Asian liquefied natural gas (LNG) prices were steady this week amid limited trading activity. The price of Asian spot cargoes for February delivery was pegged at $6.90 per million British thermal units (mmBtu), in line with the previous week. Traders eyed developments in Nigeria where Eni has declared force majeure on loadings from the country's LNG export plant due to pipeline sabotage. All other suppliers continued to ship, although traders said the pace of loadings had slowed. "There's a slight backlog of vessels, they're not loading as quickly as they normally would," said a trader. "There's obviously not enough LNG to bring ships in quickly or as per scheduled." Nigeria LNG's export plant at Bonny Island can produce 22 million metric tonnes of liquefied gas a year and has long-term supply contracts with buyers in Italy, Spain, Turkey, Portugal and France. It also sells on the spot market. On the demand side, Egypt, one of this year's brightest spots for LNG imports, is facing difficulty meeting payments due to its foreign currency crisis. Sources said that Egypt has asked oil and LNG suppliers to extend payment terms to 90 days after delivery. Traders said that Italy's offshore terminal at Livorno, OLT Toscana, picked DufEnergy Trading to supply a cargo earlier this month following a recent tender to secure a delivery intended to cover occasional spikes in Italian gas demand.
Dr. Gerd-Michael Würsig, Business Director LNG fuelled ships at DNV GL – Maritime, looked at some of the current issues in the LNG industry and provided an overview of what DNV GL is doing to support growth in this segment. “The main drivers, in order of importance, are price, availability, and of course legislation. LNG as a fuel has the potential to become the most important fuel solution for environmentally sustainable shipping over the next few years
Bestobell Valves, part of the President Engineering Group (PEGL), has named W&O Supply, a global supplier of marine pipe, valves and fittings, valve automation, and engineered solutions to the marine and upstream oil and gas industries, as its exclusive distributor for Bestobell Valves in North America. Through this partnership, Bestobell Valves, headquartered in the United Kingdom, and W&O, headquartered in Jacksonville, Florida
The first cargo was sold to Angola's state oil & gas company and is currently being shipped to Brazil by the LNG carrier 'SS Sonangol Sambizanga', one of seven 160,000 m3 LNG vessels that are under long-term charter to the Angola LNG project. Angola LNG, the Soyo-based facility built to create value from Angola's offshore gas resources, confirms that production of liquefied natural gas (LNG) has safely commenced at the Angola LNG plant in Soyo and that its first cargo has
The role of Russia as a key global supplier of natural gas will be amplified at upcoming 'Russian Day' event. The Russian Energy Minister, Alexander Novak, confirms he will host a special ‘Russian Day’ at one of the world’s leading gas industry events in London this October. The role of Russia as a key global supplier of natural gas will be examined during the day-long session, which also welcomes Novak’s Deputy, Pavel Fedorov
Singapore Offers Funding to Build LNG Vessels Port of Singapore offers S$12 million funding for building of LNG-fuelled vessels as Singapore advances LNG bunkering efforts to meet future demand The Port of Singapore, regarded as a leading bunkering hub, is poised to expand its offering of marine fuel solutions to include LNG. In line with these efforts, the Maritime and Port Authority of Singapore (MPA) has taken another step toward the planned 2017 launch of
Despite some recent turbulence, the global business environment for liquefied natural gas (LNG) remains strong, and a continuous growth in demand is expected for years to come, said Khalid Sultan R Al Kuwari, Chief Marketing and Shipping Officer of RasGas Company Limited. Speaking at the CWC 16th World LNG Summit in Rome Al Kuwari said that a growth rate of approximately 5% per year from 2015 to 2025 is anticipated
FLNG deal-making has been sporadic since Woodside Petroleum at the end of 2013 delayed a final investment decision for the giant Browse FLNG project off Northwest Australia. The previous year had seen go-aheads for most of the floating liquefied natural gas projects (FLNG) underway today, including Shell’s Prelude FLNG — Woodside’s choice, it seems, of a liquefaction solution for fields 200 kilometers offshore
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
Freeport LNG Development, L.P. and Technip USA Corporation, a subsidiary of Technip have signed a contract for the Front End Engineering Design (FEED) leading to the finalization of the EPC (engineering, procurement and construction) contract for its LNG receiving terminal to be located on Quintana Island near Freeport, Texas. The FEED is expected to be completed by the end of December with the EPC phase of the project beginning in the first quarter of 2004.
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)
Damen Shipyard Group’s Australian team has delivered two more industry briefings to potential suppliers from Australian industry ahead of its bid submission for the design and build of 12 offshore patrol vessels (OPV). Following February’s events held in Adelaide and Perth
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
For more than two years, Becker Marine Systems has been represented by a branch office in Houston. During this time, the Hamburg-based ship supplier has worked to position itself in the North American market, generating numerous orders for the company’s various product ranges.
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