Natural Gas Daily: May 8th, 2020
China's Jan-Apr Gas Imports Up 1.5%
China’s gas imports via pipeline and in the form of LNG during the first four months of the year were up 1.5% yr/yr, marking a significant slowdown in growth due to the Covid-19 pandemic's impact on demand.
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The Big Picture:
- In contrast, Chinese gas imports surged 16.4% yr/yr in the first four months of 2019.
Gazprom Announces Arctic Gas Find
Russia's Gazprom reported the discovery of a large gas field in the Kara Sea, estimating it to contain 200bn m3 of recoverable reserves.
The Big Picture:
- Gazprom has continued to drill on Russia's Arctic shelf over the recent years, resulting in several new gas discoveries, despite the fact that market conditions make launching new production in the area uneconomic.
GasLog to Take Delivery of Korean-Built LNGC
Monaco-based shipowner GasLog is scheduled to take delivery of the LNG carrier, GasLog Wales, from South Korean shipbuilder Samsung Heavy Industries on May 11, it said on May 7 in a statement.
The Big Picture:
- It will start a 12-year time charter agreement with Japan’s Jera, GasLog said.
- Jera is a major LNG buyer and seller and is owned by the utilities Tepco Fuel & Power and Chubu Electric Power Company.
Italy's Snam Sees Q1 Earnings Bump
Italy's transmission system operator Snam said on May 7 it had achieved a 5.3% yr/yr growth in net profits in the first quarter to €298mn ($323mn).
The Big Picture:
- Snam gained from tariff adjustments that led to a growth in its regulated revenues, but non-regulated revenues were also higher thanks to increased contributions from the company's international business and its energy transition activities.
US Ovintiv Swings to Profit in Q1
Denver-based Ovintiv (formerly Canadian EnCana) said May 7 – after markets had closed – it had Q1 2020 net earnings of US$421mn (C$586mn), reversing a $245mn loss in the same quarter a year ago. Pre-tax earnings swung to $534mn from a pre-tax loss of $504mn in Q1 2019.
The Big Picture:
- The Montney, which delivered total Q1 production of 204,700 boe/d (74% natural gas), produces 60% of Ovintiv’s total natural gas volumes, and has a significant inventory of dry gas opportunities, the company said.
Malaysia's MISC Slips into red in Q1
Malaysian shipowner MISC, a unit of state-run Petronas, recorded a net loss of ringgit 1.15bn ($270mn) for the three months to March 31, from a net profit of ringgit 510.50mn in the year-ago period, it said in a statement.
The Big Picture:
- Revenue rose by 10.4% yr/yr, however, due to higher contributions from all segments except for the offshore segment.
