Page 11 - NorthAmOil Week 08

NorthAmOil PROJECTS & COMPANIES NorthAmOil
Venture Global makes progress with supply deal, compressor contract
LOUISIANA
TWO separate announcements over the past week show US-based Venture Global LNG making progress with elements of its plans for both the Plaquemines and Calcasieu Pass LNG projects in Louisiana.
On Febuary 20, Siemens announced that it had been awarded a contract to supply three boil-off gas (BOG) compressor packages for the Calcasieu Pass facility, which is currently under construction in Louisiana’s Cameron Parish. A final investment decision (FID) on the facility was announced in August 2019. Calcasieu Pass is expected to produce 10mn tonnes per year (tpy) of LNG once it enters service in 2022.
Engineering, procurement and construction (EPC) management for the project has been con- tracted to Kiewit.
Siemens said its scope of supply covers the engineering, manufacturing and testing of two centrifugal BOG compression packages and one reciprocating BOG compression package. All compressors will be directly driven by electric motors, the company added.
“The Calcasieu Pass LNG Project involves an innovative modular, mid-scale configuration that enables Venture Global to produce low-cost LNG with a shorter construction schedule,” Sie- mens said in a statement. “Siemens was able to
tailor a custom solution with added flexibility to match the EPC’s project schedule and start-up sequence.”
The compression trains for Calcasieu Pass are expected to ship in summer and autumn of this year.
Separately, Venture Global announced on February 25 that it had entered into a 20-year sales and purchase agreement (SPA) with Élec- tricité de France (EDF). The deal covers the supply of 1mn tpy of LNG from the planned Plaquemines LNG facility, which would be located in Louisiana’s Plaquemines Parish. This agreement follows on from a previously announced deal to sell 2.5mn tpy of LNG from the Plaquemines facility to Poland’s PGNiG over a 20-year period.
The Plaquemines facility is designed using an identical configuration to the company’s Calca- sieu Pass LNG project, but would be double the size at 20mn tpy. Venture Global has received regulatory approvals for Plaquemines, but has yet to make an FID on the project. The company expects to begin construction on Plaquemines this year, targeting start-up in 2023.
Venture Global is also proposing the 20mn tpy Delta LNG facility, which would be located adjacent to Plaquemines.™
UPSTREAM
Tourmaline announces
NEBC Montney
consolidation activities
Tourmaline Oil Corp. is pleased to announce a series of transactions in the NEBC Montney gas/condensate complex. The company
has entered into a definitive agreement to acquire a public oil and gas producer, has
also acquired a private oil and gas company and has completed a small complementary asset transaction at Gundy. The two corporate transactions add approximately 6,000 boepd of current production, 2P reserves of 116.3
NEWS IN BRIEF
mmboe, and 160,000 acres of Montney lands for a combined cash purchase price of CAD33.4mn.
TOURMALINE OIL, February 24, 2020
Cimarex reports fourth-
quarter and full-year 2019
results
Cimarex Energy today reported a net loss for fourth quarter 2019 of $384.1mn, or $3.87 per share, compared to net income of $316.2mn, or $3.32 per share, in the same period a year ago. For the full year, Cimarex reported a
net loss of $124.6mn, or $1.33 per share, compared to 2018 net income of $791.9mn,
or $8.32 per share. Both fourth quarter and full year results were negatively impacted by a non-cash charge related to the impairment of oil and gas properties. Fourth quarter 2019 adjusted net income (non-GAAP) was $120.4mn, or $1.18 per share, compared
to adjusted net income (non-GAAP) of $192.1mn, or $2.01 per share in the same period a year ago1. Full year 2019 adjusted net income (non-GAAP) was $448.8mn, or $4.46 per share, compared to $708.7mn, or $7.42 per share in 20181. Adjusted cash flow from operations (non-GAAP) was $416.0mn in fourth quarter 2019 compared to $428.2mn in the same period a year ago1. Full-year 2019 adjusted cash flow from operations (non- GAAP) was $1.46bn compared to $1.53bn in 2018.
Week 08 27•February•2020
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