Energiser Investments Share Discussion Threads

[waldron] 12/5/2017 18:18

On May 12, 2017, the Combined General Meeting held 1013 shareholders, chaired by Mr. Gérard Mestrallet, Chairman of the Board of Directors of ENGIE. More than 22,000 shareholders voted in advance

All the resolutions, in particular those concerning the financial statements and the appropriation of the profit for the financial year 2016, were approved, it being specified that among the two directors representing the employee shareholders the choice was made of Mr. Christophe Aubert Which won the highest number of votes. The dividend for 2016 was set at € 1 per share.

Shareholders who have registered their shares in registered form before 31 December 2014 will receive for the first time a dividend plus 10% in respect of 2016 with the payment of the balance of the dividend on 18 May 2017. This measure, General Meeting of 28 April 2014, aims to encourage and reward shareholder loyalty.

In particular, the General Meeting provided an opportunity to review the progress made in the transformation of the Group and the functioning of dissociated governance one year after its creation.

During this General Meeting, shareholders also:

- ratified the appointment of Mr. Patrice Durand as a director proposed by the State to replace Mr. Bruno Bézard for the remainder of his term of office, that is until the end of the General Meeting of 2019 ;

- appointed Mr Christophe Aubert as director representing the employee shareholders in place of Caroline Simon whose term of office had expired; The term of office of Mr. Aubert will expire at the end of the General Meeting of 2021.

At the end of the General Meeting today, the Board of Directors is composed of 19 members, including 8 independent members, 3 directors representing employees, 1 director representing employee shareholders, and 5 directors representing or appointed on nomination of the French state. The Board of Directors comprises 9 women and 5 different nationalities.

The Council's competency mapping, published for the first time this year and carried out with the assistance of an external expert, confirms the complete and balanced distribution of skills required both in general terms and more specifically in relation to ambitions Strategic objectives agreed by the Board of Directors.

The Board also decided the principle of an interim dividend of € 0.35 per share for 2017, to be paid on October 13, 2017.

The General Meeting was transmitted live on the Group's website and is available on the Internet. The presentation and results of the ballot are also available on the Group's website. Go to engie.com/ag.

ENGIE also published its 4th Integrated Report, which presents the Group's strategy, governance and performance, as well as the environment in which it operates. This publication strengthens the Group's transparency vis-à-vis all its stakeholders. Integrated Report 2017 (> hxxp://www.engie.com/groupe/publications/)

1 The balance of the dividend, ie € 0.50 per share, will be detached on May 16, 2017 and paid on May 18, 2017; The interim dividend of € 0.50 per share was paid on October 14, 2016.

Upcoming Events

May 18, 2017: Payment of the balance of the 2016 dividend (€ 0.50 per share); The date of secondment shall be 16 May
28 July: Publication of results for the first half of 2017
October 13: Payment of the interim dividend 2017 (€ 0.35 per share)

About ENGIE

ENGIE places responsible growth at the core of its business lines (electricity, natural gas, energy services) to address the major challenges of energy transition to a low carbon economy: access to sustainable energy, mitigation and Adaptation to climate change and the rational use of resources. The Group develops high-performance, innovative solutions for individuals, cities and businesses, building on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technologies. ENGIE has 153,090 employees worldwide with a turnover in 2016 of 66.6 billion euros. The Group is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).

[waldron] 12/5/2017 18:12

Neptune Buys North Sea Gas Assets Worth Billions
By Irina Slav - May 12, 2017, 11:54 AM CDT Offshore

Yesterday, private-equity backed UK-based firm Neptune struck a deal to buy the North Sea gas assets of French Engie along with other operations for US$3.9 billion.

The firm, ran by the former chief executive of British utility Centrica Sam Laidlaw, was given US$5 billion by Carlyle Group and CVC Capital Partners back when it was set up in 2015, and the Engie deal has been in the making for over a year. As part of the final binding offer, Neptune will take on Engie’s decommissioning liabilities, which are estimated at around US$1.2 billion (1.1 billion euros).

