Australia LNG Strikes Would Need to Last Over a Month to Spike Prices, Analysts Say
Threatened strikes by workers at Australian liquefied natural gas (LNG) providers would need to last more than a month to significantly push up global prices, analysts said this week.The Woodside Energy and Chevron operations supply about 10% of global LNG output and worries of a walkout have lifted prices of European gas benchmark TTF forward curve 5%-7% higher over the September-to-April period than just before the news of a potential strike.The three Australian plants facing possible strikes risk losing 4 to 5 billion cubic meters of production per month if they go offline…
Report: SOCAR Says Platforms Safe after Fire Offshore
Azerbaijan’s state energy company, SOCAR, said on Sunday its offshore gas platforms in the Caspian Sea were safe after media reports of a large fire in the area.Videos and photos published online showed smoke rising above the sea off the coast. Russia’s RIA news agency cited SOCAR as saying that an eruption of mud was the most likely reason for that, although it did not explain how it could cause a fire.“No incidents have happened at the offshore fields and industrial structures controlled by SOCAR…
LNG Prices Climb on Limited Supply
Asian spot liquefied natural gas (LNG) prices rose this week to their highest since February as buying interest from China remained firm and as supply is expected to be limited during maintenance in August.Spot prices for July delivery in Asia were at $9.60 per million British thermal units (Btu) this week, gaining 40 cents from the previous week and are at the highest for this time of the year since 2014.Higher oil prices had been deterring some buyers from snapping up cargoes in the spot market in recent weeks but some of them may now need to cover their requirements promptly…
Israel to Use Seaborne Missiles to Guard Gas Fields
Israel's military said on Wednesday it had developed a version of its Iron Dome missile interceptor system that can be fired from the deck of a cruising navy ship to protect its offshore gas platforms. The augmented defense system passed a live test two weeks ago when it shot down several short-range ballistic missiles from a moving boat, said Colonel Ariel Shir, the navy's head of operational systems. Israel has boosted its naval defences over the past decade after the discovery of sizeable natural gas deposits off its Mediterranean coast. While the biggest fields are far from shore, the gas flows to platforms in shallower waters that can be seen from the southern Israeli coast, putting them in range of the kinds of rockets fired by militants in the Gaza Strip.
Report: Hyundai Wins $900m Offshoe Order
According to a report on Yonhap News, Hyundai Heavy Industries won a $900m deal for offshore platforms and other facilities off the coast of Africa. Hyundai Heavy reportedly will build two offshore gas platforms and other facilities by the end of 2014. With the contract, Hyundai Heavy has won orders valued at $19.8 billion thus far this year.
Lloyd’s Register Americas Announces New Management Structure
Lloyd’s Register Americas, Inc. has strengthened its marine business organization to enhance the support it provides to clients throughout North and South America. With approximately 200 employees and a growing presence in the Americas, the strategically aligned management structure will help Lloyd’s Register sharpen its focus on client relationships and better facilitate the services it provides. Tim Protheroe has been appointed Senior Vice President - Americas Marine Business. He will have full executive responsibility for marine activities in the Americas and for implementing Lloyd’s Register’s global marine strategies in the region.
