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International Gas Report www.platts.com International Gas Report Gazprom keen to build pipes Issue 721 / April 8, 2013 Putin visit to strengthen EU ties, but analysts doubt wisdom of more pipes Analysis Tamar eases Israel’s prices 3 Russia’s gas giant Gazprom and Dutch unnecessary as a transit country well US Cove Point signs up Asian customers 4 gas system operator Gasunie are before the end of this decade, by giving Statoil’s fast-track program succeeds 5 expected to sign a memorandum of Russia over 200 Bcm/year of alternative US exports must be unfettered 7 understanding on a planned expansion of export capacity, even excluding the Blue UK stresses renewables, fossil fuels 8 Europe’s winter puts hubs at premium 10 the 55 billion cubic meters/year Nord Stream to Turkey. Australia nears gas shortage 13 Stream gas pipeline to northern Europe. This is at a time when Europe’s gas The UK major BP has also expressed demand is uncertain, owing to a host of News interest in taking a stake in two more environmental objectives enshrined in Newfield finds big Malaysia field 16 Nord Stream lines. law. Even if Gazprom sold as much every Barclays’ firm makes splash 16 Russia’s president, Vladimir Putin, is month to Europe as it did in March, that Russia, China defer price 17 due to visit the Netherlands on April 8 would still only be 173 Bcm. Third Australian FLNG plan 18 and an agreement with Anglo-Dutch Shell Nevertheless, Gazprom CEO Alexei China okays Shell shale PSC 18 Norway OKs Aasta Hansteen 19 relating to exploration work in Russia’s Miller and the CEO of its Yamal parter Sterling faces Breagh delay 19 Arctic is also a possibility, say reports. EuroPolGaz, Miroslaw Dobrut, have also Providence booss Barryroe 20 Doubling Nord Stream to 110 billion signed an MoU to build a second line of Attackers kill 3 at Akkas field 20 cubic meters would make Ukraine (continued on page 2) Poland mulls amending shale law 21 Russia challenges Ukraine 21 Tauerngasleitung is for sale 22 BP makes frontier find 22 Nabucco, TAP under spotlight 23 Russia makes hay as snow falls Belgium faces CCGT vote 23 Russia’s gas giant Gazprom sent 14.4 17% year on year, according to data Coal now cheap for US power 24 billion cubic meters to Europe in March, published April 3 by the energy ministry. US LNG eyes quicker route 24 Alaska tells majors to hurry 25 up 26% year on year as cold Despite the increase in gas exports, Jogmec funds Canadian project 25 temperatures gripped the region. Gazprom’s gas output reduced 6.8% year Quebec nears shale verdict 26 In the first quarter, Gazprom’s gas on year to 43.682 Bcm in March. Bolivia, Argentina co-operate 26 exports totalled 41.4 Bcm, up 6% year The drop surprised analysts, given Bolivia okays Gazprom deal 27 on year, a company source said, using increasing exports and the fact that Dow mulls Vaca Muerta 27 Kansai Electric eyes new LNG 28 preliminary data. Unusually cold March was one of the coldest in Russia in Baltic LNG terminal threatened 29 temperatures, coupled with high spot the last 60 years. “We were quite Osaka seeks gas benchmarks 29 prices, sparked greater use of Gazprom’s surprised to see these negative Miners urge Gladstone boost 30 gas in March. Russia’s total gas exports, production dynamics in March,” analysts Centrica does US LNG deal 30 including to the former Soviet republics, at VTB Capital said April 3. Dart halts CBM in NSW 31 Shell to sell more of Woodside 31 amounted to 18.475 Bcm in March, up (continued on page 2) Chesapeake finds interim CEO 32 Total’s grid goes to Snam & Co 32 Dutch TTF (D+1) vs Gazprom equivalent (estimate) Shell, Volvo join forces 33 ICE applies for European role 33 (€/MWh) 45 E.ON sells Hungarian assets 33 40 TTF Gazprom Markets and prices Asia, US slide; Europe hits records 34 35 30 Contracts and tenders 38 25 Events 39 20 28-Dec 11-Jan 24-Jan 06-Feb 19-Feb 04-Mar 15-Mar 28-Mar Source: Platts The McGraw-Hill Companies LEADS Gazprom keen to build pipes Russia makes hay as snow falls ...from page 1 ...from page 1 the Yamal-Europe gas system, which would bring capacity Lower temperatures, however, supported production by to some 220 Bcm/year. Russia’s second biggest gas producer Novatek, which The first Yamal line can carry up to 33 Bcm/year and increased its daily output last month by 5.9% year on year the second, 15 Bcm/year Yamal-2 line would run in to around 4.43 Bcm, they noted. parallel to the first line up to the Belarus-Poland border, The analysts believe that the cut in Gazprom’s output from where it would divide to carry gas to Slovakia and could be explained by three factors: a decline in domestic Hungary. gas