IOC Sells IMO2020-Compliant Marine Fuel in India
State-owned Indian Oil Corp (IOC) said it has commenced delivery of Low Sulfur Furnace Oil (LSFO) for ships that is compliant with International Maritime Organisation's (IMO) mandate.The largest commercial oil company in India said in a press release that it commenced deliveries of LSFO with 0.5 per cent sulfur as marine fuel at ports in the country.The first such supply was made on 26th October 2019 to the LPG tanker Berlian Ekuator at Kandla port.ICO has made available LSFO 0.5% S grade marine fuel for immediate deliveries at Kandla and Kochi ports.
BOEM Announces New GoM Lease Sale
The US Department of the Interior's Bureau of Ocean Energy Management (BOEM) plans to offer about 78 million acres in a region-wide Gulf of Mexico lease sale scheduled for March 2020.Lease Sale 254, which would include all unleased areas in federal waters in the gulf that are not subject to congressional moratorium, will be the sixth held under the 2017-22 federal OCS leasing program, BOEM said in a press statement.The sale would include all available unleased areas in federal waters of the Gulf of Mexico that are not subject to Congressional moratorium.“Offshore energy development is about furthering America’s energy security…
FERC Approves Plaquemines LNG Facility
The US Federal Energy Regulatory Commission has approved the construction of Venture Global's proposed $8.5 billion Plaquemines liquefied natural gas export facility in Louisiana. Venture Global LNG to build an LNG Plaquemines export terminal and a gas pipeline between the terminal and the interstate gas network.PGNiG will receive liquefied natural gas from this terminal from 2023.“We congratulate our American partners from Venture Global LNG for obtaining the final FERC approval for the construction of the second natural gas liquefaction facility.
How to Determine Which Countries Have the Best Energy Policies
Which countries have the best energy policies? This is an interesting, and rather obvious, question, considering that every country’s energy practices impact the world in one way or another. But it’s one you don’t often hear asked.That is probably because it’s hard to compare countries in any sensible and fair way, given the differences in population, size, economy and resources.Still, the world needs to know who does it best. The challenge is to measure performance against a set of agreed indicators, that governments find helpful in meeting their own challenges to develop coherent policies.It goes without saying how important this is.
BP Exits Alaska with $5.6Bln Sale
British oil major BP Alaska announced that it is selling its entire business to Hilcorp Alaska, marking the exit from Alaska after six decades.The $5.6 billion sale includes Opens a New Window. interests in the Prudhoe Bay oil field, Point Thomson gas field and the trans-Alaska pipeline system, BP said in a release.Bob Dudley, BP group chief executive, said: "Alaska has been instrumental in BP's growth and success for well over half a century and our work there has helped shape the careers of many throughout the company.
GoM Lease Fetches $159mln in High Bids
Gulf of Mexico (GoM) Lease Sale 253 in New Orleans generated over $159 million in high bids for 151 tracts covering 835,000 acres in federal waters.Twenty-seven companies participated in the lease sale, submitting approximately $175 million in bids, said Bureau of Ocean Energy Management (BOEM).“We are excited about the results from today’s lease sale, which show a continued upward trend for the year. The total from today’s lease sale and the March sale is the highest since 2015 for high bids,” said Interior’s Deputy Assistant Secretary for Land and Minerals Management Andrea Travnicek.
FLNG Innovations Boost Gas Industry Growth
Liquefied natural gas (LNG) technologies, such as floating LNG (FLNG) innovations, driven by its shorter construction lead times and lower capital investment costs, are increasingly becoming a viable option for increased gas deployments.FLNG helps mitigate siting constraints that shore-based infrastructure may face, pointed out the Kansas City-based engineering firm Black & Veatch.The provider of engineering, procurement and construction (EPC) services for energy also stressed on the continued need for a balanced power…
U.S. Senate Panel Backs Nord Stream 2 Pipeline Sanctions Bill
A U.S. Senate committee passed a bill on Wednesday to slap sanctions on companies and individuals involved in building the Nord Stream 2 pipeline from Russia to Germany that the Trump administration says would strengthen Moscow's economic grip on Europe.The Senate Foreign Relations Committee passed the Protecting Europe's Energy Security Act by 20 to 2. The bill reflects some lawmakers' concerns over Russian influence in Europe, but would need to pass the full Senate and House of Representatives and be signed by President Donald Trump to become law. (Reuters, Reporting by Timothy Gardner and Patricia Zengerle Editing by Susan Thomas)
Kogas, EVC Pact for Vietnam LNG Terminal
South Korean public natural gas company Korea Gas Corporation (Kogas) and Vietnam-focused development and asset management company Energy Capital Vietnam (ECV) have entered into a memorandum of understanding (MOU) for the development of a privately-funded LNG regasification terminal in Vietnam.The MOU also covers the development of a storage facility, gas supply system, and a 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan Province, Vietnam, said a press note.The MOU contemplates KOGAS and ECV working together to optimize their efforts to meet the significant LNG demand growth forecasted for Vietnam.