In addition, the Chinese Investment Corporation, which owned a 30-percent stake in the upstream business, will increase its interest to 49 percent.

The French company, formerly known as GDF Suez, put its upstream business on the block last year, including 319 E&P licenses not just in the North Sea but also in Norway, Algeria, and Indonesia, along with nine other countries. The biggest of Engie’s 16 assets in the North Sea is the Cygnus field, which produces about 5 percent of the overall UK gas output. Engie operated the field in partnership with Centrica.

The overall production of the French company’s upstream business is 148,000 barrels of oil and oil equivalent, as of 2016. The proven and probable reserves in its portfolio are estimated at 672.4 million barrels.

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Engie, however, is reorienting itself towards renewables and has no reason to consider the oil and gas production business core anymore. According to chief executive Isabelle Kocher, as quoted by the FT, the sale was “a major milestone” along the way to an all-renewable Engie.

Neptune is the third in a string of private equity-backed firms to set a firm foot in the North Sea, after Chrysaor and Siccar Point bought North Sea projects from, respectively, Shell and Austria’s OMV.

By Irina Slav for Oilprice.com

[waldron] 12/5/2017 15:38

France's Engie to retain interest in Algerian natural gas under Neptune deal

London (Platts)--12 May 2017 938 am EDT/1338 GMT

France's Engie, which has significant exposure to the Algerian gas sector, is to retain a 30% stake in the Touat gas field as part of its Eur3.6-billion ($3.9-billion) proposed deal to sell its upstream business to UK-based Neptune Energy.

In the deal announced Thursday, Engie said it would help bring Touat to first gas, expected later this year.

"As part of the envisaged transaction, Engie would keep a 30% interest in the Touat project in Algeria, which is currently in the development phase," it said.

"Engie remains a major gas player in Algeria through its LNG activity and its experience in Algeria is considered key to bring the first gas to the Touat project," it said.

Engie, as operator, currently holds a 65% stake in Touat, so its stake will be reduced by more than half with Neptune taking 35%.

The remaining 35% is held by state-owned Sonatrach.

Touat is a major part of Algeria's plans to boost its gas production in the coming years to offset declines elsewhere and to maintain market share in the key European market.

Touat brings together then gas fields with reserves estimated at 68.5 Bcm of gas.

The project will produce some 4.5 Bcm/year of gas, according to Engie.

ENERGY TRANSITION

The proposal to sell its E&P business to Neptune is a major step toward Engie's previously announced "energy transition" into a greener energy major in Europe.

It had flagged the sale of its upstream arm repeatedly over the past few years, with its CEO Maria Moraeus Hanssen telling S&P Global Platts last year that all options were open, including the sale of the entire business.

Engie on Thursday said the proposal to sell was a "major milestone in its transformation plan."

The offer from Neptune -- a UK-based company backed by funds advised by the Carlyle Group and CVC Capital Partners -- is for an aggregate value of Eur4.7 billion, which includes Eur1.1 billion in decommissioning liabilities deconsolidated from Engie's balance sheet.

"Our ambition is to create a leading international independent E&P company within the next five years," Neptune executive chairman Sam Laidlaw -- former CEO of the UK's Centrica -- said.

Neptune was launched in June 2015 to focus on investing in large oil and gas portfolios that may come available as a result of energy market dynamics.

Most of Engie's upstream portfolio is focused on the North Sea, across Norway, the UK and the Netherlands, but it also has assets in Germany, Brazil, Indonesia, Australia, Libya and Egypt.

"This intended transaction is in line with Engie's strategy to be leader of the energy transition in the world, notably by focusing on low carbon generation and reducing our exposure to commodity prices," its CEO Isabelle Kocher said.

"After the closing of this transaction, regulated and contracted activities will represent more than 85% of Engie's EBITDA," she said.

The envisaged transaction is expected to complete by early Q1 2018.

UK ENERGY MARKET

Separately, Engie also said Thursday it was launching a domestic energy business in the UK, being the largest company to enter the UK domestic energy market for over 15 years.

