28704 members and growing – the largest networking group in the maritime industry!

LoginJoin

Friday, October 18, 2019

Gas Prices News

Arctic Discoverer will carry cargo number 1000 from the Hammerfest LNG plant. (Photo: Silje Grytbakk / Equinor ASA)

Hammerfest LNG Ships 1000th LNG Cargo

Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”,  by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales value of all the LNG cargos since the field came on stream is in the range of NOK 130-150 billion. In addition, we have the value of liquefied petroleum gas (LPG) and condensate.Arctic Discoverer is the name of the tanker that will carry cargo number 1000 from the Hammerfest LNG plant.

AdobeStock / © Nightman1965

Fitch: Growth Could Level Off for U.S. Transportation

Growth prospects remain healthy for all three major U.S. transportation segments heading into next year, though the trajectory figures to level off somewhat according to Fitch Ratings in its latest annual report. The broader economy is proving to be resilient thus far amidst increased recession talk. Factors more likely to curb the rate of growth are more sector-specific ion nature, according to Transportation and P3s group head Scott Zuchorski. "Aircraft safety is under increased scrutiny…

Image: Port of Newcastle

NSW Govt Supports LNG Import Terminal

New South Wales Government is considering a proposal for a $590 million liquefied natural gas (LNG) import terminal in the Port of Newcastle, with the project given critical state significance.Under the prosposal, the terminal will be built at Kooragang Island in Newcastle Port and promises to supply NSW with up to 80 per cent of its gas requirements.The Newcastle GasDock project - with an estimated direct onshore investment of up to AUD$250M at the Port - today received Critical State Significant Infrastructure (CSSI) status from NSW Minister for Planning and Public Spaces…

A crude oil train segment rumbles alongside a U.S. inland waterway. CREDIT: Dagmar Etkin

Canadian Natural Resources eyes Rail Contracts

Canadian Natural Resources, the country's biggest oil and gas producer, is looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday.Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments this year.Alberta's United Conservative Party government said in June that it would divest rail contracts amounting to 120,000 barrels of crude per day (bpd) to the private sector this fall.

cheneire's Sabine Pass Terminal. CREDIT: Cheneire

U.S. LNG Shipments Fall to Six-Month Nadir

U.S. shipments of liquefied natural gas are expected to fall to their lowest level in six months in April, after a leading U.S. supplier shut units for maintenance at a time when a glut of supply has driven some worldwide prices to near three-year lows.Based on exports through April 10, the United States is on track to sell roughly 91.5 billion cubic feet per day (bcfd) of natural gas as LNG, which would be the lowest since October. That compares with an estimated record 139.8 bcfd shipped in March…

(Photo: Hoegh LNG)

Lithuania Plans to Buy an FSRU

Lithuania has given the go ahead to state-owned Klaipedos Nafta to purchase a liquefied natural gas (LNG) storage vessel by late 2024, as it shores up energy supplies and reduces its reliance on Russian natural gas.Klaipedos Nafta is currently leasing a floating storage and regasification unit (FSRU), called Independence, from Norway's Hoegh LNG.The use of the vessel has allowed Lithuania to import LNG since 2014, breaking the monopoly Russia's Gazprom had on natural gas supply to the country as well as neighboring Latvia and Estonia."This will keep us able…

A typical FSRU (CREDIT Excelerate

LNG Import Terminal Proposed for Australian port

A South Korea-based company has proposed building a terminal on Australia's east coast to import liquefied natural gas, the fifth proposal for such a project in the world's No.2 LNG exporter.The proposals have come after three new LNG export plants on the east coast have sucked gas out of the southeastern market and nearly tripled wholesale gas prices in places such as Sydney over the past two years.EPIK, a newly-formed LNG floating storage and regasification unit (FSRU) project development company…

Sture Terminal (Photo: Equinor)

Norwegian Oil, Gas Plants Restart after Ship Collision

An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields.The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side, live television pictures showed. The Norwegian military was attempting to save the ship."We are working on stabilizing the vessel…

© Kpics / Adobe Stock

AGL LNG Import Project Slowed by Environment Review

Plans by Australia's AGL Energy to start importing liquefied natural gas from 2021 will be delayed after the state of Victoria called for the company and its pipeline partner to submit a full environmental assessment of their project.The review process typically takes nine to 12 months, which means AGL will not be able to reach a final investment decision on the A$250 million ($178 million) jetty project by June 2019, as it had hoped.AGL had been on track to be the first of four…

