Daily Digest: February 24th, 2020
CHART, EXXON, INDIAN OIL INK GAS TRANSPORT PACT
Chart Industries has signed a letter of co-operation with ExxonMobil India LNG, an affiliate of ExxonMobil, and state-run Indian Oil Corp (IOCL), to develop virtual pipelines to expand gas access in India, it said in a statement.
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The Big Picture:
- Rather than via physical pipelines, the LNG will be delivered by road, rail and waterway.
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In early 2019, Chart signed a memorandum of understanding with IOCL to promote the development of the LNG market in India, focusing on modular liquefaction, regasification applications, LNG bunkering, fuelling stations and alternative LNG mobile transportation including ISO containers.
ARAMCO GETS NOD TO DEVELOP TOP SAUDI GAS FIELD
Saudi national oil company Saudi Aramco announced in a statement on February 22 it had secured regulatory clearance to develop the giant Jafurah gas field in the kingdom's east.
The Big Picture:
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Jafurah is Saudi Arabia's largest unconventional, non-associated gas field, with an estimated 200 trillion ft3 of resources which Aramco said would serve as a valuable feedstock for the country's growing petrochemical and metal industries.
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Saudi Arabia has intensified its focus on gas development in recent years, in order to replace oil with gas as the main fuel for generating its electricity.
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MOL, DSME TO WORK ON A NEW TECHNOLOGY FOR FSRU'S
Japanese shipping firm Mitsui OSK Lines (MOL) and South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) have entered into an agreement to jointly develop a new technology to reduce environmental impact for floating storage and regasification units (FSRUs), MOL said February 21.
The Big Picture:
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MOL and DSME plan to test the technology in a small-scale pilot facility within 2020 and provide the technology to customers in future FSRU projects.
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CANADA’S TOURMALINE BUILDS MONTNEY ASSET BASE
Canadian Montney producer Tourmaline Oil said it had entered into a pair of agreements to acquire one public and one private oil and gas company with Montney assets and completed a previously-announced transaction with Painted Pony Energy.
The Big Picture:
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Tourmaline is Canada’s largest gas producer, with 2019 estimated production of some 1.4bn ft3/day, and the largest producer in the Montney, with over 525mn ft3/day.
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KOSMOS SWINGS TO LOSS IN Q4
Texan oil and gas producer Kosmos Energy swung to a net loss in the fourth quarter of $35.8mn, versus a $185.6mn net profit in the same period of 2018, it said in a report.
The Big Picture:
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The company, focused mainly off the coast of west Africa where it is developing a major gas resource, sold 60,600 boe/day of oil and gas in the three-month period, up from 48,600 boe/day a year earlier.
OZ VICTORIAN OPPOSITION CALLS FOR UPSTREAM GAS
Australian upstream industry group Appea has welcomed the Victorian Opposition’s announcement of its support for lifting the state’s moratorium on conventional onshore natural gas development. The Liberal Party remains opposed to hydraulic fracturing, describing it as a "red herring."
The Big Picture:
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Appea CEO Andrew McConville said that Victoria’s homes and business would continue to bear the cost burden if the politically-motivated ban on gas development remained in place.
- Opposition leader Michael O’Brien said, "Fracking is a complete red-herring, we don't need it in Victoria. Where [premier] Daniel Andrews is wrong is to be banning natural gas."