Natural Gas News – February 19, 2019
Russia’s Gazprom To Start China Gas Pipeline By December 1
Oil Price reported: Russia’s gas giant Gazprom will begin natural gas deliveries to China via the Power of Siberia pipeline ahead of schedule, as early as December 1, 2019, Alexey Miller, Chairman of Gazprom’s Management Committee, has said on a recent visit to China. The Power of Siberia natural gas pipeline was initially expected to start sending gas to China on December 20, 2019, and its completion is among Gazprom’s top priorities. After talks in Beijing with officials of CNPC—with which Gazprom has a 30-year contract for the supply of an annual 1.3 trillion cu ft of natural gas via the Power of Siberia pipeline—Miller said: “Construction of the Power of Siberia gas pipeline is going ahead of schedule, and Gazprom will start delivering gas to China well in advance, as early as December 1, 2019.” For more on this story visit oilprice.com or click https://bit.ly/2BFQfAU
Oil Search Profit Lifted by Higher Prices
Market Watch reported: Oil Search Ltd. (OSH.AU) logged a solid increase in annual profit despite production being held back by last year’s devastating earthquake in Papua New Guinea as it benefited from a jump in oil and gas prices. Oil Search, based in the Papua New Guinea capital Port Moresby and listed in Australia, said Tuesday it anticipated output would return to pre-earthquake levels in the new year and production costs would be cut by as much as 20%, though overall spending is set to rise as it pushes ahead on liquefied natural gas and oil developments. Net profit rose by 13% to US$341.2 million in 2018 from US$302.1 million the year before. The company’s production of oil and gas declined by 17% last year to 25.2 million barrels of oil equivalent, dented by the earthquake and a series of aftershocks in Papua New Guinea’s Highlands region. The fall came despite a strong rebound for the PNG LNG venture, which produced at its highest-ever half-year rate at an annualized 8.8 million metric tons in the second half of the year. For more on this story visit marketwatch.com or click https://on.mktw.net/2X82NKt
