Gas Reserves News

10 Sep 2019

Natural Gas to be 29% of World’s Energy Supply by 2050

Image: DNV GL

The global oil demand will peak in the mid-2020s and gas demand will keep rising to 2033, says DNV GL.Gas demand will then plateau, and the fuel will remain dominant until the end of the forecast period in 2050, when it will account for over 29% of the world’s energy supply, it said.Significant investment will be required to ensure production meets demand, including realising the potential from stranded gas reserves and for reserve replacement. DNV GL forecasts global upstream gas capital expenditure to reach USD 737 billion (bn) in 2025…

22 Aug 2019

Privinvest’s Deliveries to Mozambique: A Model for Africa

About the Author: Gary Roughead, Admiral, U.S. Navy (Retired), is a former chief of U.S. Naval Operations and former Commander of the U.S. Pacific Fleet.

Media reports about Mozambique’s failure to launch a fishing and security fleet and its subsequent $2 billion debt default seem destined to torpedo, or at least set back similar efforts to build needed coastal security and national fishing fleets across Africa. That must not happen.The systems and equipment Mozambique bought a few years ago from shipbuilder Privinvest could serve as a template for coastal African nations seeking to rightfully benefit from their natural resources…

21 Aug 2019

African LNG to Attract $103Bln in 2019

Pic: GECF

With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential, said Gas Exporting Countries Forum (GECF).Africa is an exciting frontier in the global natural gas sector. The continent holds 7.1 percent of proven global gas reserves and is expected to contribute nearly 10 percent of global production growth through to 2024.Nigeria accounts for over 50 percent of current LNG production capacity on the continent.

02 Aug 2019

Seismic Solutions Market to Reach $890mln by 2024

Image: PGS

The global offshore oil and gas seismic equipment and acquisitions solutions market stood at around $660 million in 2018 and is forecast to grow at a CAGR of 5% to cross $890 million by 2024.According to a report by ResearchAndMarkets, the growth of global offshore oil and gas seismic equipment and acquisition solutions market is majorly attributable to rising investments in oil & gas exploration activities, stability in crude oil prices and an increasing number of strategic partnerships.Moreover…

26 Jul 2019

Jereh Builds 10 LNG Fuelling Stations in Russia

 Signing ceremony between Jereh and Russian client. Photo: Jereh group

Chinese oil and gas company Jereh has announced that it has won a contract to construct 10 new LNG fueling stations in Russia.According to a statement from the company, it won the bid for 10 LNG fueling stations in Russia, which is believed to be the biggest order for LNG fueling within Russian market till now.Jereh is going to provide integrated services for this project covering modular design, procurement, manufacture, as well as commissioning. Its total fueling capacity is estimated to reach 500 million liter one year…

12 Jun 2019

Philippines Denounces Chinese Fishing Boat for Collision

The Philippines on Wednesday denounced the crew of a Chinese fishing boat that collided with a Philippine vessel and left 22 Filipino fishermen abandoned in the disputed South China Sea.The collision took place near the Reed Bank on Sunday, the defence ministry said, adding that a Vietnamese fishing boat rescued all the fishermen."We denounce the actions of the Chinese fishing vessel for immediately leaving the incident scene, abandoning the 22 Filipino crewmen to the mercy of the elements," Defence Secretary Delfin Lorenzana said in a statement.Reuters could not independently verify the Philippine account of the collision. China’s foreign ministry did not immediately respond to requests for comment.China…

10 Jun 2019

Exmar Commissions Tango FLNG

Image: Exmar

Belgian owner and operator of gas carriers Exmar has completed the commissioning of the 16,100 cbm Tango floating liquefaction unit (FLNG).The performance acceptance tests has been successful, the first cargo has been offloaded and will be exported out of Argentina, said a release from the provider of specialized floating assets.With this first shipment the start-up of the Tango FLNG is accomplished in a record time following the contract signing in November 2018 and delivery acceptance of the unit in Bahia Blanca in February 2019.

