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Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. The three Korea-based firms will reserve a “major portion” of their LNG ship-construction capacity for QP through 2027.
Struck by weak demand and depleting storage facilities, the world’s biggest exporter of LNG may soon have to: curb output or ignite a battle for market share that has the potential. Qatar began redirecting LNG cargoes away from Asia in February, where the coronavirus was shattering sales, and sending them to Europe. That quick fix didn’t last, as the pandemic left Qatar struggling for places to park unsold cargoes.
With the US natural gas prices topping the prices chart in Europe and Asia, the buyers have started cancelling the cargos. The buyers of the two continents have already cancelled the loading of around 20 cargoes from the United States in June. Henry Hub benchmark in Louisiana settled over both the Japan/Korea Marker (JKM) according to the most recent price data.
The energy major, BP has issued force majeure to Golar LNG. Golar said that BP is expecting one year delay for the African Tortue Ahmeyim project. BP further sees no possibility to reduce the time frame due to the pandemic. "While the full impact cannot yet be determined, as a reasonable and prudent operator, BP is engaging transparently and collaboratively with key stakeholders to mitigate risks", said BP's spokesperson.
In the wake of the crash in energy prices, oil supermajor Shell Plc has withdrawn from a major U.S. liquefied natural gas (LNG) export plant under development. The move quickly followed Shell's partner, Energy Transfer postponing its final decision on whether to move forward with the project to next year. Analysts have forecasted a number of under-development projects not moving into execution mode due to sinking energy demand.
Indonesian state electricity company, PLN has inked an initial deal to purchase 167 BBTU of gas per day from PT Pertamina for 20 years. The deal comes as PLN reduces the use of diesel fuel. Energy major, Pertamina will provide LNG to PLN's power plants with a combined capacity of 1,870 megawatt, across 52 sites within two years.
Florida-based engineering and consulting solutions provider, NV5 Global Inc. has announced the award of a $34 million EPC contract for the liquefaction system upgrade at an LNG facility. The project will bring in a new liquefier to substitute an older system for increasing the capacity and improving reliability, safety, and ease of operation. The project is slated for completion in approximately 18 months.
According to the sources, Petronet LNG and Tellurian Inc, US, are planning to sign a $2.5 billion deal. The deal will be finalized during US President Trump's maiden visit to New Delhi later this month. Petronet will invest for five years in the Driftwood LNG export project in Louisiana. A preliminary non-binding deal was signed by the two companies in September last year.
Engineered polymer solutions provider, Trelleborg has concluded the acquisition of Signum Technology Ltd and its subsidiary companies Gall Thomson, KLAW LNG, KLAW Products, and Vee Bee Filtration. The acquisition move will add Signum's safety-critical solutions, including Marine Breakaway Couplings (MBCs) and safety solutions for LNG transfer systems, to Trelleborg’s product portfolio. Signum's acquisition is in line with Trelleborg’s strategy to fortify its position as a system provider.
Angola’s national oil, gas and biofuels agency ANGP has informed about forming a consortium with five international oil companies including Eni and Chevron. The consortium will work on developing liquefied natural gas (LNG) for the Soyo plant. With an initial cost of $2 billion, the project is anticipated to begin production by 2022, an ANGP spokesman said.
Woodside will delay the final approval date for its mega Browse gas project. Also, the company has decided to bring in the plans to sign off on its smaller Scarborough project. Woodside is focusing on the final investment decision on the $20.5 billion Browse project in the first half of 2021. In early 2020, it will sign off on the $11 billion Scarborough gas project and Pluto LNG expansion.
Energy giant ExxonMobil has signed a memorandum of understanding (MoU) with Indian downstream major Indian Oil Corporation (IOC). The companies have decided to collaborate in order to expand liquefied natural gas (LNG) initiatives in India. “This initiative focuses on exploring new models of delivering cost-effective natural gas in India where it is most needed to complement traditional pipelines”, said ExxonMobil.
Petronet's board disapproved $2.5-bn US LNG deal in April-May, revealed the board post a formal agreement between India and US. This decision was taken looking at the changing global gas market dynamics. According to the officials, currently, the deal with Tellurian is "far from closed and will require negotiations". The word in the market is that the deal will only go through if the government would push for it.
Vitol signed a contract with H-Line and agreed on the execution of a 10-year time charter agreement with a latest LNG carrier. It is a 174 000 m3 vessel which has XDF propulsion and is due for delivery in late 2021. Vitol's LNG head said, "This allows us to optimise our LNG portfolio that includes increasing FOB volumes from different areas that we are actively marketing to our global clients”.
H-Energy has entered into a port service agreement (PSA) with Kakinada Seaports (KSPL). The company will develop a liquefied natural gas (LNG) regasification and reloading terminal at Kakinada port in Andhra Pradesh. The company has entered into this agreement through its wholly-owned subsidiary, East Coast Concessions (ECPL). LNG hub will be developed by the company keeping in mind the needs of domestic customers in Andhra Pradesh.
Total, Novatek and other shareholders of the project have given an agreement on the final investment decision for Arctic LNG 2. This project is a major LNG development on the Gydan peninsula, Russia. The production capacity of the project is expected to be 19.8 MM tons per year. Total has 10% interest in Arctic LNG 2, Novatek 60%, CNOOC 10%, CNPC 10% and a Mitsui-Jogmec consortium, Japan Arctic LNG 10%.
Amidst a row of energy deals to strengthen the economic ties between the nations, India and Russia eye at $30 billion of annual trade by 2025. India aims at increasing the proportion of gas in its energy mix to 15% in the near future. "We are looking at investing in additional oilfields in Russia ... we are also looking at sourcing LNG", said India's Foreign secretary.
Oilfield services giant, BHGE yesterday informed about winning a contract and receiving a notice to proceed on Venture Global LNG’s Calcasieu Pass Project in Louisiana. Under the contract, the Houston-based firm will provide the LNG liquefaction train system (LTS), power island system and field support services. The Calcasieu Pass LTS, projected to have a total nameplate capacity of 10 million tonnes per annum (mtpa).