Natural Gas Daily: May 20th, 2020
Wintershall Dea Earnings Plunge on Weaker Prices
Core earnings at Wintershall Dea slumped 42% year on year (yr/yr) in the first quarter, dragged down by weaker oil and gas prices, the German producer reported.
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The Big Picture:
- The company says it is in a good position to weather the storm, thanks in part to its low-cost gas heavy portfolio.
Total Revises UK North Sea Asset Sale
Total has restructured its sale of non-strategic UK North Sea assets, as the buyer, Oman state Petrogal, has withdrawn from the $635mn deal that the French major announced last July. Total acquired them when it bought Maersk Petroleum but did not give a new value for the sale.
The Big Picture:
- On May 18, Total announced it had backed out of a deal to buy Anadarko's assets in Ghana from Occidental Petroleum and struck a deal to acquire gas and power assets in Spain from Energias de Portugal (EDP).
UAE Dishes Out Contract for Recent Gas Find
UAE's Sharjah National Oil Corp (Snoc) has awarded an engineering, procurement, installation and commissioning contract to London-listed Lamprell at the onshore Mahani gas and condensate field in the Sharjah Emirate, the contractor said in a statement.
The Big Picture:
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Mahani was discovered by Snoc and its Italian partner Eni in January and was hailed as the first onshore gas find in the Sharjah Emirate in 37 years.
China's Cosco, France's GTT Renew Cooperation Deal
China’s Cosco Shipping Heavy Industry (CHI) and France’s GTT have renewed their strategic cooperation agreement they signed in 2018 regarding newbuilding, maintenance, and retrofits of LNG carriers or LNG-fuelled merchant ships, the two companies said on May 19 in separate statements.
The Big Picture:
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“The renewal of this agreement will not only help GTT and CHI to face the current market challenges together but also to provide clients with more comprehensive solutions for their projects,” CHI said.
Petronas Inks LNG Deal with Chinese Firm
Malaysian state-run Petronas through its subsidiary, Petronas LNG, has signed an agreement to supply LNG to China’s Tiger Clean Energy’s (TCEL) LNG ISO tank filling facility located at Bintulu, Sarawak, the company said.
The Big Picture:
- As part of the agreement, which was signed via video conference, delivery of the LNG to China will be undertaken by TCEL, which will then distribute it to remote locations using ISO tanks.
UK Terminal Offers More LNG Capacity
UK LNG terminal operator Grain LNG said it launched the second phase of an on-going open season, during which the market is invited to bid for redelivery capacity and associated LNG storage.
The Big Picture:
- Commercial manager Nicola Duffin said that demand for capacity was strong, despite the crash in prices caused by the Covid-19 virus.
