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Posted at 29/3/2022 13:01 by la forge Will Africa really be “Europe’By Silas Olan'g, Amir Shafaie & Thomas Scurfield March 29, 2022 While some producers may benefit from Europe’s scramble for non-Russian oil and gas, the reality is unlikely to match the hype. Russia’s invasion of Ukraine and the attendant horrors have prompted moves by many countries to reduce their dependence on imports of Russian oil and gas. The US, for instance, has imposed an immediate ban. The UK intends to stop oil imports by the end of 2022. The European Union plans to cut Russian gas imports by two-thirds by the end of 2022 and fully eliminate oil and gas imports by 2030. This European plan is particularly significant given that Russia is responsible for 25% of the EU’s oil imports and 45% of its gas imports. These shifts, combined with Western oil and gas companies dumping their Russian interests, present an opportunity to other petroleum producing countries, albeit one tempered by actions to address the climate crisis. This has led governments and commentators to discuss African producers as potential beneficiaries of Europe’s supply gap, with talk of a “seismic shift” to Africa and of the continent as “Europe’ Such headlines gloss over the complex reality. It is true that several established producers – such as Algeria, Angola, and Nigeria – are already reaping higher revenues from soaring oil and gas prices. Countries with projects due to start within the next year or so, such as Mauritania and Senegal, will likely also benefit from higher prices. However, most current producers have limited spare capacity to quickly ramp up supply and need to attract more investment before they can. Investment decisions on key liquefied natural gas (LNG) projects in prospective producers, such as in Mozambique and Tanzania, are not likely until at least 2024 given that negotiations are ongoing and lengthy project design processes are still outstanding. This means significant production is unlikely before 2030. Most of Mauritania and Senegal’s oil and gas reserves won’t be developed until later project phases. And any supply from prospects currently under exploration is likely even further off. It has historically taken sub-Saharan countries around 12 years to move from discovery to production – often longer than initially predicted by governments and companies. While some African projects may come online more quickly, investors will make decisions based on an uncertain long-term outlook. The current spike in prices is a potent reminder of the fundamental unpredictability of oil and gas markets. Seven years on from the price spike in 1979, rates had fallen more than two-thirds from the peak of the crisis. Three factors make the current outlook particularly uncertain. First is Russia’s role in the oil and gas market. Its supply to Europe will be affected by how its negotiations with Ukraine unfold, as highlighted by how prices have fluctuated in line with perceptions of how the talks are progressing. Russian supply earmarked for Europe could be diverted to Asian markets in the long term. This would reduce Asian demand for gas from elsewhere and offset the benefit of increased European demand for oil and gas from these producers. The second factor is how much market share other non-African producers capture. Europe is not only looking to Africa to fill the gap. US LNG exports to Europe are surging, multiple additional large US LNG projects are ready for development, and European leaders are striking long-term deals in the Middle East. Many of these producers have more spare capacity and projects that can be greenlit more quickly than African producers. Third, prospective suppliers must consider potential “demand destruction” and the pace of the energy transition. A lesson from the 1970s is that high prices and market turmoil often lead to a permanent reduction in demand through improvements in energy efficiency and development of alternative technologies. The current crisis could lead to even greater demand destruction given it appears to have reinforced Europe’s conviction to accelerate its energy transition away from fossil fuels. Beyond its goal to secure non-Russian supplies in the short-to-medium term, the EU also aims to leave fossil fuels behind for good. What African and European officials can do Leaders in both Europe and Africa can take steps to make this moment more of an opportunity for Africa. The EU could begin by clarifying its energy transition strategy for the benefit of African producer countries and potential private investors. Thus far, its pathway has been a minefield of mixed messages. For example, its plans announced in February 2022 to label some kinds of gas-fired power as “green” was seen by some producer countries as a signal to move ahead with gas projects. However, some European leaders seem to increasingly view renewables as not only