Novatek Launches Arcticgas
Russia's second-largest natural gas producer Novatek announced that Arcticgas, a joint venture between Novatek and PAO Gazprom Neft, commenced commercial production at the East-Urengoyskoye+North-Esetinskoye field within the Samburgskiy license area.It has an estimated annual production capacity of more than one (1) billion cubic meters of natural gas and 0.2 million tons of gas condensate.
Novatek in Talks on LNG Transhipment
Russia's liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia's Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, a Novatek official said.The United States imposed sanctions on Sept. 25 on state-owned COSCO's subsidiaries…
Yamal LNG Increases Asia-Pacific Shipments Via NSR
Russia’s largest independent natural gas producer Novatek said that its operated Yamal LNG project has shipped 15 cargoes of liquefied natural gas (LNG) to Asia-Pacific markets directly via the Northern Sea Route (NSR) during 3Q19.The eastbound shipments represented about 25% of all LNG dispatched from Yamal LNG during the quarter.
Ecuador to Quit OPEC in 2020
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed…
Norway Sovereign Fund to Divest E&P Firms
Norway's $1.1 trillion sovereign fund will divest companies solely dedicated to oil and gas exploration and production in a bid to shield itself from a long-term fall in oil prices, the finance ministry said late on Tuesday.The move will partly shift the world's largest sovereign wealth fund away from oil and gas, as called for by the central bank…
Europe Looks for Gas as Groningen Folds
Europe’s energy landscape will be completely changed once the Dutch shut down the largest gas field on the continent years ahead of schedule, according to Rystad Energy.The Netherland recently announced that production at Groningen – Europe’s largest gas field – will be halted in 2022, eight years earlier than initially planned.
Rosneft Starts Far East LSFO Bunkering
RN Bunker, the bunkering subsidiary of Russia's Rosneft Oil Company, said it has begun to refuel ships with 0.5% sulfur limit marine fuel at the Far East region.The RMLS 40, a marine fuel that has advanced environmental properties, is in full compliance with the International Convention for the Prevention of Pollution…
Japanese Backers for Novatek's LNG Complexes
Russia’s largest independent natural gas producer and LNG project operator Novatek has formed ties with Japan's shipper Mitsui O.S.K. Lines (MOL) and Japan Bank for International Cooperation (JBIC) to collaborate on liquefied natural gas (LNG) projects.The three companies will implement projects for construction of…
GTT Wins Work for Arctic LNG 2
GTT announced on Thursday it has signed a contract with SAREN B.V. (a Russian joint venture of Renaissance Heavy Industries Russia and Saipem) related to detailed design and construction of three gravity based structures (GBS) dedicated to the Arctic LNG 2 project, for the Russian liquefied natural gas (LNG) producer PAO NOVATEK.
McDermott JV Bags Arctic LNG-2 Deal
Engineering services firm McDermott International announced that its joint venture Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd (QMW) in Qingdao, China, has been awarded a contract to provide three complex modules for the Arctic LNG 2 Project in the Yamal-Nenets Autonomous Region in Russia.McDermott defines a large contract as between $50 million and $250 million.
Oil Price Spike after Saudi Attack Temporary
The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million barrels per day (bpd) of crude production, which equates to 7% of the current global crude and condensate production.Rystad Energy says that oil price spike will be short-lived.
Oil Soars 10%
Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially surged more than 20% after the open on Sunday evening, with Brent crude posting its biggest intraday gain since the 1990-1991 Gulf crisis…
Seaborne Nuclear Power Plant Docks in Russia
Russia's first-floating nuclear power plant has arrived to its permanent base near an isolated Russian town across the Bering Strait from Alaska, Russian state nuclear energy company Rosatom said on Saturday.Developed by Rosatom, the plant, known as "Akademik Lomonosov", set off on a 5,000 km (3,100 mile) journey on Aug. 23 through Arctic waters to reach the Chukotka region.
Tax Breaks Approved for Russia's Largest Oilfield
Russia's finance ministry has in principle approved tax breaks for developing the Priobskoye oilfield, Russia's largest, to oil giants Rosneft and Gazprom Neft, Alexei Sazanov, head of the ministry's tax department said on Thursday.He added that tax breaks for the oil companies could last for 10 years but no start date had yet been agreed.Sazanov told reporters Russia's budget should be compe
Russia: Arctic Offshore Oil Feasible at $130/bbl
The head of Russia's Rosnedra subsoil agency said on Tuesday that the development of the Pobeda (Victory) offshore Arctic oilfield in the Kara Sea is feasible only at oil prices of $130 to $140 per barrel, Interfax news agency reported.Rosneft, the world's top listed oil firm by output, drilled a first exploration well in 2014 in the Kara Sea…
Saudi Minister Commits to Output Cuts
Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC)…
SHI to Build Arctic LNG Ship for Zvezda
Russia's Zvezda Shipbuilding Complex has awarded the contract for the LNG carriers for the Arctic LNG 2 project to Samsung Heavy Industries (SHI). The South Korean company will also provide technical specifications and design documentation for the LNG carriers project.SHI will design LNG ships with 45 MW power capacity…
Industry Showcases Positive Changes at OE 2019
Commitment to accelerating the energy transition is gathering pace, as operators and technology developers at SPE Offshore Europe 2019 said they will invest to secure a more sustainable energy mix.In another encouraging sign that the energy industry is steadily continuing to emerge from the downturn, there were more than 38…
Eesti Begins LNG Bunkering in Hanko Port
Estonian energy company Eesti Gaas began providing liquefied natural gas (LNG) bunkering services to LNG-powered vessels in the port of Hanko, Finland, for the first time in addition to Tallinn and Helsinki.For the port of Hanko, this means scheduled LNG bunkering on its premises, and Eesti Gaas will be providing the…
Green Light for Arctic LNG 2
The $21.3 billion Arctic liquefied natural gas (LNG)-2 project on the Gydan Peninsula headed by the Russian largest independent natural gas producer Novatek won a green light on Thursday.The project will have a production capacity of 19.8 million tons per year (Mt/y) and is expected to export its first LNG cargo by 2023…