Asian LPG Market to Cross $109Bln by 2024
The Asian liquefied petroleum gas (LPG) market stood at over $81.4 billion in 2018 and is projected to grow at a CAGR of over 5% to cross $109 billion by 2024, as increasing demand for LPG as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil.Increasing demand for LPG used to run vehicles (Autogas) is being witnessed as it is a comparatively cheaper automotive fuel and can be used in vast applications related to transportation…
Natural Gas to be 29% of World’s Energy Supply by 2050
The global oil demand will peak in the mid-2020s and gas demand will keep rising to 2033, says DNV GL.Gas demand will then plateau, and the fuel will remain dominant until the end of the forecast period in 2050, when it will account for over 29% of the world’s energy supply, it said.Significant investment will be required to ensure production meets demand, including realising the potential from stranded gas reserves and for reserve replacement. DNV GL forecasts global upstream gas capital expenditure to reach USD 737 billion (bn) in 2025…
Privinvest’s Deliveries to Mozambique: A Model for Africa
Media reports about Mozambique’s failure to launch a fishing and security fleet and its subsequent $2 billion debt default seem destined to torpedo, or at least set back similar efforts to build needed coastal security and national fishing fleets across Africa. That must not happen.The systems and equipment Mozambique bought a few years ago from shipbuilder Privinvest could serve as a template for coastal African nations seeking to rightfully benefit from their natural resources…
Exmar Bags FLNG Contract from YPF
Belgium's Exmar and YPF of Argentina announced the signing of a firm, ten-year agreement to deploy Exmar’s barge-based floating LNG liquefaction unit (FLNG) currently known as Caribbean FLNG to produce and export LNG from the Vaca Muerta source at the Neuquén Basin in Argentina.The project marks the entry of Argentina to the select club of global LNG exporting nations, with an initial plan to export 500,000 tons of LNG per year to overseas markets.Exmar’s FLNG barge will be named Tango FLNG and be deployed to the port of Bahia Blanca.
Total Wins 40% Stake in Unconventional Gas Concession
Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030, said in a press release that it will retain a 60% stake in the concession.Under the terms of the agreement, Total will explore, appraise and develop the concession area’s unconventional gas resources.The agreement…
UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30…
Phoenix Petroleum, CNOOC Partner for LNG Terminal
Philippine fuel retailer Phoenix Petroleum said it had agreed to partner with a subsidiary of state-owned China National Offshore Oil Corp (CNOOC) to explore building a receiving terminal for liquefied natural gas in the country.The Philippines is seeking investors to build a storage and distribution facility for imported LNG as it moves to replace its Malampaya gas reserves, expected to be depleted by 2024.Phoenix Petroleum, owned by a local businessman who helped bankroll President Rodrigo Duterte's 2016 election campaign…
Bangladesh Finalizes LNG Deal with Oman Trading International
Bangladesh has finalized a 10-year deal to import 1 million tonnes of liquefied natural gas (LNG) annually from Oman Trading International, two energy officials with direct knowledge of the matter told Reuters.The deal with Oman Trading is Bangladesh's second LNG import agreement after Qatari producer RasGas, which has since merged with sister company Qatargas, to cover the country's domestic natural gas shortfall.The LNG will be priced at 11.9 percent of the three-month average price of Brent plus a $0.40 per million British thermal unit (mmBtu) constant…
Global FLNG Capex to Total USD 37.6bln
Global Capex on FLNG facilities is set to grow at a 9% CAGR over the 2018-2023 period, with expenditure forecast to total $37.6bn, said Douglas-Westwood report. Given the strong fundamental drivers – increasing gas consumption due to economic growth, fuel switching, and energy security – the outlook for the import vessels will remain strong over the 2018-2023 period. Despite near-term concerns due to challenging market conditions, the incentive to use FLNG units to develop gas reserves in remote places remains compelling.
