Daily Digest: April 16th, 2020
Anglo-Dutch Shell Sets Green Goal
Anglo-Dutch major Shell has set itself a 2050 deadline for becoming net zero on the manufacture of all its products, it said.
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The Big Picture:
- “The fact that Shell announced the move now underlines its commitment to make the shift from Big Oil to Big Energy," consultancy Wood Mackenzie said.
Adnoc Cancels $1.65bn Sour Gas Contracts
The UAE's Abu Dhabi National Oil Co (Adnoc) has scrapped contracts it awarded to the UK oilfield services provider Petrofac for the Dalma gas project two months ago, Petrofac said.
The Big Picture:
- Dalma is within the Ghasha ultra-sour gas concession, a project which the UAE is banking on to help achieve its goal of becoming gas self-sufficient.
Oil Recovery Will be Slow and Painful: IEA
Oil prices are once again at near two-decade lows, after the International Energy Agency (IEA) warned on April 15 that global oil demand would plunge 29mn b/d year on year in April as a result of travel restrictions and other Covid-19 lockdown measures.
The Big Picture:
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Efforts on the supply side over the past week are a solid start, the IEA said, but "there is no feasible agreement that could cut supply by enough to offset such near-term demand losses."
Japan's Jera to Buy 12.5% Stake in Oz Barossa Project
Australia’s Santos has signed a letter of intent (LOI) to sell a 12.5% interest in Barossa project to Japanese Jera, it said in a statement.
The Big Picture:
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Santos CEO Kevin Gallagher said signing the LOI with Jera further builds partner alignment and follows the recent agreement to sell a 25% interest in Darwin LNG to SK E&S. Jera already has a 6.1% interest in Darwin LNG.
Shell Assets Boost Pieridae Q4 Performance
Canadian Pieridae Energy reported strong fourth quarter and annual 2019 results, with strong year-over-year gains across multiple metrics. It attributed the success to its acquisition last fall of Foothills gas assets from Anglo-Dutch major Shell’s Canadian subsidiary.
The Big Picture:
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Pieridae also advanced its 10mn mt/yr Goldboro LNG project in Nova Scotia, but impacts related to the Covid-19 pandemic have delayed a final investment decision on the project beyond the expected September 2020 date, the company said.