"The launch of Engie's home energy business in the UK is a natural extension of our BtoB energy and services activities in the country, reaffirming our long-term commitment to the UK," executive vice president Judith Hartmann said.

Engie is working to develop its retail activities both by strengthening its positions in some regions and by entering into new countries, such as the UK.

--Stuart Elliott, [e-mail]

[waldron] 12/5/2017 10:50

Published on 12/05/2017 at 10h55

(Boursier.com) - Bryan Garnier reacts Friday to the plan to sell the 70% stake held by Engie in Exploration & Production International at Neptune Energy. The broker is pleased with this sale of assets which reinforces the ambition of the French group to reduce the sail. "We believe that this sale is a turning point in Engie's strategy and transformation plan," the broker said in his note. "The transaction will reduce its net indebtedness and net economic debt by 2.4 and 3.5 billion euros, respectively," adds Bryan Garnier. Despite this, this expert judged the valuation retained for this operation (4.7 bnE in enterprise value) a little weak, while E & P International was evaluated in its model at 5.7 BdsE. As a result, Bryan Garnier lowers his target price of Engie, from 15.50 to 15 euros, always advisable to buy and included in the list of "Top Picks" of the broker.

[ariane] 11/5/2017 17:07

11/05/2017 | 10:37
Bryan Garnier reaffirms his recommendation to buy and a fair value of 15.5 euros on Engie, while the sale of its exploration and production assets could be announced very soon, according to Les Echos and The Financial Times.

"The FT mentions a $ 4 billion deal, while Les Echos says the entire business could be valued at 4.7 billion euros," the financial intermediary said in his note.

According to Bryan Garnier, 'this divestiture could be a clear turning point in Engie's transformation plan and would significantly reduce the energy group's exposure to commodities'.

[ariane] 11/5/2017 16:56

11/05/2017 | 5:28 p.m.

Engie launches its domestic energy business in the UK, becoming the largest company to enter the UK domestic energy market for more than 15 years. As part of this commitment, the group is the first supplier in the UK to offer its customers the lowest available fare when their electricity contract expires.

Judith Hartmann, Deputy Managing Director of Engie, in charge of operational activities in the United Kingdom and North America and Chief Financial Officer, said: "The launch of the UK home energy business is a natural extension of our Activities and energy services, thus reaffirming our long-term commitment to the UK With our combined knowledge of the country and our expertise in BtoC solutions, we are convinced that we can provide a new dimension to our UK customers: fair, clear and transparent rates, accompanied by energy savings and cost reduction programs. "

[grupo guitarlumber] 11/5/2017 08:09

The Neptune fund (assembled by Carlyle and CVC) has been approached for several months to buy out the exploration and production assets put up for sale by Engie. In January, there appeared to be water in the gas between potential buyer and seller. But the dispute would have been settled in February. At the time, the Bloomberg agency had evoked an arrangement involving a 51% stake in Neuilly over 70% of the capital in Engie, with the remaining 19% going to the current co-shareholder of the French group, the Chinese sovereign wealth fund CIC. The financial agency evoked a price of 3.3 billion euros for the sale of the 70%.

Last night, Sky News said the deal would be announced this morning for $ 4.5 billion. Overnight, the Financial Times confirmed that the transaction was almost complete, evoking a $ 4 billion, while noting that some details remained to be settled. An announcement is therefore not assured this Thursday. As for valuation, it is quite fluctuating, but the basis used by the media is also fluctuating: sometimes are mentioned the value of the 70% held by Engie, sometimes the entirety of the perimeter. The sale of E & P assets constitutes a significant portion of the 15 MbE disposal plan for Engie under the reorganization program for a group that is more exposed to renewable energy and less debt.

[grupo guitarlumber] 08/5/2017 11:25

08/05/2017 | 11:33
Oddo has in a note broadcast Monday morning reiterated its 'buy' advice and its target price of 14.1 euros on Engie, which reported Friday morning accounts slightly below market expectations.

