Page 7 - GLNG Week 47 2020

GLNG NRG GLNG

will also be brought into the fold. over the past week to be advancing in Vietnam.
Production is expected to reach 25mn tonnes (See: MoUs signed for separate LNG-to-power
per year (500,000 bpd) by 2024, rising to 1mn projects in Vietnam, page 20) On November 19,
bpd by 2027 and 2.3mn bpd by 2030, and Ros- Nikkei Asian Review reported that PetroViet-
neft has also suggested that up to 50mn tpy of nam Power and a Vietnamese construction firm
LNG could also be developed from the fields’ had signed an MoU with Japan’s Tokyo Gas and
gas. These supplies will be delivered to markets Marubeni to build an LNG-to-power project.
on tankers via Russia’s Northern Sea Route. The facility would be built in Vietnam’s Quang
Rosneft estimates Vostok Oil’s liquids Ninh Province at an estimated cost of JPY200bn
resource base at 6bn barrels of oil equivalent ($1.9bn). The power plant would have a capacity
(boe), although its fields have not been inde- of 1,500 MW and start-up is targeted for 2026.
pendently appraised, creating doubts about the Then, on November 21, General Electric
company’s lofty targets for future output. (GE) signed an MoU with Vietnam’s EVN
Analysts at BCS Global Markets (GM) com- Genco3 to develop the Long Son LNG-to-power
mented that the deal was good for Rosneft’s stock project in Ba Ria-Vung Tau Province. GE will be
“more for signalling that the ambitious project is contracted to install the gas turbine technology
‘a go’ than for the size of the investment, which and certain other equipment, according to US
itself has yet to be fully determined.” government officials on a visit to Hanoi.
“Attracting a significant amount of foreign That project is being planned to start up by
investment to the Vostok Oil project has been 2025.
a Rosneft goal from day one, and this deal is The MoUs come as various other projects
important more for getting the process started,” are also advancing in Vietnam, where power
they said. demand is rising and new capacity is urgently
needed.
If you’d like to read more about the key events shaping
the former Soviet Union’s oil and gas sector then please Latin America: Argentina’s incentives for
click here for NewsBase’s FSU Monitor . gas producers
Argentina’s government has kept tight currency
GLNG: Steps forward for Asian LNG pro- controls in place for more than a year in the
jects hope of protecting foreign reserves following a
Over the past week, significant developments collapse in the peso, the national currency. Last
have come for LNG projects in Asia, on both week, though, the Central Bank said that natural
the import and export front. Media reported on gas producers taking part in the country’s new
November 23 that Chevron had restarted Train 2 “Gas Plan” would have free access to the official
at its Gorgon LNG export terminal in Australia. foreign exchange market.
(See: Chevron restarts production at Gorgon Train The “Gas Plan,” a much-anticipated stimulus
2, page 20) The train was shut down in May for plan designed to lift natural gas production, was
scheduled maintenance and subsequently had to unveiled by President Alberto Fernández last
be kept offline for repairs after weld quality issues month. This package of measures, known as Plan
affecting its propane heat exchangers – or kettles Gas 4, calls for the national oil company (NOC)
– were discovered. YPF to invest $1.8bn in gas production over the
Chevron had initially aimed to restart the next three years.
train in September but needed additional time YPF, which suspended nearly all drilling
to complete the repairs. The super-major will activity in the spring following the intro-
now take Trains 1 and 3 offline – one after the duction of strict public health measures, has
other – to inspect their kettles for similar issues spoken positively about the new forex policy.
and carry out any repairs that may be neces- Santiago Tanoira, the state-owned company’s
sary. Preparations for shutting down Train 1 are vice-president of gas and energy, praised the
reported to be underway. new incentives, saying: “We are returning to
Separately, two separate projects that will drill for gas.”
have an LNG import component were reported Meanwhile, Pan American Energy (PAE),

Week 47 27•November•2020 www. NEWSBASE .com P7