Natural Gas Daily: November 26th, 2020

ADNOC EXPANDS WORLD'S LARGEST 3D SEISMIC SURVEY

UAE national oil company Adnoc has awarded a contract worth $519mn to further expand the scope of what is already the world's largest 3D seismic survey, it reported.

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• UAE is on a major push to expand its onshore oil and gas reserves, both conventional and unconventional.

• Adnoc recently announced a plan to invest $122bn over the next five years to help drive upstream growth, as well as build up the company's downstream, marketing and trading capabilities.

US SANCTIONS THREAT HALTS NS 2 VERIFICATION WORK (UPDATE)

Norwegian certification company DNV GL has stopped work on the Nord Stream 2 (NS 2) project, it said November 25, in the face of US sanctions. The Washington administration in October extended the Protecting European Energy Security Act but Berlin has questioned the right of the US to interfere in European Union energy policy.

• The US on October 20 broadened its sanctions against the project, extending its ability to impose penalties not only to vessels engaged in laying pipe for the project but also to anyone determined to be helping with the operation of those vessels.

SAUDI ARAMCO ISSUES $8BN IN BONDS

Saudi Aramco has completed the issue of $8bn of international bonds in five tenors, the national oil company reported in a Saudi stock exchange filing on November 25.

• Proceeds are expected to help Aramco follow through on its promise to pay out $37.5bn in dividends for the second half of the year to help replenish the Saudi budget.

• The company suffered a 44.6% decline in net profits and a 42.3% drop in core earnings year on year in the third quarter, as a result of lower oil prices, Opec+ production cuts and weaker refining margins.

REPSOL CUTS UPSTREAM SPENDING TO FOCUS ON RENEWABLES

Spain's Repsol announced its 2021-2025 strategic plan, under which it will scale back upstream investment to free up capital to spend on renewables. 

• Repsol will still invest more in upstream activities during the period, some €8bn. But this is only €1.6bn/year, compared with €2.4bn in 2019 and a €2.6bn annual spend in its previous 2018-2020 strategic plan.