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Gasol, the venture company formed to find LNG opportunities off West Africa, has exercised an option to acquire all the shares in African LNG, a project company in which it previously held a minority stake.
LNG imports by Asian countries and North America soared in 2007 but Europe’s LNG imports dropped, according to the latest statistics from Paris-based Cedigaz.
Changes in LNG project tendering methods could break the logjam in the industry that has seen contract backlogs double among the top 10 engineering, procurement and construction companies in the past five years.
The US will face a widening gap in the next few years between natural gas supply and demand and LNG will have to fill a large portion of this demand at very high prices, the annual Offshore Technology Conference in Houston was told.
The LNG industry’s developments in offshore production and US LNG market trends are being presented at the annual four-day Offshore Technology Conference in Houston, Texas, where more than 2,000 companies are represented.
The American Bureau of Shipping said it was selected by Teekay Corp. to provide technical evaluation to the basic design concept of a floating offshore LNG liquefaction facility the Canadian LNG carrier company is developing.
Woodside Petroleum conducted site visits for investors and energy executives to its North West Shelf LNG operation and its Pluto LNG project in Northwest Australia and said engineering plans for a Train 2 for Pluto would be completed this year.
Woodside Petroleum said new LNG projects it’s working on contain gross proved and probable reserves and contingent resources of about 50 trillion cubic feet of dry gas, enough to supply about 17,000 LNG cargoes at high prices.
BG Group of the UK posted a more than three-fold rise in first-quarter LNG operating profits to 395 million pounds ($777M) as it diverted 90 percent of its LNG cargoes to Asia for higher prices.
BG Group, the leading LNG operator in the Atlantic Basin, said it made an offer valued at around US$12 billion for Australian coal-seam gas company Origin Energy that could boost the UK company’s Australian coal-seam gas LNG plans.
