KN Bags $148Mn Loan for its LNG Terminal
The Nordic Investment Bank (NIB) and Lithuanian liquefied natural gas (LNG) and oil terminal operator AB 'Klaipedos Nafta' (KN) have signed a EUR 134.1 million (USD 148 million) loan agreement to optimize costs of LNG terminal.The 25-year maturity loan will be directed to finance the rent payable for the Floating Storage and Regasification Unit (FSRU).“Through this loan agreement we are continuing to support Lithuania´s security of energy supply…
Gazprom Oil Touch 100mln Barrels at Badra
Russian oil producer Gazprom Neft said that its subsidiary Gazpromneft-Badra has now produced 13.5 million tonnes — or 100 million barrels — of oil in Iraqi oil field.Cumulative production at the Badra field in the five years since this asset went into commercial operation has reached 100 million barrels — the first shipment of liquid hydrocarbons having taken place in 2014. Oil production at the field…
Commonwealth LNG sees Euro Demand for LA Gas Terminal
Commonwealth LNG has received commitments from European buyers to take almost half of the liquefied natural gas (LNG) from its planned 8.4-million-tonnes-per-year export terminal in Louisiana, Chief Executive Officer Paul Varello said on Wednesday.The Commonwealth project is one of more than 10 LNG export terminals under development or construction in the United States along the coast of the Gulf of…
UK Energy Watchdog Proposes Tests for New Suppliers
Britain's energy regulator Ofgem has proposed financial and customer service tests for new suppliers after several smaller energy providers went bankrupt over the last year, it said on Wednesday.Ofgem said the tests should ensure new entrants are robust while encouraging competition in the market."Companies would have to demonstrate they have adequate financial resources and can meet their customer service obligations before Ofgem awards them a licence to supply energy," the regulator said in a
Rolls-Royce Invests in Qinous
Rolls-Royce is investing in Berlin-based start-up company Qinous GmbH, a global provider of energy storage and control systems, and adding turnkey microgrids to the portfolio.“As a strategic investor, the aim is to set up a partnership with Qinous for the development of innovative energy storage solutions and together offer cleaner solutions designed to meet tomorrow’s needs,” explained Marcus A. Wassenberg…
In U-turn, Exxon, Chevron to Join Rivals in Climate Initiative
Exxon Mobil, Chevron and Occidental Petroleum are joining a group of international oil and gas giants in an initiative aimed at curbing carbon emissions in the sector, they said in a statement on Thursday.The move marks a U-turn for Exxon Mobil and Chevron, the top two U.S. oil and gas producers which had resisted joining the Oil and Gas Climate Initiative (OGCI) after its launch in 2016.The OGCI currently comprises 10 firms including BP…
No Signs of Oil Shortage After Drop in Spending -BP CFO
BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company's Chief Financial Officer Brian Gilvary said on Thursday.Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S. shale oil production has surged in recent years as drillers adapted.The U.S. output growth helped…
DNV GL Okays New Floating Power Generation Concept
DNV GL has given IHI Corporation Approval in Principle (AiP) for its FLPS (Floating LNG Power Station) concept. The formal handover of the Approval in Principle took place in Tokyo on July 5. The design has been found to comply with DNV GL class standards and other relevant industry standards. The FLPS concept is a combination of a Floating Storage and Regasification Unit (FSRU) and a power plant.
Oil Glut Leaves Supertankers in a Huge Jam
It may be the world's biggest traffic jam. As ports struggle to cope with a global oil glut, huge queues of supertankers have formed in some of the world's busiest sea lanes, where some 200 million barrels of crude lies waiting to be loaded or delivered. The vessels, filled with oil worth around $7.5 billion at current market prices, would stretch for almost 40 km (25 miles) if formed up in one straight line.
Tanzania Gas Plan Gives Priority to Domestic Use Over Exports
Tanzania will give priority to domestic use of its natural gas resources over exports under energy policy draft measures seen by Reuters on Friday. The measures were approved by new energy and minerals minister George Simbachawene. As in other African countries, a debate in Tanzania has focused on how much of its hydrocarbon reserves should be used locally and how much can be exported. East Africa…
Petronas May End Canada LNG Involvement
Malaysia's Petroliam Nasional (Petronas) said on Thursday that it could pull out of its $10 billion liquefied natural gas (LNG) project in Canada due to what it sees as the country's slow progress on a new taxation scheme. "Canada has to buck up real fast to be a credible global LNG player if it wants to be taken seriously by potential investors," Shamsul was quoted as saying ahead of a visit to Canada.
Lithuania Competition Watchdog Fines Gazprom $48 mln
Fine is highest ever imposed by the Lithuanian watchdog; Gazprom is Lithuania's sole supplier of natural gas. Company also faces EU competition investigation. Lithuania's competition authority has fined Russia's Gazprom a record 123 million Lithuanian litas ($48 million), saying that the company had prevented competition in the Baltic state. Gazprom, the world's top gas producer and supplier of about 30 percent of Europe's gas needs…
Lithuania Firms Offer to Buy Gazprom Utilities Stake
Lithuania state seeks to return control of gas pipelines; Gazprom owns 37.1 pct in Lithuania gas utility, gas grid. Lithuanian state-owned firms on Wednesday offered to buy the minority stakes in the country's gas utilities held by Russia's Gazprom and others, reversing their privatisation a decade ago. The move follows a deal last week to buy out Germany's E.ON from the utilities, which gave the state a majority stake, forcing an offer to minority shareholders.
Floating Production System Orders Outlook
An EPC contract for a production unit can easily exceed $1 billion – and $3 billion for an FPSO has recently been breached. Overall, this is a $20 to $30 billion annual market. But, as described below, the sector is hitting some headwinds that could impact future business opportunities. 243 floating production projects are in various stages of planning as of beginning May. Of these, 57% involve an FPSO…
Offshore Wind Connection Contract for ABB
Power and automation technology group ABB has won a significant order from the Dutch-German transmission system operator TenneT to supply an AC (alternating current) power transmission link connecting Sandbank, an offshore wind farm in the German North Sea, to the HVDC (high-voltage direct current) converter station SylWin alpha. The link will have the capacity to transmit 288 megawatt (MW) of clean wind power – enough to supply energy to around 300,000 German households.
