Golar FSRU Golar Freeze Lined Up for Jamaican Project
Norwegian shipping company Golar LNG Partners is deploying a floating storage and regasification unit (FSRU) to Jamaica for up to 15 years from the fourth quarter of 2018."FSRU Golar Freeze will shortly arrive offshore Jamaica where she will service a 15-year charter for an energy and logistics company," the partner company of Golar LNG Limited said in a stock market annoucement.From commencement of commercial operations, expected during January, 2019, hire will be receivable at the full daily base rate, initially expected to deliver approximately $18 million in annual Adjusted EBITDA…
LNG Investment Set to Grow
Following years in the pricing doldrums, LNG is hot again, with business prospects for floating production and regasification looking strong through 2023. We talk to Jim McCaul of International Maritime Associates (IMA) for his insights, as he is fresh off of a 12-month stint investigating the market in depth."We wanted to take a fresh look at the market, to identify opportunities both in the production and regassification of LNG" is how McCaul, founder of IMA, best describes his team’s 12-month effort to study and report on the industry.
LNG Report: Floating Liquefaction & Regasification
International Maritime Associates has completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector. Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
IMA Completes 12-month Study of the Floating Liquefaction and Regasification Market
International Maritime Associates has just completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector.Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle. Many FLNG and FSRU projects are planned – but only some will ultimately move forward to development.
Live Oil Discovered Onshore Jamaica
CGG GeoConsulting and Petroleum Corporation of Jamaica Announce First Reported Discovery of Live Oil Onshore Jamaica. CGG GeoConsulting and the Petroleum Corporation of Jamaica (PCJ) have announced the discovery of two independent live oil seeps from different parts of the island of Jamaica. This significant find marks the first documented occurrence of ‘live’, or flowing, oil from onshore Jamaica and will be of particular interest to oil explorationists focused on Central America and the Caribbean. The oil…
Golar Agrees 15-year LNG Import Terminal Deal for Jamaica
Norwegian shipping company Golar LNG Partners will deploy a floating storage and regasification unit (FSRU) to Jamaica for up to 15 years from the fourth quarter of 2018, according to industry sources. An FSRU allows for the import of liquefied natural gas. On Jan. 19 the company said in a statement it executed a 15-year charter for an FSRU with a energy and logistics company in the Atlantic Basin, without giving further details. Sources said Golar LNG Partners entered into the deal with U.S.-based New Fortress Energy, which has supplied Jamaica's power utility JPS with LNG since October 2016, using one of Golar's LNG tankers.
INTREN: New CEO, Board Leadership
U.S. utility contractor INTREN founder and CEO Loretta Rosenmayer will become Chairwoman of the Board of INTREN, and a new CEO will take the reins on daily leadership. Rosenmayer, who founded the company in 1988, will pass the CEO role to Kelly Tomblin, president and CEO at Jamaica Public Service Company Ltd., who will take over at INTREN effective July 10, 2017. Tomblin was chosen in a competitive selection process from a strong field of candidates. She brings more than 25 years in the energy industry with experience in both competitive- and vertically-integrated markets throughout the U.S., U.K. and Latin America.
PDVSA Woes Deepen as Caribbean Debt Soars
Unpaid debts and broken promises are making Venezuelan oil giant PDVSA an outcast in several Caribbean countries where it had been a guest of honor. The state-run company's crumbling finances are causing operational disruptions across one of its most essential regions, according to internal company documents, six sources with knowledge of its operations, and Thomson Reuters vessel-tracking data. Business partners in the island nations of Curacao, Bonaire, Jamaica and the Bahamas are turning away from the firm as debts pile up to tugboat operators, ship brokers, maritime agencies and terminal owners, the sources and documents show.
OPIC to Support Jamaican Solar Energy Facility
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution, today signed a financing agreement with Content Solar Ltd., solidifying a $47 million OPIC loan to support a 20 megawatt grid-connected solar photovoltaic facility in Clarendon, Jamaica. The project is being developed by Tampa, Fla.-based WRB Enterprises (WRB). WRB will be the first investor to develop a utility-scale solar energy generation facility in Jamaica. The project is also the second to be financed by OPIC in support of the Caribbean Energy Security Initiative, a U.S.
