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Gas Trade News

13 Feb 2024

Oil Industry, Green Groups Challenge Biden Offshore Drilling Plan

© Lukasz Z / Adobe Stock

Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration's five-year plan to offer drilling leases in the Gulf of Mexico.The petitions to a U.S. appeals court come four months after the Interior Department unveiled a congressionally-mandated plan for offshore leasing that included just three sales, the lowest since the government began publishing the schedules in 1980.The American Petroleum Institute, an oil and gas trade group…

18 Dec 2023

Gastrade’s FSRU Alexandroupolis Reaches Greece

FSRU Alexandroupolis (Credit: Gastrade)

Gastrade’s new floating storage regasification unit (FSRU) has arrived to Greece after completing an almost 10-month conversion at the Seatrium shipyard in Singapore.The FSRU, dubbed Alexandroupolis, sailed away from Singapore on November 26, and has now entered the waters of the Thracian Sea. In the following days, the FSRU will be anchored through a spread 12-point mooring system, ahead of connection to the high-pressure subsea and onshore gas transmission pipeline.The pipeline…

13 Jul 2023

Gastrade Awards Alexandroupolis LNG Terminal Towage Contract to Svitzer

(Photo: Svitzer)

A.P. Moller-Maersk's towage arm Svitzer announced it has signed a 15-year agreement to service Gastrade’s Alexandroupolis Independent Natural Gas System (Alexandroupolis INGS) LNG terminal—the first offshore LNG project in Greece—set to become operational in the beginning of 2024. The project marks Svitzer’s entry into the Greek market.Svitzer will set up towage services and support for LNG operations at the new import terminal, including support for a floating storage regasification…

17 May 2023

Greece: Alexandroupolis Port Gets $26M EU Funding

Lighthouse at Alexandroupolis Port - ©Constantin/AdobeStock

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatization agency HRADF said on Wednesday.Alexandroupolis, which is close to Bulgaria and Turkey, has been used by U.S.

09 Mar 2023

US Needs Until Year-end to Complete Offshore Drilling Plan

© alexpolo / Adobe Stock

The Biden administration needs until the end of this year to finalize a long-awaited five-year plan for offshore oil and gas development in federal waters, according to court documents filed this week.The U.S. has been without a congressionally-mandated five year schedule of offshore oil and gas auctions since the previous one expired in June 2022. The process is being closely watched by the oil and gas industry, which has pressed for more leasing to boost domestic fuel supplies, and by environmentalists, who say drilling conflicts with President Joe Biden's promise to fight climate change.

01 Mar 2023

Greece's First FSRU Project Starts with Conversion at Keppel

(Image courtesy Gaslog)

Work has begun to develop Greece’s first Floating Storage Regasification Unit (FSRU) at the Keppel shipyard in Singapore, with the conversion of GasLog’s DNV classed LNGC Gaslog Chelsea, recently renamed Alexandroupoli.Following conversion, FSRU Alexandroupoli will serve as an offshore storage and regasification facility and will be part of the Alexandroupolis Independent Natural Gas System (INGS). The 155,000-cbm LNG carrier, recently reflagged to the Greek flag, is the first FSRU conversion under the Greek Flag for operation in the Aegean Sea.

24 Feb 2023

Gastrade Sees Decision On Second LNG Terminal This Year

© moofushi / Adobe Stock

Greece’s Gastrade said on Thursday it expects to take a final investment decision on developing a second gas floating storage and regasification unit (FSRU) off the country’s northern port of Alexandroupolis by the end of the year.With Europe racing to cut its reliance on Russian gas in the wake of the war in Ukraine, Greece is slowly becoming a key transit route for LNG in southeastern Europe.Last year, Athens replaced much of Russian pipeline gas by ramping up deliveries of liquefied natural gas (LNG)…

23 Feb 2023

Supreme Court Sides With Offshore Worker in Overtime Case

© W.Scott McGill / Adobe Stock

An oil rig supervisor who earned more than $200,000 a year working for Houston-based Helix Energy Solutions Group Inc is entitled to overtime pay, the U.S. Supreme Court ruled on Wednesday in a decision with costly implications for the oil and gas industry.The court in a 6-3 decision authored by liberal Justice Elena Kagan decided that because the rig supervisor, Michael Hewitt, was paid a daily rate of $963 and not a salary, an overtime pay exemption in federal wage law for highly paid workers did not apply to him.The justices affirmed a 2021 ruling by the New Orleans-based 5th U.S.

