Samsung Heavy wins major LNG carrier contract
The company said this was larger than its previous largest order, which was for 16 methanol-power containerships, worth 3.95trn won ($3bn).
The company said this was larger than its previous largest order, which was for 16 methanol-power containerships, worth 3.95trn won ($3bn).
By Ed ReedSaipem’s initial assessment attributed the problem to a software anomaly. This appeared to have led to a tensioner failing.
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time,” said OMV CEO Alfred Stern.
The Australian listed company said it had made progress on the project during the last few months, with total costs now estimated to be $325 million. Costs to reach first production are $250mn. Previously, it had forecast total costs to be $303mn.
The union went on to say Saipem's Castorone would have to return to Broome and probably be down manned.
The result is that Seatrium has warned it faces “financial loss that is significantly higher than the previous year”.
The offshore drilling rig market is “much tighter” than previously thought, according to new analysis, with some segments “nearly sold-out”.
As the world seeks to decarbonise, East Timor hopes that a plan for a giant carbon capture and storage (CCS) hub will help it find financial backing for a proposed liquefied natural gas (LNG) facility that would process gas from the Greater Sunrise fields.
US liquefied natural gas (LNG) developer Venture Global will supply Malaysia’s Petronas with 1 million tonnes per year (t/y) of LNG for a 20-year term after the pair signed a new deal. Significantly, Asian LNG buyers, such as Petronas, are increasingly locking in new long-term supplies as more European buyers enter the race for LNG.
Inpex’s (TYO:1605) proposed Abadi liquefied natural gas (LNG) plant in the Masela Block offshore Indonesia, which has long struggled to gain traction, has been delayed even further with a final investment not targeted until the latter half of this decade. Significantly, the project looks increasingly unlikely to be developed.
Australian operator Santos (ASX:STO) is preparing to decommission the floating storage and offloading (FSO) facility, as well as platforms, at Bayu Undan offshore East Timor, as soon as possible, as it accelerates plans for a giant carbon capture and storage (CCS) hub at the mature field.
BW Offshore’s strategy for recycling its end-of-life floating production storage and offloading (FPSOs) units has been criticised following a fatality at a ship breaking yard in India. BW is one of the largest operators of FPSOs for the oil and gas sector, but its decommissioned units are being dismantled in yards with questionable health, safety, and environmental credentials.
India’s liquefied natural gas (LNG) importers are purchasing extra volumes from Russia at a discount as most other spot buyers shun the fuel.
Indonesia’s national oil and gas company Pertamina has decided to cancel an earlier plan to buy discounted crude oil from Russia as domestic fuel stocks are now deemed sufficient.
Singaporean yard Keppel Offshore & Marine (Keppel O&M) will send two of its jack-up rigs to Saudi Arabia in a five-year deal worth S$135 million ($97 million) as the market for rigs continues to tighten.
Upstream oil and gas projects with over 1.4 billion barrels of resources and $8.5 billion worth of greenfield investments are targeted for final investment decisions (FIDs) in Southeast Asia this year, based on operators’ plans, reported Rystad Energy. However, delays are likely with more activity expected to happen next year, noted the energy consultancy.
Prime Minister Fumio Kishida said it would take time to phase out imports of Russian oil, hours after he joined other Group of Seven leaders to impose a ban on crude over the Kremlin’s invasion of Ukraine.
Inpex has started exploration drilling offshore Japan, which if successful could mark the nation’s first new offshore gas development in over three decades.
Singapore yard Keppel Offshore & Marine (Keppel O&M) has been awarded two integration FPSO integration contracts worth S$250 million ($180 million) from BW Offshore and Single Buoy Moorings (SBM).
Japanese offshore drilling company Japan Drilling Co., Ltd. (JDC) will drill up to 10 wells for Petronas offshore Malaysia with its semi-submersible Hakuryu-5.
Australian-listed Sacgasco (ASX:SGC) has agreed an alliance covering extended well testing and early production systems in the Palawan basin offshore Philippines as they aim to pump oil as fast as possible in the current high oil price environment. Significantly, the company and its partners will be hoping to eek oil out of an old field before their contract expires in 2024.
Sweltering heat and ongoing blackouts are forcing India’s liquefied natural gas (LNG) importers to top up with expensive shipments.
India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.
Japan will consider providing financial support to boost production of liquefied natural gas (LNG) in the U.S., reported financial publication Nikkei Asia, as Tokyo aims to lower its energy dependence on Russia following Moscow's invasion of Ukraine.
Russia’s invasion of Ukraine seems to have jolted China based buyers of liquefied natural gas (LNG) into signing more deals with US-based LNG export developments as global competition for the fuel surges.
India’s Oil and Natural Gas Corporation Limited (ONGC) and Norway’s Equinor will collaborate in the areas of upstream exploration and production (E&P), midstream, downstream, and clean energy options, including carbon capture utilisation and storage (CCUS) in India, after the pair signed a memorandum of understanding (MoU).
Malaysia’s Petronas and Thailand’s PTT Exploration & Production (PTTEP) have announced they will exit the Yetagun gas project offshore Myanmar as they rationalise their upstream portfolios. Neither company denounced the military-led coup in their exit statements.
Japanese trading giant Mitsui & Co. nearly tripled its full-year profit to an all-time high on soaring energy and commodity prices, and said the company will keep its involvement in liquefied natural gas projects in Russia.
BP (LON:BP) has restarted its second liquefied natural gas (LNG) export train at the Tangguh complex in Indonesia following a shutdown due to mechanical irregularities. The Tangguh Train 2 plant has a processing capacity of 3.8 million tonnes per year of LNG.
Canada’s Valeura Energy will buy two operated licences offshore Thailand from Singapore’s KrisEnergy, which was forced into liquidation last year, for a price of $3.1 million. There will also be certain contingent payments of up to a further $7 million related to future development milestones, said Valeura Energy.
CNOOC has brushed aside recent media reports that the firm is considering withdrawing from oilfield investments in the UK North Sea, the US and Canada.