Natural Gas Reserves News

Liquefied natural gas shipping firm Golar LNG and the engineering giant Black & Veatch on Thursday said they would expand their long-standing FLNG relationship, and start working on projects involving floating ammonia production, carbon capture, green LNG, and hydrogen.Golar LNG said that the partnership's first area of interest was floating ammonia production with carbon capture and storage - Floating Blue Ammonia. The two companies plan to jointly publish a thought leadership paper on Floating Blue Ammonia by the end of the year.After this, the companies plan to jointly publish their thoughts "as we focus in on the technical and commercial…

NATO is looking at ways to avoid accidental clashes in the Eastern Mediterranean while supporting German diplomatic efforts to defuse the worsening dispute over energy resources there, the alliance’s chief said on Thursday.NATO Secretary-General Jens Stoltenberg told Reuters the Western alliance was considering so-called deconfliction measures to prevent naval accidents in an increasingly congested region, although he did not go into details.“I am also exploring the possibilities of NATO developing mechanisms to prevent incidents and accidents, a set of deconfliction mechanisms,” Stoltenberg s

France will increase its military presence in the eastern Mediterranean, President Emmanuel Macron said on Wednesday, calling on Turkey to halt oil and gas exploration in disputed waters that has heightened tensions with Greece.The French leader voiced concern over "unilateral" exploration by Turkey in a call with Greek Prime Minister Kyriakos Mitsotakis, Macron's office said in a statement. It added that prospecting should "cease in order to allow a peaceful dialogue" between the neighboring NATO members.The standoff deepened this week with the arrival of Turkish seismic research vessel Oruc Reis in a disputed area of the Mediterranean…

Iran has discovered a new oil field in the country’s south with an estimated 50 billion barrels of crude oil in the oil-rich Khuzestan province, its president Hassan Rouhani said.However, the US  sanctions against Iranian oil could make it difficult for the oil to find its way to international markets.Rouhani made the announcement in a speech in the desert city of Yazd. Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.He said the oilfield is located in the southwestern province of Khuzestan in a land stretching 2,400 square kilometers between Bostan and Omidiyeh.The president said exploration activities for the oilfield had begun in 2016…

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…

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, which will strongly bolster local LNG supply.The whole project will be delivered in this September and put into use a month later, in October, it said.Russia holds the largest natural gas reserves in the world and is the second-largest producer of dry natural gas.

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. This will mark the beginning of a close, joint commercial relationship that will transform the country's…

Yamal LNG has shipped the first cargo of liquefied natural gas (LNG) to Spanish company Gas Natural Fenosa under a long-term offtake agreement, a press release from PAO Novatek said. The 170 thousand cubic meter Arc7 ice-class LNG carrier “Fedor Litke” unloaded the first cargo in the port of Mugardos in accordance with the lifting and delivery schedule. Annual sales volumes according to the 24-year long-term offtake contract are 2.5 million tons of LNG, which equals to more than 3 billion cubic meters of natural gas. Novatek's Chairman of Management Board Leonid Mikhelson noted: "The first LNG tanker shipped today to  Gas Natural Fenosa…

China's 2017 LNG imports to top South Korea's for first time; becomes key driver of spot LNG prices. China will become the world's second-biggest importer of liquefied natural gas (LNG) this year as it overtakes South Korea, shipping data in Thomson Reuters Eikon showed. This is a huge boost to Asia's emerging spot market as Chinese buyers rely much more on short-term purchases to meet their needs than their counterparts in Japan and South Korea. Shipping data in Thomson Reuters Eikon shows that China's imports of LNG will have risen by more than 50 percent in 2017 compared with the previous year to around 38 million tonnes. Comparatively, import-dependent Japan and South Korea will have taken around 83.5 million tonnes and just over 37 million tonnes by the end of the year, respectively.

During the quarter and post quarter end, there has been continued momentum in the start-up of new LNG liquefaction capacity with the fourth train at Sabine Pass in the U.S. shipping its first commissioning cargoes in August 2017, said GasLog Partners. Sabine Pass has now shipped approximately 200 cargoes since start up in early 2016. Post quarter end, Chevron's Wheatstone LNG project in Australia started production with the first LNG shipment expected in the coming weeks. Dominion's Cove Point project in the U.S. and Novatek's Yamal LNG project in Russia are both expected to start LNG production by the end of 2017 and ramp up exports into 2018.

IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh's first liquefied natural gas (LNG) import terminal. The project will be located offshore Moheshkhali island in the Bay of Bengal with a project cost of $179.5 million. IFC and Excelerate announced securing the debt financing for the project to help expand access to clean energy in Bangladesh. Bangladesh's first LNG import terminal will enable Petrobangla, the state-owned energy company, to increase natural gas supply in the country by up to 20 percent, sufficient to support up to 3,000 MW of power generation capacity.

Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast.

Excelerate Energy L.P. (“Excelerate”), Petrobangla, and the Government of Bangladesh executed the Terminal Use Agreement (“TUA”) and the Implementation Agreement (“IA”) for the construction and operation of Bangladesh’s first LNG import terminal – Moheshkhali Floating LNG. Located offshore near Moheshkhali Island in the Bay of Bengal, the terminal will provide the crucial infrastructure required for the country to access natural gas from global markets. The signing of the agreements signals the commencement of the project and the approval to move forward to implementation. The terminal is expected to be in operation in 2018. The project is a result of the collaboration between Excelerate, Petrobangla, and IFC, a member of World Bank.

