Natural Gas Daily: August 24th, 2020

Norwegian Gas Output Continues Recovery in July

Norwegian gas production grew for the second month in a row in July but lagged slightly behind the forecast, according to data published by the Norwegian Petroleum Directorate (NPD).

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• Norwegian producers have kept back some volumes this year in response to the slump in European gas prices, brought about by the Covid-19 pandemic, a glut in global LNG supply and high gas storage levels.

India's LNG Imports in July Up 6%

India’s LNG imports saw a 6% yr/yr growth in July to 2.96bn m³ (2mn metric tons), following a 7% decrease in June, according to the data published by the Indian oil and gas ministry's PPAC on August 20.

• Imports were up almost 11% month on month, as India significantly eased its lockdown and demand for gas recovered.

Bulgaria Pens Deal for Stake in Greek LNG Terminal

Bulgaria's state gas grid operator Bulgartransgaz has signed a shareholder agreement to take a 20% stake in Gastrade, a company developing an LNG import terminal in northern Greece, Gastrade said.

• The agreement, which builds on a preliminary deal announced in January, is expected to help Bulgaria access some of the Alexandroupolis terminal's capacity, which exceeds 5.5bn m³/yr.

• It will be able to receive supplies via a new 3bn m³/yr gas link with Greece due on stream later this year.

Oil India Reports Loss in Q1

Indian state-run Oil India on August 21 reported a net loss of rupees 2.49bn ($33mn) in the three months to June 30 (Q1) owing to sharply lower average realised oil and gas price. The company had posted a net profit of rupees 6.24bn in the same quarter of previous year.

• The IEA projects Indian gas output will grow by 12bn m³ from 2019 to 2025, based on higher offshore production.

• Petronet LNG, India’s largest LNG importer, on August 17 reported a consolidated net profit of rupees 4.99bn ($67mn) during the three months to June 30 (Q1), down 11% yr/yr as less LNG was imported.

Petrobras Agrees Sale of Eight Onshore Fields

Brazil's Petrobras has agreed to sell its entire interests in eight onshore fields at Polo Rio Ventura in the country's Bahia state to a local company called 3R Petroleum e Participacoes for $94.2mn, it said in an August 21 filing.

• Petrobras is in the midst of a sweeping divestment programme, aimed at raising capital to clear debts and invest in deepwater plays. It has already sold off dozens of non-core fields, pipelines and other assets as part of this drive.

Africa Energy Doubles Stake in S African Block

Canada-based Africa Energy has signed definitive deals to raise its stake in the Total-operated 11B/12B block off South Africa from 4.9% to 10%, it said. The licence holds the Brulpadda field.

• The move comes as the project partners prepare to sink a second exploration well, Luiperd-1X, at the site this September. Their first resulted in the Brulpadda gas and condensate discovery in February last year.