Natural Gas Daily: August 27th, 2020
Petrochina Swings to Loss in H1
Petrochina, the listed arm of Chinese state-run CNPC, announced a net loss of yuan 29.98bn ($4.36bn) during the six months to June 30 (H1) thanks to Covid-19 induced contraction of demand for oil, gas and chemical products, and a plunge in international oil prices. It booked a net profit of yuan 28.42bn last year.
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Chinese state-run Cnooc on August 19 said its profit during the six months to June 30 (H1) dropped by 65.7% yr/yr due to lower realised oil and gas price.
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The country's natural gas consumption during the first six months of the year was 155.61bn m3, up 4% yr/yr. China’s LNG imports during the first seven months of the year were 36.22mn metric tons, up 9.3% yr/yr, customs department data published August 23 showed.
McDermott Bags Vietnam Gas Pipe Feed Work
US engineers McDermott International on August 26 announced it has been awarded a contract by Delta Offshore Energy to provide front-end engineering design (Feed) services for a subsea gas pipeline in Vietnam.
- Despite Covid-19, emerging Asia remains a bright spot for LNG demand growth.
- Earlier this year, Singapore’s Delta Offshore Energy got the go ahead from the Bac Lieu province to build the gas-fired power plant.
Neptune's Earnings Fall, Output up in Q2
UK independent Neptune reported a halving of its Q2 2020 pretax earnings excluding exploration (Ebitdax), which fell from $430.9mn in Q2 2019 to $214.7mn. The drop was despite a modest increase in output, from 145,600 barrels of oil equivalent (boe)/day to 149,600 boe/d, as the average price received fell sharply owing to the Covid-19 pandemic.
- Executive chairman Sam Laidlaw said that Neptune's strength lay partly in its readiness for the low-carbon future, including its investment in hydrogen, offshore electrification and carbon capture and storage projects."
Gasum Carries Out First Ship-to-Ship LNG Bunkering in Malmo
Finnish gas company Gasum has refuelled a vessel belonging to United European Car Carriers with LNG at the Swedish port of Malmo, it said on August 26, marking the first time that ship-to-ship bunkering has taken place at the port.
- The company saw its operating profit fall by 21% year on year in the six months ending June 30, to €17.5mn ($20.5mn), it said on July 29, blaming the decline on weaker gas prices in Europe.
Sri Lanka to Develop LNG Hub at Hambantota
The Board of Investment (BOI) of Sri Lanka has signed an agreement with Pearl Energy to develop an LNG hub at the Port of Hambantota, it said on August 24 in a statement.
- Pearl’s director Tania Siegertsz said that though the project will primarily target regional trade, the company expects Sri Lanka to switch to gas-based power generation and increase efficiency of its national grid.
Japan's Osaka Gas Participates in US CCGT
Japan’s Osaka Gas on August 25 said it has decided to participate in a gas-based power project (CCGT) in the US state of Illinois.
- The facility will sell its power into the PJM wholesale market, enough to meet the demand of up to 1.25mn homes and businesses serving Northern Illinois, including Chicago, the company said.
