LNG

Flex LNG profits fall

Flex LNG, the Norwegian shipping company with a fleet of 13 vessels and several chartered to the largest US exporter Cheniere Energy, reported a fall in first-quarter profits despite a rise in operating revenues. The average time charter equivalent rate declined in the quarter to $80,175 per day compared with $81,699 per day for the fourth quarter of 2022. Flex reported vessel operating revenues in the first quarter of $92.47 million compared with $74.57M in the same three months of 2022.

Otway Basin boost

Beach Energy, the company involved in the Waitsia gas development and LNG project in the Perth Basin of Western Australia, has also progressed with new gas wells connected to the Otway Gas Plant in the southern Australian state of Victoria. The company said it had connected two more gas wells in the offshore Otway Basin to the Otway Gas Plant and was now delivering additional gas into the Australian East Coast domestic gas market.

Mahanagar Gas accord

Mahanagar Gas Limited (MGL), the growing Indian city-gas distribution company, has signed an agreement with Baidyanath LNG (BLNG) to give some momentum to the expansion of a liquefied natural gas fuel station network with a build-out starting from the western state of Maharashtra. MGL, which is listed on the Bombay Stock Exchange, is the sole authorized distributor of compressed natural gas (CNG) and Pipeline Natural gas (PNG) in the city of Mumbai and its adjoining areas as well as in the city of Raigarh, located in the land-locked central Indian state of Chhattisgarh.