Chevron Lummus Global Lands 'Sizeable' Deal with Asian Refiner
Oilfield services firm McDermott International has informed that its Chevron Lummus Global (CLG), McDermott's joint venture with Chevron, has been awarded a sizeable contract by a Southeast Asian refiner.The contract is for for the license, engineering, and supply of proprietary catalyst and equipment for its Lubricant Base Oil Group II Project to be built in Southeast Asia. McDermott defines a sizeable contract as between USD $1 million and USD $50 million.The new 5,200-barrels-per-day unit will employ CLG's state-of-the-art lubricant base oil technologies for premium lube base oil production.
Europe Dominates LNG Import Story in 2019
Global liquefied natural gas (LNG) production jumped in 2019, triggering oversupply and low prices that are expected to persist in 2020. Initial full-year data from LNG Edge shows exports at 355 million tonnes in 2019, up from 314.9 million tonnes in 2018.This represents the largest ever increase in production.While East Asian, especially Chinese, demand increased in 2017 and 2018 to absorb additional production, there was little change this year. Instead, supply pushed into Europe reached a record high, having a major impact on regional hub pricing with price correlations growing between Europe and Asia.Qatar wins outIn the battle for top exporter…
Petrochemicals: Weak Margins Sweep Asia
Asian petrochemical makers, who are unable to pass down sky-high feedstock costs, are resorting to run cuts or extending cracker shutdown periods to tie through the bad times.The gloom was evident across South Korea, Asia's top naphtha importer, as well as Southeast Asia as crude-derived naphtha premiums were recently either setting new records or were near record levels because of a supply crunch following drone attacks on Saudi oilfields in mid September and heavy refinery maintenance.Buyers are even more concerned now given mounting tensions between the United States and Iran after U.S. air strikes killed the commander of Iran's elite Quds Force and an Iraqi militia chief.
Rocsole Taps Tienhaara as CEO
Tomography technology company Rocsole said it has appointed Mika Tienhaara as the new chiefe executive officer starting in 2020.Tienhaara has previously been CEO of the Ascom Separation which was acquired by Sulzer Chemtech AG, and has held various roles in Aker Solutions. Prior to the role in Rocsole he has actively been involved in top management and/or owners side in six start-ups/early phase ventures.Pasi Laakkonen, the CEO at Rocsole for the past six years, will continue as a chief business officer focusing on key account management and joint industry projects with key clients especially in the Southeast Asia, the company said.
Waterborne LPG Trade Reaches 28.2MT
Global waterborne LPG trade reached 28.2 million tons, 14.1% growth year over year, said Singapore-headquartered BW LPG.Global LPG trade continues to be driven by the U.S. waterborne LPG exports which grew to 10.5 million tons, up 21.8% year over year, said the owner and operator of LPG vessels.Middle Eastern exports were down marginally by 0.6% year over year to 10.2 million tons. Exports from both Saudi Arabia and Iran fell; the decreased volumes were offset by increased exports from U.A.E and Qatar.In Q3, the increasing LPG export volumes were absorbed by Southeast Asia, Japan and Europe.
BP, Total Pact for Adnoc LNG Supply
The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi. “With the support of our shareholders…
Southeast Asia Bullish on OFS Market
Offshore project sanctions in Southeast Asia could lift greenfield investments in the oilfield services market by nearly 70 percent in 2020, said Rystad Energy.According to Norwegian energy research firm, the growth will be driven by a handful of new mega-projects across Malaysia, Myanmar and Vietnam, according to the latest tally of project commitments in Southeast Asia by the Norwegian energy research and consulting firm.New final investment decisions (FIDs) in 2021 are expected to sound the starting gun for big contract awards in Vietnam, Indonesia…
Japan Marks 50 years of LNG Imports
Japanese gas buyers on Wednesday marked the 50th anniversary since the first cargo of liquefied natural gas (LNG) arrived in Japan, now the world's biggest importer of the fuel.The arrival of the cargo on Nov. 4, 1969 helped transform Japan's energy system, which had relied on oil, coal and gas from coal in an era of high growth, before nuclear power was developed.But Japan's energy situation is undergoing huge changes in the wake of the Fukushima nuclear disaster in 2011, which pushed LNG imports to record highs as reactors were closed and the…
Kawasaki Wins AiP for LNG Floating Power Plant
Japanese manufacturer of transportation equipment and machinery announced that it has obtained Approval in Principle (AiP) for its liquefied natural gas (LNG) floating power plant equipped with its own gas turbine (combined cycle power plant (CCPP) model).This approval was obtained from world-leading ship classification organization DNV GL based on its latest “Gas Power Plant” rules, which were introduced in 2018.An LNG floating power plant is an integrated system in which LNG fuel tanks, LNG regasification unit, power generation equipment and switchyard are all outfitted on the hull.
