Daily Digest: April 14th, 2020
Shell has withdrawn from joint plans with Russia's Gazprom Neft to develop a group of oil and gas fields in Western Siberia, Gazprom Neft said in a statement on April 13.
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The Big Picture:
- Shell is Gazprom Neft's closest foreign partner. The pair's main partnership is the Salym Petroleum Development (SPD) JV, which has been exploiting three major fields in Western Siberia for almost 25 years.
Gazprom Pushes Ahead with Export Projects
Russian gas monopoly Gazprom issued an update on its major investment projects on April 10. It is building the facilities at the Chayandinskoye gas project in Yakutia in order to raise the field's production to a plateau rate of 25bn m3/yr.
The Big Picture:
- Chayandinskoye delivers gas to China via the 38bn m3/yr Power of Siberia pipeline launched in December last year.
- The company is also expanding supplies to Europe.
India's Lockdown to Hit LNG: WoodMac
India's LNG demand is likely to drop as the country has extended the lockdown till May 3, Wood Mackenzie Asia Pacific vice-chair, Gavin Thompson said in a note.
The Big Picture:
- The forecast of a decline in Indian LNG demand is bad news for the already oversupplied LNG market.
China's Q1 Gas Imports Up 1.8%
China’s gas imports via pipeline and in the form of LNG during the first three months of the year were up 1.8% yr/yr, marking a significant slowdown in growth, due to the Covid-19 pandemic's impact on demand.
The Big Picture:
- In contrast, Chinese gas imports surged 17.8% yr/yr in the first quarter of 2019.
Oz LNG Limited Loses White Knight
Singapore’s LNG-9 has withdrawn its US$75mn offer to acquire LNG Limited (LNGL), the Australian company said.
The Big Picture:
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LNGL is developing the 8mn mt/yr Magnolia LNG export terminal in Louisiana and the 8-12mn mt/yr Bear Head LNG terminal in the eastern Canadian province of Nova Scotia.
