Supermajors to rein in buybacks if oil stays below $70
Lower oil prices are eroding profit margins of global oil and gas companies, forcing deeper structural cost cuts and threatening share buyback programs. If oil prices stay below $70 per barrel, supermajors’ free cash flow could plunge by up to 30 percent in 2026, Wood Mackenzie forecasts.
Osaka Gas eyes power investments, enhance LNG utilisation
Osaka Gas seeks to expand its oversees LNG business via US upstream and power plant investments through subsidiary Sabine Oil&Gas, with Texas shale gas production expected to reach 3.8 mt LNG-equivalent this fiscal year.
Vietnam’s first LNG-to-power plants to grid-connect this week
Nhon Trach 3 & 4, Vietnam’s first LNG-fuelled power stations with 1.6 GW capacity, will be grid-synchronized before the end of this week. Dong Nai's Department of Industry and Trade disclosed the 500 kV Nhon Trach 4/ Phu My/ Nha Be power line – one of four lines built to accommodate electricity from the two plants – is scheduled to start operating by November 15.
Flex LNG suffers increased loss
Flex LNG suffered a net loss of $3.9 mill for the second quarter of this year, compared to a loss of $2.9 mill in 2Q18 and loss per share of $0.07, compared to a net loss of $3.4 mill and loss per share of $0.06 for 1Q19.
GasLog Ltd takes a hit
GasLog Ltd has reported a loss of $10.5 mill on revenues of $154.3 mill for the second quarter of this year.
