Gas Projects News

03 Feb 2020

Russia Leads E&P Race in Arctic Region

Image: GlobalData

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report, ‘Arctic Exploitation’, discusses how Russia is keen on hydrocarbon appraisal and…

20 Jan 2020

Oil, Gas Players Optimistic on Profits

Liv A. Hovem, CEO, DNV GL - Oil & Gas

Companies  in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL.While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies from the past five years to make margin.Some 64% predict their organizations will hit profit targets this year (largely consistent with 62% in 2019)…

18 Nov 2019

Oil Majors to Raise $27Bln in Selling Spree

Pic: Rystad Energy

Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of pleasing shareholders who are calling for stricter capital discipline.“The expected transactions mean some of the majors are poised to exit certain regions…

30 Oct 2019

Oilfield Services Firms Moving Beyond Oil

Graph: Rystad Energy

Heavyweight oilfield service providers like Saipem and Baker Hughes are moving past just oil and gas projects and embracing more renewable energy projects going forward.In 2014, non-upstream oil and gas activities accounted for 22% of revenues among service suppliers. This share grew to 27% in 2018.According to Rystad Energy, the trend to accelerate in the next decade.“If pure-play contractors within drilling, well services and seismic – which don’t have much to offer outside the upstream oil and gas industry – are removed from the equation…

15 Oct 2019

Small Scale FSRU: Think Smarter Not Bigger

© dmplot/Shutterstock

The global search for lower carbon forms of energy and demand for cost-effective ways to serve power demand in emerging markets and remote locations is driving interest in floating storage and regasification units (FSRU).FSRUs are a faster and more flexible way to import natural gas to power-constrained places, so demand for the units is increasing and the business case for owning them is growing stronger.Their model for supplying energy and transport fuel is historically well proven: they offer faster development timelines and lower initial capital costs compared to onshore regasification…

24 Sep 2019

Equinor to be ‘Offshore Wind Major’

Graph: Rystad Energy

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…

24 Sep 2019

Sovcomflot Elects New Chairman and New CEO

Sergey Frank (Photo: Sovcomflot)

On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.

09 Sep 2019

Gazprom, Kogas for Tighter LNG Cooperation

Hee-Bong Chae and Alexey Miller at meeting. Photo: Gazprom

Russian oil and gas company Gazprom Neft has announced that a working meeting has been held between Alexey Miller, Chairman of the Gazprom Management Committee, and Hee-Bong Chae, President and Chief Executive of KOGAS.The meeting participants reviewed the state and prospects of cooperation between the companies, highlighting the stability of LNG supplies under the contract between Sakhalin Energy Investment Company Ltd. and KOGAS.The parties expressed interest in further expanding…

05 Sep 2019

India and Russia Sign Energy Deals

IndianPrime Minister, Narendra Modi and the President of Russian Federation, Vladimir Putin at the Joint Press Statements, at Vladivostok, in Russia on September 04, 2019. Photo: PIB

India and Russia have agreed on a five-year roadmap to step up cooperation in the hydrocarbon sector, including investment, not only in exploration and production in each other's oil and gas fields but also in downstream projects.India invited Russian companies to invest in its oil refining and petrochemical projects as the two nations vowed to increase energy cooperation going beyond LNG supplies and stakes in Russian oil and gas fields.According to a joint statement issued after India Prime Minister Narendra Modi's annual bilateral summit with Russian President Vladimir Putin in Vladivostok…

29 Aug 2019

Revenues Soar at Russia’s PAO Sovcomflot

Sergey Frank, President and CEO, PAO Sovcomflot. Photo: Sovcomflot.

PAO Sovcomflot (SCF Group), which serves the energy shipping and offshore services to the oil and gas industries, reported in the first half of 2019 revenues rose 16.6% ($828m vs. $710.1m), TCE revenue rose 19.1% ($609m vs. $511.3m) and EBITDA rose 42.4% ($381.2m vs. $267.7m) as compared to the first half of 2018.Highlights from the first half included:• Korolev Prospect, Vernadsky Prospect and Samuel Prospect LNG-fuelled 114,000 DWT Aframax tankers added to the fleet.•In March 2019, the Group celebrated the 10th anniversary of the start of LNG shipments from the Sakhalin-2 project.

29 Jul 2019

Sovcomflot Orders 3 LNG MR Product Tankers

Image: Sovcomflot

Russian maritime shipping company PAO Sovcomflot approved transactions with Zvezda Shipbuilding Complex (Primorsky Region) and a subsidiary of JSC VEB Leasing to place orders for the construction of three new-generation MR product carriers using LNG as their main fuel.The vessels will be chartered to a subsidiary of PJSC NOVATEK under twenty year time-charter agreements, said a press release from the state-owned firm specializing in LNG shipping.Sergey Frank, President and CEO of Sovcomflot…

23 Jul 2019

Regulatory Crewing Challenges for Offshore Wind Vessels

Photo: © halberg/Adobe Stock

Every day we see more and more news about how the planning for new offshore wind projects continues to expand with the increasing investment from both domestic and foreign interests in these projects. This is resulting in both developers and contractors making logistics plans to secure vessels and crew for the purposes of meeting the demands necessary to crew and operate vessels in support of future wind farm operations. Unfortunately, there are challenges associated with the…

07 Jun 2019

Chinese, Russian Majors Ink Arctic LNG Deal

Photo: Sovcomflot (SCF Group)

Russia's second largest natural gas producer Novatek, Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot, Chinese state-owned shipping and logistics services supplier company COSCO Shipping Corporation Limited, and the Chinese government owned investment fund Silk Road Fund, signed a four-party agreement to establish a joint venture Maritime Arctic Transport LLC.The focus of the Maritime Arctic Transport joint venture is to manage an icebreaking tanker fleet of Arctic ice-class vessels…

