Statoil to Expand US LNG Capacity

Wednesday, February 11, 2004
A non-binding letter of intent has been signed by Statoil with US-based Dominion energy company. This gives Statoil the exclusive right to negotiate a deal which will secure access for the group to extra capacity at the Cove Point liquefied natural gas (LNG) terminal in Maryland. If the agreement is concluded, Statoil will take the entire capacity increase for a 20-year period. The group will thus more than quadruple the amount of capacity available to it at the terminal. Dominion is planning to expand the capacity at the terminal, where LNG is stored and regasified before being piped to customers. The expansion includes two new storage tanks with a total capacity of approximately 195 million cubic metres. Regasification and pipeline capacity for onward transport to customers will also increase by an annual quantity totalling approximately 7.7 billion cubic meters. The new plant is scheduled to become operational in November 2008. The group already markets significant amounts of natural gas from LNG through Cove Point, which lies in Maryland south-west of Washington DC. It currently controls a third of LNG reception capacity at the Cove Point terminal, representing an annual capacity of approximately 2.4 billion cubic metres. Between 2006 and 2023, Statoil is due to deliver 2.4 billion cubic meters of LNG annually to this facility from its Snohvit development in the Barents Sea. Until production from this field begins, the group is buying LNG from other producers in Algeria and Trinidad and Tobago. Cove Point is one of four LNG terminals in the USA, and was reopened last August after being mothballed since 1980.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Swan Energy to Invest $845 mln for FSRU Terminal

Swan Energy Limited will invest around Rs. 5,600 crore ($845 mln) towards setting up of Jafrabad LNG Port project in Gujarat with one jetty-moored Floating, Storage and Regasification Unit (FSRU).

Alaska Buys TransCanada AK LNG Stake

The State of Alaska has finalized a deal with TransCanada to buy out the pipeline company's share in the proposed Alaska liquefied natural gas export project for nearly $65 million.

Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0873 sec (11 req/sec)