Suez Canal Accounts for 8% of LNG Trade
Total oil flows through the Suez Canal and the SUMED pipeline accounted for about 9% of total seaborne traded petroleum in 2017, and LNG flows through the Suez Canal and the SUMED pipeline accounted for about 8% of global LNG trade."The Suez Canal and the SUMED Pipeline are strategic routes for Persian Gulf crude oil, petroleum products, and LNG shipments to Europe and North America," U.S. Energy Information Administration (EIA) said.Located in Egypt, the Suez Canal connects the Red Sea with the Mediterranean Sea, and is…
India Eyes $250 bln for Renewable Energy
India is undertaking one of the world’s largest renewable energy expansion programs, which will require additional investments of around $80 billion till 2022, growing more than threefold to $250 billion during 2023-30.According to the Economic Survey 2019, the investment estimates, which have been made at current prices, come at a time when India has become one of the top renewable producers globally with ambitious capacity expansion plans.The Survey presented in the Indian Parliament by the Finance Minister Nirmala Sitharaman said that globally India stands 4th in wind power…
Canada Makes First Propane Shipment
North American energy infrastructure company energy infrastructure company AltaGas celebrated the grand opening of its Ridley Island Propane Export Terminal (RIPET), located in Prince Rupert, British Columbia – the first marine export facility for propane in Canada.The facility began introducing propane feedstock in mid-April, and the first shipment departed the terminal on May 23, 2019 bound for Asia."The completion of this game-changing project and the shipment of our first cargo are historic milestones for AltaGas, as well as for our project partners…
From KPMG: Visions of Cheese
Whilst we are seeing a clear uptick in activity and the UK oil and gas industry is certainly on the way up again, the industry must continue to move forward. However, under current market conditions, how can companies capitalize on change whilst remaining stable and sustainable and, more importantly, will there be enough return for all?Over the past five years, the UK oil and gas industry has had to weather some fairly challenging economic conditions. The $100+ per barrel averages of a ‘gold-plated era’ that supported record levels of capital expenditure to a $20.7 billion UK Continental Shelf (UKCS) peak ended abruptly at the close of 2014…
US to Lead Oil Supply Growth to 2024
The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said that oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply, by the end of the forecast.While global oil demand growth is set to ease, in particular as China slows down, it still increases an annual average of 1.2 mb/d to 2024, according to the report, Oil 2019.
Polish LNG Terminal Gets EU Grant
Poland’s LNG import terminal in Świnoujście will receive a EUR128mln grant from from the European Regional Development Fund and the Cohesion Fund to expand its regasification capacity.The European Commission said in a notification that it has approved plans to support the increase of the regasification capacity, and the development of additional functionalities of the LNG terminal in Poland.The plans were approved under EU State aid rules and would see the terminal capacity increase from 5 to 7.5 billion cubic metres per year.The Commission approved the aid for the construction of this LNG terminal in 2011.
Russian Pipeline: Bringing Gas and Building Trust
A discussion over energy at the summit last week between Russian President Vladimir Putin and North Korean leader Kim Jong-un has excited the government in South Korea, where the government is desperately looking to entice the North Koreans to come in out of the cold.Among the topics that came up was access for the North Koreans to Russian electricity supplies and the question of North Korea allowing the Russians to build a pipeline that would ship natural gas from Vladivostok, where the summit was held, through North Korea…
Hyundai Heavy Sells Oil Stake to Saudi Aramco
South Korean shipyard Hyundai Heavy Industries sells its share of oil refinery Hyundai Oilbank to Saudi Arabian oil giant Saudi Aramco.According to a press release, Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC) will purchase a 17% stake in South Korea's Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings.The investment is valued at approximately $ 1.25 billion, it said.AOC’s’s investment in South Korea’s Hyundai Oilbank will support Saudi Aramco’s crude oil placement strategy by providing a dedicated outlet for Arabian crude oil to South Korea.Abdulaziz Al-Judaimi…
EU Funding for Polish LNG Terminal Expansion
The Polish government and the Polskie LNG company signed a grant agreement on 24 April for the extension of the Liquefied Natural Gas (LNG) terminal in Świnoujście, in north-western Poland on the Baltic Sea coast.Almost EUR 128 million from the European Regional Development Fund is invested in extending this terminal, which is the only facility of its size in Northern, Central and Eastern Europe.Commissioner for Regional Policy Corina Creţu said: "The extension of the Świnoujście terminal will help diversify natural gas supply sources and improve the country’s energy security.
Wintershall, DEA Complete Merger
The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and production company in Europe.Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East. Regulatory approvals have been granted by nine countries including Germany, Norway, the UK and Russia.“We are a European champion and are making an important contribution to Europe’s energy security,” explains Mario Mehren…
US LNG Opens Floodgates to Europe
The United States has nearly tripled its natural-gas exports to the European Union (EU) since July and signed new licenses seeking to establish American energy as an EU mainstay. US exports of LNG surged following a meeting between Donald Trump and Jean-Claude Juncker in July 2018.In their Joint Statement of 25 July 2018 in Washington D.C., President Juncker and President Trump agreed to strengthen EU-U.S. strategic cooperation with respect to energy. They came in particular to an understanding on the benefits of expanded exports of U.S. liquefied natural gas (LNG) to the EU gas market.Since the first cargo in April 2016 U.S.