SINGAPORE - The Singapore government will take over development of its first $1 billion liquefied natural gas terminal from a consortium, to avoid more delays due to the credit crunch, and defer its completion by a year to 2013. The PowerGas-led consortium, which included GDF Suez with a 30% stake, had been due to make its final investment decision this month for the project slated to have a 3 million-tonne annual capacity when completed in 2012.
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Singapore pushes back LNG terminal
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Sunday, July 5, 2009
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Plan to develop Bai Hassan, Kirkuk oil fields
IRAQ - The North Oil Company has drawn up plans to increase oil production from Bai Hassan and Kirkuk oil fields, the director of the company said on Saturday. "Our national staff in the North Oil Company are capable of doing that," Engineer Manaa Abdullah al-Ubeidi told Aswat al-Iraq news agency.
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Industrial gas potential moves forward in Kazakhstan
KAZAKHSTAN - Rich in reserves of oil, metals, and minerals, Kazakhstan harbours healthy potential for the industrial gases business and some of this promise is now being realised with infrastructure development plans.
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Iran to invest $70bn in gas projects
IRAN - Iran is planning to invest around $70bn in two major offshore natural gas fields by 2015. An official from the National Iranian Oil Company has said $40bn would be needed to complete remaining projects in the South Pars field in a five-year economic plan, which runs until 2015. Another official has mentioned Iran plans to take a Euro1bn bond with Asian banks to finance the development of South Pars.
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Repsol makes two new oil discoveries offshore Spain
SPAIN - Repsol has made two new offshore oil discoveries in the Spanish Mediterranean. The Montanazo D-5 and Lubina-1 wells are located 45 kilometres from the coast of Tarragona, where the company is developing similar satellite fields. Repsol, with a 75% stake, is the operator of the first of these discoveries, in a consortium with Gas Natural (17.7%) and Cepsa (7.3%). In the second discovery, Repsol is the sole holder.
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Qatar and Poland sign 20-year LNG contract
POLAND - Qatar Liquefied Gas Co. III (Qatargas) has signed a 20-year agreement to sell Poland 1 million tonnes/year of LNG. Poland’s Treasury Ministry said value of the contract is about $550 million/year. Poland will receive the LNG at a terminal under construction at Swinoujscie, scheduled for completion in 2015.
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Pertamina, PGN to build LNG terminals separately in Indonesia
INDONESIA - In a bid to accelerate the development of liquefied natural gas terminals, state energy companies PT Pertamina and PT Perusahaan Gas Negara (PGN) - which earlier planned to jointly build two floating LNG terminals - have now decided to work separately. Pertamina's president director Karen Agustiawan said on Thursday that her company and PGN would finish the projects in West Java and in North Sumatra faster if the two worked separately.
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Trans-Sahara gas pipeline deal signed
NIGERIA - Nigeria, Algeria and Niger today signed an agreement to build a multi-billion dollar gas pipeline across the Sahara that could send up to 30 billion cubic metres a year of supplies to Europe. "We have the expertise and I don't think there is a problem with finance in this project. I don't think there is a problem with a market. The market is there," Reuters quoted Algerian Energy Minister Chakib Khelil as saying at a ceremony in Nigeria's capital Abuja.
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YPF group wins a bid for offshore Uruguay exploration
URUGUAY - YPF SA has won a bid to explore for oil in offshore blocks near the coast of Uruguay, the company said in a statement yesterday. YPF will have a 40% stake in the exploration, sharing the other 40% with Petrobras Uruguay, a unit of the Brazilian oil giant Petroleo Brasileiro SA and Portugal’s GALP, which will hold a 20% share. YPF will operate the deepwater exploration block 3 while Petrobras will operate the shallow water exploration block 4, both located along the coast of Punta del Este.
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NIPC to implement five petrochemical projects
IRAN - National Iranian Petrochemical Company (NIPC) has signed three contracts with foreign companies for implementing new petrochemical projects. For implementing five petrochemical projects, NIPC is cooperating with South Africa, Turkey, Indonesia and India. Based on preliminary agreements, Turkey's Petkim is expected to invest in Mahabad's 300,000-ton petrochemical project and Assalouyeh's 650,000-ton methanol project while South Africa's Sasol (South African Synthetic Oils) is expected to invest in Olefin-12 project (Mehr Petrochemical Plant).
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Repsol receives offers for Argentine arm
SPAIN - Repsol YPF, the Spanish oil group, on Thursday confirmed that it had received offers to buy part of YPF, its Argentine company, in a putative deal that could be worth billions of euros and ultimately help shore up the finances of some of Repsol’s shareholders. Reacting to media reports that Chinese bidders, including China National Petroleum Corp (CNPC), were negotiating to buy control of YPF. Repsol issued a statement reiterating its desire to sell part of its YPF stake, possibly through a public share offering.
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Petrobras finds more oil in onshore Espirito Santo Basin block
BRAZIL - Petroleo Brasileiro SA, Petrobras, Brazil’s state-controlled oil company, has found more evidence of oil in an onshore block in the country’s Espirito Santo Basin, the Brazilian petroleum regulator has said.
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Chevron gets first oil from Mafumeira Norte Field
ANGOLA - Chevron Corporation has announced today that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and its partners commenced crude oil production ahead of schedule from the Mafumeira Norte project located offshore Angola. “Today’s milestone underscores Chevron’s commitment to growing its resource base in West Africa and delivering on our robust queue of major capital projects,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron.
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Iran became the largest supplier of crude to China
CHINA - Energy Intelligence reported that Chinese crude imports rose by 5.5 percent to 4.04 million barrels per day in May, with Iran becoming the largest supplier. As per the report, imports from Iran almost doubled to 730,000 barrels per day while imports from Saudi Arabia reached 653,000 barrels per day, which shows a 15.5-percent decline, Steelguru wrote.
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Global oil and gas projects delayed in 2009
Following is a list of oil and gas projects and oil refinery expansion plans that have been delayed or cancelled so far in 2009.
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Jebel Ali port terminal expansion delayed
UAE - Inert global development has shelved UAE-based DP World’s Jebel Ali terminal plans.
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China completes expansion of major oil pipe in Kazakhstan
KAZAKHSTAN - China secured access to vast oil deposits in western Kazakhstan today after the energy-rich Central Asian nation said it had completed the expansion of a major oil pipeline to its eastern neighbour.
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Iraq rejects foreign oil deals
IRAQ - Iraq on Wednesday said it has rejected further offers from foreign companies to work in the country's oil and gas sector and pledged that some sites will instead be solely exploited by state-owned firms.
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BP enhances Amsterdam fuel terminal
NETHERLANDS - UK energy company BP has completed a project to expand its fuels terminal in the Amsterdam harbour area in The Netherlands.
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UK union not happy with BP's plan to reduce wages
UNITED KINGDOM - One of the main unions representing the UK offshore oil and gas industry responded angrily today to plans from oil giant BP and its contractors to reduce wages in order to cut costs.
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