12
Oct
2020

Gas Matters Today | news roundup | w/c 5 Oct 2020

Only Subscribers can read the full Article

Analysis

The UK government has hiked by a third its target for offshore wind deployment this decade and pledged to bankroll upgrades to British ports to enable them to assemble next-generation wind turbines. The new target would see offshore wind growth more than offset nuclear decommissioning capacity losses and threaten the power market share of natural gas too.

International

ExxonMobil has confirmed long-running speculation over plans to lay off up to 1,600 positions across the company’s affiliates in Europe, citing “unprecedented market conditions” for the layoffs, echoing recent statements from Suncor Energy, Chevron and Equinor.

Chevron has completed its acquisition of Noble Energy, despite reports that activist investor Elliott Management attempted to scupper the deal, claiming Chevron was underpaying for Noble, with the transaction closing nearly USD 1 billion lower than when the takeover offer was tabled in July.

JPMorgan Chase has pledged to align its financing activities with the goals of Paris climate agreement and will establish emission targets for 2030 early next year on a sector-by-sector basis with a focus on electric power, automotive manufacturing and oil and gas.

LNG bunkering leaders Pavilion Energy Singapore and Finland’s Gasum have signed a MoU to develop a global LNG bunker supply network for their customers in Singapore and northern Europe.

Engineering firms McDermott International and Schneider Electric are teaming up with io consulting to jointly advance research and design of carbon-neutral upstream facilities.

Asia Pacific

Japan – The country’s largest utility JERA has submitted plans to scrap over 3 GW of gas-fired capacity at the Chita plant and replace them with less than half the original capacity.

Australasia

Australia – A new electricity interconnector between South Australia and New South Wales would displace “expensive” gas-fired power with cheaper but more polluting coal-fired generation, according to documents submitted to the Australia Energy Regulator.

Europe

Finland – Manufacturing firm Wartsila has been awarded a “major contract” to build a 0.1 mtpa “carbon neutral” fuels production facility in Germany, with a plan to offset any emissions from gas-based LNG production by injecting biomethane into the grid.

Germany – A subsidiary of German utility RWE is planning to convert underground salt caverns currently used for gas storage into large-scale organic flow batteries to store renewable electricity.

Netherlands – Wind developer Orsted is collaborating on a “ground-breaking” 100 MW wind-powered electrolyser in the Netherlands to produce 75,000 tons/year of green ammonia for use in fertiliser products and potentially as a fuel for shipping.

Poland – The country’s anti-trust watchdog has levied a multi-billion-dollar fine against Gazprom and its European co-financiers for building the Nord Steam 2 pipeline allegedly without its consent, prompting a terse rejection from the Russian gas monopoly.

Romania – Government officials have reportedly promised investors in Black Sea gas projects that problematic legislation hindering several developments will be improved after the country’s parliamentary elections on 6 December.

UK – Premier Oil has found a solution for its debt pile: combine with private equity-backed North Sea rival Chrysaor through a reverse takeover, creating the largest independent producer in the North Sea.

International oil companies are taking early investigatory steps in carbon capture and storage projects centred around industrial clusters that claim to offer solutions to decarbonising hard-to-abate sectors of the UK economy.

Middle East

Israel – Chevron and Israel Electric Corporation have gotten off on the wrong foot only days after the US supermajor completed its acquisition of Noble Energy, including the Leviathan and Tamar fields, which supply nearly all Israeli gas supply.

North America

Mexico – Mexican president Andrés Manuel López Obrador has announced plans to channel investment worth USD 1.2 billion to develop an LNG export facility on the Pacific coast in order to “reactivate the economy” amid a deep Covid-19 recession.

US – The landscape for developers of gas-fired power plants in the largest US regional power system has shifted dramatically over the last decade, with a host of risks now tipping the calculus against investment, according to a new report.

NextDecade has become the latest US LNG player to announce it is examining carbon neutrality, with the firm looking to roll out carbon capture storage technology to remove 90% of CO2 emissions at its proposed Rio Grande LNG plant in Texas.

The Sempra-operated Cameron LNG plant in Louisiana implemented a controlled shutdown ahead of Hurricane Delta making landfall on Saturday.

The US Department of Energy has awarded funding to help develop nuclear-powered hydrogen production, with USD 26.3 million towards early stage costs at pilot projects.

Contact the editor:

Sebastian Kennedy
[email protected]

Subscription Benefits

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

LNG Business Review

LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.

Gas Matters

Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.

Gas Matters Today

Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.

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.