30 Nov 2022

Greek LNG Terminals in the Pipeline

(Photo: Gastrade)

As demand grows for liquefied natural gas in Europe in the wake of the war in Ukraine, Greece has relied heavily on its sole LNG terminal off Athens to replace Russian gas imports.Now it is looking to build new floating storage and regasification units (FSRUs) that could be operational by 2024.Here is information on the Revithoussa terminal and other planned projects:REVITHOUSSAGreece's sole operational LNG regasification and storage terminal on the Revithoussa islet off Athens…

10 May 2022

Gasunie to Charter New Fortress Energy FSRU to Reduce Dutch Reliance on Russian Gas

Illustration only - An FSRU - Credit: Karel/AdobeStock

New Fortress Energy has executed a binding agreement to charter a floating storage and regasification unit (“FSRU”) to Dutch energy network operator Gasunie, in an effort by the Netherlands to reduce Russian gas imports. The chartered FSRU will provide storage capacity of approximately 170,000 m3 of liquefied natural gas with peak regasification capacity of 900 mmscfd. New Fortress Energy's FSRU will work in tandem with a third party’s FSRU to provide up to 8 bcm per year of total regas capacity.

05 May 2022

Germany to Charter Four FSRUs in Push to Cut Reliance on Russian Gas

For illustration only - A Höegh LNG FSRU

The German government on Thursday signed agreements for the charters of four floating storage and regasification units (FSRUs), as it works to become less reliant on Russian gas, as FSRUs will enable it to import LNG from other sources.The agreements were signed for the charters of two FSRUs owned by Oslo-listed firm Hoegh LNG, and two owned by Dynagas. Hoegh LNG FSRUs will be operated by RWE, while Uniper has facilitated the charter of two FSRUs managed by Dynagas Ltd.Höegh LNG said that the detailed FSRU contracts with the German Federal Ministry for Economic Affairs and Climate Action…

03 May 2022

Kick-off Ceremony Held for Realization of Alexandroupolis FSRU in Greece

Founding Shareholder and Chairwoman of the Board of Directors of Gastrade, Ms. Elmina Copelouzou, US Ambassador, Geoffrey Pyatt & the Representatives of Gastrade's Shareholders - Credit: Gastrade

The kick-off ceremony for the realization of Gastrade SA's LNG FSRU facility in Alexandroupolis, Greece, was held on Tuesday, May 3, 2022, in the old Storage House of the Alexandroupolis Port Customs.Once delivered, the FSRU, with a capacity of 153,500 c.m. of LNG, will be moored in the offshore area 17.6 km southwest of the port of Alexandroupolis. It will be connected to the National Natural Gas Transmission System (NNGΤS) of Greece with a 28 km long pipeline, through which the gasified LNG will be transmitted to the markets of Greece…

09 Feb 2022

Keppel Offshore & Marine Reels in $186M in New Contracts

©Keppel Offshore & Marine

Singapore's Keppel Offshore & Marine said Wednesday it had secured contracts worth around S$250 million (~$186 million) for the conversion of a Floating Storage and Regasification Unit (FSRU), integration of a Floating Production Storage and Offloading (FPSO) vessel, and the "jumboisation" of two Trailing Suction Hopper Dredgers (TSHD).For the first contract, Keppel Shipyard has received the Final Notice to Proceed (FNTP) from GAS-fifteen Ltd, a  GasLog Carriers subsidiary, for the conversion of a Liquefied Natural Gas (LNG) Carrier into an FSRU.

15 Oct 2021

China Looks to Lock in US LNG as Energy Crunch Raises Concerns

© Anatoly Kolodey / Adobe Stock

Major Chinese energy companies are in advanced talks with U.S. exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country's fuel security, several sources said.At least five Chinese firms, including state major Sinopec Corp and China National Offshore Oil Company (CNOOC) and local government-backed energy distributors like Zhejiang Energy, are in discussions with U.S. exporters, mainly Cheniere Energy and Venture Global…

16 Jun 2021

U.S. Judge Orders Resumption in Federal Drilling Auctions

Credit: A drilling rig in the Gulf of Mexico - Credit:flyingrussian/AdobeStock

A federal judge in Louisiana on Tuesday blocked the Biden administration's pause on oil and gas leasing on public lands and waters, dealing a setback to a key White House effort to address climate change.The order granted a preliminary injunction to Louisiana and 12 other states that sued Democratic President Joe Biden and the Interior Department over the freeze on new drilling auctions. Louisiana is a major hub for offshore oil and gas production.Biden paused the government's leasing auctions in January pending a review that is expected to be completed in the coming weeks.

