Fugro has been awarded a contract by Guangzhou Marine Geological Survey (GMGS) for gas hydrate investigation on the Northern Continental Slope of the South China Sea.
OPEC said the group in a supply-cut pact with Russia-led non-OPEC members achieved a record 133 percent compliance in January with agreed output reduction targets.
Sierra Instruments announces the launch of its new flow energy solution for managing and optimising flow measurement for industrial facilities of all sizes.
Halliburton announced that its Angolan facilities, Luanda – SONILS base, which incorporates the Cabinda – Malembo base and Soyo – Kwanda base facilities, and all of the company’s product service lines in those locations have received the American Petroleum Institute (API) Specification Q2 Registration.
Abu Dhabi National Oil Company (ADNOC) said it signed a deal with Swiss company Chemlube, to be its exclusive seller in Europe for its petrochemicals used to make engine oils.
Oil and gas will grow to account for half of the world’s energy in 22 years, as natural gas overtakes coal as the second largest sources, BP said in its latest outlook.
Subsea 7 has agreed to acquire a 60 per cent interest in Xodus Group, the engineering and advisory consultancy and existing shareholder, Chiyoda Corporation of Japan, will retain a 40 per cent interest
Anadarko Petroleum Corporation announced Mozambique LNG1 Company Pte., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Électricité de France (EDF).
Atlas Professionals has developed a drilling assessment which will support employers looking to further build skilled and competent teams, and ensure a sustainable and safe environment offshore.
Chevron said it has resumed drilling for oil in the Kurdistan Region of Iraq (KRI), four months after suspending them during conflict between Baghdad and the autonomous region.
Iraq’s oil ministry invited foreign companies and investors to bid for the construction and operation of a new oil refinery in the Northern Province with a planned capacity of 100,000 barrels per day (bpd).
As reported in the BP Energy Outlook 2018, the world energy demand is forecast to grow by 1.3% from 2016 to 2040 per year. With all this growth coming from emerging economies, China and India each account for over a quarter of the increase making the two countries essential to watch.
In the past several years, China’s LNG industry advanced at an unstoppable pace. The five-year average growth rate of the domestic LNG production capacity is 36% and that of the LNG import is 15%. The domestic production reached 10.1 million tons in 2017, up 28% from 2016, and that of import reached 38.3 million tons, up 43% from 2016. By those two simple numbers, China’s LNG industry again shocked the world with its “China Speed”.
Decades of dependence on coal has caused the northern region of China to be choked by heavy pollution without fail every year, directly impacting its citizen’s health and the overall image of the capital. When President Xi Jinping came to power in 2013, he implemented steadfast measures ensuring his policies made a difference. One of the directives was the call for “War on pollution” which set forward the drive for a cleaner environment. In accordance, a series of initiatives has been set by the government to ensure national targets are met.
UAE-based international cyber security firm DarkMatter said it appointed Shreekant Thakkar to lead its advanced research division as the company looks to boost its dedicated research functions.
Azerbaijan's SOCAR AQS has signed a Memorandum of Understanding (MoU) with Bangladesh Petroleum Exploration and Production Company (Bapex) to help foster greater cooperation regarding new oil and gas projects in Bangladesh.
Total said it has signed an agreement to set up a petrochemicals joint venture on the U.S. Gulf Coast with Borealis and NOVA Chemicals.
Wärtsilä, Finnish manufacturer for marine and energy industry equipment said it has signed up with Maersk Drilling for a 25-year maintenance strategy for Maersk’s three semi-submersible rigs and four drillships.
Chevron Corporation said it appointed Bruce Niemeyer as the corporate vice president of strategic planning, effective immediately. Niemeyer is currently vice president of Chevron’s mid-continent business unit.
Russia's Transneft Diascan has modified the combined magnetic ultrasonic defectoscopes of its inspection tool for two pipeline sizes: 20-DKK and 28-DKK.