necessary to tackle the climate crisis but also to improve energy security. To ensure a globally equitable transition, Europe should consider meeting any longer-term demand first with petroleum from African countries, given their pressing development needs. Europe could also champion the inclusion of incentives for good governance in the sequencing of the global phase out of fossil fuel production. In so doing, it should balance addressing European energy security with reducing African energy poverty as part of a broader strategy that also supports African countries’ own transitions to clean energy. Finally, as Europe seeks to expand its use of clean energy, it should ensure that African producers of the critical mineral inputs to green tech receive good and fair deals. Irrespective of how Europe proceeds, officials in existing and prospective oil and gas producing Africa countries should soberly evaluate the longer-term uncertainties. While prices are soaring now, this unpredictability includes the possibility of fewer supply opportunities and lower prices over time. Governments should ensure that strong revenue management frameworks are in place, including by directing any windfall revenue toward sustainable development and economic diversification. Diversifying economies remains crucial. Governments should also rigorously analyse their prospects across different scenarios, factoring in project timelines and potential market evolutions. They must remain cautious and avoid using public capital to make risky bets on oil and gas. While some African producers may benefit from Europe’s scramble for non-Russian oil and gas, the reality is unlikely to match the hype. |
Posted at 23/3/2022 06:46 by florenceorbis 23 Mar 2022 09:28TotalEnergies to stop buying Russian oil, investing in Arctic LNG 2 MOSCOW. March 23 (Interfax) - France's TotalEnergies , one of the largest investors in Russia's energy sector, announced on Tuesday that it has decided to stop buying Russian crude oil and oil products and suspend investment in the Arctic LNG 2 project. "[G]iven the worsening situation in Ukraine and the existence of alternative sources for supplying Europe, TotalEnergies has unilaterally decided to no longer enter into or renew contracts to purchase Russian oil and petroleum products, in order to halt all its purchases of Russian oil and petroleum products as soon as possible and by the end of 2022 at the latest," the company said in a statement. TotalEnergies said has term contracts to purchase Russian oil and oil products that expire by the end 2022. These contracts primarily cover supplies for the Leuna refinery in eastern Germany, which is served by the Druzhba pipeline from Russia. They also concern Europe's gasoil supply, which is short of this product. TotalEnergies said it will terminate its Russian oil supply contracts for the Leuna refinery as soon as possible and by the end of 2022 at the latest, and will put in place alternative solutions by importing oil via Poland. "Concerning the gasoil shortfall in Europe, absent any instructions to the contrary from European governments, TotalEnergies will also terminate its Russian gasoil purchase contracts as soon as possible and by the end of 2022 at the latest. TotalEnergies will import petroleum products from other continents, notably its share of gasoil produced by the Satorp refinery in Saudi Arabia," the company said. TotalEnergies has also decided to suspend investment in projects in Russia, including Arctic LNG 2. The company said it will "no longer record proved reserves for Arctic LNG 2 in its accounts and will not provide any more capital for this project." TotalEnergies recalled that it does not operate any oil and gas fields or any liquefied natural gas plants in Russia. It is a minority shareholder in a number of non-state-owned Russian companies: Novatek (19.4%), Yamal LNG (20%), Arctic LNG 2 (10%) and TerNefteGaz (49%). These companies are managed by their own staff with a limited number of secondees from TotalEnergies. TotalEnergies is also a 20% partner in the Kharyaga joint venture operated by Zarubezhneft. "TotalEnergies had only 11 secondees in these companies as of February 24, 2022, and only 3 seconded expatriates are in Russia as of today. TotalEnergies has thus initiated the gradual suspension of its activities in Russia, while assuring its teams' safety. Similarly, TotalEnergies has decided to put on hold its business developments for batteries and lubricants in Russia," the company said. |