The French energy giant has in particular released an Ebit of 2.2 billion euros, slightly below the 2.3 billion on which set the broker. Reduced to € 20.4 billion, net debt however came in line with Oddo's estimates, which also welcomed the renewal of guidance of 2017 recurring net profit between 2.4 and 2.6 billion euros And EBITDA between 10.7 and 11.3 billion.

'Unfavorable sales in the first quarter should be reversed', prophesies the intermediary, who points out in this connection 'the expected restart of Tihange 1 in Belgium in late May, the completion of maintenance work on the platform in Norway and a More favorable base effect in hydro production.

"In addition to these elements, the next quarters could benefit from exceptional items linked to the ongoing renegotiation of long-term gas contracts.

At the end of the day, Engie is 'well positioned to succeed in its tranchformation and set goals for steady earnings growth', says Oddo, for whom the group's current valuation does not reflect this momentum change.

[waldron] 03/5/2017 10:17

05/05/2017 00:00 : Chiffre d'affaires 1er trimestre

[grupo guitarlumber] 24/4/2017 16:04

Europe Energy Firms to Finance Up To €4.75 Billion for Gazprom Nord Stream 2 Gas Pipeline
24/04/2017 3:36pm
Dow Jones News

Engie (EU:ENGI)
Intraday Stock Chart

Today : Monday 24 April 2017
Click Here for more Engie Charts.

By Emre Peker



BRUSSELS--European energy firms pledged Monday to pay for half the cost of a natural-gas link from Russia to Germany, lending significant support to a controversial pipeline that is fueling tensions within the European Union.

A consortium of five companies--Engie, OMV, Royal Dutch Shell PLC, Uniper and Wintershall Holding GmBH--said they would provide up to €4.75 billion ($5.1 billion) in long-term financing to Nord Stream 2 AG, a wholly owned subsidiary of Russia's state-owned Gazprom. Each European firm would fund up to €950 million.

The pipeline, which would double the capacity of the existing Nord Stream link by adding another 55 billion cubic meters of annual volume, faces stiff resistance from Central and Eastern European members of the EU.

Previously, Polish competition authorities blocked the five European companies from becoming Nord Stream 2 shareholders.

"The financial commitment by the European companies underscores the Nord Stream 2 project's strategic importance for the European gas market," Gazprom and its European backers in Nord Stream 2 said in a joint statement. The pipeline, which is scheduled to be completed by the end of 2019, will contribute to competitiveness and long-term energy security in the EU, they said.

Gazprom's planned expansion would enable Russia to cut back on eastern routes through Ukraine and Belarus, critics say. That would threaten the EU's energy security, while also undermining a key diplomatic objective for Brussels: supporting Kiev amid its conflict with Moscow.



Write to Emre Peker at [e-mail]



(END) Dow Jones Newswires

April 24, 2017 10:21 ET (14:21 GMT)

[ariane] 20/4/2017 05:55

19/04/2017 | 22:39
3.3% DECREASE IN REGULATED GAS TARIFFS IN MAY
The regulated tariffs for the sale of gas to individuals by Engie will decrease by 3.3% as of May 1, says Wednesday Le Figaro on its website.

According to the newspaper, the company sent the request for a tariff revision to the Energy Regulatory Commission (CRE), which concerns 5.8 million households.

The tariffs are revised monthly according to a calculation formula which takes into account their evolution on the gas wholesale market and the oil price.

They declined by 0.73% in April and have declined by an average of 13.3% since 1 January 2014, according to the CRE.

(Myriam Rivet, edited by Wilfrid Exbrayat)

[waldron] 16/4/2017 19:35

A few years ago, Engie had great hopes in nuclear power. The leaders of the former GDF Suez have returned and now limit their ambitions to a profitable exploitation of the seven Belgian reactors of their Electrabel subsidiary until the 2025 deadline. The CEO of the energy giant Isabelle Kocher , Confirmed this turnaround by announcing on Tuesday, April 4, the sale to its Japanese partner Toshiba, for 129 million euros, of the 40% it owned in their joint venture NuGen, in charge to build a plant of 3,800 megawatts (MW ) In Moorside (north-west of England).

