Natural Gas Daily: December 9th, 2020

JAPANESE SPOT LNG PRICES RISE 13% M/M IN NOV

The average price of spot LNG imports into Japan contracted in November was $6.8/mn Btu, up 13.3% month on month, the country's trade ministry (Meti) said. The price could not be compared yr/yr as Meti did not have the data for November 2019.

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• Despite the recent slowdown, Japan remains the world's biggest LNG importer.

  
  

CANADA’S CNRL TARGETS GAS IN 2021

Canadian Natural Resources Limited (CNRL), Canada’s largest gas producer, said it would increase capital spending on its natural gas assets in 2021 to capture additional value from improving strip pricing.

• In 2021, gas output is forecast to average between 1.62bn ft3/day and 1.68bn ft3/day, an 11% increase over 2020.

CANADIAN INNOVATION FUND LAUNCHES GAS CHALLENGE

Canada’s Natural Gas Innovation Fund (NGIF) said it – along with seven leading producer partners – would conduct a C$3mn (US$2.3mn) funding call for clean technology solutions to support natural gas production.

• The funding competition is aimed at advancing cleantech solutions in methane emissions reduction, carbon capture storage and utilisation, fuel switching, low-grade heat utilisation and energy efficiency.

• The NGIF, which was launched in 2016 by the Canadian Gas Association, will work with its producer partners – Birchcliff Energy, Canadian Natural Resources Limited, Chevron Canada, Perpetual Energy, Petronas Canada, Shell Canada, and Tourmaline Oil – to assess proposals under the challenge.

OCCIDENTAL WINS UAE OFFSHORE BLOCK

UAE national oil company Adnoc said it had awarded an exploration concession for onshore block 5 to US-based Occidental following a contest.

• UAE is on a major push to expand its onshore oil and gas reserves, both conventional and unconventional.

• Adnoc recently announced a plan to invest $122bn over the next five years to help drive upstream growth, as well as build up the company's downstream, marketing and trading capabilities.

GUNVOR, ECV FORM JV TO SHIP LNG TO VIETNAM

Commodities trader Gunvor has formed a joint venture with Energy Capital Vietnam (ECV) for the trading and shipping of LNG to Vietnam, the partners said on December 8.

• Vietnam included the gas-to-power scheme in a national development plan in August. The country wants to expand the role of gas in its energy mix at the expense of coal, by increasing its LNG import capacity and developing more domestic resources.

• Gunvor shipped some 16mn mt of LNG last year, cementing its position as the world's largest independent trader of the super-cooled gas.

COOPER STARTS UP OZ ORBOST GAS PLANT

Sydney-listed Cooper Energy said that reconfiguration work at the Orbost gas processing plant had been completed as planned and contractual gas supply to industrial customers had begun.

• The gas plant, which is owned and operated by gas infrastructure company APA, will process gas from Cooper’s Sole gas field offshore Victoria for supply to customers in south-east Australia.