LNG

Technip Energies, the leading European energy and liquefied natural gas project engineers, reported increased net profits and revenues as the backlog was also boosted by Middle East LNG contract awards in the United Arab Emirates and in Oman.

Technip Energies, the leading European energy and liquefied natural gas project engineers, reported solid profits and its backlog surged as it pledged to strengthen its leadership in 2024 in the low-carbon LNG sector.

Nov 2 (LNGJ) - LNG and energy engineering company Technip Energies reported nine-month net income of €207.3 million ($219M), down from €223M in the same three quarters of last year. Nine-month revenues declined slightly to €4.40 billion from €4.86Bln in the same period of 2022. The company pointed to an increased LNG and low-carbon front-end engagement and commercial pipeline.

   “In Technology, Products & Services (TPS), top line growth is robust with the segment consistently contributing more than 30 percent of group revenues year-to-date,” said Arnaud Pieton, Chief Executive of Technip. “Turning to market outlook, in LNG, we are engaged on a significant number of prospects across North America, Africa and the Middle East and see good potential to selectively secure additional orders, including low-carbon LNG, over the next 12-24 months,” the CEO stated. “Beyond LNG, energy and other industries are demonstrating real appetite and commitment to decarbonize and adopt cleaner solutions,” added Pieton.

Technip Energies, the leading liquefied natural gas engineering company, reported reduced first-half profits and revenues as the full withdrawal from the Arctic LNG II project in the Gydan Peninsula of Russia was completed amid the gain of a lucrative contract for the LNG expansion in Qatar and with a new record backlog of contracts.

Technip Energies, the European LNG and energy project engineers, said their joint venture has been awarded an engineering, procurement, construction and commissioning (EPCC) contract by QatarEnergy for the onshore facilities of the North Field South Project (NFS) in the Arabian Gulf.

Technip said its partner for the award is the Middle East-based company Consolidated Contractors Company.

“This award will cover the delivery of two mega-Trains, each with a capacity of 8 million tonnes per annum,” said Technip.

The company added that the work would include a large carbon-capture and sequestration CCS) facility of 1.5 MTPA, leading to 25 percent-plus reduction of greenhouse gas emissions when compared with similar LNG facilities.

The NFS expansion project will produce about 16 MTPA of additional LNG, increasing Qatar’s total production from 110 to 126 MTPA after the North Field East (NFE) project is completed as well.

Mega-Trains

“We are extremely honored to have been awarded by QatarEnergy this mega-LNG project, along with our long-standing partner CCC, a leading construction company for LNG Trains,” explained Arnaud Pieton, Chief Executive of Technip.

“This award is a testament to the trust, extent, and strength of our relationship with QatarEnergy,” added Pieton.

“This new project also reflects our leadership in the LNG market as well as our proven ability to integrate technologies towards low carbon LNG, critical in solving the trilemma for affordable, available and sustainable energy,” declared the CEO.

Technip has been active with a local presence since 1986 in Qatar, which it described as “a strategic country” for the company.

Global LNG engineering firms like Technip are benefiting from the future forecasts of high demand for LNG cargoes. The company posted net profits of €320.2 million ($340.6M) for 2022 compared with €252.4M in 2021.

The company also had a contract backlog of €12.75Bln at the end of December 2022.

The company’s most recent plant to come on stream was the Coral South floating LNG hull that started up in November 2022 offshore Mozambique.

Technip Energies, the leading Europe-based energy and liquefied natural gas project engineering company, forecast a strong LNG market in 2023 and beyond and reported high annual net profits as it advanced projects in Qatar and Mozambique and also planned to seek more mid-scale LNG plant contracts.

JGC Holdings Corp., the leading Japanese LNG and energy project engineer, has been awarded the contract for the front-end engineering and design of Nigeria’s first floating LNG project along with Europe’s Technip Energies.

The project is being developed by UTM Offshore Limited, an indigenous private company in Nigeria engaged primarily in crude oil sales and an established provider of marine logistic support services to the oil and gas sector.

UTM is the parent company of UTM FLNG Ltd, which previously awarded a contract to JGC for the conceptual design of the FLNG facility.

“Consequently, the consortium of JGC Corp. and Technip has now been awarded the contract for the FEED of an FLNG plant producing 1.2 million tonnes per annum of LNG and other products including liquefied petroleum gas and condensate, with the completion date for the FEED slated for December 2023,” explained JGC whose headquarters are in Kanagawa, Japan.

Topside design

JGC explained that it would be primarily responsible for the topside design covering the LNG production facilities while Technip would handle the hull and the mooring system design.

“We believe this award duly reflects the satisfaction of the client with the conceptual design performed by JGC as well as the outstanding track record and project execution capabilities of the JGC Group and Technip Energies in the field of FLNG,” declared JGC.

“Upon completion of the FEED, the engineering, procurement and construction (EPC) phase is envisaged and, if realized, this will be the first FLNG facility in Nigeria and a milestone project for the country,” said JGC.

JGC has delivered the EPC for two previously completed FLNG facilities for Petronas of Malaysia, and together with Technip and for the Coral South FLNG project in Mozambique that shipped its first cargo in November 2022.

However, Ngeria has lagged behind other African nations such as Cameroon, Mozambique and newcomers like Mauritania and Senegal in establishing FLNG facilities for its extensive natural gas resources. and associated gas in oil fields.

Onshore expansion

Nigeria operates the onshore LNG plant at Bonny Island in the Niger Delta where output dropped for a second year in 2021 to 16.42 million tonnes, down almost 22 percent from the 21MT shipped in the previous year.

NLNG is also hoping to move forward faster and develop its long-awaited Train 7 project.

The NLNG onshore plant with six liquefaction Trains is owned by four shareholders, Shell, the French and Italian majors TotalEnergies and Eni as well as the Nigerian National Petroleum Corp. (NNPC), which holds 49 percent of the venture.

The onshore Train 7 contract will also have a de-bottlenecking programme and would add around 8 MTPA of capacity to the Bonny Island facility, taking the total nameplate capacity to around 30 MTPA in the future.

Technip Energies, one of the leading LNG project engineering companies, has signed an accord with US energy services company Baker Hughes to cooperate on developing mid-scale and modular onshore liquefaction plants.

Technip Energies, the leading energy and LNG engineering company, said events in 2022 had underlined the need for increased spending in LNG and natural gas as the Euronext exchange-listed company continued its “orderly exit” from the Arctic LNG II project in Russia.

Technip Energies, a leading European-based liquefied natural gas engineering company, reported increased first-half net profits and revenues even as it made “an ongoing orderly exit” from the Arctic LNG II project in Russia.