The U.S. Department of Energy has renewed authorization for liquefied natural gas (LNG) exports from the North Kenai ConocoPhillips facility, reports Reuters. The approval is to export about 40 billion cubic feet of natural gas from its Kenai LNG export terminal in Alaska over the next two years starting Feb. 19. U.S. Senator Lisa Murkowski applauded the decision. Over the last year she has been urging Department of Energy officials to support ways to commercialize Alaska’s natural gas reserves like the current Conoco facility as well as the Alaska LNG project. The Kenai facility was the first LNG export facility in the United States. Most of the gas exports from Kenai have gone to Japan since the plant entered service in 1969.

Qatar has retained the crown of the biggest exporters of natural gas and the biggest exporter of liquid gas or LNG in the world, reports The Peninsula. The country exported nearly 77 million tonnes (MT) of Liquefied Natural Gas (LNG) in 2014 which was approximately one-third of global supply, according to International Gas Union report. Malaysia and Australia — the world’s second and third largest LNG producers respectively — saw LNG exports reach an all time high. In 2014, Malaysia exported around 25MT LNG while Australia exported 23MT. Nigeria was the fourth largest exporter providing around 19MT to the market. Overall, LNG trade globally reached around 241MT in 2014, a 4.3MT increase over 2013 levels, added the report.

Golar LNG Limited inform that with regards the signing of a Heads of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco") for the development of a floating liquefied natural gas export project in Cameroon that took place on 24 December 2014 an agreement has now been reached with the support of the Boards of both Golar and Perenco on the material commercial terms and conditions for the project. The Tolling Agreement which defines the material commercial terms and conditions for the project is now subject to finalisation with SNH and government approval. Similarly, the Midstream Gas Convention setting…

The melting Arctic presents a geopolitical challenge and it is the last bit of unclaimed land left on our quickly heating globe. A report in the Worldcrunch analyses why China is suddenly so interested in the Arctic. China is now becoming more involved primarily because of issues related to climate change, shipping and natural resources. China will also play an important role in exploiting the region's resources. Norway's Foreign Affairs Minister Borge Brende says China's growing economic affairs and scientific community will demand that the country become increasingly involved in issues related to the Arctic. Another reason Asian countries are paying more attention to the Arctic is because more shipping lanes could open as ice disappears.

William Cho, Head of MatthewsDaniel Weather, a division of the Bureau Veritas Group, explains why improvements in drilling technologies and weather monitoring systems have made offshore shelf drilling operations in the Arctic Circle increasingly attractive to upstream oil and gas companies and their investors. Rising crude oil prices motivate not only technological innovators to explore cheaper alternative energy sources, such as solar panels and wind turbines, but also upstream oil and gas companies to explore new oil reserves which had not otherwise been economical.

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors. The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as it was taking off from Moscow's Vnukovo airport on Monday night. De Margerie's death leaves a void at the top of one of the world's biggest listed oil firms at a difficult time for the industry as oil prices fall and state-backed competitors keep them out of some of the best oil exploration territory. The collision occurred minutes before midnight Moscow time as de Margerie's Dassault Falcon jet was taking off for Paris.

Tanzania has held talks with France's Total and Britain's BP over oil and gas exploration, its energy ministry said on Saturday, aiming to add to major companies active in its thriving energy sector. Companies already present in the east African state include Norway's Statoil, Brazil's Petrobras, Royal Dutch Shell , BG Group and Exxon Mobil.. Total executives were in Tanzania's commercial capital Dar es Salaam this week with Energy and Minerals Minister Sospeter Muhongo, the ministry said. "Total has expressed interest to explore for gas and oil in the Lake Eyasi (open acreage area)," Muhongo said in a statement. "We welcome competition and we would like many companies to participate in this sector," he added.

U.S. exploration and production companies are finding accumulations of crude and condensates twice as fast as they are producing them, according to statistics published on Thursday. Proved reserves of crude stood at 30.5 billion barrels at the start of 2013. If condensates are included, proved reserves reached 33.4 billion barrels, the highest since 1976, according to a new report from the U.S. Energy Information Administration ("U.S. crude oil and natural gas reserves proved reserves" April 10). Proved reserves are those which owners believe with reasonable certainty can be extracted at prevailing prices using existing technology - where reasonable certainty means a probability of at least 90 percent.

Class A common stock. The oil and natural gas company filed confidentially with U.S regulators for the proposed IPO in December. Credit Suisse, Goldman Sachs & Co, J.P. U.S. Securities and Exchange Commission in a preliminary prospectus on Friday. Southeastern New Mexico. The filing did not reveal how many shares the company planned to sell or their expected price. proceeds from the offering to reduce debt and for general corporate purposes. The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. final size of the IPO could be different.

Russian President Vladimir Putin said on Tuesday that Russia should step up its presence in the Arctic and challenge other nations in exploring the world's largest untapped natural reserves, days after it started shipping its first oil from the region. Russia's ambitions in the Arctic have for some time been raising eyebrows among other states vying for a presence there, but the Kremlin's annexation of Ukraine's Crimea Peninsula is likely to put its Arctic plans under greater scrutiny.