Page 12 - Euroil Week 44 2019

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NEWS IN BRIEF
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charter LNG tankers to import more of the fuel.
According to Reuters, the company currently imports most of the gas it sells to
its customers from Russia’s Gazprom, but Warsaw has taken steps to reduce that reliance so that it does not have to extend a long-term deal on gas supplies after 2022.
Recently, PGNiG bought more LNG from Qatar and the US and signed import deals with companies including Venture Global which is developing the Calcasieu Pass LNG terminal.
Reuters added that part of the supply deals were signed on a free-on-board (FOB) basis, meaning the buyer has to arrange their own shipping, so the company started a tender process for term charters.
The company stated that big players like Qatar Gas would invest in more vessels, so PGNiG aims to have 6 to 8 vessels starting from the beginning of 2022 or 2023. PGNiG is also considering re-exporting some of its gas in the future, most probably the Asian market.
November 4 2019
Polish companies sign
up for push to climate
neutrality
Several Polish companies have signed up to push for achieving climate neutrality, Poland’s oldest employers’ organisation said on November 6.
Climate neutrality is the new ambitious goal of the EU, assuming the bloc’s emissions of greenhouse gases will be reduced to net zero by 2050. Poland remains sceptical of the goal unless Brussels makes sure there will be extra financial means to support
the decarbonisation of the Polish economy, currently depending 80% on coal for energy.
Poland’s policy currently assumes a slow- paced reduction of coal’s share in the country’s energy mix, to the level of around 50% in 2040.
“This is a road map for Polish entrepreneurs and employers who are aware of the fundamental importance of climate neutrality for our future,” said Andrzej Malinowski, president of the Employers of Poland, the organisation behind the initiative.
“We want to help the Polish economy achieve climate neutrality in 2050. Pro- ecological activities will be profitable in the long term even if they are going to mean difficulties for many companies or industries ... they [will] have to carry out changes if they do not want to be pushed out of the market by consumer choices,” Leszek Juchniewicz, chief economist of Employers of Poland, said in a statement.
Over 30 companies and institutions signed off on the Ecological Responsibility Charter of
the Entrepreneurs and Employers of Poland, proposed by Malinowski’s organisation. The charter also covers promoting environmental education and supporting the circular economy.
Electricity provider Innogy, telecom Orange, oil and gas giant PKN Orlen, and the beer maker Zywiec are among the signatories of the charter.
bne IntelliNews, November 6 2019
GasLog sinks to loss in Q3
Monaco-based LNG shipper GasLog suffered a $13.5mn loss in the third quarter, from a profit of $18.2mn a year earlier.
The reversal was due primarily to unfavourable movement in mark-to-market valuations of its derivative financial instruments and an increase in financial costs, combined with decreased profit from operations.
Revenues for the period came to $165.6mn, from $158.5mn.
GasLog’s CEO Paul Wogan said: “a recovery in the LNG shipping spot market during the third quarter of 2019, as well as the continued contribution of our newbuild vessels with long- term contracts, allowed GasLog to generate solid year-on-year growth in revenue.”
GasLog anticipates an improvement in its financial performance in the fourth quarter thanks to a tighter spot LNG shipping market and a resulting rise in freight rates, he said.
“We have been predicting a tighter LNG shipping market, as increasing United States LNG output combines with a seasonal uptick in demand for gas, resulting in rising demand for shipping and higher utilization of the global fleet,” he explained. “These underlying trends in the LNG commodity and shipping markets point towards a structurally tighter market through 2020 and into 2021.”.
November 6 2019
Titan LNG completes first LNG bunkering in Ijmuiden
The service supplier of Titan LNG, in cooperation with the Port of IJmuiden and OD IJmond, completed the first bunkering of LNG to the Werkendam, Van Oord’s LNG-powered crane vessel.
The Werkendam is fully powered by LNG, with gas oil as a back-up.
“This first for the Port of IJmuiden is another important step for LNG bunkering, the port
is strategically located for bunkering activities and the operation today further acknowledges our strong track record in LNG bunkering,” according to Jippe van Eijnatten, director business development at Titan LNG.
“The permitting process was thorough and in good cooperation with OD IJmond and Port of IJmuiden,” he said.
The installed tank on the aft deck of the vessel has the capacity to hold 35 cubic meters of LNG.
In comparison with diesel, LNG emits 80 percent less particulate matter and 70 percent less nitrogen oxides. A CO2 reduction of around 25 percent is also achieved.
November 6 2019
Gemini prepares for well appraisal in Poland
UK oil and gas firm Gemini Resources is preparing to undertake re-entry and appraisal work at its Siciny-2 well in the Gora concession in Poland.
The company, which is targeting 1.6 trillion cubic feet of contingent tight gas resources at the site, has awarded a contract to Halliburton for the supply of hydraulic fracturing equipment and the provision of pumping and wellbore services, and Weatherford International for well testing services. Equipment will be mobilised to the well this month.
Gemini has also placed orders for other essential equipment for the well re-entry
and stimulation, including proppant, tubing and tubing hangars. A two-stage hydraulic frack, followed by well tests, will take place in December.
Gemini has a 65% stake in Gora and the nearby Nowa Sol concession. The remaining interests in the concessions were bought by Australia’s Ansila Energy, previously known as Pura Vida Energy, in September.
November 7 2019
Maersk Drilling gets $11mn extension with AkerBP
Denmark’s Maersk Drilling has secured a contract extension off the coast of Norway for the ultra-harsh environment jack-up rig Maersk Integrator from Aker BP.
The Maersk Integrator vessel will sink a well at the Tambar oilfield under the extension, which begins in September 2020. Before then, Maersk Integrator will be upgraded into a hybrid, low-emission rig.
Morten Kelstrup, COO of Maersk Drilling, said: “We are very happy to continue our close collaboration with Aker BP, and to announce the low-emission upgrade for another XLE rig.
“The great collaborative efforts in the alliance are producing high efficiency, leading to wells drilled much faster than planned and mutual benefit for all parties involved.
“Higher efficiency in itself reduces the CO2 emissions associated with a drilling campaign, and this aspect is now further strengthened by adding hybrid, low-emission technology.”
November 7 2019
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Week 44 07•November•2019