In this issue

 

Venture back on FERC agenda after design changes and Japan supply deals

Our North America editor

Jordan Cove LNG, the Canadian-run export project for the US northwest state of Oregon, has been given permission by the US Federal Energy Regulatory Commission to file a new application with an amended design that is expected to improve its chances of being approved. 

Our Europe editor

The Geneva, Switzerland-based International Standards body has published its new ISO 20519 standard for ships and marine technology relating to bunkering of liquefied natural gas-powered vessels. 

The chief executives of Italian energy company Eni and UK major BP have held a signing ceremony with the Egyptian government in Cairo, completing the sale of a 10 percent stake to BP for around $500 million in the “supergiant” Zohr field that will impact regional LNG trading when it comes on stream in late 2017. 

Our Asia-Pacific editor

Australia Pacific LNG plant stakeholder Origin Energy, which recently took a charge of US$1.45 billion as a write-down mainly on APLNG, has posted earnings showing wider fiscal first-half losses. 

Tamrotor Marine Compressors, the Norway-based equipment supplier, was awarded a contract by Golar LNG to supply a compressed air system to the former conventional carrier “Hilli” being transformed into a floating liquefaction production hull in Singapore. 

Our Europe editor

The French energy company Engie has taken delivery of a joint venture bunkering vessel to be based at the Zeebrugge liquefied natural gas import terminal in Belgium to lead the development of the LNG fuel market for shipping. 

Cryo Shipping AS, a company based in the Norwegian port of Bergen, said it had developed a new type of small-scale LNG carrier and bunkering ship through converting offshore industry vessels. 

Our Europe editor

Enagas, the Spanish natural gas transmission network operator and LNG terminal owner, posted a small increase in annual net profits as the nation’s demand rose for a second consecutive year and more winter LNG cargoes were imported. 

Our Europe editor

GasLog Ltd, the shipping line based in Monaco with a fleet of 27 LNG carriers, said progress had been made with the plan for a liquefied natural gas import hub offshore the northern Greek city of Alexandroupolis to serve customers in both Greece and Bulgaria. 

British Columbia Premier Christy Clark said benefit deals linked to LNG projects signed with two native North American First Nations were a milestone for the natural gas future of the Canadian province. 

Japanese energy companies are now focusing on the total of 60 million tonnes of LNG volumes becoming available on the Gulf Coast and Atlantic Coast of the US from 2020, with many of the cargoes pointing at Japan. 

Our North America editor in New York

Tellurian Inc., the developer of the US Driftwood LNG export project in Louisiana and founded by ex-Cheniere Energy Chief Executive Charif Souki and Martin Houston former head of LNG at the UK BG Group, has completed a reverse takeover to gain a listing on the Nasdaq stock exchange. 

Argentina believes it is still on track to cease liquefied natural gas imports by 2022 as shale-gas supplies from its estimated 802 trillion cubic feet of technically recoverable resources begin to flow. 

Our Europe editor

Australian oil and gas exploration and production company Po Valley Energy is moving ahead with plans to compete with LNG in Italy by setting its initial public offering date in London for around February 24 when it will sell shares in a spin-off developing onshore Italian natural gas. 

News Nudges

Cove Point LNG makes progress

The US Cove Point LNG export project in Maryland, owned by Dominion Energy, is almost 75 percent complete, according to the latest progress report filed with the Federal Energy Regulatory Commission. The existing import terminal on Chesapeake Bay is being transformed into a liquefaction plant and is scheduled to come on stream in 2018. “At the terminal, work continued on modifications to the existing plant in the areas of the jetty platforms and tie-in scope,” said Dominion. “Construction activities conducted during the January period included preliminary commissioning activities for new compressor units and associated equipment, final building completion activities, and earthwork for corrosion protection and electrical grounding,” it added.


Awilco LNG earnings

Awilco LNG, the small Norwegian fleet operator in the spot market, said the positive trend seen in the fourth quarter of 2016 persisted into 2017 as charter rates West of Suez further improved to $52,000 per day while East of Suez rates was reported at $38,000 per day. “Despite high activity and increasing spot market rates, the short-term and mid-term time charter rates have only slightly improved,” said Awilco as it reported lower full-year freight income of $34.8 million compared with $37.4M in 2015.


Golar raising market funds

Golar LNG, the global LNG fleet operator and floating storage and regasification unit specialist, is raising up to $400 million by selling a form of bond, Convertible Senior Notes due in 2022. Golar is offering $350M of the paper in a private placement to institutional buyers and with $52.5M added, depending on demand.