LNG

Technomak has signed an engineering, procurement, construction, commissioning, and integration (EPCCI) contract with Dixstone for Gabon’s Cap Lopez FLNG project, operated by Perenco Gabon.

UK energy major bp’s shares climbed yesterday on fresh speculation that rival Shell will make a takeover bid.

Shell has reportedly called in its advisers to look at a potential bid, but it is waiting for bp’s valuation and oil prices to fall further before deciding whether to proceed.

bp’s share price lags behind its peers following an ill-fated move towards renewable energy.

While the two UK energy heavyweights were virtually equal a little while ago, bp is now worth around £56 bill, compared with Shell’s £148 bill valuation. 

CEO Murray Auchincloss recently unveiled a ‘fundamental reset’ of bp’s strategy, following shareholder unrest.

Auchincloss scrapped targets to cut oil production, watered down renewable investment plans and said the company would spend more on fossil fuel extraction. 

However, profits for the first quarter of this year fell by 49% from £2.01 bill to £1.03 bill.

bp shares closed up 1.4%, or 4.85p, at 355.15p, while Shell lost 2.1%, or 52.5p, to 2,434p, yesterday.

Both are major players in the LNG market.

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The European Commission plans to propose banning all Russian gas and LNG imports by 2027, with new and spot contracts ending by 2025. Despite reducing pipeline dependency to 19pct, Russian LNG reached record highs in 2024. The plan requires EU Parliament and majority member approval, facing opposition from Slovakia and Hungary.

ADNOC Gas’ profit rose by 7% year-on-year to $1.3 bill for the first quarter of this year.

This was due to continued demand for domestic gas amid strong economic growth in the UAE, the ADNOC subsidiary said and also driven by high sales volume and efficient management of the planned shutdown programmes.

Revenue was up 1% year-on-year to over $6 bill, following the signing of new supply agreements, including mid and long term sales and purchase agreements (SPAs) valued at $9 bill with Indian Oil Corp (IOC) and Japan’s JERA Global Markets.

Capex rose by 43% during the quarter, with the company expecting to take a final investment decision (FID on its Ruwais LNG project this year.

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Woodside has approved its Louisiana LNG project with first production targeted for 2029. The three-train, 16.5mtpa development will position Woodside as a global LNG powerhouse with 5pct of worldwide supply. With US$17.5 billion total CAPEX and 13pct IRR, the project strengthens Woodside's portfolio while maintaining its emissions reduction targets.

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