Posted at 01/2/2022 10:24 by grupo guitarlumber Natural Gas NewsFrench LNG terminal offers up regas capacity in 2023-36 Feb 1, 2022 9:45:am Summary Dunkerque LNG said that the terminal's location and technical characteristics made it one of the most attractive sites for bringing LNG ashore in Europe. by: Joseph Murphy Natural Gas & LNG News, The Dunkerque LNG terminal in north France is offering up 3.5bn m3 of annual regasification capacity between 2023 and 2036, its operator said on February 1. Announcing the call for market interest, Dunkerque LNG said that the terminal's location and technical characteristics made it one of the most attractive sites for bringing LNG ashore in Europe. The qualification phase of the process began on February 1 and will wrap up on February 25, the operator said. Dunkerque LNG's overall capacity is 13bn m3/year. The terminal's owners include Fluxys, AXA Investment - Real Assets, Credit Agricole Assurances, and a group of Korean investors led by IPM Group. |
Posted at 15/7/2021 23:33 by waldron Why Russia Is Refusing To Send Europe More Natural GasBy Vanand Meliksetian - Jul 15, 2021, 5:00 PM CDT Rising commodity prices have strengthened the economic outlook of resource-rich countries. Russia is taking advantage of this in a major way, with a particular focus on crude oil and natural gas. As Europe’s most important supplier of gas, Gazprom is well-positioned to reap major dividends. However, the state-controlled energy behemoth's lukewarm response to sending additional volumes to Europe could be a sign that the company’s strategy has changed. In 2020, Gazprom’s exports decreased from 199 bcm in 2019 to 170 bcm. The majority of this gas transits through Soviet-era pipelines from Russia to Belarus and Ukraine. Another 55 bcm capacity was added in 2011 with Nord Stream’s completion and will be double to 110 bcm when the heavily contested Nord Stream 2 pipeline starts pumping gas at some point in the next two years. The restart of the European economy has increased demand for commodities and led to substantially higher prices. Although LNG imports have increased over the years, the bulk of the natural gas is still transported through pipelines. Of these exporters, Russia is by far the largest and most influential country due to its sizeable energy industry and excess capacity. Although prices are favorable, Gazprom doesn't seem to be in a hurry to send extra volumes on top of the running contracts with European customers. After an exceptionally cold heating season, European storages are historically low which further boosts demand to prepare for the coming winter. Also, some parts of Europe are experiencing an unusually warm summer leading to higher demand for electricity to run air-conditioners. Under normal circumstances, coal-fired powerplants would fill the gap, but the price of CO2 on Europe’s ETS has doubled to €52 since November. Therefore, natural gas-fired powerplants, which emit almost 50 percent less, are in higher demand. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. In the past, Gazprom would have quickly ramped up exports to satisfy additional needs with the ultimate goal of increasing market share. However, the Russian company has held off from booking extra transit capacity through Ukraine’s pipeline system. According to Nick Campbell, director at consultancy Inspired Energy, “so far this summer Gazprom has yet to purchase any capacity in the (Ukraine’s) monthly auctions. $$$$$$$$$$$$$$$$$$$$ Therefore, one could see this as a strategy to push Nord Stream 2 to completion.” Elena Burmistrova, director-general of exports at Gazprom, has denied the change in strategy although she has acknowledged the request from customers for additional volumes. According to critics her statement that more gas would flow with “the commissioning of the Nord Stream 2 pipeline” has confirmed Moscow’s intention regarding the pressing of Europe to finish the pipeline this year. The project has been delayed by U.S. sanctions. Nevertheless, Gazprom has remained firmly committed to Nord Stream 2's completion. Two Russian pipelaying ships have been working non-stop. One of the two strings is already finished and according to Nord Stream 2’s CEO Matthias Warnig the second string will be completed in August. $$$$$$$$$$$$$$$$$$$$ Another theory behind Gazprom’s reluctance to send additional volumes is a new profit-focused strategy from Gazprom. In the past, increasing market share was the main objective which sometimes went at the expense of profitability. Natural gas was, therefore, used as a political weapon in several crises with heavily dependent eastern Europe. State-owned Gazprom could now be prioritizing profitability over political influence. In that sense, the company's role would be more like OPEC’s with the difference that its influence is limited to Europe where it enjoys good connectivity with customers. The EU’s heavy focus on sustainability and decarbonization could have swayed the Russians into maximizing the value of their natural gas while there is a sizeable market. However, it could also be short-term opportunism. The price of natural gas on the European market has increased from $130 per 1,000 cubic meters in 2020 to $400 currently. The European market will almost certainly be undersupplied in the next few months, which could lead to sustained higher prices and few good options from the EU's perspective. By Vanand Meliksetian for Oilprice.com |
