LNG

Golar LNG Ltd shares surged over the weekend as the company entered a definitive agreements with Pan American Energy (PAE) for a 20-year deployment of one of its floating LNG production units in Argentina to tap the vast resources of the Vaca Muerta Shale.

Sept 20 (LNGJ) - Belgian shipping company Exmar, which chartered a regasification barge to the Netherlands and sold a floating LNG production vessel to Italy’s Eni for deployment in Africa, is set to be taken over by Saverex NV, the holding company of the family of Exmar Executive Chairman Nicolas Saverys.

   Exmar, based in Antwerp, had reopened the acceptance period to September 15 for the voluntary public takeover bid launched by Saverex for all shares and share options not already controlled by the bidder. As a result, Saverex now owns 47.81 million shares, representing 80.36 percent of Exmar. Taking into account the shares held by Chairman Saverys and Exmar itself Saverex controls 49.83M shares, representing 83.76 percent of Exmar. “The payment of the bid price for the shares (€12.10 per share and €2.48 per share option) offered during the voluntary reopening is scheduled for October 2, 2023,” said Exmar.

Belgian shipping company Exmar has reported on the progress of the liquefied natural gas barge for regasification deployed at Eemshaven in the Netherlands and advances made in the floating LNG production venture in the Republic of Congo.

Italian energy company Eni has signed a contract with China’s Wison Heavy Industry shipyard for the construction and installation of a floating liquefied natural gas production unit offshore the Republic of Congo and the second proposed FLNG venture for the West African nation.

Belgian shipping company Exmar reported modest earnings though expects company finances to improve after a charter deal for its LNG storage and regasification unit (FSRU) barge to be the new Dutch LNG import terminal at the port of Eemshaven.

Belgian shipping company Exmar, owner of the “Tango FLNG” barge last deployed in Argentina, said it was actively pursuing various employment opportunities and had also had a settlement in the dispute with commodities firm Gunvor over a newbuild regasification vessel.

Gaztransport and Technigaz (GTT), the French technology firm for designs of systems for the maritime transportation and storage of liquefied natural gas, said it signed a technical and licensing agreement with Chinese shipbuilder Wison Offshore and Marine for a range of LNG vessels.

Exmar, the Belgian shipping company with more than 40 vessels in its fleet focused on the liquefied petroleum gas business, narrowed its third-quarter net losses to $16.3 million as its drawback from LNG activities has been hampered by an arbitration case brought by commodities firm Gunvor, offset by a successful LNG production vessel charter to Argentina.

Exmar, the Belgian shipping line and owner of the “Tango FLNG” hull chartered to Argentina, said the production vessel has now been fully commissioned after the loading of the first cargo.

“The performance acceptance tests have been successful, the first cargo has been offloaded and will be exported out of Argentina,” said Exmar.

“With this first shipment the start-up of the Tango FLNG is accomplished in a record time following the contract signing in November 2018 and delivery acceptance of the unit in Bahia Blanca in February 2019,” explained Exmar.

Antwerp-based Exmar said the First Argentine shipment has been possible thanks to the excellent cooperation between the teams of Argentine energy company YPF and Exmar.

Exmar stated that the first YPF LNG cargo amounted to around 25,000 cubic metres of gas from Vaca Muerta shale gas reserves in northwest Argentina and marked the entry of Argentina to the club of global LNG exporting nations.

“For Exmar, the successful performance test in Bahia Blanca confirms the technical capabilities of the ‘Tango FLNG’, the first such vessel operating in the Americas,” said Nicolas Saverys, Exmar’s Chief Executive.

“The unit is generating earnings since early May and is expected to be fully on stream after the Argentine winter season,” added the CEO.

“Exmar’s Board of Directors and Executive Committee wish to thank all employees and stakeholders in this project for the great dedication and impressive execution work over the past months,” said the Belgian company.

The “Tango FLNG” plant is chartered under a 10-year agreement from Belgian shipping company Exmar.

The vessel is the former floating liquefaction unit, “Caribbean FLNG”, constructed for a cancelled venture in the South American state of Colombia and renamed before being sent to Argentina.

YPF did not specify the destination of the first shipment, though said the sales operation was helped by the marketing arm of US LNG exporter Cheniere Energy.

Growing natural gas production from the Vaca Muerta shale play in northwest Argentina will eventually meet all of the nation’s energy requirements and leave a surplus for export.

Argentine oil and gas producer, Yacimientos Petroleiferos Fiscales (YPF), said it was loading its first shipment of liquefied natural gas for export at the “Tango FLNG” facility deployed at the port of Bahia Blanca.