28 Jan 2021

Bulgartransgaz Takes 20% Stake in Greece's Gastrade

Credit; Gastrade - Photo from the signing ceremony in August 2020

Bulgartransgaz, the operator of the national natural gas transmission network of Bulgaria, has officially taken a 20% share in Greek company Gastrade that is developing an LNG floating storage and regasification unit (FSRU) offshore Alexandroupolis. The agreement for Bulgartransgaz to take a 20 percent stake in Gastrade was signed back in August 2020. Following the approval granted by the Bulgarian Commission for Protection of Competition, the transaction became effective on Thursday, January 28.

10 Mar 2020

Bulgargaz to Book Capacity at Greek LNG Terminal

© evening_tao / Adobe Stock

Bulgaria's state-owned gas company Bulgargaz will reserve 500 million cubic gas annually for 10 years at the liquefied natural gas (LNG) terminal now being built in northern Greece, the government said on Tuesday.Greek natural gas company Gastrade, which handles the project near the city of Alexandoupolis, has extended the deadline for companies to file binding bids to reserve capacity to March 20.The LNG terminal, in which Bulgaria will have a 20% stake, seeks to supply gas to southeast Europe via a natural gas pipeline that will cross through Greece…

10 Oct 2019

Hammerfest LNG Ships 1000th LNG Cargo

Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”,  by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales value of all the LNG cargos since the field came on stream is in the range of NOK 130-150 billion. In addition, we have the value of liquefied petroleum gas (LPG) and condensate.Arctic Discoverer is the name of the tanker that will carry cargo number 1000 from the Hammerfest LNG plant. It will transport an LNG cargo from Melkøya to Bilbao in Spain.With this cargo the plant has produced and delivered LNG at a value of NOK 130-150 billion since it came on stream in 2007, depending on the prices achieved in the period.

11 Mar 2019

US to Lead Oil Supply Growth to 2024

The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease, in particular as China slows down, it still increases an annual average of 1.2 mb/d to 2024, according to the report, Oil 2019. Still, the IEA continues to see no peak in oil demand, as petrochemicals and jet fuel remain the key drivers of growth…

15 Jan 2019

Alexandroupolis FSRU Delivery Delayed by Six Months

Greek utility company Gastrade has extended the timeline for completion of its Greek LNG development by six months to allow more time for the delivery of offshore floating, storage and regasification unit (FSRU) for the Alexandroupolis Independent Natural Gas System Project.Gastrade, the developer of the 5.5 billion cubic metre per year regasification project, has pushed back its completion date from the end of 2020 to the second quarter of 2021 to give interested suppliers more time to deliver an FSRU.The project is being developed by Gastrade, and consists of an offshore FSRU, as well as a mooring, and a system of subsea and onshore gas transmission pipelines…

04 Jan 2019

Gastrade Completes Alexandroupolis Floating LNG Terminal Test

The first phase of the Market Test for the capacity commitment at the Liquefied Natural Gas (LNG) terminal of Alexandroupolis was completed successfully on 31 December.According to an announcement from Gastrade, twenty companies submitted relevant Expression of Interest for a total of up to 12.2 billion cubic meters / year of regasification capacity reservation at the floating terminal and delivery to the Greek National Natural Gas Transmission System."These gas quantities will be directed towards the markets of the wider Southeastern European region. The Expression of Interest surpassed the technical capacity of the project which is designed at 5.5 bcm/ year," it said.Companies that have expressed interest in the Market Test cover a wide range of geography.

24 Oct 2018

IEA Calls for Enhancing Global Natural Gas Security

The evolution of the global natural gas market, which has been driven by the growth in liquefied natural gas (LNG) demand, continues to change the relationship between buyers and sellers, and raises new challenges for the global security of energy supplies.Global natural gas markets are being reshaped by the development of major emerging LNG buyers led by China, and the rising production and exports from the United States. The third annual edition of the International Energy Agency’s Global Gas Security Review provides an in-depth analysis of recent security-related issues and lessons learned.China’s supply shortfall over the last winter, which triggered ripple effects around the world, highlighted the pivotal role of LNG in enhancing global gas security and flexibility of supply.

09 Sep 2018

Global Oil Demand to Peak in 2023

While DNV GL’s model predicts global oil demand to peak in 2023, demand for gas will continue to rise until 2034. New resources will be required long after these dates to continue replacing depleting reserves. DNV GL’s 2018  Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050, predicts global upstream gas capital expenditure to grow from USD960 billion (bn) in 2015, to a peak of USD1.13 trillion in 2025. Upstream gas operating expenditure is set to rise from USD448 bn in 2015 to USD582 bn in 2035, when operational spending will be at its highest.“The energy transition will be made up of many sub-transitions. Our Outlook affirms that the switch in demand from oil to gas has already begun.