15 May 2019

Russia: Sovcomflot Posts Strong Q1 Profit

Pic: PAO Sovcomflot

Russian maritime shipping company specializing in petroleum and LNG shipping, PAO Sovcomflot (SCF Group) has posted $70.1m in profit for the first quarter ended 31 March 2019.Sergey Frank, President and CEO of PAO Sovcomflot said: “Sovcomflot started 2019 with a strong Q1 performance, boosted by a return to profitability in our conventional crude and product tanker markets following an upswing in the first months of 2019. Profits from our crude fleet in particular increased 53…

14 May 2019

Global Energy Investment Totals $1.8trln in 2018

Pic: International Energy Agency

Global energy investment totalled more than USD 1.8 trillion in 2018, a level similar to 2017, said the International Energy Agency (IEA).The investment stabilised in 2018, ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables.IEA's latest annual review said that for the third year in a row, the power sector attracted more investment than the oil and gas industry.The biggest jump in overall energy investment was in the United States…

17 Apr 2019

Warren as Prez Would Ban New Offshore Drilling

Source: www.warren.senate.gov

U.S. presidential candidate Elizabeth Warren said she would ban all fossil fuel extraction on federal land and in coastal waters, setting herself apart from a crowded field of Democratic hopefuls who have made climate change a central campaign issue but have yet to outline specific policies. Warren said in a post on Medium that she would sign an executive order on her first day in office for a "total moratorium on all new fossil fuel leases including for drilling offshore and on public lands." "We must not allow corporations to pillage our public lands and leave taxpayers to clean up the mess…

18 Mar 2019

SCF Registers Growth in Offshore Revenues

Image: SCF Group

The energy shipping company PAO Sovcomflot (SCF Group) has managed to increase its revenue base and achieved a profit of USD 11.9 million against a USD 106.2 million loss in 2017.The annual results reflected a strong contribution from the industrial shipping business (comprising offshore services and LNG transportation). These activities now account for 57.2 per cent of the Group’s TCE revenues (up from a 50.9 per cent share in 2017).Taking into account the challenging conditions in the conventional tanker markets…

24 Feb 2019

Oil and Gas Projects to Triple in 2019

Map: Rystad Energy

A surge in final investment decisions (FIDs) this year on new petroleum projects worldwide could see sanctioned volumes of oil and gas – excluding shale and tight oil and gas prospects – nearly triple compared to last year’s tally.The collective volumes could swell past 46 billion barrels of oil equivalent (boe), according to research conducted by Rystad Energy.“We expect global FID volumes in 2019 to triple over last year, and 2019’s megaproject awards could lead to billions of subcontracting dollars in coming years…

13 Feb 2019

Offshore Wind: Good Supply, Growing Demand

© iweta0077/AdobeStock

In its 2019 “Annual Energy Outlook” the US Energy Information Administration (EIA) projects that electric generation from renewables (wind, solar, hydro) will go from 500 billion KWh in 2018 to 1500 billion KWh in 2050, just 30 years from now.“The AEO highlights the increasing role of renewable energy in the US generation mix,” said EIA Administrator Linda Capuano. “Solar and wind generation are driving much of the growth. In fact, our reference case projects that renewables will grow to become a larger share of U.S.

07 Feb 2019

ADNOC Awards USD1.36bln Contract

Image: ADNOC

State-owned Abu Dhabi National Oil Company has awarded a contract worth Dh5 billion (USD1.36bln) to a UAE-based company for dredging, land reclamation and marine construction for artificial islands being developed as part of its offshore ultra sour Ghasha concession.The contract awarded to the UAE’s National Marine Dredging Company (NMDC) is valued at AED 5 billion (US 1.36 billion) and will achieve substantial In-Country Value of over 70 percent. The Ghasha Concession consists of the Hail…

23 Dec 2018

Maurel & Prom Buys Shell's Stake in Venezuela

Image: Shell Global

Paris-based Maurel & Prom announced that it has acquired Shell Exploration and Production Investments' 40% interest as Shareholder B in Petroregional del Lago Mixed Company, which operates the Urdaneta West field in Lake Maracaibo, Venezuela.Maurel & Prom said further that all condition precedents have been satisfied and that the acquisition has been completed.The total consideration for the acquisition of Shell's shares in the Mixed Company is EUR70 million, funded from Maurel…

21 Jan 2019

US Oil and Gas Industry Confidence Surges

Frank Ketelaars, Regional Manager, the Americas, DNV GL - Oil & Gas. Photo: DNV GL

Senior oil and gas professionals in the United States are among the world’s most confident about the outlook for the sector in 2019, as companies prepare for significant increases in capital expenditure (capex) over the coming months.According to a new research published by DNV GL, 85% of sector leaders in the US are optimistic about the industry’s growth prospects in the year ahead, up sharply from 60% in 2018. This compares with three quarters (76%) reporting confidence among respondents globally.Full of confidence…

27 Jan 2019

Senegal Awards LNG, Oil Advisory Job to Doris Engineering

Image: Doris Group

French engineering services provider Doris Engineering has been awarded an advisor contract by the Senegalese ministry of petroleum and energies for the development of oil & gas projects offshore Senegal.This two-year mission consists in reviewing the optimization and the robustness of the field development performed on these projects to be in line with the Ministry expectations. It focuses on two projects: Grand Tortue Ahmeyim, operated by BP, and the SNE project, operated by Woodside.Grand Tortue Ahmeyim is located at the border between Senegal and Mauritania and lies in ultradeep-water.

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