India is trying to renegotiate LNG deal with Australia and looking at lowering the price of liquefied natural gas it plans to buy from the Gorgon project, says a report form PTI. According to sources, when LNG deals are being done at 12 per cent or 12.5 per cent indexation, the Gorgon deal is certainly on the higher side. Hence the Oil Ministry instructed Petronet LNG, a private firm whose chairman is the oil secretary of India, to rework the price. Petronet had in August 2009 signed a 20-year deal to buy 1.44 million tonnes per annum of liquefied natural gas (LNG) at a price equivalent of 14.5 per cent of the prevailing oil rates. The indexation agreed was one of the highest in the world, feels the Oil Ministry and the current company management, hence written to Exxon Mobil, the seller of Gorgon LNG, for reworking the price. "Oil prices have fallen from over USD 100 per barrel that translated into a price of USD 14.5 per million British thermal unit for Gorgon LNG. But even through rates are less than half of that, still as a matter of principle, the indexation should be lowered," the source said. LNG in spot or current market is available at USD 5-6 per mmBtu where as Gorgon LNG at current formula will cost USD 6.5 per mmBtu at on oil price of USD 45 per barrel.
Iran and Malaysia's SKS have signed a $16b preliminary deal to develop Iran's southern Golshan and Ferdos gas fields and build plants to produce liquefied natural gas (LNG), according to reports. Source: Reuters
The Egyptian Natural Gas Holding Company (EGAS) signed an initial agreement with Russian company Rosneft to supply oil products and liquefied natural gas (LNG) shipments. The document defines key terms of the future cooperation between the companies in the area of LNG supplies. The implementation of the terms of the signed document will allow Rosneft to access the high growth potential Egyptian gas market and deepen broader cooperation between the two companies.
Singapore’s SembCorp Marine Ltd has announced a long-term contract from Australia’s North West Shelf venture (NWS) to provide dry-docking, refit, and other marine services, for their fleet of LNG ships. This breakthrough contract signifies the first time that a major LNG consortium has committed itself to a long-term maintenance and refit contract in the region. At a time when Singapore is preparing itself to be a major hub and player in the LNG sector
State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its U.S. gas unattractive.
Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports, the country's energy minister said on Monday. Russia's Gazprom had enjoyed a supply monopoly until the end of 2014, when Lithuania opened a floating LNG import terminal to reduce energy dependence on its former Soviet master. That allowed it to import gas from Norwegian tankers, as well as via pipeline from Russia.
India’s state-run gas utility GAIL has begun talks with Iran to revive a decade-old LNG supply contract with the country, reports PTI. The Business Standard has reported that GAIL has opened talks with Iran over the LNG contract whose value is estimated to be $22 billion in light of the prospects for the removal of sanctions against Iran. "Dialogue has been initiated with Iranian counterparts to revive the LNG supply long-term SPA
South Korea's Samsung Heavy Industries Co has won one firm Shipbuilding Contract (SBC) and an agreement for three optional floating storage and regasification units (FSRUs) from Hoegh LNG Holdings. Under the deal with Norway-based Hoegh LNG Holdings Ltd., the shipyard will build the vessel by May 2019, the company said in a regulatory filing. Samsung has an option to build three more FSRU units, it said.
Vitol will supply Egypt with nine LNG cargos for two years starting June 2015, an Egyptian oil ministry statement said on Thursday. The statement said the ministry was also finalizing talks with BP over a deal to supply the country with 21 LNG cargoes. The latest contracts were part of a highly sought-after tender to buy 75 LNG cargoes. (Writing by Yara Bayoumy; Editing by David Holmes)
Britain's BG Plc secured rights to deliver liquefied natural gas (LNG) through one of only two functioning import terminals serving booming U.S. energy markets. The UK gas producer will have use of 80 percent of capacity at CMS Energy's Lake Charles, La., facility from January 2002. It will have use of total capacity from September 2005 after a contract ends with an existing customer. Financial terms were not disclosed
A merger of Hapag-Lloyd and United Arab Shipping Company (UASC) has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say.
Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported. Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year.
Russia-based energy company Gazprom has negotiated about supplies of liquefied natural gas (LNG) to Kuwait, reports Tass. The talks continue in "a rather progressive mood,"during the the Energy Minister Alexander Novak’s visit to the Middle East country
Natural gas is set to account for an increasing share of the global energy mix in coming years, with gas consumption growing by an average of around 1.5%-2% a year out to 2040, according to energy forecasting agencies such as the IEA.
Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders. The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the
Nakilat has assumed full ship management and operations of Q-Flex LNG carrier Mesaimeer from STASCo (Shell Trading and Shipping Company Ltd.) with effect from March 23, 2017, as part of the planned and phased transition announced on October 19, 2016.
The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Korea Gas Corp (KOGAS) said on Thursday it had signed a memorandum of understanding in mid-March with
With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it would begin trading the first-ever U.S. liquefied natural gas futures contract in May.
GTT said it has received an order from Hyundai Heavy Industries to equip a new LNG carrier with its Mark III Flex containment system. Hyundai's shipyard based in Ulsan, South Korea will build the vessel of 180,000 m3 on behalf of the Norwegian shipping company NORSPAN LNG XI AS (Knutsen)
Maritime Reporter & Engineering News recently spoke with Mark Barker, president of The Interlake Steamship Company, who has sent its fourth vessel — its second 1,000-footer — to be outfitted with exhaust gas scrubbers. After seriously pursuing the possibility of converting its
Hyundai Heavy Industries Group reports $240 million order for the world’s first liquefied natural gas (LNG) fueled aframax tankers Hyundai Heavy Industries’ shipbuilding affiliate Hyundai Samho Heavy Industries (HSHI) said it recently won a $240 million order to build four 114
French oil giant Total held talks with Iranian officials about several projects in the country in 2016, notably a 10 million tonnes per year liquefied natural gas project (LNG), Reuters reported. It has signed an agreement with Iranian authorities for a 50 per cent stake in
Industry expert predicts LNG will remain a key energy source; energy authority expect that Japan’s reliance on LNG will continue to grow Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year
Royal Dutch Shell PLC has officially shelved its plans to build the Prince Rupert LNG project, which had been planned for Ridley Island in British Columbia. However, it is still considering the potential of its other West Coast LNG option.
Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the