Shell sales increase in Q3 vs TotalEnergies due to higher Asian LNG prices
LONDON, October 31 - Analysts and traders say that higher production and sales of liquefied gas in Asia helped Shell to outperform TotalEnergies in the third quarter. However, group profits for both companies were affected by a drop in oil refining. Shell's quarterly profit of $6 billion beat forecasts by 12 percent, while TotalEnergies reported a profit of $4.1 billion that was slightly below expectations. Shell and TotalEnergies both reported quarterly profits that were down 70% and 82%, respectively.
TotalEnergies' third-quarter revenue drops as refining profits collapse
TotalEnergies, the French oil giant, reported a third-quarter net profit at $4.1 billion, a three-year-low. The company was hit by a collapse in refining margins as well as upstream outages. The adjusted net income fell 37% compared to a year ago and 12.7% compared to the $4.7 billion of the previous quarter. Analysts had expected $4.2 billion. The adjusted earnings before interest tax, depreciation, and amortization (EBITDA), which is the total of all these items, fell by 23.6% to $10 billion.
Woodside completes Tellurian acquisition for $1.2 billion
Woodside Energy announced on Wednesday that it had completed the acquisition, including the debt, of U.S. Gulf Coast Liquefied Natural Gas export project developer Tellurian. Tellurian's shareholders voted last week in favor of the proposed acquisition by Australian energy producer. Woodside has announced that it is renaming the Driftwood Louisiana LNG opportunity to Woodside Louisiana LNG. The company stated that it aims to be ready for a final investment decision (FID)…
US regulators support Venture Global LNG's claims of equipment failure
U.S. regulators said Venture Global LNG took adequate steps on Friday to correct equipment issues at a Louisiana-based gas-processing facility that have prevented the company from delivering goods to long-term customers under contract for over two years. The Federal Energy Regulatory Commission's findings support the U.S. liquefied gas exporter’s claim that the Calcasieu Pass plant in Louisiana has not been fully commissioned.
Mitsubishi increases stake in Malaysia LNG
The Japanese trading house Mitsubishi announced on Friday that it will expand its ownership of a major project in Malaysia involving liquefied gas. It has acquired 10% stakes in both the Dua and Tiga unit of the Malaysia LNG Plant. Malaysia LNG, operated by Malaysian energy giant Petronas, is one of the largest LNG facilities in the world. It has a total capacity of 29,3 million metric tonnes from four production units: Satu, Dua Tiga, Train 9.
Preliminary data shows that Japan's LNG imports increased by 49% from Russia in August, while US supplies decreased.
The preliminary data from Wednesday showed that Japan's imports of liquefied gas (LNG), from Russia, increased by 49% to 0.59 millions metric tons in August, while supplies from the U.S. decreased by 41% to a total of 0.38 million ton, compared to last year. The data revealed that the total LNG imports by Japan, which is the second largest super-cooled gas purchaser in the world after China, were up 1% on an annual basis to 5.7 millions tons.
Prices of EUROPE GAS rise on demand and tight supply
The Dutch and British wholesale prices of gas extended their previous session's gains Tuesday. This was due to the rising demand for gas from cooler weather, the ongoing Norwegian supply restrictions, and fears that a hurricane could impact the U.S. liquefied gas supply. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub rose by 0.60 euro to 37.75 euros per Megawatt Hour, or 12.19/mmBtu by 0802 GMT.
Nigeria's NNPC sends LNG cargoes from Japan to China
NNPC, the state-owned Nigerian company that produces oil and gas, has increased its shipments of liquefied Natural Gas (LNG) to a Chinese port after its initial delivery to Japan in early June. Nigeria, Africa's top oil producer, has the largest gas reserves on the continent, with more than 200 trillion cubic foot. It has shipped the majority of its LNG via Nigeria LNG, a company in which NNPC holds a 49% share.
