping industry stringent international emission policy, the…
Russia's Gazprom Does Not Rule Out Dividend Rise
Russian gas giant Gazprom may increase dividends on 2018 results, however it is more likely to raise them after 2020 once the current investment cycle is over, Alexander Ivannikov, the head of company's financial department said on Friday.Gazprom also sees its average gas price in Europe at $230 to$240 per 1,000 cubic metres in 2018, Gazprom Export's Andrei Zotov said on a conference call.Reporting by Vladimir Soldatkin
Total's North Sea Oil Platforms Hit by 24-hour Strike
Around 40 rig workers started a 24-hour strike on Monday on the Alwyn, Elgin and Dunbar platforms in the British North Sea, curbing gas flows to shore, but stored crude was expected to mitigate any oil supply disruption.The platforms halted production at 0500 GMT, said Unite, Britain's largest labour union. Unite and Total, which operates the platforms, earlier failed to agree on work shifts and pay…
Cheniere's U.S. LNG Outage Spurs European Reload Activity to Asia
Cheniere Energy, dealing with an ongoing partial outage at its Sabine Pass liquefied natural gas (LNG) plant in Louisiana, is making use of its idle tankers to pick up LNG in Europe for sale in Asia where prices are surging, traders said.Feedgas volumes into Sabine Pass fell by a third to 2 billion cubic feet/day on May 15 and have remained there ever since, according to flow data…
LNG Prices Firm on Chinese, South Korean Demand
Spot price highest in more than 3 months. Asian spot liquefied natural gas (LNG) prices breached the $9 per million British thermal unit (mmBtu) mark this week, a three-year summer season high driven by crude oil gains, production outages and demand from key Asian consumers. Spot prices for July <LNG-AS> delivery in Asia were at $9.20 per mmBtu this week, gaining 50 cents from the previous week and the highest in more than three months.
Angola LNG Plant Sells Cargo to Petrobras
Angola's sole liquefied natural gas (LNG) project has sold a cargo loading over May 12 to 13 to Brazil's Petrobras, two industry sources said on Monday.The exact price details could not immediately be confirmed but the cargo is priced off the European benchmark National Balancing Point (NBP) gas price, one of them said.The cargo will be loaded on the vessel 'Sonangol Sambizanga' and will head to Brazil, the source added.(Reporting by Jessica Jaganathan; Editing by Christ
Chesapeake Beats Street as Costs Fall
Chesapeake Energy Corp's quarterly profit exceeded analysts' estimates on Wednesday, as it produced more oil and natural gas at higher prices while continuing to lower costs, pulling shares in the company around 3 percent higher. Chesapeake's production rose nearly 5 percent to 554,000 barrels of oil equivalent per day (boepd), while its number of gross wells supplying to the market dropped 25 percent.
Gail India Offers Sabine Pass LNG Liftings
Gail India has offered three liquefied natural gas (LNG) cargoes for May to July loading from Sabine Pass in the United States, two traders said on Tuesday. The cargoes will be sold based on the U.S. benchmark Henry Hub gas price, one of them said. The tender closes on March 29 with same-day validity, the trader added. The Indian importer has 20-year deals to buy 5.8 million tonnes per annum of U.S.
PGNiG Wants to Negotiate Gas Price with Gazprom
Polish gas company PGNiG said it has asked Russia's Gazprom to renegotiate the price paid for gas in its long-term delivery contract. Poland imports most of the gas it consumes from Russia on the basis of an agreement which expires in 2022. The contract, which was signed in 1996, allows for a price change every three years. PGNiG buys most of the gas it sells from Russia's Gazprom at a price it does not disclose.