Everything indicates that Isabelle Kocher will sooner or later make the same choice in Turkey. Engie planned to operate a power plant in Sinop, on the Black Sea coast, equipped with four Atmea (4,400 MW) reactors, designed by Areva and the Mitsubishi Heavy Industries (MHI). This project of more than 15 billion euros, still in the preliminary stage, could be finally rounded up by the Russian Rosatom, which is already planning the construction of a power plant in the south of the country. And in Belgium, its nuclear cradle, Engie seeks to share the risks by bringing minority partners into Electrabel.
Projects too uncertain

Mrs Kocher's choice was carefully considered, but the news helped her to rush the decision. Westinghouse, the US subsidiary of Toshiba that was to supply Nuclear with three AP1000 reactors, just certified by the British nuclear safety authority, has just been placed under the protection of US bankruptcy law. Its Japanese parent company announced at the end of March its withdrawal purely and simply from major international nuclear projects, considered too risky and too expensive, although it was still considering mid-February to carry out its project in the United Kingdom .

As a result, Engie had nothing more to do with the revitalization of nuclear power across the Channel. The latter ...
Read more ...

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[grupo guitarlumber] 13/4/2017 06:26

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13/04/2017 | 06:22

Paris (awp / afp) - "Some shadows persist" in the first public declarations of payments from French mining companies to producer countries, say Oxfam, ONE and Sherpa non-governmental organizations in a report published on Thursday, Total and Areva.

In total, the three NGOs combed statements by six French groups - Total, Areva, EDF, Engie, Eramet and Maurel and Prom - on their raw materials extraction activities (fossil fuels or minerals) in 2015 .

An unprecedented exercise, since these companies are obliged to publish their payments to the countries where they exploit natural resources only since last year, by virtue of the transposition by France of two European directives.

While their declarations represent "a notable advance" in transparency, their understanding "remains complicated", note the NGOs.

The data are particularly difficult to access and lack context. Overall, the exchange rates used remain unclear, as do the different categories of "projects" and "beneficiaries", they criticize.

With regard to Total, the three NGOs are particularly concerned about a gap of more than 100 million dollars between the revenues declared in 2015 by the Angolan authorities coming from the main oil field of the country and the payments declared by the French group to exploit This site.

This can be explained either by a difference in the declared number of barrels of oil or by a divergence of valuation of the average price of a barrel of oil, according to them.

"It is crucial that the company disclose all the information required to understand these irregularities," said Laetitia Liebert, Director Sherpa, quoted in a joint statement by NGOs.

Regarding Areva, the NGOs believe that the group "seems far from contributing its fair share" to exploit the Nigerian uranium, despite a renegotiation of its royalty in Niger in 2014.

It is one of the poorest countries in the world, accounting for nearly 30% of Areva's uranium production, but it receives only 7% of payments from the French group to producer countries.

Areva would have paid Niger a lower royalty in 2015 compared to 2014, depriving this state of 15 million euros of revenue. Moreover, the price of exported Niger uranium would be "largely undervalued" by the local subsidiary of Areva, which would allow the group not to pay taxes on its profits in Niger, NGOs accuse.

The report makes recommendations to each of the undertakings whose declarations it has examined, as well as to the European Union and France to revise upwards the degree of transparency required.

Afp / lk

[maywillow] 10/4/2017 05:29

boursier.com

google translation from french

Published on 10/04/2017 at 06:12

The US subsidiary of Engie and Axium Infrastructure will take charge of the University of Ohio's energy policy, its campus and its 485 buildings. The concession, which lasts for 50 years, should enable the institution to achieve high energy consumption targets. The contract, which is expected to amount to $ 1.165 billion over its term, was validated by the oversight bodies after two years of selection process, which made it possible to determine the winner in the midst of about 40 proposals.

Engie and Axium are well-known for operating a large portfolio of solar and wind assets in Canada for five years.

