LNG Prices Could Stay High for a Few Years, Woodside CEO Says
Woodside Energy Group, Australia's top independent natural gas producer, sees liquefied natural gas (LNG) prices staying high for a few years as the market adjusts to supply disruptions after sanctions on Russia for its Ukraine invasion."With the invasion, we are seeing the world try to move away from Russian hydrocarbons and that means that demand for LNG from places like Australia is up," Woodside Chief Executive Meg O'Neill said."We do expect ... prices to remain elevated for the next yearâŚ
Santos Selects Altera for Dorado FPSO FEED
Australian oil and gas company Santos has awarded the FEED contract for the FPSO for the Dorado project offshore W. Australia to Altera Infrastructure.Located in the Bedout Sub-basin, Dorado is an oil and gas project which is planned to be developed in two phases. The initial development involves the production of oil and condensate through a wellhead platform (WHP) and FPSO. Gas will be reinjected in the initial phase to enhance oil and condensate recovery, followed by a planned future phase of gas production to backfill Santosâ domestic gas infrastructure in WA.According to SantosâŚ
BP Charters Solstad Offshore Vessel Trio for Ironbark Drilling Support
BP has chartered Solstad Offshore's three offshore support vessels to support its Ironbark drilling campaign in Australia.Norway's based offshore vessel owner Solstad Offshore said Monday that BP had awarded contracts for two anchor handling tug and supply vessels Normand Saracen and Far Senator, along with the platform supply vessel Normand Leader.The vessels will be working with Diamond Offshore's semi-submersible drilling rig âOcean Apexâ throughout the one well campaign, estimated at approximately 90 days duration.
Transborders Energy, SBM Offshore in FLNG Pact
Australia's Transborders Energy, a company working to develop an FLNG solution for marginal field development, has signed a partnership agreement with the floating production solutions giant SBM Offshore.Perth-based Transborders said Sunday that the two companies would co-pursue the deployment of Transbordersâ FLNG Solution on a range of stranded offshore gas resource opportunities.Transborders has said that its FLNG Solution provides a pre-engineered one point five (1.5) millionâŚ
U.S. Needs to Revive Shallow-Water GoM E&P
The US should define the Gulf of Mexico Shallow Water Province as a distinct entity to avoid stranding more than $20 billion of its oil and gas resource, said a new research.According to a research from the Bureau of Safety and Environmental Enforcement (BSEE) and Bureau of Ocean Energy Management (BOEM) the GOM Shallow Water Province, comprised of water less than 200 meters deep, is a historically energy-rich area which now produces natural gas, accounting for 33% of the gulfâs gas production and just over 10% of its oil production.Production and infrastructure investment used to be substantially higher in the Shallow Water ProvinceâŚ
Transborders Signs up MOL on FLNG Solution
Perth-based company Transborders Energy has entered a Joint Study Agreement (JSA) to work with Japan's Mitsui OSK Lines (MOL) to together continue the development of its Floating LNG (FLNG) Solution and to pursue its deployment on a range of stranded offshore gas resource opportunities.Transbordersâ FLNG Solution provides a pre-determined 1.3 MTPA FLNG development concept with a package of streamlined commercial & regulatory approval framework (including LNG buyers) to gas resource owners. Transbordersâ Chairman Jack Sato says, âWe are very pleased to welcome MOL as a strategic partner to our FLNG Solution. In addition to Kyushu Electric Power Company in JapanâŚ
Japanese, Australian Firms Join for FLNG Project
Australia's Transborders Energy announce it has entered into a Joint Study Agreement with Japanese utility Kyushu Electric Power Co., Inc. and its affiliate Kyushu Electric Australia Pty Ltd (Kyushu). The Joint Study Parties will work together to develop a Floating LNG (FLNG) Solution and pursue the deployment on a range of stranded offshore gas resource opportunities.Transbordersâ FLNG Solution is a pre-determined FLNG and wells tie-back development concept with a package of streamlined commercial and regulatory approval frameworks.Transbordersâ Chairman Jack Sato says, âTransbordersâ goal is to unlock stranded gas resources, develop a new LNG supply source, and offer alternative LNG solutions.
