GLG News by Dr. Hans Linhardt, President
GLG News is now G+ Insights
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March 16, 2009
Qatar Gas Transport receives 7th Q-Max carrier | www.ogj.com
Qatar Gas Transport took delivery of the 7th Q-Max LNG carrier with an LNG capacity of 263,000 cubic meters. The Exxon designed Q-Max carriers use 40% less energy and carry 80% more cargo than any other available LNG ships. Economy of scale is the principle of Exxon's dominance of the new global LNG business.
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March 10, 2009
StatoilHydro's Sleipner CO2 injection successful | www.ogj.com
StatoilHydro, ExxonMobil and Total have successfully demonstrated reliable CO2 sequestration in the Utsira sandstone formation in he Norway North Sea. The three major oil companies have stored 10 million tonnes of CO2 and did not pay any carbon tax to the state of Norway for exploration and development of the Sleipner oil & gas field.
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Obama does not understand the laws of economy of scale whether for the economy or energy
March 9, 2009
Let's get real about renewable energy | online.wsj.com
Robert Bryce, managing editor of Energy Tribune has presented in the latest WJS pinion section (page A17, March 5, 2009) one of the best up to date appraisals and valuations of Obama's renewable energy gyrations. Economy of scale is the issue and not green desirable toys like wind, solar and moonshine. They are insignificant and just money loosing earmarks.
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Neste Oil steps up biodiesel production by hydrotreating process
March 9, 2009
Neste breaks ground on Singapore renewable diesel project | www.chemweek.com
Neste Oil has been working for some time on their NExBTL process to convert any type of vegetable oil or animal fat to a superior biodiesel. Now Neste announced the groundbreaking of a 800,000 metric ton per year renewable diesel plant in Singapore. The project cost is $686 million. Technip was selected last year as the project contractor and L'Air Liquide will provide the required hydrogen by pipeline.
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Obama has to study geopolitics and fund Defense with higher priority than green dreams
March 9, 2009
Declining Defense | online.wsj.com
Obama is going to decrease fundamental defense spending. This is unacceptable and short sighted.
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Nancy Pelosi does not green her own house - it is uneconomical
March 2, 2009
Capital power plant dims clean energy hopes | news.yahoo.com
AP and Yahoo have exposed the truth of the economics of green energy. The power plant of the US Congress uses coal since natural gas is too expensive.
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Energy will get much more expensive under Obama
March 2, 2009
Obama budget would reinstate superfund tax, repeal LIFO | www.chemweek.com
The $787 billion stimulus package of Obama did not include taxes on oil and chemical companies related to reinstating the Superfund tax and repeal of the LIFO accounting methods. However, the 2010 budget proposal of Obama stealthily put those business damaging taxes and negative accounting methods back into play.
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February 23, 2009
Congress turns to budget bill | online.wsj.com
Now Congress is relaxed and turns to normal ear mark business with the new 2009 omnibus budget bill of $410 billions.
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Exxon outpaces BP, Chevron and Shell with new proven reserves
February 20, 2009
Exxon adds to its reserves at strong pace | online.wsj.com
According to WSJ of February 17, Exxon outperformed in 2008 their rivals in adding more proven oil reserves than it produced. !.5 billion oil-equivalent barrels of reserves were added, replacing 110% when excluding sale of assets. When one uses prices as of Dec-31, the figure jumps to 136%. However, Exxon does not use single date prices to value their reserves but uses their along term investment outlook.
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BP tries to tap government for next-generation biofuels
February 20, 2009
BP jumps into next-generation biofuels with plans to build Florida refinery | online.wsj.com
BP together with Verenium's technology has announced planning to build a 36 million gallons next-generation biofuels (cellulosic ethanol) refinery in Florida. The estimated cost for the Florida biofuels refinery is about $300 million.
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February 20, 2009
TNK-BP starts production from Siberian fields | www.ogj.com
In the tight economy the oligarchs have come to their senses and start together with BP in their 50-50 venture TNK-BP production in the Siberian fields. The commercial oil production has started in the Siberian Urna and Ust-Tegas fields (Uvat project). The fields hold 300 million tonnes of oil. The goal for 2009 is to produce 1.5 million tones of crude from those fields. TNK-BP have already invested $925 millions in field development and construction. Additional $500 million are expected to be spent on the Uvat project.