[the grumpy old men] 09/4/2017 00:08

Moorside – Are Toshiba’s and Engie’s exits mortal blows?

07/04/2017
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The collapse of the NuGen consortium reflects endemic weaknesses in new nuclear projects across Western Europe, says Nigel Hawkins.

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The last few days have seen very contrasting news for UK new nuclear-build.

On the positive front, the first cement pour has taken place at the long-delayed and highly controversial £24 billion 3,200 MW Hinkley Point C plant. It is due to be commissioned in the mid-2020s.

On the negative front, the Moorside new nuclear-build project in Cumbria, which plans to build three AP-1000 Westinghouse plants near the Sellafield nuclear re-processing site, is in deep trouble – the damage may be terminal.

Following a sharp fall in its share price, the Japanese-based Toshiba, with a 60 per cent stake in Moorside, has decided to withdraw from overseas nuclear projects.

Its finances have been drastically undermined by huge losses from US plants being built by its Westinghouse nuclear subsidiary, which it bought from British Nuclear Fuels in 2006.

Westinghouse, an iconic name in US electrical engineering, was originally a major rival to Edison. Its eponymous founder transformed the US electricity industry – but his company is now being pushed into Chapter 11 bankruptcy.

Furthermore, Engie (formerly GDF-Suez), has wasted little time in triggering its legal right to exit the project; it is due to receive c£111 million for its 40 per cent stake.

When the Moorside NuGen consortium was established in 2010, two ‘big six’ power companies, SSE and Iberdrola, were founding shareholders: they both exited some years ago.

There are hopes that South Korea’s highly respected Kepco may step in to fill the breach and save the Moorside project; this may be wishful thinking.

The latest developments affecting UK new nuclear-build are part of an ongoing saga.

After all, ferocious debate has surrounded the Hinkley Point C project for years – with the eye-watering, index-linked £92.50p per MWh Contract for Difference (CfD) for 35 years being particularly controversial.

There are other new nuclear-build projects on the table though at a far less advanced stage.

In Anglesey, another Japanese company, Hitachi - through the Horizon consortium - is planning to build a successor to the Wylfa Magnox plant that is now being decommissioned.

Perhaps not surprisingly, this project has encountered delays; if it were to proceed, it would not be commissioned for almost a decade.

In eastern England, Chinese nuclear investment at both Bradwell and Sizewell has been widely discussed.

State-owned - and Guangdong-based - Chinese General Nuclear (CGN) is very keen to install Chinese nuclear technology at these sites. Importantly, CGN is a minority shareholder in the Hinkley Point C project.

Following Theresa May’s election as Prime Minister, there was a pause before final clearance was given to the Hinkley Point C project, with deep-seated concerns about Chinese security issues reputedly being to the fore.

Although the go-ahead was eventually given, there is no guarantee that a similar decision would be reached for Chinese investment in other nuclear projects.

Elsewhere in Western Europe, nuclear new-build problems seem endemic.

The third-generation plant at Olkiluoto in Finland – due to be a shop-window for new nuclear-build - is both many € billions over budget and many years behind schedule.

EdF’s experience with its first third-generation plant at Flamanville is almost as disastrous as costs soar and delays persist.

In fact, c85 per cent of EdF’s shares are publicly-owned, a very different scenario from other players in the UK electricity supply industry.

Yet, if some of the existing nuclear new-build projects are parked – a likely fate for Moorside – or collapse completely, it may only be the Government that is prepared to step in and rescue them.

Author: Jane Gray,

[grupo] 06/4/2017 07:46

Shell agrees gas supply deals in Australia
By Robb M. Stewart

Published: Apr 6, 2017 2:20 a.m. ET


MELBOURNE, Australia--Under pressure to ensure industry in Australia isn't hit with a shortfall of natural gas, Royal Dutch Shell PLC (RDSA) said it had agreed short-term sales deals with a power supplier and a maker of explosives.