Ecopetrol Breaks Silence in Risk-on Day for LatAm Markets
A recovery in LatAm debt spreads opened a window for Colombia's Ecopetrol on Tuesday when it printed a US$1.5bn 11-year bond - the state-owned oil company's first debt issue in nine months. Optimism over Greek debt talks spurred risk buying on Tuesday, leaving LatAm debt spreads tightening against a weaker US Treasury market, and also benefiting the oil credit that has received a battering in secondary this year. "We are trading well today and are tighter across most credit spreads," said a New York based trader focused on Latin American credits.
Obama: China Bullying in South China Sea
Obama: China forcing countries into subordinate positions; China hits back, accuses U.S. of throwing its weight around. U.S. President Barack Obama said Washington is concerned China is using its "sheer size and muscle" to push around smaller nations in the South China Sea, drawing a swift rebuke from Beijing which accused the United States of being the bully. China's rapid reclamation around seven reefs in the Spratly archipelago of the South China Sea has alarmed other claimants, such as the Philippines and Vietnam, and drawn growing criticism from U.S. government officials and the military.
CNPC Gets Two Venezuelan Jet Fuel Cargos in July
China Oil Corp, a unit of state-run CNPC, in July received two 240,000-barrel cargos of jet fuel from Petroleos de Venezuela, and the shipments were sent to the United States, according to an internal PDVSA document seen by Reuters on Monday. China National Petroleum Corporation (CNPC) and its trading arm Petrochina normally take cargos of Venezuelan fuels such as diesel, fuel oil and jet fuel. It either uses those cargos for its own needs or resells them directly to refining companies. China receives the Venezuelan oil as payment for loans made to Venezuela's government that date back to 2007.
Petrojam Offers to Buy Three Fuel Cargoes
Jamaica's refining company Petrojam has launched tenders to buy two 140,000-205,000 barrel cargoes combining gasoline, jet fuel and high-sulfur diesel and a 150,000 barrel cargo of fuel oil, all of them to be received on August 20-29 at Kingston, according to documents seen by Reuters on Monday. Petrojam produces most of fuels demanded by Jamaica's domestic market at its 35,000 barrel per day Kingston refinery shared with Venezuela's state-run PDVSA, but it also buys finished products and feedstock on the open market.
Jamaica's Petrojam to Buy Product Tankship Cargoes
Jamaica's refining company Petrojam launched a tender to buy a 265,000 barrel cargo combining gasoline, high-sulfur diesel (HSD) and jet fuel for delivery May 1-3 at Kingston, according to a document seen by Reuters on Monday. Petrojam, formed by the Jamaican government and Venezuela's state-run PDVSA to run the 35,000 barrel per day Kingston refinery, this month also bought a 100,000 barrel cargo of HSD and in March it tendered to buy two gasoline cargoes. This time the company will receive bids until April 24 and they must refer to unleaded gasoline 87, gasoil number 2 and jet fuel 54 from the U.S. Gulf Coast.
Petrojam to Buy Gasoline, Diesel and Jet Fuel
Jamaica's refining company Petrojam launched a tender to buy a 265,000 barrel cargo combining gasoline, high-sulfur diesel (HSD) and jet fuel for delivery May 1-3 at Kingston, according to a document seen by Reuters on Monday. Petrojam, formed by the Jamaican government and Venezuela's state-run PDVSA to run the 35,000 barrel per day Kingston refinery, this month also bought a 100,000 barrel cargo of HSD and in March it tendered to buy two gasoline cargos. This time the company will receive bids until April 24 and they must refer to unleaded gasoline 87, gasoil number 2 and jet fuel 54 from the U.S. Gulf Coast.
When Will Deep Sea Mining Commence? The Robot is Ready
The world's first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea (PNG) - when a wrangle over terms is solved. Beyond PNG, in international waters, regulation and royalty terms for mining the planet's subsea wealth have also yet to be finalised. The world waits for the judgement of a United Nations agency based in Jamaica. "If we can take care of the environment we have a brand new day ahead of us. The marine area beyond national jurisdiction is 50 percent of the Ocean…