Posted at 17/12/2020 11:07 by sarkasm Shell inks charter for newbuild X-DF propulsion LNG carrier17 Dec 2020by John Snyder Shell has agreed to charter a 174,000-m3 newbuild LNG carrier from Knutsen Group – the seventh LNG carrier Shell has chartered from the Norwegian owner To be built by South Korea’s Hyundai Samho Heavy Industries, the LNG carrier “will be equipped with efficient dual-fuel X-DF engines, boil-off management plants, air lubrication systems and shaft generators for auxiliary power along with an optimised hull,” according to a social media post by Knutsen. In August, Shell agreed to long-term charters for six similarly equipped 174,000-m3 newbuild LNG carrriers. The energy major signed separate agreements for two LNG ships each with affiliates of Knutsen LNG, Korea Line Corporation, and ICBC Financial Leasing and institutional investors advised by JP Morgan Asset Management. At the time of signing the charters, Shell Shipping & Maritime head Grahaeme Henderson said, “These ships will deliver a 60% reduction in carbon emissions compared to 2004 steam turbine LNG carriers. Shell’s ambition is to be a net-zero emissions energy business by 2050 or sooner and highly efficient ships like these are one of the ways we are reducing emissions in our operations.” The newbuild LNG carriers will be integrated into Shell’s time-chartered trading fleet and staggered delivery is expected to take place from mid-2023. Shell announced the long-term charter of eight ships of the same class in December 2019. Riviera |
Posted at 01/12/2020 06:57 by the grumpy old men BHP seals deal with Shell to fuel LNG-powered ship fleetDecember 1, 2020 — 4.10pm Mining giant BHP has awarded Shell a landmark contract to supply fuel for the world's first fleet of liquefied natural gas-powered Newcastlemax bulk carriers as it seeks to lower shipping emissions. As part of the company's pledge to slash emissions across its supply chain, BHP this year said it would charter five vessels from Eastern Pacific Shipping, powered by liquefied natural gas (LNG) instead of bunker fuel, to carry 10 million tonnes of iron ore a year from Australia to China from 2022. BHP has awarded Shell a contract to fuel the world's first fleet of LNG-powered bulk carriers. BHP has awarded Shell a contract to fuel the world's first fleet of LNG-powered bulk carriers.Credit:Robe Using carriers powered by LNG rather than diesel would eliminate NOx (nitrogen oxide) and SOx (sulphur oxide) emissions, and sharply reduce carbon dioxide emissions, according to the miner. BHP chief commercial officer Vandita Pant said awarding the contract to Shell marked a significant step in the company's ambitions of reducing the carbon footprint across its shipping supply chain. "LNG-fuelled vessels are forecast to help BHP reduce carbon dioxide-equivalent emissions by 30 per cent on a per-voyage basis compared to a conventional fuelled voyage between WA and China, and contribute to our 2030 goal to support 40 per cent emissions-intensity reduction of BHP-chartered shipping of our products," Ms Pant said. BHP 'sets new bar' with carbon cuts targeting steel mills, shippers The contract, which BHP said was the result of a tender process including several potential LNG suppliers, comes as the resources industry faces pressure from some of the world's biggest investors to expand their carbon-reduction ambitions to take responsibility for emissions caused by the transport and end-use of their resources around the world, known as "Scope 3" emissions. BHP earlier this year became the first major resources company to commit to Scope 3 targets, aiming for a 30 per cent reduction in the emissions intensity of customers like steel mills and power plants that purchase their products, as well as the 40 per cent cut across its chartered shipping. Shell Energy executive vice-president Steve Hill congratulated BHP on reducing emissions in their maritime supply chain with the world's first LNG-fuelled Newcastlemax bulk carriers. "Decarbonisation of the shipping industry must begin today and LNG is the cleanest fuel currently available in meaningful volumes," he said. "This LNG bunkering contract strengthens the bunkering market in the region and we look forward to working with BHP and other customers in the maritime sector on their journey to a net-zero emissions future." In the shipping industry's biggest overhaul in decades, new emissions standards were introduced this year slashing sulphur levels permitted in maritime fuel. The changes prompted exporters including BHP to seek out cleaner alternatives to heavy fuel known as bunker fuel, which, until now, has been the shipping industry's main fuel source. The United Nations International Maritime Organisation has also set goals to halve carbon dioxide emissions generated by shipping by 2050 compared to 2008 levels. Mining BHP Billiton Nick Toscano Business reporter for The Age and Sydney Morning Herald. |
