Gas Contracts News

Singapore LNG Corp is making inquiries about buying LNG cargoes from the spot market, a rare move for the operator of the city-state's liquefied natural gas (LNG) terminal, industry sources said on Wednesday.The inquiries come on the back of surging prices globally of power generation fuels such as LNG and coal, amid power shortages from China and India to Europe.SLNG contributes to Singapore's energy security and its terminal supplies up to 30% of the city state's natural gas demand for power generation…

A rapid startup of the Nord Stream 2 gas pipeline from Russia to Germany could help calm record-high gas prices in Europe, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, as Moscow awaits for regulatory clearance for gas flows to begin.Russia announced last week that it had completed construction of the $11 billion Nord Stream 2 to Germany, doubling its gas exporting capacity via the Baltic Sea. However, the start of gas flows via the route needs the approval of Germany's regulator…

Singapore's Pavilion Energy has signed a 10-year deal to buy liquefied natural gas (LNG) from BP's Singapore unit starting in 2024, the companies said on Wednesday, as the city-state seeks to diversify its gas supply sources.The long-term binding LNG sale and purchase agreement (SPA) is for the supply of about 0.8 million tonnes of LNG a year to Singapore, Pavilion and BP said in a joint statement. They did not give financial details.This is the third long-term deal that Pavilion, owned by Singapore state investor Temasek Holdings, has signed since November.

India’s new deepwater gas production could be under pressure from low spot LNG prices, says Wood Mackenzie.Deepwater is expected to drive India’s gas production growth, adding over 1 billion cubic foot per day (bcfd) of new supply by 2023. However, only 15% or 200 million cubic feet per day (mmcfd) of this supply has been contracted to date. With market demand impacted by Covid-19, and low spot LNG prices expected to persist at least until 2022, the full commercialization of these…

The multi-billion capital investment by Equinor at its new Dogger Bank Offshore Wind Farm will see it rival its major oil and gas projects, according to Rystad Energy."The offshore wind project Dogger Bank in the UK North Sea will not only be Equinor’s largest project through 2026, it will also rank as the sixth largest offshore development project in the world during this period," said the energy research firm.UK authorities announced on Friday that Equinor and joint venture partner SSE have been chosen to develop the world’s largest offshore wind farm, Dogger Bank, with an expected $11 billion in capital investments from 2020-2026.Audun Martinsen…

The escalation of the trade war between the US and China could jeopardize several LNG mega projects that are awaiting final approval, said Rystad Energy.China announced on Monday that it will raise the duty on imports of US liquefied natural gas (LNG) to 25% from the previous level of 10% in retaliation to the US increasing its tariffs on $200 billion worth of Chinese goods.Rystad Energy forecasts that Chinese LNG demand will reach 95 million tonnes per annum (tpa) in 2025, up from 53 million tpa in 2018. This would make China the world’s largest LNG importer.The US, on the other hand, is the fastest growing LNG exporter thanks to strong Asian and Chinese demand.

Baltic and International Maritime Council (BIMCO) will begin work on two gas-related contracts in early 2019, an LNG (Liquid Natural Gas) Bunker Purchase Contract and a LPG (Liquid Petroleum Gas) voyage charter party.A press release from the largest of the international shipping associations representing shipowners said that it is planning to develop the new contracts in Asia in an effort to further increase the involvement of its Asian members. Both projects will be developed mainly by experts from the region and managed by BIMCO’s Shanghai office, assisted by head office staff in Copenhagen.“An alternative fuels contract and a voyage charter for LPG are two key projects which have global resonance…

Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…

DONG Energy has chosen Esvagt as partner in establishing the first offshore wind farm to break the 1 gigawatt barrier; the 1,200 mW offshore wind farm, Hornsea 1, off Grimsby in the UK sector of the North Sea. The 'Esvagt Castor’ will work as standby vessel and man overboard rescue vessel during the building of the offshore wind farm, which currently consists of a meteorological mast and half a dozen buoys and which, in 2020, will supply CO2 neutral power to around 850,000 homes. “Activity levels in the offshore wind farm are expected to be high in the years to come while the wind farm is being established. We were chosen because of our ability to launch FRBs and rescue people in all weather conditions.

When Elisabeth Tørstad took the helm as CEO of DNV GL - Oil & Gas in late 2013, the price of a barrel of NYMEX (WTI) crude oil was more than $100. Today, that price has been halved, and the 40-month period between her ascension to the top post and our meeting with her in Houston in May 2017 has been arguably the most tumultuous in the oil industry’s history. Tørstad shares with Maritime Reporter & Engineering News her insights on the market going forward. With the energy slump entering its fourth year…

India's biggest importer of U.S. liquefied natural gas (LNG) is trying to re-negotiate prices with the U.S. seller, sources said, undermining plans by U.S. President Donald Trump to export more gas to the fast-growing Asian nation. At a joint news conference with Indian Prime Minister Narendra Modi at the White House this week, Trump said the United States looked forward to exporting more energy, including new major long-term contracts to purchase American natural gas. The effort is part of Trump's policy of seeking to assert power abroad through a boost in natural gas, coal and petroleum exports. He said on Thursday that the "golden era" of the U.S. energy business was now underway.

