Daily Digest: April 15th, 2020
Shell Eyes Deeper Role in Chinese LNG Market
Shell has signed a framework agreement with a private Chinese company called GCL Oil & Natural Gas Co to establish a joint venture to market LNG in eastern China, the Anglo-Dutch major told NGW on April 14.
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The Big Picture:
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The proposed joint venture aims to develop an integrated value chain, covering supply from Shell's global LNG portfolio, regasification at terminals in Jiangsu to downstream customer sales, Shell told NGW.
Oil Slides Further on Fears of Oversupply
Oil prices have sunk this week, amid growing fears that Opec+'s historic deal on production cuts from next month goes nowhere near far enough to rebalance the market, following a collapse in fuel demand.
The Big Picture:
- "Even though Opec+ has decided to attempt to bail out the global oil market, the group has unfortunately only come up with half of the ransom money," Rystad Energy said in a research note on April 12.
ABB to Power LNG Hybrid Tug in Singapore
ABB said its electric propulsion, power, energy storage, control and automation technology will power the first tug in Singapore capable of switching between LNG engines and zero-emission battery power.
The Big Picture:
- The Maritime Port Authority of Singapore (MPA) is incentivising the use of LNG as marine fuel to support the International Maritime Organisation’s aim to halve ship CO2 emissions by 2050.
The lower chamber of Russia's parliament, the Duma, has passed legal amendments further loosening restrictions on the number of projects eligible to export gas in the form of LNG.
The Big Picture:
- Russia wants to establish itself as a top-tier LNG exporter, and allowing more projects and potentially new players to develop liquefaction capacity will help achieve this.
OMV has made an offshore oil and gas discovery at the Toutouwai-1 shallow-water well at New Zealand's Taranaki basin, the Austrian player said in a statement emailed to NGW on April 14.
The Big Picture:
- "There has not been a major energy find in New Zealand for over a decade and we know that new domestic energy supply is critical to ongoing security of supply, affordability, and ensuring a smooth transition to a renewable future."