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February 18, 2009
Petrobras gains FSRU for LNG terminal | www.ogj.com
Petrobas (Petroleo Brasilerio SA) has taken delivery of the first floating LNG storage and regasification vessel (FSRU) for operation at the offshore LNG terminal of Pecem, Ceara state. The FSRU is the converted 127,000 cum Golar Spirit with five Moss Rosenberg spherical tanks and three new 130 MMcfd regasification units together with the required pumping and power units.
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February 18, 2009
Obama signs huge stimulus bill | www.iht.com
President Obama signed the compromise $787 billion stimulus bill. While Obama declared earlier (OGJ Feb. 6, 2009) that energy is an essential part of any economic recovery plan, the bill allocates only 6% to the energy sector.
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Shell knew when to sell the Bakersfield refinery
February 3, 2009
California refinery shutting down | www.ogj.com
The majors knew when to sell their California refineries to independent operators like Flying J at Bakersfield and to Valero at Benicia. Now the chicken come home to roost: No cash by the independents to buy crude.
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LNG from Peru to the West Coast
February 3, 2009
IFC to assists Peru LNG community programs | www.ogj.com
Hunt Oil, SK Energy of South Korea, Repsol YPF of Spain and Marubeni of Japan are developers of the $3.4 billion LNG liquefaction and terminal project in Peru. The plant and terminal are located 170 miles south of Lima on Peu's central coast. The IFC supports the project.
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Sabic may be the answer for Dow
January 26, 2009
Sabic to Replace Kuwait in Petchem JV with Dow? | www.chemweek.com
The SEC has approved the Dow - Rohm & Haas deal. Now Dow has to move fast to meet the merger agreement conditions. While the Kuwait - Dow deal fell through, there is only Sabic, the largest public Saudi Arabian entity, that makes sense for a JV of Dow's commodity chemical business.
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ExxonMobil Chemical undisturbed by present market fluctuations
January 23, 2009
ExxonMobil Chemical Stays Flexible | www.chemweek.com
While the leading chemical companies such as Sabic, Dow, BASF and DuPont have reduced capacity to less than 75% and closed over 40 ethylene crackers worldwide due to drastic reduction in demand of commodity chemicals and lack of most economical feedstocks. These companies do not expect the present chemical business environment to change in the coming month. However, ExxonMobil Chemical (Exxon Chemical) saw the down cycle coming and were well prepared. According to Stephen D. Pryor, president of Exxon Chemical, the general downturn in the chemical business has little long term impact on our operations. Nothing is changing in Exxon's approach and investment strategy.
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RosUkrEnergo was the fly in the ointment
January 22, 2009
Can Ukraine leverage gas deal with Russia ? | www.iht.com
Prime Minister Yulia Tymoshenko of the Ukraine negotiated with Prime Minister Vladimir Putin of Russia a remarkable settlement of their natural gas spat. From now on the Ukraine will deal directly with Moscow on gas prices and transit fees, cutting out the middleman RosUkrEnergo. As of today gas is again flowing from Russia via the Ukraine gas net work to the EU.
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Gazprom does not meet its EU contractual obligations
January 19, 2009
Europe makes new threat to Russia and Ukraine on gas supplies | www.iht.com
Germany has the closest ties with the Kremlin. However, the shut-off of natural gas to the EU put Chancellor Merkel of Germany in the tough position to remind Prime Minister Putin to meet his contractual obligations and repair his tainted position as a reliable natural gas supplier.
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Gazprom is indeed unreliable and just a pawn of the Kremlin
January 14, 2009
Russia gas dispute runs deeper than pipes, experts say | www.iht.com
Since January first Gazprom has stopped contractual delivery of natural gas to the EU via the Ukraine pipeline system. The dispute is not just over gas prices and transit fees but runs much deeper. Russia wants control of the Ukraine. Gazprom is just a pawn of the Kremlin.
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