Inchcape Shipping Services (ISS) the world-leading marine, cargo and supply chain solutions provider has announced another key hire to its African regional management team as the company gears up for ambitious growth across the region in 2015. Joining ISS on 1st January, Riaan Blom takes up the position of Vice President Sales, Africa and will be based in Nairobi. With a career spanning over 20 years, Riaan brings to the role extensive ships’ agency experience with specialisms in project management, freight forwarding and large oil & gas contracts. His most recent appointment was as Regional Manager Oil & Energy, East Africa at DHL Global Forwarding, also based in Kenya.

Reuters - Brazilian oil company Petróleo Brasileiro SA wants to boost oil exploration and production activities in neighboring Argentina, Chief Executive Maria das Graças Foster told reporters on Wednesday. Earlier, in a phone conference with investors, the company best known as Petrobras said its production outlook for the next several years relies on the extension of gas contracts with Bolivia and the exploration of shale gas in the United States and Argentina.

Gulfstream Services Inc. (GSI), provider of equipment to the international oil and gas industry, has successfully completed two six figure decommissioning contracts with oil and gas service companies, Helix Well Ops U.K. and Dof Subsea. The Helix contract was part of the BP North West Hutton decommissioning project where GSI tools were used to remove 10- and 20-inch pipelines from the seabed. GSI’s Hydraulic Shear was an effective engineering solution in the situation due to the quick boat to boat times.

Wilton Engineering Services (WESL) Limited – the international design, engineering and fabrication business – has secured a multi-million pound contract with Subsea 7. Wilton Engineering, a Wilton Group company, will construct support clamps for work on DONG Energy’s SIRI Caisson Support Project in the Danish sector of the North Sea. Subsea 7 announced last year that it had won an offshore engineering and construction frame agreement with DONG Energy in support of the project.

Middle East Workboats 2011 opens on optimistic note - 58 new OSVs required to support recent oil and gas contracts worth $10b  The maritime commercial climate in the Middle East is in buoyant mood, especially for the workboats sector, as investment in the offshore oil and gas industry spurs demand for offshore support vessels (OSVs), according to industry experts speaking at Middle East Workboats 2011. The three-day conference and exhibition was officially opened by Awaidha Murshed Al Murar, Director of Shared Services, ADNOC, along with Khalifa M.

Shell, Total SA and Repsol YPF SA will soon sign contracts with Iran to develop two phases of the Islamic republic's offshore South Pars gas field, Forbes reported. The contracts concern phases 11 and 13 of South Pars, with the production of liquefied natural gas (LNG) scheduled for export. Total will be working on phase 11 in a project called Pars LNG, while Shell and Repsol will be working on phase 13 under the name Persian LNG. The firms will be operating jointly with the National Iranian Oil Co. Investment for each phase has been estimated at between $1.2 and $1.5 billion. (Source: Forbes)

Two oil and gas players, SapuraCrest Petroleum Bhd and Ramunia Holdings Bhd, announced major contracts related to the industry worth $120 million and $24 million respectively. SapuraCrest said its 51%-owned unit Tioman Drilling Co Sdn Bhd had been awarded a contract from Carigali-Triton Operating Co Sdn Bhd (CTOC) for the provision of two drilling units– Teknik Berkat and a new mobile drilling vessel, known as T-10 – to CTOC. Tioman is a joint venture between SapuraCrest and Norway's Smedvig group. SapuraCrest, through its 51%-owned subsidiary Crest Tender Rigs Pte Ltd, has awarded a contract worth $48.8 million to Malaysia Marine and Heavy Engineering Sdn Bhd to construct T-10.

It is little secret that efforts to develop and harness new forms of clean power is an ever-present global task to serve the dual purpose of ensuring a cleaner environment and to be less taxing on non-renewable resources. The wind has emerged as a viable, if sometimes unreliable and often more costly*, option to generate power. Plans to build the U.K.'s largest offshore wind farm, to provide electricity for 50,000 homes in Wales, has been given the green light. The North Hoyle Offshore Wind Farm will feature 30 wind turbines, located five miles off the Welsh coast between Prestatyn and Rhyl in North Wales. There are currently two additional major offshore wind farm projects under consideration for the UK…