15 Apr 2019

1000 Km of the Nord Stream 2 Pipeline Laid

Image: Nord Stream 2

1000 km of the Nord Stream 2 pipeline has now been laid in the Baltic Sea in Finnish, Swedish and German waters.Two Allseas pipelay vessels - Pioneering Spirit and Solitaire - are currently installing the pipeline in Swedish waters.Some twenty vessels are currently being engaged in the project in the Baltic Sea, with nearly 1,300 people working on board the pipelay, pipe supply and survey vessels.Another milestone was also reached last week, when the project’s coating and logistics contractor Wasco completed concrete weight coating of its share of the steel pipes in its plant in Kotka…

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

Pic: Saipem

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative…

27 Feb 2019

Keppel, Golar to Build FLNG Facility

Image: Keppel Corporation

Keppel Corporation will partner liquefied natural gas (LNG) shipping company Golar LNG  to develop a floating LNG facility (FLNG) facility to be located on the Mauritania and Senegal maritime border.Keppel will partner Golar by subscribing for 30 per cent in Gimi MS Corporation, through Keppel's indirect wholly owned subsidiary First FLNG Holdings (FFH). The remaining 70 per cent in Gimi MS Corporation will be subscribed by Golar.Gimi MS will build and operate the facility, said the company.Keppel and Golar have previously partnered on the FLNG Hilli Episeyo…

20 Feb 2019

Keppel Delivers Jack-up Rig to Grupo R

Image: Keppel Corporation

Singapore's Keppel FELS has delivered the jackup rig, Cantarell IV, to Grupo R with a perfect safety record.The wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) said that as part of the deal, Grupo R has entered into a sale and leaseback agreement with FELS Asset, another wholly-owned subsidiary of Keppel O&M.FELS Asset will purchase the rig from Grupo R for US$179m which is equivalent to the balance contract value of the rig. Cantarell IV will be leased back to Grupo R on a bareboat charter at competitive day rates over five years.

06 Feb 2019

Exmar's Tango FLNG Arrives in Argentina

Tango FLNG arrived in Argentina. Image: Exmar

Belgian shipowner Exmar said its first floating LNG (FLNG) production unit Tango FLNG, to be renamed Tango FLNG, has berthed in Bahia Blanca, Argentina.The Nicolas Saverys-led shipowner said in a press release that the Caribbean FLNG will stay in Bahia Blanca and produce LNG for export for YPF over a ten-year period.After contract signing in November 2018, the unit was transported from China to Argentina onboard a heavy lift vessel.The next major project milestone will involve outfitting and commissioning the unit.

23 Jan 2019

Offshore Upswing: CNOOC Spend Highest Since 2014

© xmentoys/AdobeStock

China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10.3 billion to $11.8 billion) on exploration and production, CNOOC said in a press release on Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.Beijing has called…

04 Jan 2019

Small LNG Projects Crucial for Market: Drewry

Graph: Drewry Maritime Research

Low prices, abundant supply and an aggressive shift towards cleaner gas for energy generation are creating strong demand for LNG, not just from large buyers, but also from small importers, said Drewry.In its market opinion report, Shefali Shokeen, Senior Research Analyst, Drewry Maritime Research said that small-scale LNG projects (production and regasification capacity of less than 500,000 tonnes per annum) have reduced capex and are suitable for countries with low LNG consumption.For example Gibraltar has set up a small LNG import terminal with a total storage capacity of 5…

06 Dec 2018

ESVAGT Eyes Arctic Opportunities

Esvagt Aurora (Photo: ESVAGT)

Offshore vessel owner ESVAGT says it has set its sights on growth opportunities in Arctic regions where an uptick in oil and gas production is expected in coming years. In the Barents Sea, for example, the Norwegian Petroleum Directorate as recently as 2017 updated its evaluation of the area’s oil and gas reserves to over 17 billion barrels, a doubling compared to prior estimates.ESVAGT says it possesses the particular skillset and assets required for operations in the Arctic."It is on many levels challenging to work in the Arctic regions…

21 Nov 2018

Gazprom to Review Shale Gas and LNG Sectors

Sakhalin II LNG plant. Photo: Gazprom

Russian energy giant Gazprom revealed that there is still a high level of uncertainty in the long-term forecasts for U.S. shale gas production. It also said that the number of LNG-consuming countries would grow in the long term.Gazprom's Board of Directors took note of the information about the prospects of the shale gas and liquefied natural gas (LNG) sectors around the world, as well as the opportunities and threats facing the Company.The oil and gas company focused on the business of extraction…

