Chesapeake sees net income rise to $294 mln for Q1 2018 By Staff...

Chesapeake sees net income rise to $294 mln for Q1 2018
By Staff reporter3 May 2018
United States-based oil and gas company Chesapeake reported net income of $294 million in Q1 2018, up from $141 million in Q1 2017, the company announced on Wednesday.

Greater production and higher prices of oil and gas, combined wih lower costs, contributed to the boost in earnings, Chesapeake said.

Gas production increased by 5.3%, to 69.84 million cubic metres per day, while the average realised natural gas price was 15% higher, at $3.49/MMBtu, according to the company’s results.

Venture Global signs 1 mtpa 20-year LNG deal with Galp
By Staff reporter3 May 2018
United States-based Venture Global LNG has signed a sales-and-purchase agreement to provide 1 mtpa to Portugal’s Galp for 20 years, the companies announced on Wednesday.

Venture Global will supply Galp from its Calcasieu Pass export facility, which is currently under development in Louisiana and is expected to start commercial operations in 2022.


Local Chinese distributors pursue regional roles
The main gas players in the major Chinese cities of Shanghai and Guangzhou want to play a bigger role in their respective regions
By Colin Shek2 May 2018
The second West-East pipeline, which ends in Shanghai. (CNPC)
Some of China’s biggest local government-backed city gas distributers are looking to expand beyond their home areas to become regional players, delegates heard at a gas industry conference last week.

“The market is limited [in Shanghai], so we need to go beyond,” said Wang Zhehong, deputy general manager of Shanghai-based Shenergy Group, at the China LNG & Gas International Summit in Beijing.

Shenergy wants to promote deeper integration of gas infrastructure in east China’s Yangtze River Delta – a region encompassing Shanghai and the provinces of Zhejiang.