GLG News by Dr. Hans Linhardt, President
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Gazprom's grip on the EU to be loosened
January 12, 2009
Medgaz Algeria-to-Spain gas pipeline completed | www.ogj.com
A gas pipeline connecting Algeria to Spain has been completed. The construction of the 0.8 billion cubic feet per day (bcfd) (8 billion cu m/year) Medgaz pipeline was speeded up upon the request of Spain and Italy in the face of past unreliable deliveries of Gazprom. The EU welcomes the completion of the pipeline in the search of alternate natural gas suppliers.
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January 12, 2009
Deal to resume Russian gas eludes EU as 11 people die in big freeze-up | www.guardian.co.uk
No natural gas (NG) has been delivered by Gazprom via the Ukraine. People are dying in the freeze. Putin plays hardball to control the Ukraine. No result. It will get ugly.
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Gazprom reputation in the mud - EU looks for Alternatives
January 9, 2009
Russia-Ukraine Spat Sends Shivers Across Europe | online.wsj.com
It happened in 2006 and now in the coldest period of January 2009 that again Gazprom has shut off most of the NG delivery via the Ukaine four pipelines to the EU. The excuse is a pricing spat between Naftogaz Ukrainy and Gazprom. Gazprom wants to increase NG price from $175 per cubic meter (cm) to $450/cm. Naftogaz proposed $235/cm and changes in the tolling fees of gas destined to the EU. Belarus just pays ~$135/cm. Without reaching agreement from Naftogaz, Gazprom shut off NG to the Ukraine.
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SPC flexes its muscle in Kuwait
December 29, 2008
Kuwait scraps Dow venture imperiling Rohm & Haas bid | www.bloomberg.com
Kuwait's Supreme Petroleum Council (SPC) disapproved the K-Dow venture of KPC and Dow whereby KPC was ready to pay $7.5 billion for a 50% stake in Dow plants and technology for commodity plastics and other basic chemical commodity products to be derived from Kuwait's petroleum and natural gas resources. The reversal of the K-Dow JV puts pressure on Dow to complete the Rohm & Haas acquisition.
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Exxon in the forefront of environmental progress
December 28, 2008
Exxon could benefit from emissions work | online.wsj.com
Exxon has spent the last two decades developing their own expertise and patent position for capturing and storing of carbon-dioxide. In case CO2 emissions are the real cause of global warming, Exxon will have the key technology to combat the problem and will thereby derive significant economic benefits. Exxon's La Barge plant in Wyoming is the newest demonstration plant while Exxon has long-term extensive CO2 separation expertise in the field of natural gas exploration.
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New refinery and LNG plants more economical across the border
December 22, 2008
Irving Oil lets New Brunswick refinery contract | www.ogj.com
•Independent and privately owned Irving Oil Ltd. of Canada, headquartered in St. John New Brunswick has led contract to Fluor Canada for the front end engineering and design (FEED) for a new 300,000 bpd refinery. The refinery will be located 65 miles from the US border. The estimated cost of the new high efficiency refinery is reported to be $7 billion.
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LNG now wobbly but strong in the future
December 22, 2008
Exxon to Delay Texas LNG Plant | online.wsj.com
Hurricane Ike has seriously damaged the four LNG storage tanks of Exxon's receiving terminal at Golden Pass in southeast Texas near the Louisiana border. The terminal was scheduled for operation in early 2009 with a sendout capacity of 2 bcfd, about 3% of US NG consumption. The terminal budget was $1 billion. Qatar Petroleum owns 70%, Exxon 17.6% and ConocoPhillips the remaining 12.4%. The hurricane damage and the present uncertain NG market is cause of the delay and reassessment of a revised project schedule. Of course, Exxon-Qatar have the LNG supply and solid offtakes when the market is ready for LNG import.
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Industrial gas companies to cope with industrial downturn
December 20, 2008
Praxair reduces earnings forecast, will cut 6% of workforce | www.chemweek.com
Per the cited Chemicalweek article Praxair has experienced in the fourth quarter substantial demand drop in volumes of industrial gases and additional plant closing of customers in December will further reduce demand. Independently, AirProducts foresaw early October downturn in semiconductor foundry and liquid crystal display industries and further weakening in European as well as US manufacturing, resulting in volume reduction of their industrial gases.
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December 10, 2008
Alternative energy ideas power down | www.delawareonline.com
The financial crisis has put the focus back on economic reality and president-elect Obama will desert his militant environmental leftists when new jobs and basic infrastructure projects can solve his objectives. Of course, military objectives area also heavily weighing on his future decisions.
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Clean Coal can lead energy independence with correct and fair legislation for CO2 sequestration
November 18, 2008
Aussie bill sets up CO2 sequestration framework | www.ogj.com
Australia has taken coal serious by passing the Australian Offshore Petroleum Amendment Bill, regulating carbon dioxide capture and storage (CCS). Australian Production & Exploration Association (APPEA) has fought for this bill in order to protect the property rights of existing petroleum title holders who allow CO2 geosequestration on their properties. The legislation applies to land and see and also commits the government to take over the CCS long-term liabilities after closer of CCS related projects.
