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World’s biggest LNG firm, Qatargas today entered into a 22-year long sale and purchase agreement (SPA) with PetroChina’s international arm, PetroChina International Company Limited. The agreement requires Qatargas to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) per annum. LNG will be supplied from the the Qatargas 2 project, which is a joint venture between ExxonMobil, Qatar Petroleum and Total.
With the significant improvement in oil prices, the Energy Minister of Qatar has demanded all the oil-producing countries to increase their investment in the oil and gas sector. Foreseeing the impact of inadequate investment, he said that now is the time to ensure secure oil supplies. According to the minister, setting particular targets can hamper the market growth and hence, he is not in favour of this idea.
Saipem has awarded the contract for supplying two sheave connection points (SCPs) for Dolphin Energy’s emergency pipeline repair system (EPRS) to UK-based Balltec. Under the Dolphin project, natural gas is transported from North Field of Qatar for processing at EPRS’ offshore processing plant at Ras Laffan. The gas is then transported to Taweelah, UAE via export subsea pipeline.
Israel will receive a cargo of U.S. shale gas. Since exports began in 2016, it is the first to arrive in the Middle Eastern nation from America’s shores. The vessel is called British Diamond and is beneficially owned by BP Plc. America is poised to compete with Qatar and Australia in global LNG dominance in the times to come.
The first commercial LNG cargo ‘Adam LNG’ from Dominion Energy’s Cove Point terminal in Maryland on the east coast of USA has set sail. This would accelerate America’s emergence as an LNG powerhouse and it might challenge Australia and Qatar for global dominance in the next five years.
Petronet wants to collaborate with the overseas wing of India’s biggest explorer, ONGC Videsh Ltd., to pick up a stake in an upcoming exploration and liquefied natural gas (LNG) project in Qatar, as revealed by a top company official. It will be a maiden venture of Petronet in LNG E&P business and overseas LNG terminals.
Eni Spa, the Italian oil major, is in talks to sell 20% to 35% of its stake in its giant oil discovery in Mexico to Qatar Petroleum International. Presently, the negotiation isn’t public. Since Mexico opened its oil industry to competition in 2013, this deal would be the first Mexico farm-out, a joint venture in which help in developing an oil area is exchanged for a stake.
Together with the Pakistani syndicate Energas, ExxonMobil is planning to develop the nation’s third import terminal for liquefied natural gas (LNG). The proposal is to build a $150 million offshore terminal at Port Qasim near Karachi in May. LNG will be supplied to the terminal by Exxon and Qatar. The terminal which will have a capacity of about 5.6 million tons/year is expected to be completed by late 2019.