Page 11 - FSUOGM Week 40

FSUOGM NRG FSUOGM

to northern Germany, was halted in December Asian countries are building new LNG import
2019 after the US imposed sanctions on the capacity in order to meet rising demand for nat-
project. This forced Swiss contractor Allseas to ural gas and lessen their dependence on more
abandon pipelaying, leaving just 6% of Nord polluting fuel such as coal. Indeed, the Institute
Stream 2’s offshore section uncompleted. of Energy of Vietnam is in the process of draft-
The Russian authorities have said they will ing a new master power development plan. It has
use their own pipelaying ships to finish the job, compiled a list of 22 potential LNG-to-power
although they have not identified specific vessels. projects with a combined capacity of up to 108.5
Cherskiy’s departure from Mukran comes GW, the first of which is anticipated to enter ser-
after the Danish Energy Agency (DEA) on Octo- vice by 2023.
ber 1 issued a permit to the Gazprom-owned The ExxonMobil project would begin gener-
Nord Stream 2 company to operate the pipeline. ating power by 2026-27, with an initial capacity
The DEA awarded a construction permit around of 2.25 GW that would be expanded to 4.5 GW
a year ago, after a lengthy delay. by 2029-30. The Vietnamese government said
Russian oil and condensate production earlier this year that LNG for the project could
was up 0.6% month on month in September at be imported from the US. Indeed, ExxonMobil
9.93mn barrels per day (bpd), preliminary data is currently building the Golden Pass LNG ter-
from the country’s energy ministry shows. Rus- minal on the US Gulf Coast in partnership with
sia’s compliance with its OPEC+ quota is difficult Qatar Petroleum (QP).
to determine, as that quota only covers oil, but The developer of the other project that was
the ministry does not provide a breakdown for approved last week has not been identified.
crude and condensate. However, the Haiphong committee said the pro-
Between August and the end of the year, ject would have a capacity of 1.6 GW, and that its
though, Russia is required to produce no more first phase would be operational from 2025. The
than 8.993mn bpd of oil. Gas extraction was up entire project is then due to be in service from
7.9% m/m in September, and condensate flow 2028.
typically rises and falls depending on gas extrac-
tion levels. If you’d like to read more about the key events shaping
the global LNG sector then please click here for
If you’d like to read more about the key events shaping NewsBase’s GLNG Monitor .
the former Soviet Union’s oil and gas sector then please
click here for NewsBase’s FSU Monitor . Golar stumbles in Brazil
Bermuda-registered Golar Power is already a
Vietnamese city approves LNG projects player in Brazil’s LNG sector, and it has been try-
Authorities representing the Vietnamese ing to expand its footprint in that country by bid-
port city of Haiphong have approved an LNG ding for the right to operate an underutilised LNG
import terminal that has been proposed import terminal in Bahia State. But the company’s
by ExxonMobil to serve as part of a $5.1bn ambitions appear to have been thwarted by reports
gas-to-power project. On the same day, the of CEO Eduardo Antonello’s involvement in brib-
Haiphong People’s Committee also approved ery charges. Petrobras, the national oil company
another LNG-to-power project that is esti- (NOC) of Brazil, has declined to accept Golar’s
mated to cost $1.9bn. offer to lease the Bahia LNG terminal, citing con-
The approvals come as a growing number of cerns about excessive risk.

Source: Golar LNG
website.

Week 40 07•October•2020 www. NEWSBASE .com P11