SE Asia to Expand Floating Solar Set to Grow
Floating solar photovoltaic (PV) panels are making a splash in Southeast Asia. Development of floating solar PV power plants is expected to increase 100-fold in the region over the next five to 15 years, according to energy research firm Rystad Energy. Projects plans are in the works in Thailand and Vietnam as large-scale floating PV installations, with smaller utility-scale floating PV developments being proposed in Indonesia, Singapore and Myanmar.Rystad Energy expects large-scale floating PV developments, typically installed on dams and reservoirs…
Seadrill Ivory Coast Contract Terminated
Seadrill Partners, the deep-water drilling contractor for the petroleum industry, has received an early termination notice from an unnamed operator for the West Vencedor rig contract offshore Ivory Coast.The contract was expected to start in 3Q 2019. In January, the rig received a six-well contract with three option wells.The West Vencedor unit had recently completed its work in Myanmar and will now stay in Southeast Asia to be marketed for additional opportunities.Seadrill Partners is expected to receive a lump sum early termination payment in…
Hess Corp Posts Smaller Quarterly Loss
Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, helped by lower exploration costs and a surge in output in its Bakken shale and Gulf of Mexico assets that also prompted the company to raise its 2019 production forecast.The company also cut its full-year spending plans by $100 million to $2.8 billion against the backdrop of increased investor pressure to boost shareholder returns.Hess' shares rose 6.3%, the second-biggest percentage gainer on the S&P 500 Energy Index.Oil output in the United States has soared in recent years…
Shelf Drilling Bags Gulf of Thailand Gig
Dubai-headquartered offshore drilling contractor Shelf Drilling has secured a contract for the Shelf Drilling Scepter jack-up rig with Chevron Thailand Exploration and Production for operations in the Gulf of Thailand.The contract for the 2008-built rig is expected to commence in Q1 2020 and run until Q2 2022 and includes a one-year option.David Mullen, Chief Executive Officer, Shelf Drilling, said: “We are pleased to continue our long-standing partnership with Chevron through this award for the Shelf Drilling Scepter. The high specification jack-up rig has been a significant enhancement to our fleet…
Shell Pursues Exit from Indonesia LNG Project
Royal Dutch Shell is moving to sell its stake in Indonesia's $15 billion Abadi liquefied natural gas (LNG) project, industry and banking sources said, following on from an asset disposal program that has raised more than $30 billion.Shell, the world's largest buyer and seller of LNG, is raising cash to help pay for its $54 billion purchase of BG Group in 2015 and hopes to raise around $1 billion from the sale of its 35 percent stake in the project, the sources said.Shell's decision to sell out of the Abadi project in the Masela block, operated by Japanese oil and gas firm Inpex Corp which holds the remaining stake…
Keppel Makes First LNG Cargo Import from N. America
Singapore's Keppel Gas, a wholly owned subsidiary of Keppel Infrastructure Holdings, has completed its first liquefied natural gas (LNG) cargo import under Singapore's spot import policy.The policy allows gas customers in the Republic to import up to 10 per cent of their annual long-term contracted LNG intake on a spot cargo basis.The spot cargo of 160,000m3 of LNG originated from an LNG liquefaction project in North America, marking the first time that Keppel Gas has diversified its gas supply portfolio beyond Southeast Asia.The LNG cargo reached Singapore on 10 April 2019 and will be regasified as feedstock for downstream customers and end users…
Global LNG Bunker Fuel Market to Reach $1.3bln by 2026
The global Liquefied Natural Gas (LNG) as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. The bunker fuel market revenue value is exprected to reach US$ 1,263.2 million in 2026.According to a market research report, based on the region the market is segmented into US, Europe, China, India, Japan, and Southeast Asia. Europe market is expected to dominate the global LNG as a bunker fuel market, and it accounts for largest market revenue over US$ 260 mn in 2017 as compared to that of…
Monjasa Opens Vietnam Office
The Danish bunker company Monjasa has expanded its Asian operations with the opening of an office in Hồ Chí Minh City.Following 11 years of presence in Singapore, Monjasa now expands further across Southeast Asia, the provider of oil products distribution and bunkering services said in a press release."Vietnam is in the midst of an economic upturn sending ripple effects to the shipping industry as well. Thus, we feel that now is the right time to make the move and build further on our local relations," it said. “We already service a lot of local and international ship owners in the area, so a new office in Vietnam is the natural next step for us.
Repsol Unveils Big Gas Discovery in Indonesia
Spanish energy giant Repsol has made a substantial natural gas discovery in Indonesia along with its partners, Malaysia's Petronas and Japan's Mitsui Oil Exploration (Moeco).The company described the discovery in South Sumatra as "the largest gas find in Indonesia in 18 years" and one of the 10 largest in the world over the past 12 months.The discovery is also among the ten largest finds worldwide in the last 12 months. The KBD-2X well in South Sumatra provides preliminary estimation of at least 2 TCF of recoverable resources.The discovery was made in the Sakakemang block in South Sumatra, where Repsol, as operator, holds a 45% working interest.
FLNG Market Grows a CAGR of +93%
Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions, it said.Natural…
Petrobel Contracts Shelf Rig
UAE-headquartered offshore drilling contractor Shelf Drilling has received a contract award for one of its jack-up rigs with Belayim Petroleum Company (Petrobel) for operations in the Gulf of Suez, offshore Egypt.According to a press release from the shallow water offshore drilling contractor, the Trident 16 jack-up drilling rig had been awarded a one-year contract.It said that the contract includes mutually agreeable options, and the planned start-up of operations is Q1 2019.The Trident 16 jack-up rig was built in 1982 by Mitsui Ocean Development & Engineering (MODEC) and its last upgrade was in 2012.