The energy company is reducing exports of gas from its QGC operation in tropical Queensland in order to supply additional gas to the domestic market this year, said Zoe Yujnovich, the recently appointed chairwoman of Shell's Australian business.

The supply contracts add to sales agreements signed with power generators and retailers, and bring total domestic sales from QGC to about 11% of east-coast demand for 2017, Ms. Yujnovich said.

The company said it would supply about 8 petajoules of gas to Engie SA's (ENGI.FR) Pelican Point power plant in South Australia state for five months over the peak winter period, and had agreed an 18-month deal to supply gas from Queensland's Surat Basin fields to Orica Ltd.'s (ORI.AU) Yarwun explosives and cyanide operation.

"Shell's business on the east coast has reacted to the gas market," she said.

Amid warnings of a looming gas shortage in the southeast and volatile power prices, Prime Minister Malcolm Turnbull last month extracted a commitment from energy companies to supply enough gas to meet local demand during peak periods and to work toward increasing supplies longer term. At a meeting in Canberra with company executives, the prime minister held out the prospect of regulating exports or other measures if the industry wasn't able to ensure adequate supply.

Days earlier, a report from the operator of the country's gas and electricity markets projected a shortfall in gas-power electricity generation in southeast states from as early as next summer if no action was taken.

Shell's new supply deals come on the heels of an agreement last week by Origin Energy Ltd. (ORG.AU) to supply gas to Engie's Pelican Point plant over three years from July, and in return buy electricity from the plant to supply to its own customers.

Worries about power supplies came to a head late last year when South Australia was hit by several blackouts, including a statewide outage after a violent storm that left many homes and businesses without power for several days. The prospect of further blackouts prompted Tesla Inc.'s Elon Musk to offer--initially via Twitter and later during a phone calls with political leaders including Mr. Turnbull-- his company's energy-storage technology as a solution to the state's energy troubles.

Industry groups have for several years warned of rising prices and risks to supply as major gas-export plants ramp up production of liquefied natural gas. Three massive LNG plants on Curtis Island in northeastern Queensland, operated by Shell, Origin and Santos Ltd. STO respectively, are tapping methane buried in inland seams of coal and converting it to LNG for export to Asia.

The Shell and Origin-led ventures gave a commitment to Mr. Turnbull to being net domestic gas suppliers and the third operation said it would take the matter on notice.

Write to Robb M. Stewart at [e-mail]

[la forge] 04/4/2017 19:48

ENGIE issues three North Sea Gjøa modification contracts
04/04/2017
Gjøa semisubmersible platform in the Norwegian North Sea ENGIE E&P Norge
(Courtesy ENGIE E&P Norge)

Offshore staff

STAVANGER, Norway – ENGIE E&P Norge has awarded front-end engineering and design (FEED) study contracts for modifications at the Gjøa semisubmersible platform in the Norwegian North Sea.

These are needed to enable the subsea tieback of the Wintershall-operated Skarfjell field to the platform.

Kongsberg Maritime will undertake studies in connection with the modification and upgrading of control and safety systems on Gjøa for the tie-in. These should be completed in August.

Saipem and Heerema Marine Contractors will perform FEED related to offshore heavy-lifting work. The scope covers two separate and parallel studies that will clarify the different options for safe and efficient lifting and installation of the Skarfjell-module on Gjøa. These studies too are due to finish in August.

Anne Botne, head of Development and Non Operated Ventures at ENGIE E&P Norge, said: “The tie-in of Skarfjell production to Gjøa is in line with ENGIE E&P’s strategy to make Gjøa a hub for future fields in the area and to extend the lifetime of the Gjøa platform.”

The facility is operated with power from shore through a 100-km (62-mi) long submarine cable from Mongstad, western Norway.

Gjøa was the fifth most productive field on the Norwegian continental shelf in 2016, according to the Norwegian Petroleum Directorate.

Partners in the PL153 Gjøa are: ENGIE E&P Norge (operator and 30%), Petoro (30%), Wintershall Norge (20%), Det Norske Shell (12%), and DEA Norge (8%).

04/04/2017