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Oman Lng News

19 Dec 2023

Some LNG Carriers Avoiding the Red Sea as Attacks Increase

© Wojciech Wrzesień / Adobe Stock

Several liquefied natural gas (LNG) vessels have changed their courses in recent days to avoid the Red Sea region amid maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.The Red Sea is linked to the Mediterranean by the Suez Canal, creating the shortest shipping route between Europe and Asia, and is connected to the Gulf of Aden by the Bab-el-Mandeb strait between Yemen and Djibouti. About 12% of world shipping traffic transits the canal.But attacks in recent days on ships along the route have led companies such as oil major BP…

07 Jul 2023

Thailand's PTT in Advanced Talks with Qatar for LNG Deal - Sources

Credit: Wojciech Wrzesień/AdobeStock

Thailand's largest energy company, state-controlled PTT, is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters.The oil and gas conglomerate is negotiating a supply of 1 or 2 million tonnes per annum (mtpa), according to different figures cited by the sources, in what would be the latest in a spate of deals by Asian buyers to lock in long term supplies.A fifth industry source said that both companies are in "serious negotiations"…

16 May 2019

KBR Awarded FEED Contract for Oman LNG

American engineering company KBR announced  it has been awarded a Front End Engineering Design (FEED) contract by Oman LNG L.L.C for the debottlenecking of their facility at Sur in the Sultanate of Oman.Under the terms of the contract, KBR will provide FEED services for the debottlenecking project to increase production at its world-class plant in Sur. This FEED stipulates KBR performing full FEED services including licenser and vendor management and associated services."This project builds on KBR's extensive track record of developing and implementing LNG projects and providing solutions to complex developments around the world," said Jay Ibrahim…

22 Apr 2019

Oman LNG Settles $2bln Loan in Advance

Oman Liquefied Natural Gas LLC has announced that it has successfully repaid its US$2 billion loan facility obligation ahead of schedule, saving interest costs.According to Oman News Agency, the move is part of the company’s ongoing efforts to reduce financial costs and support Oman’s credit rating.The agency quoted Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas and chairman of Oman LNG, as saying: “The early repayment of the loan by Oman LNG demonstrates the financial robustness of the company and confidence in the oil and gas industry and Omani economy at large. Oil and gas industry provides a great investment opportunity like other sectors of the Omani economy.”He added that Oman LNG has managed to repay its loan obligations in full…

13 May 2018

Shell, Total to Develop Gas Project in Oman

Total has signed a Memorandum of Understanding (MoU) with the Government of Oman to develop natural gas resources in Oman. This MoU covers both upstream and downstream businesses. Total and Shell as operator will develop several natural gas discoveries located in the Greater Barik area on onshore Block 6 with respective shares of 25% and 75%, as per the agreement between both companies and before possible State back-in, with the objective of an initial gas production of around 500 MMcfd and a potential to reach 1 bcf/d at a later stage. Total will use its equity gas entitlement as feedstock to develop in Oman a regional hub for Liquefied Natural Gas (LNG) bunkering service to supply LNG as a fuel to marine vessels.

06 Jan 2018

PSA Marine to Provide LNG FSRU Services in Bangladesh

Summit Power International (SPI), Singapore, announced that its subsidiary, Summit LNG Terminal has awarded a 15-year contract to PSA Marine Bangladesh, a subsidiary of PSA Marine. Under the contract, PSA Marine Bangladesh will provide berthing, mooring, pilot and personnel transfer services to LNG ships calling at Summit LNG FSRU terminal, with its three escort tugboats, one fast crew boat and one offshore supply vessel. The award of this contract marks a significant milestone for PSA Marine and commencement of a long-term partnership with SPI. Together with Summit LNG, PSA Marine Bangladesh targetsto commence operations in early 2019.

15 Dec 2017

Asian LNG Spot Prices Jump after European Gas Outages

© Wojciech Wrzesień / Adobe Stock

Asian liquefied natural gas (LNG) spot prices jumped this week in reaction to volatile price spikes on European gas markets and ongoing demand from the region's major consumers. Spot prices for January delivery hit $10.50 per mmBtu, 40 cents above last week, with February prices seeing similar levels. In a tumultuous week, European gas prices gyrated wildly following a flurry of major pipeline and production outages coinciding with high demand and freezing weather. The rally began…

23 May 2017

OSC Launches VLCC Chartering Business

Photo: OSC

Oman Shipping Company (OSC) has officially set up a new commercial chartering desk offering its Very Large Crude Carrier (VLCCs) to major traders and charterers covering VLCC routes worldwide. OSC, one of the biggest ship owners in the MENA region, has a diversified and young fleet of 50 vessels. OSC owns 16 VLCCs within the fleet out of which OSC is now commercially managing 15 VLCCs through its subsidiary Oman Charter Company (OCC). The move follows an announcement in December 2016 which saw OSC withdrawing 15 VLCCs from the VL8 pool based in Singapore.

16 Nov 2015

Oman Shipping Names Two New Tankers

Oman Shipping Company (OSC) has performed the naming ceremony for two new product and chemical tankers – the Muscat Silver and Rustaq Silver. The ceremony took place at the Hyundai Mipo Dockyard in Ulsan, South Korea. OSC will now take delivery of the Muscat Silver as part of a deal which will see 10 MR tankers delivered to it over the next year. All the vessels will be chartered to Shell International Trading and Shipping Company Ltd for its Project Silver, which consists of 50 new-builds. They will each operate worldwide with 20-strong crews - including a number of Omani officers. The Muscat Silver and Rustaq Silver are both 183 metres in length and 32.2 metres wide, with a depth of 19.1 metres.

09 Jan 2015

PSA Marine Expands into Middle East

PSA Marine Qalhat SAOC (PSAMQ), a joint venture company formed between PSA Marine (Pte) Ltd (PSA Marine) and Golden Dunes International LLC (GDI), will commence towage operations for Oman LNG LLC (OLNG) in Sur, Oman on 11 January 2015. The contract will be for a period of 10 years. OLNG, a joint venture between the Omani Government (51%), Shell (30%) and other notable global energy players, is currently Oman’s only exporter of liquefied natural gas. Four newly-built 65-tonne bollard pull tugs were delivered ahead of commencement date to support PSAMQ’s towage Mr Peter Chew, Managing Director of PSA Marine commented, “PSA Marine is honoured and pleased to be given this opportunity to provide towage services for OLNG.

06 Apr 2000

LNG Starts Flowing From Oman

Oman began loading liquefied natural gas (LNG) onto a ship last Thursday for its first exports of the gas. "It is being loaded as we speak, and it is expected to be shipped tomorrow morning," Oman LNG spokesman Julian Barnes said. Barnes said the shipment would go to South Korea, a key customer for Oman's future LNG sales. Oman LNG, a $2.5 billion LNG project in the Gulf Arab state, has a 25-year contract to sell 4.1 million tons a year of LNG to Korea Gas Corp. It also has supply contracts with Japanese and U.S. firms.