Seatronics, an Acteon company, and Whitecap Scientific have announced a global distribution agreement that will see Seatronics invest in ROV3D Recon DVR rental units for their Aberdeen (UK), Houston (USA), Singapore, and Abu Dhabi (UAE) offices.
Aker BP has announced that is has found oil in its latest discovery off Norway at an exploration well located in the Alvheim area.
Russian independent natural gas producer Pao Novatek (Novatek) said it signed a preliminary deal with Saudi Aramco for LNG supplies and gas projects.
As the global LNG industry continues to grow year-on-year, the market is experiencing an influx of new gas players. Despite numerous hurdles, Canadian LNG exports have now come online and in 2018 gas players are confident the volumes will increase.
When it comes to gas monetisation, Canada is looking for new approaches to remain competitive against the mature exporting markets. NorthWest Innovation Works is a multi-national partnership, committed to meeting the global need of a cleaner source for methanol production. This new technology will not only reduce the global carbon footprint but also introduce new gas monetisation techniques to Canada.
It has been reported by McKinsey Energy that out of the ~230mtpa of growth expected in global LNG between 2015-2030, as much as 60% could come from emerging markets. While the Philippines has faced challenges like many emerging economies when it comes to gas and LNG infrastructures, Canadain projects have faced similar altercations.
Asia-Pacific is a fast-evolving gas market characterized by destination restriction, orthodox policies and monopolistic domestic supply infrastructure. However, the scenario is set to change as major Asian countries are liberalizing the gas policies. The ending of long-term contracts has given way to more flexible spot market in Asia. Asian economies are to be benefitted from falling gas prices that provides an incentive for the government to develop gas infrastructure to support gas penetration in the domestic market.
In 2017, EU gas consumption continued to increase, displaying a 5% year-on-year growth and annual consumption reached nearly 465 bcm, as reported by the European Commission. With the constant evolution of liberalised energy markets present in the CEE region, the industry is looking at ways to ensure supply security and diversity in order to successfully develop.
Nord Stream 2 will provide Europe with an additional 55 bcm/y of gas import capacity from 2019. It will connect Germany, Europe’s largest gas consumer, to Russia with its plentiful gas reserves. It is sponsored by six of Europe’s biggest energy companies:
With LNG continuing to play a bigger role in the global energy mix and with the market expected to grow approximately 5% each year, according to IEA, it is a time of opportunity for the industry. As the US is forecast to overtake Qatar by mid-2020 to become the world’s largest LNG exporter, Gastech Insights spoke with industry leader Tellurian to find out more.
LNG is one of the fastest-growing energy markets worldwide, with LNG trade projects to nearly triple, from 12 trillion cubic feet, between 2015 and 2024 according to the EIA.
Canada’s LNG industry has been a key topic of conversation for many years, with industry insiders asking, ‘when will the time of opportunity finally arrive?’ However, in the past few months the region has reached numerous milestones:
Global gas demand is predicted to grow 1.6% each year for the next five years, as reported by the IEA. With gas consumption growing, Canada is working hard to amplify their gas market and provide that much-needed supply. Following on from their first shipment of LNG from Canada to China, FortisBC are now expanding their LNG storage facility to meet the projected long-term growth.
By 2030, McKinsey has estimated the share of natural gas in the global energy mix will grow from 22% in 2016 to 23%, driven mainly by the growth in China, India and South East Asia. With the West Coast of Canada being a prime location for LNG facilities due to its proximity to Asia, the region is to meet this growing demand.
Recent trends in world natural gas demand: The year 2017 still highlights the strong competition between natural gas, coal and renewable energies. While the global economic recovery has strengthened, it is estimated that growth in global gas consumption accelerated to 3% in the first three quarters of 2017, compared to the same period last year.
E&P has become a margin business, with relentless pressure on unit operating costs (UOC) and global competition for capital. Whilst the industry response to the downturn has been impressive, past initiatives, such as reductions in headcount and supplier rates, are unlikely to go far enough and risk being non-sustainable.