Posted at 01/10/2020 20:29 by waldron BP must make ‘significant investments’ to meet 2030 low-carbon energy targetsFeatures & AnalysisPowerFossil Fuel / Coal and Gas By James Murray 01 Oct 2020 The British multinational oil and gas company is aiming to achieve 50GW of renewable energy capacity by the end of the decade Equinor renewables BP has a long history in renewables investments after it became the first of the “Big Oil” companies to commit significant capital into clean energy projects (Credit: Needpix.com) BP must make “significant investments” in renewable energy and liquefied natural gas (LNG) in order to meet its 2030 low-carbon energy targets, says an industry analyst. As part of its commitments, the British multinational oil and gas company is aiming to achieve 50 gigawatts (GW) of renewable energy capacity and 30 million tonnes per annum of (tpa) of LNG by the end of the decade. This comes as major oil firms have started pumping billions into renewables in a bid to help clean up the economy and look towards a potential future beyond high-polluting fossil fuels amid intensifying pressure from investors for companies to take action on environmental issues. But data and analytics firm GlobalData believes that BP’s capital available for investment activity will be challenged as “market weakness dents cashflow” from its “core hydrocarbons business”. Daniel Rogers, oil and gas analyst at GlobalData, said: “BP has proven its willingness to invest big outside its core business, but will continue to rely on hydrocarbons as the cash cow for future investments. “The current market fundamentals reduce the profitability of BP’s core business, potentially shrinking its pool of capital available for future low-carbon acquisitions.” BP has a long history of making renewable energy investments BP, short for Beyond Petroleum, has a long history in renewables investments after it became the first of the “Big Oil” companies to commit significant capital into clean energy projects, such as wind and solar, from 1980 onwards. But, in the aftermath of the 2010 Deep Water Horizon oil spill incident in the Gulf of Mexico, the London-headquartered firm was forced to close most of its previous green energy investments, believed to be worth about $8bn to $10bn. Despite that, the company still has more than 2.2GW of wind capacity in the US and, in 2017, it spent $200m on acquiring a 43% stake in Lightsource, which has rebranded to Lightsource BP and is Europe’s largest solar power project developer. Lightsource BP solar Lightsource BP is Europe’s largest solar power project developer (Credit: Flickr/Dept of Energy Solar Decathlon) BP also acquired Chargemaster, the UK’s leading network of charging points, for $160m – which could well be an astute purchase as Britain looks set to ramp up its plans to phase out fossil fuel vehicles by 2030 to speed up the transition to electric vehicles. But, in the meantime, the move has also allowed the oil firm an opportunity to combine Chargemaster’s 6,500 charging points network with its 1,200 petrol stations. Looking towards the future, Bernard Looney, who was confirmed as BP’s new CEO earlier this year, has outlined his vision for the oil major to “reimagine energy” and become a net-zero emissions company by 2050. Equinor deal secures BP an “entry into the offshore wind sector” With a combined installed renewable power capacity of 2.3GW, BP is currently leading the way amongst the major international oil companies, according to GlobalData. The analyst said its recent deal with Norwegian state-owned energy firm Equinor “secures entry into the offshore wind sector” with a capacity addition of 2.2GW once complete. The $1.1bn agreement saw BP purchase 50% of the non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast. GlobalData’s Rodgers said BP’s current project pipeline will increase its capacity by 6.5GW, but that this is still short of its 2025 ambition to reach 20GW. He added: “As BP will leverage off its core hydrocarbons business to fund its investment strategy, weakened oil and gas prices will put pressure on the company’s capital availability necessary to meet its low-carbon energy ambitions.” LNG will continue to play a “major role” in BP’s low-carbon energy But for Rodgers, it isn’t just renewables that will help shape the company’s future. “LNG will continue to play a major role in BP’s low-carbon energy and electricity goals, and it is targeting significant growth in the sector,” said Rodgers. “In its current equity LNG portfolio, BP is forecast to reach 16 million tpa in capacity by 2025, while relying on merchant volumes for the rest of the targeted amount.” He believes the delay of the African Tortue Ahmeyim LNG project – in partnership with Bermuda’s Golar LNG – was a “major blow”. BP was expected to receive the floating LNG facility on the maritime border between Mauritania and Senegal in 2022, but following the impact of the coronavirus pandemic, it submitted a force majeure in March to delay the delivery by a year. Upon receiving the facility, the firm is expected to charter it for 20 years to liquefy gas, but Rodgers claims any further delays could hinder its chances of achieving the 2025 LNG target. He added: “Future developments in Mauritania and Senegal will be the cornerstone of the company’s growth opportunities but will hinge on investment decisions going ahead in spite of a potentially oversupplied LNG market going into the late 2020s.” |
