The Hague-based LNG giant Shell reported a nine per cent rise in its liquefied natural gas sales during the first quarter of this year.
Shell sold 19 million tonnes of LNG in the January-March period, compared to 17.51 million tonnes in the same period last year, the company said on Thursday in its quarterly financial report .
Shell’s LNG sales totaled 20.09 million tonnes in the fourth quarter of 2019.
Looking at liquefaction volumes, they rose 2 per cent year-on-year to 8.88 million tonnes but were lower compared to 9.21 million tonnes in the fourth quarter.
Shell said liquefaction volumes were expected to be in the 7.4 – 8.2 million tonnes range for the full year of 2020.
More than 90 per cent of the term contracts for LNG sales are oil price linked with a price lag of typically 3 – 6 months, it said.
Shell’s Integrated Gas segment was hit by lower realised LNG, oil and gas prices.
Revenues for the gas segment dropped 17 per cent to 2.1 billion, excluding charges of $331 million related to impairments, mainly in Brazil and the USA.