Daily Digest: February 12th, 2020

The coronavirus outbreak could put the natural gas markets in Europe and Asia under severe stress due to the curbing of LNG imports by China, Fitch Ratings said.

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Renewable energy must play a greater role if Australia and the world are to cut emissions, Australia's chief scientist Alan Finkel told the National Press Club, but it will be "decades before renewables alone can power our modern societies."

Leigh Creek Oil and Gas, a 100% owned subsidiary of Sydney-listed Leigh Creek Energy, has executed a farm-in agreement with Bridgeport Energy for ATP 2023 and 2024, Leigh Creek Energy said.

Naftogaz Trading is planning to act as a market maker on the Ukraine energy exchange (UEE), posing bids and offers each day, the state enterprise said in a notice.

Russia's Gazprom has said it expects only a 8.9% dip in net profits for 2019, despite weaker gas prices in its core export market of Europe, it announced at an investor day in New York on February 11.

UK major BP has unfolded its long-awaited restructuring plans, as the new CEO Bernard Looney readies the company for a net-zero business by 2050. BP’s business segments – upstream and downstream – will be dismantled and the group reorganised globally into 11 teams. 

UK independent Premier Oil has secured the approvals needed for its acquisition of some of BP's and Dana Petroleum's UK assets, it said. Last month it said it would seek a $500mn equity raise for the combined $870mn price, as well as a $300mn bridging loan, to add to its own cash. 

An official at Azeri state oil company Socar official told NGW February 11 that the company will increase production from its Umid field.

BP has agreed to buy the LNG produced from the first phase of its Greater Tortue Ahmeyim (GTA) project off the coast of Mauritania and Senegal, its Texas-based venture partner Kosmos Energy said.