FLNG Market to Touch $17.5Bln by 2026
The global floating liquefied natural gas (FLNG) market is estimated to grow at CAGR above 5.2% over the forecast time frame 2019 to 2026 and reach the market value around $17.5 billion by 2026.Increasing demand for clean fuel techniques and increasing concentrate on sustainable energy blend will boost FLNG market growth, said a report by Acumen Research and Consulting.Rapid depletion of fossil fuel, combined with continuing carbon footprint reductions, will promote favorable company development.According to the International Energy Agency (IEA)…
YPF to Ship Argentine LNG
Argentine oil company YPF reached a preliminary agreement with Texas-based Excelerate Energy to hire a liquefied natural gas (LNG) tanker for shipping cargoes to global export markets.As per agreement, YPF will export LNG produced from the TANGO FLNG unit, located in Bahía Blanca.Both parties will be executing the final agreement in the coming days, with the objective of starting operations the first week of September.“We continue progressing in our ambition to add value to Argentine natural gas and to export surpluses during those months of low local consumption…
FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders
Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America was expected to be boosted by FSRU technologies that are less expensive and time-consuming than onshore import terminals.But a boom in speculative FSRU orders from shipowners led to an oversupply of units this year as import projects across the world were delayed or cancelled…
First Gas-Up Operation at Jebel Ali LNG Import Terminal
Excelerate Energy L.P., in collaboration with Dubai Supply Authority (DUSUP), has completed the first commercial gas-up operation at DUSUP's Jebel Ali LNG Import Terminal via Excelerate's floating storage and regasification unit (FSRU) Explorer on August 31, 2016. The FSRU gassed-up all five tanks of a 173,000 m3 LNG Carrier, in a 17-hour period. DUSUP's ability to utilize the FSRU for these operations will allow LNG vessels departing regional dry docks avoid having to travel significant distances to perform this required step in the LNG cargo cycle, making Dubai a full-service LNG hub.
Bangladesh LNG Terminal Edges Closer
Excelerate Energy L.P. (“Excelerate”), Petrobangla, and the Government of Bangladesh executed the Terminal Use Agreement (“TUA”) and the Implementation Agreement (“IA”) for the construction and operation of Bangladesh’s first LNG import terminal – Moheshkhali Floating LNG. Located offshore near Moheshkhali Island in the Bay of Bengal, the terminal will provide the crucial infrastructure required for the country to access natural gas from global markets. The signing of the agreements signals the commencement of the project and the approval to move forward to implementation.
Excelerate Energy makes Pakistan's first STS LNG transfer
On July 17, 2015, Excelerate Energy L.P. completed the first Ship-to-Ship (STS) transfer of LNG at the Engro Elengy LNG Terminal located in Port Qasim, Pakistan. Excelerate’s floating storage and regasification unit (FSRU), EXQUISITE, received 130,000 cubic meters of LNG from the FSRU EXCELERATE using the double-banked LNG transfer system. This transfer also marks the company’s 500th commercial STS operation using the double-banked cryogenic transfer system technology developed by Excelerate.
BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract
BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development of the LNG storage and regasification facility, a part of the Ghana 1000 Gas to Power Project and Africa’s first LNG import terminal. Endeavour is co-leading development with General Electric, Eranove and local partners Sage Petroleum with the aim of providing the Ghanian government with Sub Saharan Africa’s largest power park, providing more than 1000MW to the national grid once completed.
Golar Mulls Third FLNG deal
Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi. Golar has started discussions with partners Keppel and Black & Veatch aimed at exercising an option, under an existing framework agreement, for the ordering of a third GoFLNG unit similar to the Hilli and the Gimi. The vessel will replace the previously announced floating liquefaction storage and offloading (FLSO) that would have been supplied by Houston-based Excelerate Energy.
Dubai: New Drydocks Record
Drydocks World, the international service provider to the shipping, offshore, oil, gas and energy sectors, handled 37 projects simultaneously in the Dubai yard, exceeding the previous record of 35 vessels. “Since January 2015 Drydocks World has increased the rate of vessel completion, with 33 per cent more vessels leaving the yard in March,” the company press release said. Drydocks World’s 37 projects include dredgers, rigs, gas carriers, tankers and container ships, which are being repaired and refitted for clients such as Chevron Shipping…
Accelerating the Excelerate LNG Business Model
An uncertain future, an unparalleled record of safety and a history of many ‘industry firsts’ propel Excelerate into the next phase of an always exciting and ever-changing global LNG market. The view from a market leader brings it all into focus. Today’s LNG industry can be justifiably proud of an enviable safety record that spans more than 50 years. At the same time, it can be optimistic about what will come next, even in the midst of plunging oil prices that have brought turmoil to the upstream, midstream and downstream markets.
