Golar
LNG Ltd ("Golar") today announced the signing of a Heads of Agreement
(the "HOA") with Societe Nationale de Hydrocarbures ("SNH") and Perenco
Cameroon ("Perenco") for the development of a floating liquefied natural
gas export project (the "Project") located 20km off the coast of
Cameroon and utilizing Golar's floating liquefaction technology
(GoFLNG).
The
HOA is premised on the allocation of 500 bcf of natural gas reserves
from offshore Kribi fields, which will be exported to global markets via
the GoFLNG facility Golar HIlli, now under construction at the Keppel
Shipyard in Singapore.
Golar
will provide the liquefaction facilities and services under a tolling
agreement to SNH and Perenco as owners of the upstream joint venture who
also intend to produce LPG's for the local market in association with
the Project. It is anticipated that the allocated
reserves will be produced at the rate of some 1.2 million tonnes of LNG
per annum over an approximate eight year period.
It
is expected that during the first half of 2015 definitive commercial
agreements will be executed and necessary licenses and approvals secured
for the production, liquefaction, and export of the reserves, and that
production will commence in the first half of 2017. The Project will
be the first floating LNG export project in Africa and will see Cameroon
joining the small number of LNG exporting nations.
Golar
is one of the world's largest independent owners and operators of LNG
carriers with over 40 years of industry experience. Golar's innovation
delivered the world's first Floating Storage and Regasification Units
(FSRU) based on the conversion of existing LNG carriers. The project in
Cameroon now demonstrates Golar's latest strategic move to extend its
business model further upstream by deploying its floating liquefaction
technology (GoFLNG). The objective is to become the industry's leading
integrated midstream LNG services provider, supporting resource owners,
gas producers and gas consumers.
Posts
Dim light in Keppel's FLNG strategy.
ReplyDeletedo you reckon that the FLNG strategy will have negative effect or impact to keppel - why dim light?
DeleteNo negative impact. Not sure is there bright future. LOL!
DeleteWith oil price down, expect upcoming LNG projects. This may be new future for Singapore O&G listed company.
ReplyDeleteGot future for Kep?
DeleteHi CW,
DeleteLNG future for Sg as a whole. Kep should benefit but not now, longer term. BW offshore and all relevant FPSO co here will also venture in LNG eventually. Now R&D n prepare... Few years later then blossom???
Read http://www.rolfsuey.com/2014/07/why-singaporeans-should-know-more-about.html?m=1
According to this news :-
Deletehttp://interfaxenergy.com/gasdaily/article/14569/china-trails-neighbours-in-flng-rd-and-tech
Share of FLNG construction contract orders value :- Korea 54%, Japan 22%, Singapore’s 16%, China 8%.
Exmar NV has secured an order for a second floating LNG (FLNG) Liquefaction Unit, which will be constructed at Wison Offshore & Marine’s shipyard in Nantong, China. The FLNG unit will have a liquefaction capacity of 0.6 million tpy and 20 000 m3 of LNG storage
ReplyDeleteWison will be responsible for the turnkey engineering, procurement, construction, transportation, installation and commissioning (EPCIC) of the FLNG unit.
This second FLNG order will enable Exmar to offer a reliable and cost-efficient LNG production facility to its customers compared to a land-based solution. The FLNG is scheduled to be completed in 2017.
Nicolas Saverys, CEO of Exmar, said: "It is clear that lower oil and gas prices will continue to boost demand for cost-efficient and fast-track FLNG solutions over land-based liquefaction terminals. We continue to see strong growth in the FLNG market. Thanks to our first-mover advantage we are actively working on seven FLNG projects around the world. With this second FLNG contract we take another key step towards further strengthening our unique position in the FLNG market."
Wison's CEO, Matt Cui, added: "It is again an honour to receive this order from our strategic partner Exmar, with whom we have already developed the Caribbean FLNG that is currently under construction. The Caribbean FLNG will come online off the Colombian coast in the second half of 2015."
I been to Wison several years ago in shanghai.
DeleteIt's just an industry cycle of upturn and downturn.
ReplyDeleteAlso, Keppel has long history ... being there, done that.
Below is just an extract from Tough Men Bold Visions :-
"........It was not all smooth sailing for the shipbuilding and shiprepair industry
in the 70s. The mid to late 70s presented a turbulent patch. The oil crisis
caused by the Middle East war towards the end of 1973 caused a worldwide
recession. Nearly 30 million dwt of tankers were "mothballed", and new
orders were cancelled in 1975. In the same speech at Sembawang Shipyard
in 1975 during which he declared that the largest tanker afloat could now be
repaired in Singapore, Prime Minister Lee Kuan Yew also warned of the perils of
high wages. Singapore would be priced out of the shiprepair market if the wage
bills and repair costs failed to remain lower than those of comparably located
competitors, he said.
By the end of that year, shipyards in Singapore were undercutting one
another in a price war, even as Japanese and European yards quoted very low
prices. The smaller yards had to cut down on work days and reduce overtime.
The turnover in the industry might be $980 million, but a substantial portion of
the revenue had come from orders made before the oil crisis.
The trough, though, was not unwelcome by the larger yards. They could
now consolidate by tightening production, cutting down on waste, and utilising
the workers more efficiently. This was also the time for them to diversify by going
for smaller vessels and conversion jobs.
When the upturn came towards the end of the decade, the shipyards
were leaner and fitter. The first two years of the 80s saw spectacular performances:
the turnover was $1.9 billion in 1980, and $2.4 billion in 1981. But the
government was not going to allow the industry to take any more chances, so
subject as it was to the winds and tides of the outside world. In 1982, a taskforce
formed by the Economic Development Board and made up of both EDB and
Sasar officials, drew up a master plan to consolidate the marine industry so that
it would stay buoyant through the up-and-down cycles of the business. Among
its recommendations were:
- Fewer but larger shipyards as a result of closures and mergers
- Upgraded mechanisation and increase in use of computers
- Better work procedures and methods for higher productivity
- Increase in research and development
- Capability in marine engineering software skills, eg. in designing ships and manufacturing ship equipment
-Plans to attract more Singaporeans to work in the yards.
The taskforce's deliberations also followed the Government's move in the
late 70s to restructure the economy, to phase out foreign workers and to usher
in a high-wage, high-skilled economy. During its heydays in the 70s, the shiprepair
industry had as many as 20 per cent foreign workers. ......" ... blah blah blah
So, here we go again?
Or this time it is different?