© Ernst Pieber / Adobe Stock

Uniper Sees Merit in Building LNG Terminal at Wilhelmshaven

Germany's Uniper on Tuesday said it favors a liquefied natural gas (LNG) terminal at the Wilhelmshaven deep sea port on the North Sea coast, less than a week after peer RWE said it secured access to capacity should a rival project at Brunsbuettel go ahead."Wilhelmshaven in particular can be a suitable location, there are many arguments in favour of it," spokesman Leif Erichsen said in a written statement.He cited the port's ability to offer infrastructure for LNG vessels of all sizes and its proximity to the German long-distance gas pipeline grids and underground storage caverns in the norther

Plans for Another South Australia LNG Import Plant in the Works

A private firm is looking to import liquefied natural gas (LNG) to South Australia starting in 2020, around the same time as two other proposed import projects, looking to fill a supply gap as domestic gas gets sucked into LNG exports.Venice Energy, set up by former BHP Billiton executives, plans to submit a development application to the South Australian government within the next month to park a floating storage and regasification unit (FSRU) in Port Adelaide, Managing Director Kym Winter-Dewhirst said.If regulatory approvals come through by March…

© Stockninja / Adobe Stock

Trade War Could Impede US Transport Infrastructure Growth

An escalating trade war between the United States and some of its major trading partners would impair growth for U.S. airports, toll roads and ports over time if it slows the economy or triggers a recession, Fitch Ratings said on Wednesday.Major credit rating agencies have increasingly been concerned that U.S. tariffs and retaliatory measures could harm state and local economies dependent on international trade.The administration of President Donald Trump has imposed tariffs on steel and aluminum imports from Canada…

© Carabay / Adobe Stock

Norway Expects Gas Export Prices to Slip in 2019

Prices of Norwegian gas exports are likely to rise slightly this year amid strong demand, but will fall back in 2019 as liquefied natural gas (LNG) deliveries in Europe are expected to increase, the government said in its revised budget on Tuesday.Europe's largest gas supplier after Russia forecast gas export prices would rise by 0.1 crowns per standard cubic metres (sm3) to average 1.8 crowns (22.43 U.S.

© Wojciech Wrzesień / Adobe Stock

Asian LNG Spot Prices Jump after European Gas Outages

Asian liquefied natural gas (LNG) spot prices jumped this week in reaction to volatile price spikes on European gas markets and ongoing demand from the region's major consumers. Spot prices for January delivery hit $10.50 per mmBtu, 40 cents above last week, with February prices seeing similar levels. In a tumultuous week, European gas prices gyrated wildly following a flurry of major pipeline and production outages coinciding with high demand and freezing weather. The rally began…

INA Offshore platform. Photo: MOL Group

MOL Group Posts Almost USD 1 Billion Profit in 2016

MOL Group significantly outperformed its initial USD 2bn target for 2016 and delivered a clean  EBITDA of USD 2.15bn, which is only moderately down compared with the previous year. Upstream has shown great resilience to the deteriorating external environment. A further 17% decline in Brent prices and a 23% decline in realized gas prices were offset by higher production and cost discipline. As a result, EBITDA remained nearly flat at USD 675mn and the business generated over USD 250mn free cash flow equalling USD 7 per barrel of oil equivalent.

© Alexandre / Adobe Stock

US O&G Industry Reaps the Benefits of International Trade

Rising exports have thrown a lifeline to U.S. shale producers and refiners, giving them an additional outlet at a time when the domestic market has been at risk of becoming saturated. The United States exported record quantities of natural gas, propane, gasoline, distillate fuel oil and light crude last year while continuing to import the heavy oils needed by its refineries. Gas exports increased by almost 30 percent in 2016 and have more than tripled in the last decade, limiting the build up of unused gas and supporting prices in recent months despite the warmest winter on record.

What Future Services Would You Like to See Made Available? (Credit: "The Crew Connectivity Survey 2015," Futurenautics)

For Maritime Recruitment, Connectivity is Key

When you are thousands of miles, and weeks or months out at sea, the next best thing to physically being there, is an electronic connection home, and today, few mariners will board vessels without access to some form of it. Indeed, internet access and cheap global roaming SIM cards top the list of desired amenities in recent surveys of seafarers. And while keeping in touch and up to date with family is most important, shipboard personnel use an array of connectivity applications - social media…

Image: Korea Gas Corp

Total, KOGAS Extend Cooperation on LNG

Korea Gas Corp, the world’s biggest importer of LNG, has struck deals with French giant Total to extend its reach into the liquefaction sector, reports Reuters. Total has pledged to press forward with investment in LNG despite the downturn in oil and gas prices and has signed a new agreement with South Korean utility company Kogas to explore mutual opportunities across the LNG value chain. The agreement is designed to jointly identify and pursue opportunities to develop the LNG market in Asia and in new importing countries, Total said in a statement.