consumption although given the weather in March, they The first line flows across Poland into Germany, did not see this as likely; a substantial decrease in linking up with the Jagal line, owned by Gazprom and Gazprom’s market share in Russia; and gas being extracted Wintershall. from underground storage instead of higher production. Poland’s gas importer PGNiG and the government in “The first two developments would be negative for Warsaw – which is trying to reduce the country’s Gazprom, while the third would be quite an unusual change dependence on Russian gas imports – were quick to from common practice, in our view,” the analysts added. distance themselves from the MoU. Domestic gas use in Russia rose 1.8% year on year to Analysts have suggested the agreement was part of 50.801 Bcm, the energy ministry’s data showed. Russia’s Russia’s current war of words with Ukraine over gas total gas production in January-March amounted to 183.511 transit and pricing, and that Yamal-2 would likely never Bcm, down 0.9% year on year. This includes Gazprom’s see the light of day. overall production at 135 Bcm, down 4% year on year. UBS and Russia’s VTB estimate the projected Yamal- Russia’s largest independent gas producer Novatek Europe line project would add more than $5 billion to increased its total gas production in the first quarter by Gazprom’s already significant capital expenditure 9.7% year-on-year to 16.1 billion cubic meters, a company program. spokesman said April 3, citing preliminary results. Representatives of Gazprom and national energy The increase was a result of production growth at the company Naftogaz Ukrayiny are due to meet later in West Siberian Yurkharovskoye field following the launch of April to discuss joint operation of the Ukrainian the fourth stage of its phase two development in October network. 2012, the spokesman said. The third Nord Stream line is expected to deliver first Launch of the second phase at the Samburgskoye gas in 2017 and the fourth line, if there is a decision to license area in late 2012 also contributed to Q1 build it, in 2018, Nord Stream said in January. production growth, he said. The Samburgskoye license Gazprom controls a 51% stake in the first two lines area includes the Urengoyskoye, North-Esetinskoye and of Nord Stream. The other shareholders are BASF/ East-Urengoyskoye oil and gas condensate fields. Wintershall and E.ON Ruhrgas, each with 15.5%, as well Novatek increased its 2012 natural gas production by as Gasunie and GDF Suez, each with a 9% stake. — 6.3% year on year to 50.51 Bcm, the company said Dina Khrennikova, Adam Easton earlier. — Nadia Rodova, Dina Khrennikova International Gas Report Issue 721 / April 8, 2013 ISSN: 0266-9382 Editor International Gas Report is published twice monthly by Platts, a division of The McGraw- To reach Platts William Powell Hill Companies, registered office: 20 Canada Square, Canary Wharf, London, England, [email protected] E14 5LH. E-mail:[email protected] Tel +44 (0)20 7176 6282 Officers of the Corporation: Harold McGraw III, Chairman, President and Chief Executive North America Fax +44 (0)20 7176 6657 Officer; Kenneth Vittor, Executive Vice President and General Counsel; Jack F. Callahan Tel:800-PLATTS-8 Managing Editor Jr., Executive Vice President and Chief Financial Officer; John Weisenseel, Senior Vice Paul Whitehead President, Treasury Operations. Latin America Editorial Director, EMEA Power Prices, indexes, assessments and other price information published herein are based on Tel:+54-11-4121-4810 Sarah Cottle material collected from actual market participants. Platts makes no warranties, express or Europe & Middle East implied, as to the accuracy, adequacy or completeness of the data and other information Editorial Director, Global Power Tel:+44-20-7176-6111 Larry Foster set forth in this publication (‘data’) or as to the merchantability or fitness for a particular use of the data. Platts assumes no liability in connection with any party’s use of the data. Asia Pacific Corporate policy prohibits editorial personnel from holding any financial interest in compa- Tel:+65-6530-6430 nies they cover and from disclosing information prior to the publication date of an issue. Vice President, Editorial Copyright © 2013 by Platts, The McGraw-Hill Companies, Inc. Dan Tanz Permission is granted for those registered with the Copyright Clearance Center (CCC) to Advertising photocopy material herein for internal reference or personal use only, provided that appro- Tel : +1-720-548-5508 Platts President priate payment is made to the CCC, 222 Rosewood Drive, Danvers, MA 01923, phone Larry Neal (978) 750-8400.
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