Shippers Must Reduce Costs, Boost Efficiency
So what’s keeping ship operators awake at night these days? Plenty, it seems. Sluggish recovery from a lingering worldwide recession, unsustainable debt loads, endemic overcapacity in most shipping trades, punishing freight rates, rising costs of fuel and regulatory compliance and a lingering sense that ships are not running as efficiently as they could. The last two topics – reducing fuel costs while complying with emission regulations and improving ship operating efficiency – will take center stage at SHIPPINGInsight 2014, scheduled for Sept. 30 – Oct. 2 in Stamford, Conn.
Excelerate Energy & the Year of LNG
This being the “Yearbook” edition of Maritime Reporter & Engineering News, it would be remiss to not have coverage of LNG, one of the hottest fueling trends in maritime circles, particularly in North America. For a unique insight on a rapidly evolving market, MR caught up with Edward Scott, COO, Excelerate Energy, which is making big strides in the LNG Regasification sector, and recently received on the of the world’s largest and most capable units, the FSRU Experience which he touts as the world’s largest and most capable FSRU.
Entries Being Accepted for Inaugural 2014 SHIPPINGInsight Award
Entries are now being accepted for the inaugural SHIPPINGInsight Award, to be presented during the SHIPPINGInsight 2014 Fleet Optimization Conference, Sept. 30 through Oct. 2, 2014 in Stamford, Conn. The award will honor a ship operating company and its technology partners for the successful implementation of an innovative technology or initiative that reduced operating costs and improved operating efficiencies. A panel of independent judges, including maritime journalists, academics and third-party experts…
Edward Scott to Keynote LNG Symposium at SHIPPINGInsight
Edward Scott, chief operating officer of Excelerate Energy, will deliver the keynote address at the SHIPPINGInsight 2014 Marine LNG Symposium, Sept. 30 in Stamford, Conn. The Marine LNG Symposium is a forum dedicated to all aspects of conversion to LNG as a marine fuel. The full day of discussion immediately precedes the two-day SHIPPINGInsight Fleet Optimization Conference & Exhibition, Oct. 1-2. Scott’s topic – “LNG–New Reality or Simple Evolution” – will set the stage for the symposium…
LNG: Emananating, Evolving from Excelerate
Today’s hottest commodity – on land, at sea and in your bunker tanks – has a rich history and an even brighter future. LNG was first transported in 1959 from Lake Charles, LA to the United Kingdom. This voyage demonstrated the feasibility of waterborne transportation of LNG as a tradable commodity. In the 1960’s and 1970’s, three ‘large-scale’ liquefaction plants were built around the Mediterranean basin creating an LNG ‘trade’ between North Africa, the United Kingdom and Western Europe.
Excelerate Energy Orders FSRU Vessels from DSME
Excelerate Energy enters Into a shipbuilding option agreement with DSME for 8 New Floating Storage and Regasification Units (FSRUs). The option agreement with Daewoo Shipbuilding and Marine Engineering (DSME) is for the delivery of up to eight Floating Storage and Regasification Units (FSRUs) between early 2015 and early 2017. The agreement gives Excelerate, the world's largest operator of regasification vessels and developer of LNG import solutions, an increase in the size of its existing fleet of nine FSRUs as global demand for LNG import solutions continues to expand rapidly.
50% Stake in LNG Tanker Pair Sold
EXMAR NV and Teekay LNG Partners L.P. Teekay, NYSE: TGP) have reached an agreement in principle whereby Teekay will purchase a 50% interest in two of EXMAR’s LNG carriers: EXCELSIOR (2005-built LNGRV) and EXCALIBUR (2002-built conventional LNG) with an economic date of 1 September 2010. Both vessels are long-term time-chartered to Excelerate Energy. EXMAR will remain responsible for the management and operations of the vessels. The transaction is still subject to the completion of the loan and lease documentation currently in progress with the existing lenders.