Rosneft May Build LNG Plant in Far East on Its Own
Russian energy giant Rosneft may build a liquefied natural gas (LNG) plant in the far east using exclusively its own resources and gas reserves, Rosneft vice president Vlada Rusakova said on Thursday. Rosneft and U.S. energy firm Exxon earlier announced plans to build an LNG plant in Russia's far east together. Rusakova said Rosneft's base scenario for monetising its gas reserves and those of its partners in the Sakhalin-1 project remained building an LNG plant together with Exxon.
LNG Marine Fuel Institute Launched in Canberra
Port Hedland Mayor, Camilo Blanco, and the Town of Port Hedland’s CEO, David Pentz, attended the launch of the LNG Marine Fuel Institute at Parliament House, Canberra on Wednesday, June 21. The Institute, which was opened by The Honorable Josh Frydenberg MP, Federal Minister for the Environment and Energy, hopes to see Australian LNG as the primary fuel for marine transportation, powering the road, rail and mining industries. Mayor Blanco said that the Institute will work with industry and Government partners to position Australia at the forefront of LNG…
Total in Talks to Buy Iranian LNG Project
Total is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves. The French oil major -- the first of its peers to strike deals in Iran after sanctions -- seeks entry into Iran LNG at a discount to the pre-sanctions price in exchange for reviving the stalled project, two sources with knowledge of the matter said. A third source confirmed Total was in the running for a stake, alongside several other oil majors, but any deal was still some way off. Total declined to comment.
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.
Chinese Navy Ship Irks Japan
Japan has lodged a protest with the Chinese ambassador in Tokyo, after a Chinese ship sailed close to contested islands in the East China Sea. Chinese navy has made an unprecedented entry into waters around the disputed Senkaku Islands, called Diaoyu in China. Japanese Vice Foreign Minister Akitaka Saiki responded swiftly, summoning the Chinese ambassador to Tokyo Cheng Yonghua to register a formal protest. Japan's top government spokesman expressed "serious concern" about the entry of a Chinese naval ship, saying it would escalate tension unilaterally.
India to Boost LNG Impots
India plans to more than double its liquefied natural gas (LNG) import terminal capacity in six years to cater to the rising natgas demand from refineries, fertilizer and power plants, according to a report in the Economic Times. A total of 15.15m tonnes of LNG was delivered into Indian terminals in 2015, a 5% increase from 2014, according to ICIS data. India was one of the biggest importers of LNG in Asia buying approximately10.4 million tonnes in 2014. In 2015-16, the natural gas consumption in the country rose barely 2 per cent to 52 billion cubic meters…
Golar LNG Hit by Weak Market
Oscar Spieler-led LNG shipowner Golar LNG Ltd. (GLNG) on Tuesday reported a loss of $80.1 million in its first quarter. The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 41 cents per share. The operator of carriers for natural gas shipping posted revenue of $18.6 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $23.1 million. The early part of 2016 has witnessed a continuation of the weak LNG freight market, says a company statement.
U.S. Okays ConocoPhillips LNG Exports
The U.S. Department of Energy has renewed authorization for liquefied natural gas (LNG) exports from the North Kenai ConocoPhillips facility, reports Reuters. The approval is to export about 40 billion cubic feet of natural gas from its Kenai LNG export terminal in Alaska over the next two years starting Feb. 19. U.S. Senator Lisa Murkowski applauded the decision. Over the last year she has been urging Department of Energy officials to support ways to commercialize Alaska’s natural gas reserves like the current Conoco facility as well as the Alaska LNG project.