21 Nov 2018

Exmar Bags FLNG Contract from YPF

Pic: Exmar

Belgium's Exmar and YPF of Argentina announced the signing of a firm, ten-year agreement to deploy Exmar’s barge-based floating LNG liquefaction unit (FLNG) currently known as Caribbean FLNG to produce and export LNG from the Vaca Muerta source at the Neuquén Basin in Argentina.The project marks the entry of Argentina to the select club of global LNG exporting nations, with an initial plan to export 500,000 tons of LNG per year to overseas markets.Exmar’s FLNG barge will be named Tango FLNG and be deployed to the port of Bahia Blanca.

18 Nov 2018

PGS Offers Seismic Vessel to Japan

Image: PGS

Norwegian seismic services provider Petroleum Geo-Services (PGS) has offered to sell the Ramform Sterling vessel to the Japan Oil, Gas and Metals National Corporation (JOGMEC).The seismic services that help oil companies to find oil and gas reserves offshore worldwide said in a press release that it had been informed that JOGMEC, an incorporated administrative agency of Ministry of Economy Trade and Industry, is the preferred tenderer and that negotiations would be initiated with the aim of concluding necessary contracts."PGS has now been informed that the Company is the preferred tenderer…

15 Nov 2018

MENA Region to Lead Global Oil and Gas for Decades to Come: DNV GL

(L-R) Ben Oudman, Regional Manager, Central Europe, Middle East and India, DNV GL - Oil & Gas and Jan Zschommler, Manager, Middle East, DNV GL - Oil & Gas. Pics: DNV GL

The world will need less energy from the 2030s onwards, but it will still require a significant amount of oil and gas in the lead-up to mid-century according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050.The report says, the Middle East and North Africa (MENA) region will remain the main global supplier of oil and gas for decades to come."Among its forecasts for 10 global regions, DNV GL’s Outlook sees the MENA region accounting for most onshore conventional gas production in the lead-up to 2050…

12 Nov 2018

Total Wins 40% Stake in Unconventional Gas Concession

Photo: Abu Dhabi National Oil Company

Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030, said in a press release that it will retain a 60% stake in the concession.Under the terms of the agreement, Total will explore, appraise and develop the concession area’s unconventional gas resources.The agreement…

09 Nov 2018

UK: Enough Oil and Gas Reserves for the Next 20 Years

Image: Equinor

The UK has enough oil reserves to sustain production for the next 20 years and beyond, new figures indicate.A report published by the UK Government suggests that the overall remaining recoverable reserves and resources in the North Sea range from 10 to 20 billion barrels plus of oil equivalent.The Oil and Gas Authority (OGA) has estimated that production could last beyond the next two decades if additional undeveloped resources can be matured. The figures were calculated based on production estimates taken from the UK Continental Shelf (UKCS).In 2017…

22 Oct 2018

ABS Awards AIP to HHI’s Deepwater FLNG Hull

Newbuilding Conversion FLNG design to deliver significant cost savings. Image: ABS

ABS granted Approval in Principle (AIP) to Hyundai Heavy Industries’ (HHI) Deepwater Floating Liquefied Natural Gas (FLNG) hull design.HHI advises the Newbuilding Conversion FLNG hull design for offshore application can be constructed for about 80 percent less than the cost of a conventional FLNG hull. It is based on LNG carrier designs combined with the requirements for FLNG production, such as structural reinforcements to take topside module load and a hull designed to allow…

07 Oct 2018

Total, Sonatrach Strengthen Cooperation in Natural Gas

Map: Total

French energy group Total and Algerian state-owned firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture.The new concession contract to jointly develop the Erg Issouane gas field located on the TFT Sud permit, signed by Sonatrach, Total and Alnaft (the National Agency for the Valorization of Hydrocarbon Resources).The TFT Sud permit is located south of the Tin Fouyé Tabankort (TFT) field, of which Total is a long-standing partner.

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

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