LNG

TechnipFMC, the US oil and gas and LNG project services company, reported a 24 percent increase in second-quarter revenues as profits rose along with orders and the backlog.

ExxonMobil Corp. and its partners in the huge oil and gas discoveries offshore the tiny nation of Guyana in the northeast corner of South America are moving forward on an LNG export project.

May 16 (LNGJ) - Seatrium, the Singapore shipyards company for newbuilds, conversions and offshore platforms, has been awarded a contract by Single Buoy Moorings Inc, an SBM Offshore company, for the topsides fabrication and integration of a Floating Production Storage and Offloading (FPSO) vessel to be deployed offshore the South American oil and gas nation of Guyana.

   Seatrium’s scope of work includes the fabrication of several topsides modules, riser, mooring and umbilical structures, followed by the installation and integration of these structures and all topside modules for the “FPSO Jaguar”. On completion, the FPSO will be deployed to serve in the Whiptail Field offshore the Stabroek Block in Guyana for ExxonMobil. “The ‘FPSO Jaguar’ is designed to produce 250,000 barrels of oil per day and an associated gas treatment capacity of 540 million cubic feet per day,” said Seatrium.

May 6 (LNGJ) - Seatrium of Singapore has secured a floating production, storage and offloading (FPSO) topsides integration contract from a long-standing customer, Offshore Frontier Solutions, a subsidiary of Japan’s Modec Group. The scope of work covers the installation and integration of topside modules onboard the “FPSO Errea Wittu” and includes completion and commissioning support for Modec.

   The Singaporean company said the “FPSO Errea Wittu” would be deployed in the Uaru Field in the Stabroek Block located 200 kilometres (124 miles) offshore Guyana. The field is 45-percent owned by ExxonMobil Corp., 30 percent by Hess of the US and 25 percent by China’s CNOOC Petroleum. The FPSO is expected to have a production capacity of 250,000 barrels of oil per day, water injection capacity of 350,000 barrels of water per day and 540 million cubic feet per day of natural gas production and with a storage capacity of two million barrels of oil.

Saipem, the Italian subsea company with contracts for LNG project, pipeline natural and oil worldwide reported a more than 40 rise in earnings as the current backlog was almost €30 billion ($32Bln) with over €2Bln in new contracts.

China National Offshore Oil Corp., the Chinese energy major and LNG player with growing natural has interests, has outlined its strategy in a post-earnings conference call after reporting a fall in profits despite record production.

Hess Corp., the New York-based oil and gas company being acquired by Chevron Corp. in a transaction agreed in October and valued at $53 billion, is trying to re-assure Chevron that one of its main assets in Guyana was safe from any pre-emption purchase offer from the other shareholders in the block.

ExxonMobil Corp. and its partners in huge oil and gas discoveries offshore the tiny nation of Guyana in the northeast corner of South America may develop a liquefied natural gas project at the behest of the Government.

Italian oil and gas and LNG project engineering company Saipem, which has extensive global subsea and pipeline expertise, said it reached “new and important project” landmarks by contributing to the start of production of the Payara field, offshore the tiny nation of Guyana in the northeast corner of South America.

The start of production of the offshore oil field is the third project to which Saipem has contributed in the Stabroek Block

The field is operated by a consortium comprising US major ExxonMobil Corp, New York-based Hess Corp., currently being acquired by Chevron Corp., and the Chinese major China National Offshore Oil Corp.

Saipem contributed to the project development by providing engineering, procurement, construction and installation of the underwater facilities.

Saipem installed over 130 kilometres of thick rigid pipelines and risers in about 2,000 metres of water depth.

Guyana reserves

Guyana is among the leading oil and gas reserve holders in Latin America and will be a future large exporter of hydrocarbons along with Argentina, Brazil and Mexico as well as LNG producers Peru and Trinidad and Tobago.

The contract was fully released in 2020 by ExxonMobil Guyana and Saipem said its leading subsea assets such as “FDS2” and “Saipem Constellation” were deployed to carry out the project.

Furthermore, Saipem used its fabrication facility in Georgetown, Guyana, for the fabrication of 48 rigid jumpers, ensuring important local activity and jobs and enhancing sustainable investment in the country.

“Saipem has a consolidated presence in the country, having previously contributed to the development of the two phases of the Liza Project and to the start of the Yellowtail Project,” said the Milan-based company.

Guyana economic boost

The International Energy Agency noted that oil will be required for vehicle transport in the South American and Caribbean region well through 2050.

“Oil production has been rising in Brazil and Guyana, while it is in decline in Venezuela and Mexico,” said the IEA.

“Increased demand and prices for liquefied natural gas has also shone a spotlight on the important role played by LNG exporters such as Trinidad and Tobago and Peru in easing market tightness,” the Paris-based agency added.

Oil currently accounts for 86 percent of energy consumption today in the Latin American transport sector compared with 91 percent globally.

“The share of oil in road transport will decline below 80 percent by 2030 to around 40 percent by 2050,” said the IEA, forecasting that 60 percent of bus and other vehicle transport will come from the “growing use of electricity and bioenergy” vehicles.

“However, rising incomes also prompts an increase in the ownership of appliances and air conditioners, which are the main drivers of electricity consumption growth,” it added.

Leading LNG producer ExxonMobil Corp. has made three more discoveries offshore the South American nation of Guyana, taking the total to five in 2022.