Photo: Nigeria LNG Limited

Nigeria's LNG Export Falls

Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday. He noted that with no new investments, Nigeria would possibly drop from her current position of the 4th world’s largest exporter of LNG to 10th position by 2020. NLNG had earned $90 billion revenue since 1999 and that it has elevated Nigeria to number four exporter of LNG in the world, after Qatar, Malaysia and Australia.

© Anatoly Kolodey / Adobe Stock photo

US LNG Going Global

The U.S. liquified natural gas (LNG) market is ripe with opportunity, according to American Action Forum (AAF). "When coupled with the tension surrounding Qatar (the largest exporter of natural gas in the world), this makes U.S. LNG production a very attractive option," said Kimberly VanWyhe is the Director of Energy Policy at the AAF. In 2016, LNG exports from the U.S. totaled 184,141 million cubic feet with a value of roughly $564 million. Currently the U.S. is exporting LNG to 23 out of 35 countries that can accept LNG transport vessels, a sharp change from this time last year.

Image by East-West Center

US LNG Shipments Point to Global Gas Price Convergence

The emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices, Fitch Ratings says. The first shipment of US liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass facility to Europe arrived in Portugal at the end of April. It is unclear how many more shipments will arrive in Europe in the near term…

Photo: Gazprom

GAIL, Gazprom Renegotiating LNG Deal

As weak demand in India forces it to stall some contracted supply, GAIL India Ltd (GAIL) is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices, reports Reuters. GAIL  and Gazprom had earlier signed a deal for two decades at a price linked to oil, adding to contracts to buy the fuel from GDF Suez SA and Gas Natural Fenosa this year. Accordingly, GAIL will buy 2.5 million tonnes (3.5 billion cubic metres) a year of liquefied natural gas from Russia’s monopoly gas exporter starting in 2018 and 2019.

Europe Gas Terminal Group Sees Transport Use for LNG

European operators of large and underused liquefied natural gas (LNG) terminal capacity bet on new uses for their product in ships and vehicles to absorb future arrivals from the global market, the group's president Wim Groenendijk said on Tuesday. While terminals only ran at a fifth of their capacity last year, GLE expects the EU bloc's green drive will help make them busier and absorb a wave of LNG from new origins such as the United States in coming years. The European Commission has started to acknowledge that gas has a bigger role to play in decarbonisation…

Peter Hinchliffe (Photo: ICS)

ICS Applauds IMO Roadmap for Enissions Reduction

The International Chamber of Shipping (ICS) has applauded the agreement, last Friday, by the IMO Marine Environment Protection Committee (MEPC) to develop a comprehensive Roadmap for addressing CO2 emissions from international shipping – with initial CO2 reduction commitments to be agreed by IMO by 2018. However, ICS says the IMO Road Map will go much further than the Paris Agreement. “The final stage of the Road Map to be enacted by 2023 should establish a global mechanism for ensuring that these IMO CO2 reduction commitments will actually be delivered.” said Peter Hinchliffe.

Canada's First LNG Export Terminal Seen as One-off

Woodfibre LNG, Canada's first liquefied natural gas export project, will be a "nice-to-have" fillip for the country's gas producers but does not signal the start of a west coast LNG boom, industry watchers said on Monday. Privately held Woodfibre LNG Ltd said on Friday it will start building its C$1.6 billion ($1.2 billion) project in Squamish, British Columbia, next year after its Singaporean parent company authorized the funds last week. It is the first of more than a dozen LNG projects proposed for British Columbia to get the final go-ahead…

Nearly 500 people attended the 14th Indiana Logistics Summit Photo Ports of Indiana

Indiana Logistics Summit - a Big Draw

Nearly 500 people descended upon the Indiana Convention Center in Indianapolis Nov. 16-17 during the 14th annual Indiana Logistics Summit to hear over 20 speakers discuss global logistics issues and their impacts on the regional economy. "Global Connections" was the theme and attendees heard how Québec's $9 billion maritime strategy will impact Indiana as well as how railroads are adjusting to the fossil fuel implosion. Dr. Robert E. Martínez, Vice President for Business Development and Real Estate for Norfolk Southern Corp., the fourth largest railroad in the U.S.