Posted at 04/8/2020 07:32 by grupo guitarlumber 03 Aug 2020 | 20:58 UTC HoustonTotal sheds 1 million Tellurian shares as US struggles to advance new LNG projects Author Harry Weber Editor Valarie Jackson Commodity Coal , LNG, Natural Gas Highlights French company VP steps down from the developer's board Driftwood LNG project proposed to be built in Louisiana Houston — France's Total has further cut its stake in Tellurian and one of its executives has stepped down from the Driftwood LNG developer's board of directors, according to an Aug. 3 US regulatory filing. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Total currently does not plan to designate a replacement. The disclosures come as challenging global LNG market conditions continue amid the coronavirus outbreak, which has hit demand, disrupted trade flows, and pushed down the value of US operators' shares sharply. As a major Tellurian shareholder and the only committed equity investor so far in the proposed Driftwood project in Louisiana, Total is an important partner. Total began selling blocks of Tellurian shares, now totaling more than 1 million, July 8, cutting its stake in Tellurian from 19% when Total first agreed to invest in Driftwood to 17.4% as of the filing with the Securities and Exchange Commission. A Tellurian spokeswoman declined to comment. Total officials did not respond to several messages seeking comment. Total said in an earlier filing that it would continue to sell Tellurian shares "from time to time." Widespread cancellations of US LNG cargoes scheduled to be loaded at existing terminals this summer have added to the market uncertainty that is currently keeping a lot of project investors on the sidelines. Feedgas flows to the six major US liquefaction terminals in operation hit a 17-month low in July and shut down entire trains at some facilities before rebounding slightly at the end of the month and into the beginning of August. The US cancellations have been a "wake-up call" for the industry that new LNG projects will not automatically be profitable, a senior Total official said June 12. Earlier, in May, Total's CEO said during an investor call that Total did not expect to expand its North American LNG business in the near term and that he believed it would be "strange" for Driftwood to move forward. Total has offtake contracts for some 3.2 million mt/year of LNG from Cheniere Energy's Sabine Pass and Sempra Energy's Cameron LNG export facilities, both in Louisiana. Total also controls over 2.2 million mt/year of LNG from the third train at the Freeport LNG export terminal in Texas. It inherited that commitment when it acquired Toshiba's US LNG business last year before the coronavirus began to spread globally in January. Freeport LNG was among the US operators that shut down trains in July because of weak market conditions, according to a July 31 air emissions report to Texas regulators. The terminal recently began flaring because of the restart of Train 1, the report said. A separate air emissions report said that as part of initial commissioning of Train 3 at Cheniere's Corpus Christi Liquefaction terminal in Texas, the company would begin the startup of the fuel gas, feedgas, refrigeration, and flare systems Aug. 2. Total can back out of its Driftwood commitments if Tellurian does not declare a positive final investment decision by June 2021, according to a person familiar with the terms. Tellurian has already delayed until next year a decision about whether to begin construction. Remaining stake Total currently holds 44.9 million Tellurian shares, versus about 46 million on April 5, 2019. A few days earlier, Total agreed to make a $500 million investment in Driftwood in exchange for the right to lift 1 million mt/year of LNG for the life of the up to 27 million mt/year terminal. Total also agreed to buy 1.5 million mt/year of offtake from Tellurian's marketing unit, indexed to the Platts JKM, the benchmark price for spot-traded LNG in Northeast Asia. The transaction included Total's plan to buy $200 million in additional Tellurian shares, to boost its stake in the company to about 20%. Per a 2017 agreement with Tellurian and its founders, Total was allowed to name a director to Tellurian's board. According to the latest SEC filing, Eric Festa, Total's vice president of midstream gas assets, resigned from the Tellurian board July 31. The filing did not say why, noting only that the reason did not result from any disagreement between himself and Tellurian, Tellurian's management, or Tellurian's board. Recently, India's Petronet resumed talks with Tellurian about potentially investing up to $2.5 billion in Driftwood. The two sides have given themselves until December to reach a final agreement, according to a person familiar with the situation. |
