Week 61: Natural Gas Report

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Week 61: Natural Gas Report



 

Reuters reported that Seplat, a Nigerian oil and gas firm, is looking for acquisitions despite the fact that the drop in crude prices has eroded its 2020 revenue.

Seplat's revenue fell 24% to $530.5 million in 2020, according to the company's report on Monday, but CEO Roger Brown said the company's good cash generation and emphasis on gas made it a "robust market."

At 1100 GMT, Seplat's shares on the London Stock Exchange were trading 2% higher at 82.8 pence. It's also on the list in Lagos. Annual earnings before taxes, depreciation, and amortization fell 44.7 percent to $265.8 million as a result of the fall. During the price drop, Seplat also reported a $144.3 million impairment due to asset revaluation and financial asset charges.

 

This week U.S. energy companies added a second consecutive week of oil and gas plants, with rough prices rising to a peak since 2019.

Early indicators of the future yield, the count of oil and gas plants increased from one to 403 per week on March 5.

According to Baker Hughes data from 1940, the total number of equipped plants has risen for the past seven months following a record low of 244 in August.

Separately, the petroleum plants were increased by one to 310, the highest since May, and 92 unchanged gas plants.

 

Nigeria has been praised by the Organization of Petroleum Exporting Countries (OPEC) for achieving maximum compliance in January 2021 and compensating its entire overproduced volumes. On Thursday, the organization bestowed the honor at the conclusion of its 14th virtual meeting of OPEC and non-OPEC Ministers.

The ministers express their gratitude to Chief Timipre Sylva, Minister of State for Petroleum Resources, for his shuttle diplomacy as the JMMC's Special Envoy to Congo, Equatorial Guinea, Gabon, and South Sudan to negotiate conformity levels with the JMMC.

 

Reuters reported that US domestic gas consumption is expected to peak around 2030, but increasing pipeline and natural gas (LNG) exports are expected to sustain fuel demand growing by 2050.

However, it is becoming increasingly difficult to move that gas from the countries that produce to places where it can be consumed or exported.

After the $5.8 billion-$6.0 billion Mountain-Valley pipes are entering service from West Virginia to Virginia, IHS Markit does not expect to build any major new intergovernmental gas pipes as early as the end of the year.

 

 

 

The Mexican President Andrés Manuel López Obrador is committed to supporting the State's economic and social development, as well as the rest of south-eastern Mexico, by implementing a broad energy program for Yucatan. The Cuxtal 1 gas pipeline start-up ends with a key project infrastructure aimed at meeting the current twice the country average energy demand, which is Mexico Region: 4.1% vs. 2.6%.

The new pipeline, together with two additional facilities before the term of the president expires, should provide enough natural gas for the power plants at present. In order to meet the increased demand in the region, gas will be transported from the north of the country to Chiapas and in the short term to Cancún.

 

Reuters reported that A second Russian pipelines vessel undergoes marine tests in advance of being part of the project on Thursday, the consortium behind the Nord Stream 2 undersea gas pipeline, which is pressing on construction, despite increasing pressures on policy.

The ship, Akademik Cherskiy, left on Thursday the German port of Wismar in order to subsequently join the Danish waters project. The US criticized the plan to build a Russian-German pipeline to pump more Russian gas into Europe, which would increase Russia's economic and political leverage in the region.

Alexei Navalny, a Kremlin critic who claimed in August to had been intoxicated with a nerve agent by the Russian Government, became increasingly involved in this standoff since last month.

 

The 12-mile Central Corridor replacement pipeline began construction this week in Hamilton County, Ohio, which is located in the southeast corner of the state and includes the state capital of Cincinnati.

The ageing infrastructure, according to Duke, needs to be replaced as part of an effort to reduce dependence on gas from southern stations and enable the company to move forward with the retirement of peaking plants used during the winter.

The company stated that it has vital propane peaking facilities that assist in providing natural gas to its regional customers during the coldest days, but that these plants must be retired. The facilities were built in the early 1960s and "represent obsolete technology," according to the study. The facilities include a 400-foot-underground man-made cavern for propane storage, with walls that cannot be fixed.

 

A force majeure on Nigeria's Qua Iboe crude oil export terminal has been lifted by Exxon Mobil. The force majeure was issued in December after the facility was hit by a fire and two workers were injured. In Nigeria, Africa's largest exporter of crude, Qua Iboe is one of the largest oil export sources.

IPMAN president Chinedu Okoronkwo on Tuesday told NAN that PEF is of great importance, especially since it is progressing in full petroleum deregulation downstream.

 

 

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