Share page with AddThis
13 August 2018

Weekly news roundup (6-10 August)

Analysis

The so-called ‘second wave’ of US LNG export projects stands to be the biggest loser if China imposes a 25% import tariff on LNG from the United States, with knock-on effects for portfolio players exposed to both markets.

Sempra’s plans to convert its Costa Azul LNG import terminal in Mexico into an export facility might inadvertently profit from China’s proposed 25% import tariff on US LNG.

International

ADNOC and JERA have agreed to slash the volume and duration of future LNG sales as Abu Dhabi grapples with booming domestic demand, while Japan seeks more flexible purchase agreements amid uncertainty over the country’s power sector gas demand.

Cyprus and Egypt are aiming to conclude in the autumn an inter-state agreement to develop a pipeline from the offshore Aphrodite field to Egypt, which could pile pressure onto Nicosia to acquiesce to field partners’ demands to revise revenue sharing terms.

The intensifying trade spat between Beijing and Washington could hit oil demand growth this year and next, the International Energy Agency has warned.

US & Canada

Canada – Cenovus has agreed to sell its gas and liquids business in north western Alberta to NuVista Energy for USD 625 million.

US – Africa-focused Kosmos Energy has taken its first dip into the US Gulf of Mexico after agreeing to buy Deep Gulf Energy for USD 1.1 billion.

Spire Energy’s proposed STL interstate gas pipeline has squeezed through the Federal Energy Regulatory Commissions approval process days before the body loses a commissioner, which could seize up pipeline approvals.

The Securities and Exchange Commission (SEC) has taken the heat off ExxonMobil by dropping a two-year probe into allegations the company misled investors over climate risks.

SoCalGas has reached settlements with four state agencies over the 2015-16 leak from the Aliso Canyon storage facility – the largest event of its kind in US history – bringing the total cost for the company to more than USD 1 billion.

The Federal Energy Regulatory Commission (FERC) has sided with midstream player National Fuel by ruling that New York state waived its right to deny a permit to the Northern Access pipeline, after deliberating the request for over a year.

Apache Corporation has created a new USD 3.5 billion Permian midstream outfit to capitalise on an anticipated infrastructure boom in the shale play, but signs suggest new pipeline capacity might soon overshoot production forecasts.

Cheniere Energy’s stock rose slightly after the US LNG producer reduced its quarterly loss to USD 18 million in Q2‘18, compared to USD 285 million of red ink reported in the same period last year.

ExxonMobil has signed a letter of intent to support the Kinder Morgan-led Permian Highway Pipeline project that aims to carry gas from the growing Permian basin to the Gulf coast.

JERA has agreed to acquire a 50% stake in three gas-fired plants in the north east with a combined capacity of 1.1 GW from Starwood Energy.

Utility firm Competitive Power Ventures is seeking to overturn a decision by the New York state Department of Environmental Conservation, which denied an air quality permit to operate a new gas-fired power plant.

Africa

Tanzania / Uganda – State-run Tanzania Petroleum Development Corporation wants to construct a pipeline to export gas to Uganda.

Asia Pacific

China – Sinopec is reportedly adding 55.6 Bcm of storage capacity in the northern Henan province to ease bottlenecks during winter peak demand.

Europe

Poland – PGNiG has opened a new front in its war of words with arch rival Gazprom by claiming that Poland’s LNG imports are growing more quickly than Russian pipeline flows.

Russia & CIS

Russia – The second 5.5 mtpa train at the Yamal LNG plant has fired up six months early, with the third and final train at the facility expected to be launched “significantly ahead of original schedule”, project operator Novatek has said.

Rosneft has approved a USD 2 billion share buyback in a bid to boost appeal to investors. Meanwhile, ExxonMobil is reportedly seeking arbitration after Rosneft accused it and four other companies of illicitly gaining from the Sakhalin-1 oil and gas project.

Subscription Benefits

Our three titles – Gas Matters Today, Gas Matters and LNG Business Review – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.

Gas Matters Today

Gas Matters Today's news analysis keeps you fully briefed on the relevant people, companies and events shaping the gas, LNG and wider hydrocarbon industries.

Gas Matters

Gas Matters provides essential context for the global gas industry and wider energy complex, pairing insider insight with broader themes - from geopolitics to macroeconomics to regulatory risk.

LNG Business Review

LNG Business Review gives the insiders view on issues LNG mangers are facing today, written by Gas Strategies' network of LNG experts.

Stay current and search the past

Access news and features published daily*, plus a fully searchable archive.

Available when you need it

Save stories, features, news and interviews and also read offline in the Gas Strategies app.

Stay up-to date

Get real-time access to articles as they are published with alerts for the latest content.

Flexibility

Access content via mobile or tablet, dedicated apps, web browser or customise a downloadable pdf.

Subscribe

For more information please contact the subscriptions team on +44 (0) 20 7332 9981 or [email protected]

*Monday to Friday, excluding UK public holidays.

Share page with AddThis

Did you know that your Internet Explorer Browser is out of date?

Your MS Internet Explorer browser is out of date, and will not be fully compatible with our website. For best browsing experience we recommend that you upgrade your IE browser to a more recent version or use an alternative, more recent browser.