India to Import LNG from Australia
India may contract long-term supplies of liquefied natural gas (LNG) from Australia if price is comparable to Indian coal which remains the fuel of choice for power generation companies in New Delhi. Power Minister Piyush Goyal, who is currently on a visit to Australia for energy dialogue, conveyed India’s willingness to buy Australian LNG during a roundtable in Brisbane. Goyal stated that additionally, opportunities to control the entire value chain right from gas production…
OTC Names 2016 Award Winners
The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston. As part of the OTC Distinguished Achievement Awards Luncheon, the conference will recognize Robert (Don) Vardeman of Anadarko Petroleum Corporation for individual achievement, the Marine Technology Society Dynamic Positioning Committee for institutional achievement, and both George Hirasaki and Yuri Makogon with its Heritage Award. Founded in 1969, OTC brings together industry leaders and professionals from more than 120 countries.
Golar LNG Teams Up with Schlumberger
Golar LNG has signed a Memorandum of Understanding with Schlumberger to co-operate on the global development of greenfield, brownfield and stranded gas reserves. Under the Memorandum, Golar and Schlumberger have agreed to jointly market gas monetization solutions to owners, investors and governments. Golar will contribute the Floating LNG assets and technology while Schlumberger, via its special project management division, will provide upstream development knowledge, resources and capital.
China Defends Test Flight in South China Sea
China has rejected a protest from Vietnam over a flight test it has conducted on a new airstrip on a man-made island in the South China Sea, saying it is part of China’s territory. Chinese Foreign Ministry spokesperson Hua Chunying said on Saturday that the flight is to test whether the airfield facilities can meet civil aviation standards. “China has indisputable sovereignty over the Nansha Islands and their adjacent waters. China will not accept the unfounded accusation from the Vietnamese side,” Hua said.
Qatar – World's Biggest LNG Exporter
Qatar has retained the crown of the biggest exporters of natural gas and the biggest exporter of liquid gas or LNG in the world, reports The Peninsula. The country exported nearly 77 million tonnes (MT) of Liquefied Natural Gas (LNG) in 2014 which was approximately one-third of global supply, according to International Gas Union report. Malaysia and Australia — the world’s second and third largest LNG producers respectively — saw LNG exports reach an all time high. In 2014, Malaysia exported around 25MT LNG while Australia exported 23MT.
Shell, BG Merger Faces Roadblock
The Australian Competition and Consumer Commission (ACCC) has raised concerns that Royal Dutch Shell's proposed $70 billion takeover of BG Group may lessen gas supply competition in eastern Australia and delayed a final decision on the bid to November. The competition watchdog said, after preliminary investigations, the proposed takeover could damage the interests of east coast and Queensland gas users and force up prices. ACCC said a large number of market participants had expressed…
Russia Claims Ownership of the Arctic and North Pole
Russia, led by President Vladimir Putin, has re-submitted its petition to the United Nations claiming exclusive control over 1.2 million square kms (463,000 square miles) of the Arctic sea shelf, based this time on what its foreign ministry calls “ample scientific data”, reports CSM and Reuters. Rich in natural resources, the Arctic is a potential arena for the clash of geopolitical interests of the Arctic states. This is the second time Russia has staked its claim to what it sees as its territory. Earlier in 2002, the UN rejected the bid on lack of evidence.
South China Sea Boils Up
The overlapping territorial disputes in the South China Sea involve China, Brunei, Malaysia, Taiwan, the Philippines and Vietnam have recently been moving from bad to worse. Vietnam is seeking to upgrade its air defences by acquiring western fighter jets and drones, a move which would further militarize a dispute with Beijing over territorial claims in the South China Sea. Taiwan's coast guard has commissioned its biggest ships for duty in the form of two 3,000-ton patrol vessels…
Indonesia, Norway to Cooperate on Deep Sea Technology
Indonesian President Joko Widodo and Prime Minister of Norway Erna Solberg agreed to cooperate on deep sea technology for oil and gas exploration and maritime sector. Norway has been advanced on deep sea technology and Indonesia thinks it is beneficial to have cooperation in this sector because many of its oil reserve are located in deep sea," Indonesian Energy and Mines Minister Sudirman Said said. Most of Indonesia's oil and gas reserves are located in deep sea in the eastern part of the country.