The internal transfer price for natural gas is a volume-weighted price calculated at the end of every quarter
| 2008 |
|
|
| 2Q |
|
1.73 |
| 1Q |
|
1.55* |
| 2007 |
|
|
| 4Q |
71.81 |
1.53 |
| 3Q |
63.26 |
1.35 |
| 2Q |
58.72 |
1.25 |
| 1Q |
64.59 |
1.38 |
| 2006 |
|
|
| 4Q |
69.56 |
1.48 |
| 3Q |
65.69 |
1.40 |
| 2Q |
59.33 |
1.27 |
| 1Q |
59.22 |
1.26 |
| 2005 |
|
|
| 4Q |
56.56 |
1.21 |
| 3Q |
49.53 |
1.06 |
| 2Q |
45.76 |
0.98 |
| 1Q |
42.80 |
0.91 |
| 2004 |
|
|
| Q4 |
38.45 |
0.82 |
| Q3 |
33.67 |
0.72 |
| Q2 |
30.73 |
0.65 |
| Q1 |
29.06 |
0.62 |
* New formula as of 1 January 2008:
Up until fourth quarter of 2007 the internal transfer price for natural gas was calculated based on the average monthly oil price for the preceding six months of the relevant quarter. Effective from 1 January 2008 the transfer price formula for natural gas has been updated to better reflect fundamental changes in the markets for competing energies, i.e. crude oil, developments in natural gas markets and changes in the natural gas sales contracts portfolio.
The internal transfer price for natural gas consists of three price components:
• Non-gas indexed (NGI) contracts, which is priced back-to-back
• LNG sales with the exception of LNG volumes delivered under NGI defined contracts.
LNG volumes are priced at Henry Hub (HH) quotations
• Gas-indexed (GI) contracts are priced at National Balancing Point (NBP) quotations
