Qatar Energy replaces Qatar Petroleum
Earlier this week, it was announced that Qatar Petroleum had changed its name to Qatar Energy. The company said that the change was made to better signal a new strategy that focuses on energy efficiency and environmentally-friendly technology, such as capturing and storing CO2. "It's more of a reflection of what we're actually doing that wasn't reflected by the name that we had," said CEO, President and Qatar’s Minister for Energy, Saad al-Kaabi. He confirmed that natural gas would remain part of the energy mix and would be needed for the next few decades. Kaabi also said that Qatar Energy wanted to be more efficient in its own energy use.
Rostock LNG cancelled
Belgium's Fluxys and Russia's NOVATEK have cancelled plans to build a mid-scale LNG transhipment terminal at Rostock, Germany, citing current market conditions. According to newswires, plans were announced in 2018 to develop Rostock LNG, after signing a land-lease agreement with Rostock port. The terminal was to have a capacity of around 300,000 tonnes per year. LNGCs would deliver the gas from NOVATEK's Cryogas-Vysotsk liquefaction facility at Vysotsk near St. Petersburg. An option was included for bunkering and the loading of bunker vessels.
Malaysian FLNG milestone
PETRONAS has claimed another milestone in its FLNG operations with the delivery of its 50th LNG cargo from the ‘PFLNG Satu’. This cargo was loaded on 25th September, 2021 onto MISC’s LNGC ‘Seri Cemara’ for shipment to Taiwan. The first FLNG cargo was produced from the Kanowit gas field, offshore Sarawak, in 2017. ‘PFLNG Satu’ was the first of PETRONAS’ two FLNGs and is also the world’s first unit to produce LNG from two remote gas fields when she was relocated from Kanowit to its current location at the Kebabangan gas field, offshore Sabah, in 2019. ‘PFLNG Satu’ is designed to operate at water depths of up to 200 m with a production capacity of 1.2 mill tonnes of LNG per annum.
LNG Croatia undergoing maintenance
The LNG Croatia facility is currently undergoing its annual maintenance period. Work started on 1st October, 2021 and was scheduled to last for 14 days. During this period, the jetty and regasification services from the FSRU, will be closed. According to the plan, the terminal’s maintenance work should be finished and regular operations restarted on 15th October, 2021 at 6:00 am local time, the company said.
Tellurian ties down senior execs
On 1st October, 2021, Tellurian agreed with Executive Chairman, Charif Souki, that his initial three-year term will automatically renew for an additional 12 months. He will receive an annual base salary of $1.2 mill, which is consistent with the level of Souki’s cash compensation for fiscal year 2021, Tellurian said in a stock exchange filing. In addition, a discretionary annual cash bonus target of 150% of his annual base salary, subject to a cap of 300%, was agreed. In addition, Tellurian signed another employment agreement with President and CEO, Octávio Simões. This agreement has an initial term through 5th June, 2024 and will automatically renew for an additional 12-month term at the end of the initial CEO term and each subsequent one-year anniversary thereafter. He will receive an annual base salary of $725,000 and a discretionary annual cash bonus target of 125%, subject to a cap of 218.75%.
Ust-Luga plans third production train
A number of contracts for the gas processing complex (GPC) construction project, near Ust-Luga, were signed at the St. Petersburg International Gas Forum 2021. A license agreement was signed, ensuring the provision of rights to use Gazprom’s and Linde’s natural gas liquefaction technology, to the GPC operator – RusKhimAlyans (a joint venture of Gazprom and RusGazDobycha). The technology is patented in Russia, with Gazprom and Linde being the patent holders. Gazprom, Linde, and RusKhimAlyans also signed a Memorandum of Intent to assess the building a third production train at the LNG production plant, as part of the GPC.
GTT wins more orders
GTT has announced that it had won another five orders for its tank containment systems designs. In the third quarter of this year, GTT received an order from Samsung Heavy Industries (SHI) to design the tanks of four new 174,000 cu m LNGCs ordered by an Asian shipowner. Each of the LNGC’s tanks will be fitted with a GTT Mark III Flex membrane containment system. Deliveries of the vessels are scheduled for the first quarter of 2024. GTT received another order from Daewoo Shipbuilding & Marine Engineering (DSME) for the tank design and associated engineering services for a 174,000 cu m vessel being built for Hyundai LNG Shipping. She is also to be delivered in the first half of 2024. The tanks will comprise a GTT NO96 GW membrane containment system.
Ships - order, deliveries and charters
There have been a couple of series LNGC orders reported in recent weeks. For example, Sovcomflot (SCF), through a joint venture with NYK, has signed long-term timecharter contracts with NOVATEK Gas and Power Asia for four 174,000 cu m LNGCs. The new gas carriers will load cargoes produced by NOVATEK’s Arctic projects at the two FSU’s to be located near Murmansk in the west and Kamchatka at the eastern end of the Northern Sea Route, to provide LNG shipments to European and Asian buyers, as well as for regular trade operations in the global market. SCF and NYK, through a 50:50 joint venture, were selected to order the vessels from Samsung Heavy Industries (SHI), plus two options, following a tender process launched earlier this year. Deliveries are expected in 2023/2024. Each vessel will be built to Ice Class 1A and fitted with a low-speed WinGD designed X-DF dual-fuel diesel engine, able to operate on boil-off gas (BOG) stored in the cargo tank. They will also be equipped with a membrane-type tank with GTT’s Mark III Flex design cargo containment system, which has insulating materials to suppress the boil-off rate up to 0.085% per day and minimise cargo losses during transportation. A re-liquefaction unit installed on board each ship will return the gas to the cargo tank and a shaft generator system will also be fitted. Meanwhile, the long awaited Qatar Petroleum (QP), recently renamed Qatar Energy, ordering spree has started. The company has confirmed that it has signed a contract with Hudong-Zhonghua for four LNGCs for a total cost of around $770 mill. This represents the first orders in a large newbuilding programme announced last year to load gas from the giant North Field project. They will also act as fleet replacements, QP said. It also represents the first orders that QP has placed with Hudong, following a slot reservation agreement signed in April, 2020. Elsewhere, Celsius Shipping was thought to have ordered another 170,520 cu m LNGC at Samsung for the equivalent of $192.3 mill. She will be delivered in 2024. As for deliveries, Capital Gas Ship Management Corp has received the newbuilding LNGC ‘Asklipios’ from Hyundai Heavy Industries. With cargo capacity of 174,000 cu m, the vessel is propelled by XDF engines and equipped with an air lubrication system and increased filling limits (excess 99%). She is the sixth of nine vessels ordered by Capital to be delivered between 2020 and 2023. ‘Asklipios’ has been chartered to Cheniere for up to six years. In addition, the 174,000 cu m ‘LNG Enterprise’ has been handed over to France LNG Shipping, jointly owned by NYK and Geogas LNG, by Samsung Heavy Industries. She will operate under a long-term charter contract with TotalEnergies Gas & Power. This LNGC is also fitted with a WinGD X-DF diesel engine that can operate on fuel oil or boil-off gas (BOG) stored in its cargo tank. CSSC Shipping is about to take delivery of the second LNGC in a series being built at Hudong-Zhonghua. The ‘Gui Ying’ will join the first in the series, ‘Mu Lan’, which was delivered in August. Singapore registered ‘Gui Ying’ has been chartered by Gunvor, according to local Chinese newswires. Brokers have reported that the 2003-built 138,000 cu m ‘Merchant’, ex ‘British Merchant’, has been chartered to New Fortress Energy for 12 months for $50,000 per day.