SCF Registers Growth in Offshore Revenues
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…
Oil and Gas Projects to Triple in 2019
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…
Offshore Wind: Good Supply, Growing Demand
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.
ADNOC Awards USD1.36bln Contract
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…
Senegal Awards LNG, Oil Advisory Job to Doris Engineering
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.
US Oil and Gas Industry Confidence Surges
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…
Maurel & Prom Buys Shell's Stake in Venezuela
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…
Aker Solutions, Siemens Join Forces To Strengthen Digital Offerings
Norway's Aker Solutions has forged an alliance with the German technology giant Siemens to further develop digital offerings in engineering, operations and services.The global engineering company based in Oslo said that the collaboration focuses on the creation of software applications and joint service offerings including the development of industrial digital twins that will drive efficiency throughout the entire plant lifecycle.In addition, the companies will further develop specific offerings for the oil and gas sector based on Siemens' Comos engineering platform.
LNG Investment Set to Grow
Following years in the pricing doldrums, LNG is hot again, with business prospects for floating production and regasification looking strong through 2023. We talk to Jim McCaul of International Maritime Associates (IMA) for his insights, as he is fresh off of a 12-month stint investigating the market in depth."We wanted to take a fresh look at the market, to identify opportunities both in the production and regassification of LNG" is how McCaul, founder of IMA, best describes his team’s 12-month effort to study and report on the industry.
LNG Report: Floating Liquefaction & Regasification
International Maritime Associates has completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector. Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
IMA Completes 12-month Study of the Floating Liquefaction and Regasification Market
International Maritime Associates has just completed a 12-month study of the global market for floating gas liquefaction plants and floating LNG regasification terminals. The 150+ page study, published by World Energy Reports, is the most detailed analysis yet made of this growing business sector.Project Success EvaluationThe IMA study is the first professional effort to systematically look at the universe of FLNG and FSRU projects in the planning stage – and categorize the likelihood of each making the development investment hurdle.
DNV GL Raises the Standard for Thermoplastic Composite Pipes
DNV GL has launched a new standard that allows operators to choose thermoplastic composite pipes (TCP) instead of steel or traditional flexibles, enabling substantial cost reductions throughout the project lifecycle.After the successful and wide adaptation of the recommended practice (RP) DNVGL-RP-F119 by the industry for qualification of TCP for various applications from dynamic to static applications since its publication in 2015, the RP has now been converted to an official DNV GL standard DNVGL-ST-F119.
Beele Engineering Develops Fire Safe Plastic Transit System
Beele Engineering has developed a new range of HE plastic transit sleeves and frames to provide for the reliable and comfortable transit of cables and pipes and to provide for a fire-resistant, gas, smoke and watertight seal. The new transit sleeves and frames form part of the NOFIRNO system technology and can be used in various ways, including in sandwich panels.The HE plastic version enables Beele Engineering to offer solutions that are not only fire safe, but also light-weight.
Gas to Overtake Oil as Primary Energy Source by Mid-2030s
Nearly two-thirds (64%) of oil and gas sector leaders expect to increase or sustain spending on gas projects in 2018, as the sector prepares for gas to overtake oil as the world’s primary energy source in the mid-2030s. Confidence in the case for gas is growing, according to a survey by DNV GL, the technical advisor to the industry. The vast majority (86%) of the 813 senior industry professionals surveyed agree that gas - the least carbon-intensive fossil fuel - will play an increasingly important role in the global energy mix over the next decade, up from 77% last year.
Kvaerner Invests in New Quay at Stord
Kvaerner said it plans to invest NOK 370 million ($46.8 million) in a new quay at the company's facility at Stord. "The objective for this upgrade will be to make the facility more flexible. We invest now to strengthen our competitiveness, and this extension will position Kvaerner for deliveries of new solutions to both oil and gas projects and other market segments," said Kvaerner president & CEO, Jan Arve Haugan. The investment is subject to approval by Kvaerner's Board of Directors within a short period of time.
