Natural Gas Daily: November 12th, 2020
France's Total and the UAE's Adnoc announced on November 11 they had signed a framework agreement on reducing CO2 emissions, including joint research, development and deployment of carbon capture, use and storage.
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- Total and Adnoc are already close partners in onshore and offshore oil and gas production, gas processing and liquefaction and products marketing.
- Adnoc announced on November 11 it had signed a deal to supply 0.75mn metric tons/year of LNG to Total during 2021 and 2022, while also noting the pair had delivered their first unconventional gas from the Ruwais Diyab concession in the UAE.
Australian LNG export volumes in October came to 6.7mn metric tons, up from 6.2mn mt in September and 6.6mn mt in October 2019, energy consultancy EnergyQuest said in a report.
- EnergyQuest estimates that Australian LNG export revenues increased in October to A$2.72bn, from A$1.86bn in September but fell 33% from the level in October 2019.
UK DRILLING SLUMPS TO LOWEST LEVEL SINCE 1970S: OGUK
Industry association Oil & Gas UK (OGUK) has called for an urgent transition deal for the UK North Sea, warning in a report that drilling activity this year is "almost certain" to fall to a level not seen since the 1970s.
- The association said its report "reinforces that a North Sea transition deal for this sector is essential in meeting the need for secure, affordable energy to be produced with fewer emissions and to position the UK as a leader in developing low-carbon solutions."
PREMIER SLASHES 2020 OUTPUT FORECAST AGAIN
UK oil producer Premier Oil has cut its production guidance for 2020 to 61,000-64,000 barrels of oil equivalent/day due to constraints at the Catch oilfield in the North Sea, it said.
- The company also noted that the Tolmount gas project was still on track for first gas in the second quarter of 2021. It operates the field with a 50% interest and had hoped to buy a further 25% from South Korea's Dana Petroleum, but scuppered that deal in July.
- After many months of negotiations, Premier also shelved an agreement to acquire some BP North Sea assets in October, while announcing a merger with fellow UK operator Chrysaor.
INDIAN PETRONET'S PROFIT DROPS DURING JUL-SEPT
India’s biggest LNG importer Petronet LNG on November 11 reported a net profit of rupees 9.27bn ($120mn) for the three months ending September 30 (Q2), down 15.9% yr/yr. Net profit surged 78% q/q, though, as demand for gas recovered to pre-Covid-19 levels.
- During the quarter, Petronet’s Dahej terminal handled more LNG than every before.
AKER BP MAKES MINOR OIL, GAS FIND OFF NORWAY
Aker BP has made a minor oil and gas discovery in the Norwegian Sea some 7 km northeast of its undeveloped Alve Nord field, the Norwegian Petroleum Directorate (NPD) reported.
- ConocoPhillips also made a gas discovery in the Norwegian Sea this week, some 27 km southwest of Aker BP's Skarv field. That find was much bigger, with an estimated size of between 8 and 30mn m3 of recoverable oil equivalent.