Page 14 - NorthAmOil Week 14

NorthAmOil
NEWS IN BRIEF
NorthAmOil
dividend for April 2020 of $0.21 per share and quarterly dividends for the company’s preferred shares.
Pembina has entered into a new $800mn unsecured revolving credit facility with certain existing key lenders. The Facility will be available to Pembina for general corporate purposes, thereby providing additional liquidity and flexibility should it be required. The facility will have an initial term of two years. The other terms and conditions of the facility, including financial covenants, are substantially similar to Pembina’s existing $2.5bn revolving credit facility.
With the addition of the facility, Pembina now has $3.3bn in revolving credit facility capacity and approximately $2.3bn in available cash and unutilized debt facilities. Further, over the next two years, Pembina’s debt maturities are modest and include $73mn in 2020 and $800mn distributed across three instruments throughout 2021.
“In today’s challenging and uncertain environment, ensuring ample liquidity is
of utmost importance and I would like to acknowledge and thank our key lender group for their swift response. We enjoy productive, long-term relationships with our lenders
and value their deep understanding of our business,” stated Scott Burrows, Pembina’s Senior Vice President and Chief Financial Officer. “Over the past two weeks we have taken decisive and unprecedented action to preserve our strong balance sheet, protect our BBB credit rating and ensure we have the liquidity to fund our business until market conditions stabilize,” added Mr. Burrows.
The common share cash dividend for April 2020 of $0.21 per share will be paid, subject to applicable law, on May 15, 2020 to shareholders of record on April 24, 2020. PEMBINA PIPELINE CORPORATION, April 06, 2020
DOWNSTREAM
LR chosen for LNG Canada
export terminal project in
Kitimat
LR has signed a 55-month LNG contract
to support LNG Canada with the safe construction and delivery of a new liquefied natural gas (LNG) liquefaction plant and export terminal located at a site in Kitimat, BC, Canada.
The contract is for third party verification and Canadian Registration Number (CRN) services that LR will perform during the pre- commissioning, commissioning and start-up phases of the project. With this tender award, LR becomes the only third-party verifier working on Canadian LNG projects.
LR’s third party verification services will ensure that individual components have been constructed and tested in accordance with the quality assurance programme expected by Liquefied Natural Gas Facility Regulation (LNGFR). This will see LR verifying the project quality assurance programme for the design and procurement phases, followed by the Inspection Test Plans and Inspection Test Records during the project construction and commissioning phases.
LR will also validate Technical Integrity Verification plans for engineering, fabrication and commissioning, and the Change Management Plan (CMP) for the design
and construction phases. Throughout this contract, LR will provide additional audit and engineering services at site to verify
the compliance of safety critical equipment and systems, such as gas fired equipment (incinerator and gas turbines), across the entire facility. This will align with audit activities performed by British Columbia Oil and Gas Commission (BCOGC).
For the CRN services, LR will use a British Columbia Alternative Safety Approach (ASA) to demonstrate compliance with the power, boiler, pressure vessel and refrigeration safety regulation.
LR will assist in developing a complete life cycle Pressure Equipment Safety Management Plan, from vendor selection through to the module yard, as well as the final handover to LNG Canada at the Kitimat Site which will be used to support the project ASA application. LR, April 6, 2020
Venture Global LNG announces successful string test of Calcasieu Pass liquefaction equipment
Venture Global LNG, Inc. is pleased to announce the successful string test of the first Venture Global Calcasieu Pass mixed refrigerant compression system at Baker Hughes’ testing facility in Massa, Italy.
The string test proves the engineering, functionality and performance of the Calcasieu Pass process system a mere seven months after the project’s final investment decision (FID) – a major achievement and step-change for the industry.
The 10 mtpa Calcasieu Pass LNG project employs a comprehensive process solution from Baker Hughes that utilises highly efficient, mid-scale, modular liquefaction trains that are factory-fabricated in Italy and shipped complete to the Calcasieu Pass site, currently under construction in Cameron Parish, Louisiana. Venture Global issued full notice to proceed (FNTP) to Baker Hughes in August 2019 concurrent with the project’s FID.
As part of the ongoing execution of the project, the string test was performed on the first full set of equipment to prove that all system components function together under normal operating conditions. The string
test replicates and simulates site conditions, and every component that will be shipped
to and operated at site is commissioned and validated in order to verify whole system functionality and performance. The test performs a mechanical running assessment and measures equipment vibration and bearing temperatures at full speed and full load. The auxiliary and control systems
are also calibrated which minimises these activities in the field. The successful string test demonstrates the strength of the project’s
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Week 14 09•April•2020