Posted at 03/8/2020 19:19 by florenceorbis 03 Aug 2020The six new 174,000 cbm LNG carriers destined for long-term charter to Shell will feature dual-fuel X-DF engines. (Image: Shell) The six new 174,000 cbm LNG carriers destined for long-term charter to Shell will feature dual-fuel X-DF engines. (Image: Shell) Industry Database Shell has signed long-term charter agreements for six newbuild 174,000cbm LNG carriers. The six vessels will be built at Samsung Heavy Industries and Hyundai Samho Heavy Industries, with the first deliveries scheduled for mid-2023. Shell has signed separate agreements for two LNG carriers each with affiliates of Knutsen LNG, Korea Line Corporation and ICBC Financial Leasing and institutional investors advised by J.P. Morgan Asset Management. The state-of-the-art 174,000 cbm LNG carriers will be equipped with efficient dual-fuel X-DF engines, boil-off management plants, Silverstream air lubrication systems and shaft generators for auxiliary power. The design and addition of energy efficiency technologies will give these ships the best emissions performance in their class. “These ships will deliver a 60% reduction in carbon emissions compared to 2004 steam turbine LNG carriers,” said Grahaeme Henderson, Head of Shell Shipping & Maritime. “Shell’s ambition is to be a net-zero emissions energy business by 2050 or sooner and highly efficient ships like these are one of the ways that we are reducing emissions in our operations. As we work together to develop new zero-carbon fuels at scale, we believe that LNG can play a fundamental role in providing a cleaner supply chain right now for the goods and energy that are shipped around the world every day.” The ships will be integrated into Shell’s time-chartered trading fleet. Shell announced the long-term charter of eight ships of the same class in December 2019. |
Posted at 14/5/2020 11:43 by ariane Shell invests in new NLNG processing unitPublished by Will Owen, Assistant Editor LNG Industry, Thursday, 14 May 2020 09:00 Shell Gas B.V., a subsidiary of Royal Dutch Shell plc, has announced that all conditions for its final investment decision (FID) on a new LNG processing unit at Nigeria LNG (NLNG) have now been met. These conditions included formal commitment from the organisations providing financing for the project. Subsequent to the FID, NLNG has announced awards of engineering, procurement and construction (EPC) contracts. Once operational, the new unit, known as Train 7, will add approximately 8 million tpy of capacity to the Bonny Island facility, taking the total to approximately 30 million tpy. Currently operating six processing units, or trains, the decision to build a seventh will bolster NLNG’s contribution to the development of the country through generating revenues for the Nigerian government and delivering key natural gas products for domestic use. NLNG is a joint venture owned by the Nigerian National Petroleum Corporation (NNPC – 49%), Shell (25.6%), Total (15%) and ENI (10.4%). All shareholders have supported the EPC awards and construction schedules will be finalised once the situation with COVID-19 has stabilised. “While remaining mindful of prevailing macro-economic challenges, Shell continues to see NLNG as a great resource that can deliver value to the people of Nigeria and investors alike. This decision is consistent with our long-term strategy and our disciplined approach to capital investment,” said Maarten Wetselaar, Shell’s Integrated Gas and New Energies Director. “Natural gas is a core component of our strategy to provide more and cleaner energy solutions. With global LNG demand expected to double by 2040, the expansion of the NLNG Bonny Island facility is crucial in helping Shell meet the world’s growing energy needs.” "We are happy with the progress NLNG has made over the years and its enormous contributions to the Nigerian economy. The EPC awards for Train 7 is good news for Nigeria with the potential to bring more export revenues, unlock new projects, and attract foreign direct investments, in addition to transforming the economy of the Niger Delta and Nigeria as whole,” said Osagie Okunbor, Country Chair, Shell Companies in Nigeria and Managing Director, The Shell Petroleum Development Company of Nigeria Ltd. “Shell is positioned to support NLNG’s expansion by working with our government and other partners to develop new gas resources to sustain this growth and enhance both domestic and export gas supplies.” |
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