Speaking at the opening session of Gastech 2009 Abu Dhabi National Oil Company’s (ADNOC) CEO, Yusuf Bin Omeir Bin Yusuf, announced that four tenders have been issued to contractors for development of the Shah gas field.
The US$10 billion onshore project, a joint venture with US-based oil company Conocco-Phillips, is believed to be one of the biggest industry projects of the year.
2. Sonatrach to spend $65 billion on oil projects
In an exclusive interview with ArabianOilandGas.com, the president and CEO of the Algerian energy giant, Mohamed Meziane, said that Sonatrach planned to spend US$1.5 billionn each year over the next five years just on upstream exploration, and a total of $65 billion on production projects.
Meziane also said that Sonatrach is extremely open to international interest in the country’s hydrocarbon industry.
3. ADCO awards $80 million Asab and Sahil field work
A consortium consisting of GE Oil & Gas and ABB has won two contracts collectively worth more than $80 million to supply compressors, electrical systems and services for the Abu Dhabi Company for Onshore Oil Operations (ADCO).
The equipment will be used for new gas lift and gas injection facilities at the Asab and Sahil fields respectively, which are required for each of the two fields to achieve their production targets.
4. Asian shipyards to expand gas carrier portfolios
Officials from three major Asian shipyards told ArabianOilandGas.com that while 2009 is quiet overall, they have seen an increase in interest for LNG vessels, particularly floating storage and regasification units (FSRUs).
Japan’s Kawasaki and South Korea’s Hanjin Heavy Industries and Hyundai Heavy Industries were all exhibiting at Gastech 2009. All three companies said that while they hasd recieved no actual orders for FSRU’s at the event the level of onterest had been very surprising.
5. QatarGas playing the long game says CEO
The CEO of Qatargas told the delegates at Gastech that his company were in a great position to become the world’s largest exporter of natural gas, and that he was unfazed by the current supply glut.
Faisal Al Suwaidi gave a typically bullish speech that underlined Qatar’s huge investment in building an multi-billion dollar infrastructure to support the export of its huge reserves of natural gas.
6. Invensys launches new software at Gastech
Invensys Process Systems (IPS), the Texas-based global technology and consulting firm, used Gastech 2009 as a platform to unveil its Immersive Virtual Reality Process (IVRP) technology.
The IVRP system is a software programme that allows engineers and trainees in the energy sector the opportunity to see and interact with the plant where they work in a safe training environment.
7. Schneider Electric partners with Krohne
Schneider Electric and measurement technology specialist, Krohne, unveiled a new pipeline management solution at the Gastech 2009.
The collaboration involves the development of a new platform that allows the monitoring and management of pipelines in the energy industry.
8. LNG automatic reporting tool unveiled at Gastech
A new daily gas flow and LNG vessel movement reporting service for energy traders and analysts was launched by shipping information specialists Lloyd’s Register-Fairplay and energy trading software company Innovez.
LNGLive provides global gas flows, ship location, destination, port call history and movement analysis for the entire global LNG fleet, including terminal type and ship capacity.
9. Asian LNG future solid says Total official
Yves Cerf-Mayer, vice president of LNG marketing for North East Asia for French energy-giant Total, told the conference that while supply availability will increase by 8% over the next two years, global LNG demand is currently falling by 7%-9% as the recession takes effect.
However, it was not all bad news as Cerf-Mayer also produced estimated figures that forecast a sharp rise in Asian LNG demand over the six years. The 2009 amount of around 105 million tonnes per annum (mtpa) is set to increase to between 127-132 mtpa in 2012 and to 148-153 mtpa in 2015.
10. Global gas glut is driving down spot prices
An officla from energy research company Wood Mackenzie, told delegates that a global gas glut has driven down spot prices for gas everywhere and the situation will only get worse for sellers over the next few years, as the market increasingly favours buyers.
“The combination of the global slide into economic recession, the dramatic growth in gas availability from unconventional sources in North America and the largest wave of new LNG supply ever to hit the global market have contributed to a global gas glut,” explained Noel Tomnay, head of global gas, gas & power research for Wood Mackenzie.
