Page 15 - Euroil Week 14 2020

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NEWS IN BRIEF
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Polish LNG terminal unloads 90th cargo
Polish liquefied natural gas import facility, the President Lech Kaczyński terminal in Świnoujście, has received a new cargo on April 8.
Polish LNG terminal operator, Polskie LNG, said via social media that the 90th cargo delivery came to the facility onboard the 216,200-cbm Q-Flex LNG tanker Al Gattara.
It is the third time the tanker is unloading at the Polish LNG facility.
The Polish LNG terminal in Świnoujście is the country’s flagship project to diversify gas supplies and reduce dependence on pipeline imports from Russia.
Polish Oil and Gas Company (PGNiG) is in charge of all the LNG supplies coming to the import terminal operated by Gaz- System’s unit Polskie LNG.
Lithuanian FSRU back online
Lithuanian floating storage and regasification unit Independence is now back in action following the completion of dredging works in the port of Klaipeda.
Klaipėdos Nafta temporarily relocated the FSRU last week from its usual location near Kiaules Nugara Island while Klaipeda’s port waters were being cleaned.
The maintenance works conducted by Belgian dredging company Jan de Nul “were smooth and the contractor managed to finish them earlier than planned”, according to a statement by the Klaipeda port on April 8.
In total, 50,444 cubic meters of silt soil were excavated in the LNG terminal area, the statement said.
The FSRU resumed its usual operations on Monday morning.
Klaipedos Nafta is currently leasing the FSRU Independence from Norway’s Hoegh LNG under a ten-year deal that expires in 2024.
However, the Lithuanian company has recently signed a deal with the Nordic Investment Bank (NIB) to finance the purchase of a FSRU once this agreement expires.
NIB’s loan of €160mn ($182.2mn) will finance the acquisition of the “most economically viable” FSRU at the end of 2024.
France’s GTT appoints deputy CEO
French liquefied natural gas containment specialist GTT has appointed Eric Dehouck as deputy chief executive officer.
Dehouck will support the acceleration of GTT’s development and will
assist Philippe Berterottière in his responsibilities as chairman and CEO of GTT, the company said in a statement.
Dehouck brings to GTT his experience in management, in international business development, as an investor in technology and service companies, and as a head of research and innovation for a global group.
Aged 43, Dehouck is a graduate from the Ecole Nationale Supérieure des Arts et Métiers and from HEC-Entrepreneurs.
He is also a national IHEDN (French Institute for Higher National Defence) auditor.
He began his career with the Suez Group holding operational and then executive positions in several group entities, especially in international business in the water treatment technologies, and more specifically membrane area.
In 2016, he was promoted vice president and head of research and innovation of Suez Group.
Philippe Berterottière said in the statement that Dehouck’s expertise and extensive experience would enrich and strengthen GTT’s capabilities and ambitions to face the challenges of the LNG shipping market and LNG as a marine fuel.
“He will also have a leading role in the evolution of GTT’s research and innovation strategy”, Berterottière said.
Nova topside module ready for installation North Sea
Neptune Energy has reported that the load out of the 740-tonne topside module for the Nova brownfield project in the Norwegian North Sea has been completed ahead of the installation offshore with the world’s largest semi-sub crane vessel.
The module was lifted onto a barge at the Rosenberg Worley yard in Stavanger and will be transferred to the world’s largest crane vessel, Heerema’s Sleipnir, and then installed on the Neptune-operated Gjøa platform, Neptune said on Tuesday.
Neptune awarded a contract to
Rosenberg WorleyParsons for construction and installation of a new Nova topside module on the Gjøa platform in May 2018.
Neptune has been leading the project on behalf of the Nova operator, Wintershall Dea, which will provide additional gas and oil volumes and extend the operating life of Gjøa.
Wintershall Dea is developing the Nova field with two subsea modules tied back
to the Gjøa platform for processing and export.
Ithaca halves capex for 2020
Ithaca Energy has halved this year’s capital expenditure programme to $120mn in the face of the Covid-19 crisis and the oil price war between Saudi Arabia and Russia.
The North Sea driller has also cut its operating expenses and now expects to reduce its unit cost per barrel of oil from $17 to $15. Average production during the opening quarter of the year was maintained at last year’s 75,000 barrels of oil equivalent per day following Ithaca’s takeover of Chevron’s North Sea assets.
That level of production brought in about $150 million (£122 million) of cash during the first quarter. The company’s hedging position means that it is forecast to generate more than $450 million (£365 million) of free cash flow this year, even if the price of Brent crude drops to $1 per barrel for the rest of the year.
Chief executive Les Thomas said: “With the abrupt emergence over recent weeks
of a more challenging macroeconomic environment, it is clear that we need to accelerate our on-going efforts to further reduce the breakeven cost of our assets and our near-term investment programmes. This will allow us to proactively manage our financial profile in the face of a potentially ‘lower for longer’ commodity price outlook.
“These objectives are core to the transformation programme that is already underway in the business following the acquisition, with the themes of process simplification, operational efficiency and value creation at the heart of the various work programmes.
“In the midst of the Covid-19 crisis, our staff and supply chain have adapted in very challenging circumstances to safely maintain operations, helping to keep the country powered and the lights on – we thank them for their exceptional commitment, flexibility and resilience.”
Week 14 09•April•2020
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