New Fortress Energy shares tumble after it misses earnings expectations
New Fortress Energy Inc missed its second-quarter earnings estimate on Friday due to delays in launching a floating LNG facility off the coasts of Altamira and Mexico. New Fortress' stock fell 21% in the morning of Friday on Nasdaq. According to LSEG, the company reported a quarterly net loss of $88M and a loss of 44 Cents per Share. This compares with a median expectation from nine analysts of earnings of 7Cents per Share.
Greece's Sole LNG Terminal Ramps Up Imports to Replace Russian Gas
Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country's gas grid operator said on Thursday.Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases from other countries in line with a European Union plan to cut dependence on Russian energy.
Cheniere to Fix Louisiana LNG Plant After Failing Pollution Test
Top U.S. LNG exporter Cheniere Energy Inc said it will repair and replace equipment at its Louisiana terminal after tests showed it exceeded newly-imposed hazardous emissions limits on certain known carcinogens, but the work will have no material impact on operations.A round of testing showed at least one of Cheniere's turbines at its liquefied natural gas (LNG) export terminal in Louisiana failed the new standards, while the turbines in Texas at the company's only other U.S.
Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April.Global travel restrictions to prevent the virus spreading affected more than 4 billion people at one point…
KBR to Move Away from LNG, Energy Business
Engineering and construction firm KBR Inc will exit most of its liquefied natural gas (LNG) construction and other energy projects, it told investors and employees, as customers pull back on energy investments.The company will refocus on government contracts and technology businesses, Chief Executive Stuart Bradie wrote to employees on Monday. It will "no longer engage in lump sum, blue collar construction services…
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture.
Annova LNG Sign Deal with Enbridge
Houston liquefied natural gas company Annova LNG has signed a 20-year supply deal with Enbridge, a Canadian pipeline company that owns a 10.5 percent stake in Annova's proposed export terminal.The precedent agreement with Enbridge Inc.’s Valley Crossing Pipeline LLC (VCP) would provide transportation for the still unsanctioned 6.5 million metric tons/year (mmty) facility, which was approved by federal regulators in November.Under the deal…
NOAA: Oregon LNG Pipeline Will Have Minimal Impact
The U.S. National Oceanic and Atmospheric Administration (NOAA) said its analysis found that the construction and operation of a new liquefied natural gas (LNG) facility in Coos Bay, Ore. and its associated pipeline will have minimal impact on protected species and their habitats.NOAA Fisheries issued a final biological opinion on construction and operation of the Jordan Cove terminal and the associated 229-mile long Pacific Connector LNG pipeline.
Petronas Names Second FLNG in S. Korea
Malaysian oil and gas company Petronas named its second floating liquefied natural gas (LNG) facility, the PFLNG Dua, in a ceremony in Geoje, South Korea.The floating LNG facility is designed to extract gas from deepwater gas reservoirs in depths up to 1,500 meters.With PFLNG Dua, the national oil and gas company of Malaysia owns and operates two floating LNG facilities, following the success of PFLNG Satu which has been in operation since 2017.
Canadian E.Coast LNG Export Plans Progress Shell Deal
Pieridae Energy moved closer to building a liquefied natural gas (LNG) export terminal on Canada's East Coast after taking ownership of fields from Royal Dutch Shell which will feed gas into the plant, the company said.The Goldboro LNG terminal would be the first on Canada's East Coast and compete with the growing number of plants on the U.S. Gulf Coast, hoping its shorter distance to Europe and further west will…
Mozambique LNG Project Moves Ahead
With a second Final Investment Decision (FID) in just 2 years, Mozambique has officially positioned itself as a key player in the global gas and LNG market for years to come.The latest FID on the US$20 billion Mozambique LNG project, makes it the largest sanction ever in sub-Saharan Africa oil and gas.Described by His Excellency President Nyusi as “one of the most important and transformational projects in the country’s history”…
Hammerfest LNG Ships 1000th LNG Cargo
Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”, by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales value of all the LNG cargos since the field came on stream is in the range of NOK 130-150 billion. In addition, we have the value of liquefied petroleum…