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November 17, 2008
Gas Troika plans LNG joint venture, paper says | www.ogj.com
Oil & Gas Journal reports that Gazprom plans to form a joint venture with Qatar Liquefied Gas Co.,Ltd. and the National Iranian Oil Co. for gas production in the Iranian South Paris field and liquefy the gas in Qatar at the Las Raffan site. The gas would be piped from Iran across the Persian Gulf to Qatar.
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Nord Stream NG Pipe Line Project in Trouble
November 14, 2008
Putin Threatens to Scrap Gas Pipeline as Talks With EU Leaders Approach | online.wsj.com
The grandiose Nord Stream pipe line project, connecting Russia via two Baltic underwater pipe lines with Germany has been delayed due to increased construction costs, lack of sufficient gas capacity and lack of financing. Of course, Putin will not admit any Russian problems but puts the blame for delay on the EU. As a matter of fact, Putin now threatens to scrap the Nord Stream project unless the EU fully support the project, including overcoming objections from Sweden, Finland, Estonia, Latvia, Lithuania and Poland. In case the EU does not fall in line, Putin boasts to divert the scheduled NG capacities to new Russian LNG plants for delivery of LNG to the world market.
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November 14, 2008
Chesapeake Energy Sells Stake in Natural-Gas Filed | online.wsj.com
Chesapeake Energy, the largest US unconventional natural gas producer, has sold 32.5% of its shale gas ("SG") assets in the Marcellus shale region in Pennsylvania, West Virginia and New York. Statoil has agreed to pay $3.38 billion. $1.25 billion would be in cash and $2.125 billion is to cover Chesapeake's drilling activities.
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October 28, 2008
Windmill Mishap Weighs on Suzlon | online.wsj.com
Suzlon of India, the number five wind turbine manufacturer has run into serious technical troubles: a 140 foot long turbine blade just now broke of a wind tower in Illinois, while Suzlon is in the process to replace 1,251 turbine blades due to blade cracks in their US wind turbine fleet.
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Gazprom's visit to Alaska premature
October 27, 2008
Russian gas executives visit Palin's turf | www.iht.com
Putin sent a twelve member delegation to a premature meeting in Alaska, including Gazprom's chief executive Aleksei Miller and deputy director Aleksandr Golubyev, like Putin a veteran of the KGB. The delegation did not meet with Governor Sarah Palin but with Tom Ivan, the commissioner of the Department of Natural Resources of Alaska. Charles J. Mulva, CEO of ConocoPhillips apparently arranged the meeting to improve his position with Gazprom in oil and gas projects in Russia by inviting Gazprom for investment in Alaskan gas projects, including a gas pipeline project from Alaska to Canada.
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Exxon pleased with progress on PNG LNG project
October 27, 2008
Firms vie for Papua New Guinea LNG plant contract | www.ogj.com
Exxon is moving systematically ahead with their PNG LNG project to be located near Port Moresby. The FEED (Front End Engineering) has been completed and Exxon has shortlisted Bechtel and Chiyoda for bid on the EPC contract. Construction is to start in 2010, and plant start-up is expected early 2014.
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Economical reality will determine the path forward for CO2 reduction
October 15, 2008
Huge fight looms in EU over climate change | www.iht.com
EU realizes in the face of the global banking crisis and their success in intervention that present carbon-reduction targets may now not be affordable.
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September 29, 2008
Offshore LNG terminal moved to Adriatic off Italy | www.ogj.com
Exxon's offshore LNG terminal, the world's first of it's kind, has been just located in the Adriatic 10 miles off Porto Levante, Italy for supply of about 10% of Italy's natural gas requirements by 2009. The design capacity of the terminal is 775 MMcfd of natural and will be delivered to the national gas-grid by an underwater pipeline. The terminal is owned by ExxonMobil Italiana Gas, Qatar Terminal Limited and Italian Edison. The Exxon and Qatar Petroleum partnership will deliver the LNG from Qatar's North Field, having 900 trillion cubic feet of proven natural gas.
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Arctic policy has to be enacted by Congress and implemented with action
September 19, 2008
Russia moves to secure Arctic shelf resources | www.ogj.com
According to today's Oil & Gas Journal news, Russian President Dmitry Medvedev received from the Russian Security Council approval for Russia's state policy in the Arctic and a plan for implementation. Russia considers the Arctic region as strategic resource base to guarantee Russia's energy security for the future. A network of ports and shipping routes are planned to support the Arctic policy.
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September 19, 2008
Russian index shows biggest decline since 1998 | www.iht.com
Russian officials had boasted in spring that Gazprom would become the largest publicly traded energy company, surpassing ExxonMobil. However, Gazprom's value is down 58% since May 2008 and debt insurance now rose 1% in a single day, costing Gazprom additionally about $440 million.
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