Prelude FLNG Ships First LNG Cargo
The first shipment of liquefied natural gas (LNG) has sailed from Shellâs Prelude floating LNG (FLNG) facility offshore Australia, Shell announced Tuesday alongside its joint venture partners INPEX, KOGAS and OPIC.This shipment from the worldâs largest floating producer of LNG, located 475 kilometers northeast of Broome in Western Australia, will be delivered by the LNG carrier Valencia Knutsen to customers in Asia, more than eight years after financial investment decision (FID) and nearly two years after the facility arrived in Australia."How fast Prelude delivers its second and third cargoâŚ
Chevron Buys Anadarko for $50Bln
Chevron, the second-largest US oil and gas company, has agreed a $50bn deal to buy Anadarko Petroleum (APC) in a massive deal that will bolster its natural gas and shale operations.The cash and stock deal announced Friday values Anadarko at $65 per share, 39% higher than the oil company's closing stock price on Thursday. Based on Chevronâs closing price on April 11, 2019 and under the terms of the agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. The total enterprise value of the transaction is $50 billion.The acquisition of Anadarko will significantly enhance Chevronâs already advantaged Upstream portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins.
US to Become Third Largest LNG Exporter in 2019
The coming year is expected to make the U.S. the third largest exporter of liquefied natural gas (LNG) in the world, creating jobs stateside while reducing emissions and providing reliable energy to countries around the world, said American Petroleum Institute (API).API, Center for LNG, and LNG Allies, the three national trade associations specializing in U.S. LNG, today issued a first-of-its-kind joint statement on the extraordinary developments expected in U.S. LNG in 2019.Todd Snitchler, Vice President of Market Development at the American Petroleum Institute, said: âThe dramatic expansion of U.S. LNG exports since 2016 continues to deliver tremendous benefits across America and around the world.
Petronas Buys Stake in Canadian LNG Export Project
Malaysia's state-owned oil and gas company Petroliam Nasional Bhd said on Thursday it is buying a 25 percent stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.The company, known as Petronas, scrapped plans to build a $36 billion ($28 billion) LNG export terminal in British Columbia last year over concerns of a glut in the market that led to depressed fuel prices.But surprisingly strong demand from China, South Korea and India has erased those concernsâŚ
Huisman Cuts First Steel on COOECâs 325mt VLS
On Monday, December 21, Huisman, the worldwide specialist in lifting, drilling and subsea solutions, held a steel cutting ceremony together with COOEC, a subsidiary of CNOOC, for their new pipelay system at the Huisman facility in China. It is a 325mt Vertical Lay System for flexible pipe. It will be the first Vertical Lay System ever operated and owned by a Chinese company. The tower will be installed on board of the offshore construction vessel HYSY286, and together with the earlier supplied 400mt deep water mast crane of HuismanâŚ
US Could Eliminate Energy Imports -EIA
EIA's AEO2015 projects that U.S. The Annual Energy Outlook 2015 (AEO2015) released today by the U.S. Energy Information Administration (EIA) presents updated projections for U.S. energy markets through 2040 based on six cases (Reference, Low and High Economic Growth, Low and High Oil Price, and High Oil and Gas Resource) that reflect updated scenarios for future crude oil prices. "EIA's AEO2015 shows that the advanced technologies are reshaping the U.S. energy economy," said EIA Administrator Adam Sieminski.
Change in CEO at Golar LNG
Golar LNG Limited today announced that Doug Arnell has decided to step down as CEO of Golar on February 1, 2015. Mr. Arnell's decision is driven by a personal wish to return with his family to his home country of Canada. Mr. Arnell will be succeeded by Gary Smith, who is well known to Golar and who brings with him a track record of leadership and operational management success in the mid-stream oil and gas, shipping and LNG businesses. Mr. Smith's career spans 35 years, including 25 years with Shell and Caltex Australia (a Chevron affiliate) in roles including General Manager LNG Shipping for Shell (STASCO) and General Manager Refining, Supply and Distribution for Caltex Australia.
BOEM to Gather Data on Potential Oil & Gas Areas
As part of its commitment to a regionally tailored approach to safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM) today issued a Call for Information and Nominations for potential Oil and Gas Lease Sale 242, proposed for the Beaufort Sea Planning Area off Alaska in 2017. The 45-day Call seeks to gather information about specific areas within the Beaufort Sea Planning Area that have the most promising oil and gas resource potential, while also increasing the agencyâs understanding about environmentally sensitive habitats and important social and cultural uses â including vital Alaska Native subsistence activities â that also exist within the area.
Natural Gas as Bridge Fuel
Following a recent UN report on climate change mitigation, which laid out a raft of potential changes to the global energy system, headline writers concentrated on the massive shift to renewable energy outlined in the report. Douglas Westwood points out, however, there was also a notable shift in tone on natural gas. The UN report expressly talks about the potential for clean-burning natural gas to be used as a âbridge fuelâ, buying the world precious time to make the difficult shift to even cleaner forms of energy.