Exxon, Petrobras Form Alliance to Develop Oil, Gas Projects
Exxon Mobil Corp and Petróleo Brasileiro SA, Brazil's state-controlled oil producer also known as Petrobras, said on Thursday they had formed an alliance to develop energy projects around the world. The deal, which was signed in Rio de Janeiro, will have the companies study ways they can cooperate on exploration, production and chemical ventures inside and outside of Brazil. The deal comes two months after Exxon and Petrobras were jointly awarded six oil-rich blocks in Brazilian coastal waters. (Reporting by Ernest Scheyder; editing by Diane Craft)
CERCG Looking to Ship LNG from Australia's West to East
State-owned China Energy Reserve and Chemicals Group (CERCG) on Monday said it is investigating whether to ship liquefied natural gas (LNG) from Western Australia to the gas-hungry east coast market. The Chinese integrated energy firm, which runs oil and gas projects, processing plants and gas distribution, said in a press release to Reuters that subsidiary CERCG Australia is studying the viability of transporting LNG by road, rail and ship. CERCG Australia's business manager Kevin Gao said the company would use LNG container tanks which can maintain liquefaction for 110 days. "It should be possible for us to ship 100 or 200 of our 40-foot ISO containers, each containing 18 tonnes of LNG, from Australia's West Coast to customers on the East Coast," he said on Monday.
Maersk Oil, Partners Approve USD 3.2bln Tyra Gas Project
Maersk Oil has announced that the Danish Underground Consortium (DUC) has approved an investment of approximately 21bn DKK in the full redevelopment of the Tyra gas field. The announcement follows the Danish Parliament’s approval to implement legislation to secure the investment. The redevelopment of Tyra ensures continued production from Denmark’s largest gas field, and will protect and rejuvenate important Danish North Sea infrastructure. Today’s announcement represents the largest oil and gas project investment ever made in the Danish North Sea…
Inside the World's First LNG Containership Conversion
The world’s first container feeder vessel refit to use natural gas was commissioned in late August in Bremerhaven, ushering in a new era in the use of alternative fuels across the global maritime sector. The container vessel Wes Amelie, owned by Wessels Reederei, Haren/Ems, was converted for the use of methane as a standard fuel at the German Dry Docks Shipyard in Bremerhaven, making it the world’s first of its kind vessel which consumes environmentally friendly methane. This conversion is more than simply another environmentally advanced ship…
LNG Sellers, Asian Buyers Spar Over Contract Terms
A spat brewing between Qatar, the world's No.1 producer of liquefied natural gas (LNG), and its biggest customers in Japan underscores rising tensions between buyers and sellers of the super-chilled fuel as a supply glut unbalances the market. Importers of LNG having been pushing for greater benefits amid the surplus, signing new, cheaper contracts that give them more flexible terms, while exporters try to preserve long-term supply deals written in their favour during tighter markets.
Lloyd's Register: Maritime Grows in the Americas
As the global maritime market remains mired in a slump, Lloyd’s Register continues to expand rapidly in the Americas market where it sees green fields of opportunity. Mark Darley, President—Americas Marine for LR, recently sat with Maritime Reporter & Engineering News to explain the strategy to conduct business over a broader range of segments and services and grow LR’s presence in the Americas. Mark Darley, President—Americas Marine for Lloyd’s Register is an industry veteran with nearly two decades of maritime experience under his belt…
Oregon County Won't Block LNG Terminal
A coastal Oregon county overwhelmingly rejected a ballot measure aimed at blocking a proposed natural gas terminal dealing a blow to what was the latest in a series of efforts to thwart energy projects across the Pacific Northwest. The measure, had it passed, would have banned transport of fossil fuels not intended for local use through Coos County, located about 200 miles (322 kms) south of Portland. Around 76 percent of votes were cast against the measure, with 24 percent in favor, according to unofficial results posted on the Coos County government website late Tuesday.
Oregon County Mulls LNG Terminal Ban
A coastal Oregon county will vote Tuesday on a ballot measure to block a proposed natural gas terminal, the latest in a series of efforts to thwart energy projects across the Pacific Northwest. The measure would ban transport of fossil fuels not intended for local use through Coos County, located about 200 miles (322 kms) south of Portland. Backers have called the initiative a response to a $7.6 billion proposal by Calgary-based Veresen Inc, to build a facility in the county where natural gas would be liquefied and transferred to tanker ships for sale abroad.