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LNG Unlimited Feb 9 Layout 1 LNG Unlimited LNG JOURNAL PUBLICATION 9 February 2021 Global majors push ahead on LNG UNLIMITED despite challenges of new demands AGENDA ExxonMobil, Royal Dutch Shell and BP had plenty of UPSTREAM often non-cash write-offs for year and fourth quarter Gas fields in Oman that put LNG back LNG News Editor on track are subject of $2.6Bln sale The leading oil and gas companies and major participants in the 2 global liquefied natural gas busi- ness reported adverse fourth- SHIPPING quarter results, weighed down by the impacts of the challenges of the year 2020. ExxonMobil, Royal Dutch Shell and BP all posted earnings reports ExxonMobil, CEO Woods already has more than 20 new with write-offs under various carbon-capture and sequestration projects advancing names, taking them into negative territory. Cash flow from operations was plans for more than 20 new car- Hiranandani of India and Höegh confirm $17.3Bln in 2020 and amounted to bon capture and sequestration FLNG deal for port Explained $4.8Bln for the fourth quarter. (CCS) opportunities around the in Maharashtra ExxonMobil Corp. posted a fourth- ExxonMobil's main LNG partner world to enable large-scale emis- quarter loss of $20.1 billion be- is Qatar Petroleum with their Ras sion reductions. 3 cause of write-offs for American Laffan joint venture Trains, while UK major BP for its part re- EXPORTS gas assets compared with a both are involved in developing ported a full-year loss of $20.3Bln, $5.7Bln profit in the same three the Golden Pass LNG export pro- including significant impairments Chevron outlines months of 2019 as the CEO said ject on the Sabine-Neches Water- and exploration write-offs taken Australian plans that income was boosted by LNG way in Jefferson County in Texas. in the second quarter, compared and discloses its and liquids as well as Permian In a conference call hosted by with a profit of $4.0Bln 2019. Permian future Basin shale activities. Darren W. Woods, Chairman and BP’s 2021 outlook expects the 5 “Improvements in upstream, Chief Executive, an overview of US natural gas market to tighten as natural gas, and LNG prices, as the current business was given, supply declines and demand for PROJECTS well as increased liquids produc- along with highlights. LNG exports recovers. “The current Chiyoda and LNG tion in Guyana, also benefited “Despite challenging additions tightness on global LNG markets exporter Brunei earnings,” said the US major. and a rapid change in activity, our and higher US gas prices will lift succeed with first “As a result of the growing progress in the Permian exceeded other regional gas prices,” said BP. hydrogen cargo tests strength of our portfolio, we re- our plan and expectations,” he Royal Dutch Shell earnings 6 moved less strategic assets from explained. were sunk by impairment charges LIQUEFACTION our development plans, including Average realizations for crude as it posted a $21.68Bln annual certain dry gas resources,” said oil were in line with the third quar- lost compared with a profit of Edge LNG sets up the company. ter. Natural gas realizations, includ- $15.84Bln in 2019, while LNG sales in Midland in Texas These “less strategic assets” ing LNG, rose by 39 percent in the dropped 16 percent in the quarter to offer Permian comprising certain dry gas re- quarter, reflecting market supply and cash flow from LNG and gas Basin liquefaction sources in the United States, disruptions and seasonal demand. sales plunged by 44 percent. 7 Western Canada and Argentina On tackling climate change, Shell added that its adjusted STORAGE were removed from the company's ExxonMobil announced the cre- earnings resulted in a profit of Upstream development plan. ation of a new business, ExxonMo- $4.84Bln compared with $16.46Bln French to construct “This resulted in a non-cash bil Low Carbon Solutions, to of profits in 2019, while fourth- new LNG storage after-tax impairment charge commercialize its extensive low- quarter adjusted earnings were tank for supplies of about $19 billion,” added carbon technology portfolio. $393M. serving London ExxonMobil. The organization will advance n 9 2 l NEWS LNG Unlimited 9 February 2021 Gas fields in Oman that put LNG exports back on track are subject of $2.6Bln stake sale by BP LNG News Editor both technical and operational, is increasing Oman’s LNG output to UK major BP has sold a 20 percent 11.5 MTPA or more. stake for $2.6 �billion to Thai- BP Chief Executive Bernard land’s national energy company in Looney said he was pleased to key tight natural gas fields on- welcome Thailand's PTTEP to the shore the Sultanate of Oman that �successful Block 