Page 10 - GLNG Week 06

GLNG EUROPE GLNG
markets on a year-round basis. Unlike Yamal LNG, whose carriers were all built by South Korea’s Daewoo Shipbuilding and Marine Engi- neering (DSME), Arctic LNG-2 tankers are all due to be constructed at Zvezda, supporting Rus- sia’s import substitution drive.
VEB.RF has agreed to fund construction of the entire fleet, expected to cost $5bn, provided that additional lease financing agreements are reached.
Novatek expects to require as many as 47 extra LNG carriers to handle gas from its Arc- tic LNG projects by 2030, in addition to the 15 already working at Yamal LNG, company CEO Leonid Mikhelson told Russia’s TASS in January. It anticipates that 35-37 of the tankers will be built at Zvezda and 10 at foreign shipyards.
In a letter to Russian President Vladimir Putin in November, Mikhelson said the com- pany needed to order some vessels from foreign shipbuilders because Zvezda lacked the capac- ity to construct so many ships in such a short timeframe.
The Arctic LNG-2 tankers are all due to be constructed at the Zvezda shipyard, supporting Russia’s import substitution drive.
Novatek has several other export projects in the pipeline, in addition to Arctic LNG-2. The company aims to take a final investment decision (FID) this year on the 5mn tpy Obsk LNG termi- nal, also slated for launch in 2023. In the coming years it also expects to sanction the Arctic LNG- 1, which should have a capacity of around 20mn tpy. A decision on Arctic LNG-3, which will have a similar size, is due to be made at a later stage.™
AFRICA
Greater Tortue Ahmeyim sale and purchase agreement signed with BP Gas Marketing
Kosmos Energy announced today that the company and its partners have signed a sale and purchase agreement (SPA) with BP Gas Marketing Limited, a wholly owned subsidiary of BP plc. The SPA is for 2.45 million tonnes per annum (MTPA) of liquified natural gas (LNG) from Phase 1 of the Greater Tortue Ahmeyim project for an initial term of up to 20 years.
Following the signing of the SPA, Kosmos intends to book net proved reserves of approximately 100 million barrels of oil equivalent associated with Phase 1, as evaluated by the company’s independent reserve auditor Ryder Scott Company, LP. The company expects to book additional reserves when further phases of the Tortue project are sanctioned and sale and purchase agreements signed for the offtake volumes.
“The signing of the SPA is an important milestone in the Greater Tortue Ahmeyim project for the governments of Mauritania and Senegal, SMHPM, Petrosen, BP and Kosmos,” said Todd Niebruegge, senior vice president and head of the Mauritania-Senegal business unit at Kosmos Energy. “With the signing of this agreement, we have materially increased
NEWS IN BRIEF
the proved reserve base of the company and the project remains on track to deliver first gas in the first half of 2022.”
“The SPA is another positive step forward for the Greater Tortue Ahmeyim project,” said Norman Christie, BP’s regional president for Mauritania and Senegal. “We’re grateful to
the Governments of Mauritania and Senegal for their continued commitment to this innovative project, as well as our partners SMHPM, Petrosen and Kosmos.”
Partners in the cross-border Greater Tortue Ahmeyim project, located offshore Mauritania and Senegal, include SMHPM, Petrosen, BP, and Kosmos.
KOSMOS ENERGY, February 12, 2020
AMERICAS
New Fortress Energy signs
long-term LNG supply
agreement
New Fortress Energy announced today that
it has signed a long-term supply agreement for the purchase of 27.5 million MMBtu
per annum of liquefied natural gas (LNG),
or approximately 8 cargoes a year, at a price indexed to Henry Hub through January 2030.
This agreement will support the continued growth of New Fortress’ customer base
in international markets as the company develops LNG terminals and natural gas infrastructure.
“This agreement supports our efforts to spur economic growth and reduce emissions as we deliver more affordable and cleaner energy to our customers,” said New Fortress Chairman and CEO Wes Edens. “We evaluated a broad range of competitive offers to meet the expansion of our LNG terminals across international markets. We’re pleased to take advantage of the dislocation in global LNG markets and secure ten years of offtake for our growing business.”
NEW FORTRESS ENERGY, February 10, 2020
ASIA
Shell, Total reject CNOOC’s force majeure notices
Bloomberg reported on February 7 that
two of China National Offshore Oil Corp.’s (CNOOC) LNG suppliers – Royal Dutch Shell and Total – had rejected the force majeure notices that the Chinese company had issued to them. CNOOC, China’s leading buyer of LNG, was attempting to declare force majeure as the coronavirus outbreak continued to hit the country’s demand for energy.
Sources familiar with the matter were cited as saying the two European-based companies did not accept the legal grounds for the move, which would have freed CNOOC from its contractual obligations to take the LNG in question.
The sources added that CNOOC was still likely to cancel delivery of the cargoes, but
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Week 06 13•February•2020