Natural Gas Daily: July 7th, 2020

Eni to Book $4bn in Write-downs on Weaker Outlook

Italy's Eni said on July 6 it expected to book €3.5bn ($4bn) in post-tax impairments in the second quarter, after lowering its forecasts for oil prices, adding it is looking at ways to fast-track its decarbonisation plans.

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• BP and Shell have similarly written billions of dollars off the value of their assets after slashing their price forecasts.

Eight Dead after Attack Near Mozambique LNG

Eight employed by a private construction firm working on the Total-led Mozambique LNG project were ambushed and killed by gunmen, the company said in a statement on July 5 carried by AFP and other news outlets.

• Mozambique LNG is targeting 75 trillion ft³ of gas at the Golfinho and Atum gas fields in the Rovuma basin off the Mozambique coast. The $20bn project is due on stream by 2024, and will produce 13mn mt/yr of LNG at full capacity.

BP to Invest in Green Growth Equity Fund in India

BP will invest $70mn into the Green Growth Equity Fund (GGEF) in India, BP India said in a statement. The fund, established in 2018, is focused on identifying, investing and supporting growth in zero- and low-carbon energy solutions in the country.

• Earlier this year, BP announced its ambition to become a net zero company by 2050 or sooner.

Petronet Plans 1,350 LNG Stations in India

India’s biggest LNG importer Petronet LNG plans to set up 1,350 LNG filling stations on highways in the coming few years, company’s director finance Vinod K Mishra told analysts July 6.

• The company expects strong demand for LNG in the long-haul transportation sector.

• Last month, the Indian downstream regulator Petroleum Natural Gas Regulatory Board said that any entity could set up an LNG filling station in any geographical area.

Cryopeak Makes Record LNG Delivery to Canada’s North

Cryopeak LNG Solutions said it had completed a record delivery of 18,000 gallons of LNG by truck to a Northwest Territories Power Corp (NTPC) generating station in Inuvik, 200 km north of the Arctic Circle.

• The shipment was made using Cryopeak’s new Super B-Train transportation system, which utilises two LNG tanker trailers. The LNG was produced and loaded at FortisBC’s Tilbury Island facility near Vancouver, BC – nearly 3,800 km south of Inuvik.

US Major Chevron Partnering in RNG Initiative

US major Chevron said it is partnering with Clean Energy Fuels to develop a network of stations for trucks serving the ports of Los Angeles and Long Beach to refuel with carbon-negative renewable natural gas (RNG).

• “Switching trucks to fuel with RNG is vital to improving air quality and fighting climate change in our country’s largest port complex,” said Greg Roche, vice president, Clean Energy.