LNG Foes go to the Mat in Maryland
Maps of Indian and Japanese ports paper the walls of a Dominion Resources Inc conference room in a small Maryland town, population 1,835, known more for crabbing and bird watching than global trade and the U.S. natural gas revolution. Dominion, an American energy company long focused on U.S. markets, hopes to begin an expansion worth billions of dollars at its Cove Point complex on Chesapeake Bay later this year. As part of the plan, compressors fired by a new power plant would cool gas to -260 degrees F (-162 C) until it becomes the hot global commodity known as liquefied natural gas, or LNG. But if environmentalists, including a group that has led the charge against TransCanada Corp's long-delayed Keystone XL oil pipeline, get their way, Dominion won't soon be shipping anything anywhere.
Ziff Issues North American Gas Report
Ziff Energy, a Division of HSB Solomon Associates LLC, released a report titled âNorth American Ultimate Potential Gas Resource.â The report presents the ultimate resource potential for Appalachia, the Gulf Region, the Mid-Continent/Permian basin, the Pacific, Alaska and Canada. It features a breakdown on the remaining resource of undiscovered conventional gas, tight gas, shale gas and coalbed methane. The report also includes details of Ziff Energyâs methodology for resource estimation of selected plays. âZiff Energy has created preliminary estimates of the technically recoverable ultimate potential of Montney, Horn River, Liard, and Duvernay plays,â said Simon Mauger, P.Geol., Director, Gas Supply and Economics, and report author.
BOEM Proposes Eastern Gulf of Mexico Lease Sale
As part of President Obamaâs all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, the Bureau of Ocean Energy Management (BOEM) today announced that it will hold Gulf of Mexico Eastern Planning Area oil and gas lease sale 225 in New Orleans on March 19, 2014, immediately following the proposed Central Planning Area (CPA) Sale 231. Proposed Sale 225 is the first lease sale proposed for the Eastern Planning Area under the 2012 â 2017 Outer Continental Shelf Oil and Natural Gas Leasing Program, and the first sale offering acreage in that area since Sale 224, held in March of 2008. âThis proposed sale is another important step to promote responsible domestic energy production through the safeâŚ
Powering Ahead Cleanly
MAN Diesel & Turboâs Thomas S. When TOTE Inc. ordered the worldâs first LNG-powered containerships (which were honored last month in Oslo, winning the DNV-sponsored âNext Generation Ship Awardâ), industry excitement was palpable. For MAN Diesel & Turbo it served as a definitive launch point for its ME-GI Dual Fuel engine, which was soon followed with an order from Teekay LNG Partners to power a pair of LNG Carriers. MR had the opportunity to sit with Thomas S. Knudsen, SVP, Head of Marine Low Speed and CEO of DenmarkâŚ
PetroChina Takes Stake in Australian Offshore Exploration
PetroChina Company signs agreements with ConocoPhillips to take interests in W. Australian exploration assets & a JSA in China. Under these agreements, PetroChina will acquire 20% interest in the Poseidon offshore discovery in the Browse Basin, and 29% interest in the Goldwyer Shale onshore Canning Basin. In addition, PetroChina and ConocoPhillips will enter into a Joint Study Agreement (JSA) to study unconventional gas resource in the Neijiang-Dazu Block in Chinaâs Sichuan Basin. The agreements still require government and partner approvals. The signing of these agreements marks a significant step toward increased global collaboration between PetroChina and ConocoPhillips.
Oil Majors Expand Far North Exploration Projects
Rosneft and ExxonMobil agree to collaborate in the search for offshore energy in the Russian Arctic & Far East, and Alaska. The two companies have agreed to expand their cooperation under their 2011 Strategic Cooperation Agreement to include an additional approximately 600,000 square kilometers (150 million acres) of exploration acreage in the Russian Arctic and potential participation by Rosneft (or its affiliate) in the Point Thomson project in Alaska. They have also agreed to conduct a joint study on a potential LNG project in the Russian Far East. The agreements, which include plans to explore seven new blocks in the Chukchi SeaâŚ
New Report on Norwegian Energy Policy
Norway is pursuing ambitious, forward-thinking energy policies, but could go further in its efforts to become a low-carbon economy, the International Energy Agency (IEA) has concluded in a review published today. Energy Policies of IEA Countries - Norway 2011 Review says that it will be challenging for Norway to meet its 2020 target of reducing greenhouse gas emissions by 30% compared with 1990 levels, because both the countryâs electricity supply and its energy use in buildings are already essentially carbon-free due to hydropower use.