LNG

FSRU and LNGC operator, Höegh Evi, has signed a 10-year timecharter agreement with Egyptian Natural Gas Holding Co (EGAS) to deploy the ‘Hoegh Gandria’ as an FSRU in the country.

Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared an imminent end to the longstanding regime of cabotage waivers granted to foreign shipping operators, in a bid to boost indigenous capacity.

Oyetola made the declaration in Abuja, while receiving a delegation from NNPC Shipping, Swedish maritime giant Stena Bulk, and Caverton Offshore Support Group.

The visit marked the formal unveiling of Unity Shipping World (USW), a new joint venture involving the three companies aimed at providing crude oil, refined products, and LNG tanker operations within Nigeria and internationally.

“The era of indiscriminate waivers is coming to an end,” Oyetola said. “We cannot continue to undermine our local capacity under the guise of temporary foreign intervention. It is time to build Nigerian tonnage, support Nigerian jobs, and give indigenous operators a fair chance to thrive. That is the only sustainable path to maritime development.”

The Cabotage Act of 2003 restricted Nigeria’s inland and coastal shipping routes to Nigerian-owned, built, and crewed vessels. But a system of waivers introduced to make up for shortfalls in local capacity has often seen foreign vessels dominate these routes, to the detriment of local players.

To reverse this trend, Oyetola stressed that Nigeria must now back words with action.

Fast track

He directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to fast-track the dissolving of the Cabotage Vessel Financing Fund (CVFF), a levy pool collected to help local shipowners acquire vessels.

“The disbursement of the CVFF is no longer optional; it is imperative. Our indigenous operators must be empowered to acquire modern vessels and effectively render services that have, for too long, been dominated by foreign shipping concerns,” he said.

Oyetola also confirmed plans to launch the national shipping line through a public/private partnership, a move he said would make Nigeria a regional force in maritime logistics.

Welcoming the development, Caverton Offshore Support Group CEO, Bode Makanjuola, described Unity Shipping World as “a game-changer” for Nigeria’s maritime landscape.

He said the company will focus on acquiring a modern fleet and building local human capital.

“This partnership is the culmination of extensive planning and shared vision,” Makanjuola said. “It combines local expertise with international best practices to create a maritime powerhouse. Unity Shipping World will proudly fly the Nigerian flag and play a critical role in training and empowering Nigerian seafarers.”

Managing Director of NNPC Shipping, Panos Gliatis, added that the partnership is strategic.

“With this alliance, we are enhancing domestic refining, imports, and exports - reinforcing Nigeria’s pivotal role in global energy logistics,” he said.

President and CEO of Stena Bulk, Erik Hånell, commented: “We are committed to operational excellence and expanding into key energy markets. This partnership supports our long-term strategy while advancing Nigeria’s energy and shipping landscape.” 

Russia and Vietnam have agreed to promote new oil and gas projects, including shipping and refining crude oil and LNG from Russia to Vietnam.

A joint declaration ‘On the main areas of the Russian/Vietnamese relations of comprehensive strategic partnership at a new stage’ was published on the Kremlin's website, according to Interfax.

"The Parties have agreed to strengthen energy and oil and gas industrial co-operation and to ensure energy security by raising the efficiency of existing energy and oil and gas projects and advancing new ones in accordance with the effective legislation and strategic interests of each party, including shipping and refining crude oil and LNG from Russia to Vietnam," the communique read.

The two countries' leaders also supported the creation of favourable conditions for broader Russian business operations on Vietnam's continental shelf, and for Vietnamese in Russia.

Ahead of the talks held on 10th May between Russian President, Vladimir Putin and the secretary-general of Vietnam's Communist Party Central Committee, To Lam, the Russian government approved a number of draft agreements to broaden bilateral co-operation on oil and gas production.

In particular, the agreements involved giving PetroVietnam a 35% stake in the Kharyaga production sharing agreement (PSA) by 2027 and Zarubezhneft acquiring a 49% stake in a future PSA to develop the Block 01/17 field and Block 02/17 field in Vietnam.

In addition, the two companies' joint venture Vietsovpetro's operations could be extended until the end of 2050.

The topic of Russian LNG shipments to Vietnam was also raised during Vladimir Putin's visit to the country last summer. Russia could take part in building LNG capacity in Vietnam, which has the resources, and also ship LNG to Vietnam, Putin said then.

NOVATEK and PetroVietnam signed a memorandum of understanding (MoU) on co-operation in Vietnam, Interfax said. 

Cheniere Energy generated revenues of around $5.4 bill, net income of about $0.4 bill, consolidated adjusted EBITDA of around $1.9 bill, and distributable cash flow of circa $1.3 bill during the first quarter of this year.

US LNG plant developer Venture Global generated revenue of around $2.9 bill in the first quarter of this year, a 105% increase from 1Q24.

US engineering company, Oceaneering International’s Offshore Projects Group (OPG) has been awarded a multi-year contract by bp Mauritania Investments.

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The United States is intensifying efforts to promote the $44 billion Alaska LNG project, with President Donald Trump’s Energy Security Council planning to stage a summit in Alaska in early June aimed at attracting firm buying commitment. Targeted buyers are key Asian allies of the US, particularly Japan and South Korea, which have been approached to invest in and offtake LNG from the long-delayed venture.

The LNG industry – both in the US and globally – has issued a stark warning that it cannot comply with the Trump administration’s new rules, forcing them to use US vessels only. The novel regulation places levies on Chinese-built ships docking for charging LNG at American ports.