61 partnership. enabled the Arabian Peninsula na- “Block 61 is a pioneering devel- tion to stabilize then boost LNG opment that has applied �leading exports over the past three years. techniques and technologies to Under the deal with Thailand’s maximise efficiency and minimise PTT Exploration and Production Pub- emissions,” added Looney. Sultanate of Oman in Arabian Peninsula still rich in reserves lic Company (PTTEP), BP will remain �“We are committed to BP’s operator of Block 61, with a 40 cubic feet of gas �resources, have come a major LNG bunkering nation business in Oman and this agree- percent interest as it continues its a combined daily production ca- from its port at Sohar in coopera- ment allows us to remain at the selective divestment programme. pacity of 1.5 billion cubic feet of tion with French major Total. �heart of this world-class develop- gas and more �than 65,000 barrels The main Omani LNG export fa- ment while also making important Large area of condensate,” explained BP. cilities are at the port of Sur and progress in our global �divestment Block 61, covering around 3,950 “Gas from Block 61 is exported send cargoes to nations such as programme,”� stated the CEO. square kilometres in central Oman, for domestic consumption �into Japan, South Korea and into the The other shareholders in Block contains the largest tight-gas �de- Oman’s national gas grid, while spot market. 61 are Oman Oil with 30 percent velopment in the Middle East. also boosting availability of feed- The plant comprises the three and Malaysia’s Petronas with 10 The block has already had two stock supply for Oman �LNG,” said amalgamated liquefaction Trains percent. phases of development, the the London-based major. of Oman LNG and Qalhat LNG, BP said it was targeting divest- �Khazzan field, which began pro- BP Trading and Shipping pur- now producing more than 10 mil- ment proceeds of $25Bln by 2025 duction in 2017, followed by the chases cargoes from Oman LNG lion tonnes per annum. and most recently completed the Ghazeer field in October 2020. under a seven-�year deal that A de-bottlenecking project, sale for $5 billion of the petro- “These two developments, tar- started in 2018. whereby better output can be chemicals business to INEOS. geted at a total of 10.5 trillion Oman is also planning to be- achieved by fixing inefficiencies, n Sharjah in UAE makes progress with natural gas and hosts talks with CEO of LNG player Eni The ruler of Sharjah, the third- jah's onshore Concession Area B. particularly considering the excep- expected to increase progressively largest emirate in the United Arab This was achieved in less than tional challenges incurred during with the connection of further Emirates, has met with Claudio two years from the signing of the the year due to the Covid-19 pan- wells planned to be drilled during Descalzi, Chief Executive of the oil contract and in less than a demic,” added the Eni CEO. 2021-2022. leading oil and gas exploration and year from the declaration of the The UAE is aiming to increase In addition to Sharjah, Eni is production and LNG project com- discovery. its natural gas resources by invest- also present in two other emirates, pany Eni, to take stock of progress Eni, a shareholder in projects ing more in exploration and pro- Abu Dhabi and Ras Al Khaimah, the after Eni's acquisition of the ex- such as the Damietta LNG plant in duction in the next few years. fourth-largest of the seven emi- ploration rights on three onshore Egypt set to soon come back on In the Sharjah gas field, Eni rates that make up the UAE. blocks. stream and in two Mozambique holds a 50 percent stake in the Abu Dhabi is the capital of the Sharjah's ruler, Dr. Sultan bin LNG projects, is also carrying out Concession Area B along with part- UAE and the second-most populous Muhammad Al Qasimi who is a exploration activities in areas A ner SNOC with the Sharjah firm city after Dubai. member of the Supreme Council of and C of the emirate, of which acting as operator. Eni acquired Abu Dhabi holds the most oil the UAE, and Descalzi discussed Area C is largely under-explored. Area B in a competitive bid round and gas resources of all the emi- gas as well as other future oppor- “The milestones we have in January 2019. rates and currently produces tunities relating to the energy achieved so far with an incredible Production from the Mahani around 5.8 million tonnes per transition. time-to-market is the result of the field is sent through a new multi- annum of LNG at the Das Island Eni and Sharjah National Oil support of Dr. Sultan III bin phase trunk line to SNOC’s Sajaa liquefaction plant off Abu Dhabi.
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