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Glencore and HNA establish HG Storage International Ltd.

Glencore plc ("Glencore") announced that it has entered into a definitive agreement with HNA Innovation Finance Group Co., Ltd. ("HNA") for HNA to purchase a 51% equity interest in Glencore's petroleum products storage and logistics business for US$775 million, payable in cash upon closing, subject to customary closing adjustments (the "Transaction").

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Gazprom and BASF address joint Hydrocarbon Production Projects in Russia

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Kurt Bock, Chairman of the Board of Executive Directors of BASF, took place at the Gazprom headquarters. The parties discussed the joint efforts in the ongoing development of hydrocarbon fields in Russia. It was noted that the total amount of natural gas produced from the Yuzhno-Russkoye field since the start of field development had exceeded 215 billion cubic meters.

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Japan to diversify LNG Imports

According to recent reports, America is on track to become one of the biggest exporters of LNG, joining the ranks of Australia and Qatar in LNG shipping. Figures show that United States has approximately 70 million tons a year of LNG capacity coming online, in comparison to Australia’s 87 million and Qatar’s 82 million tons of LNG.

Japan, one of the biggest importers of LNG, recently imported its first liquefied shale gas cargo from the United States earlier this year. Sources state that Japanese Prime Minister Shinzo Abe is considering increasing energy imports from the United States, meaning that Japan can start to lessen its dependence on the Middle East for its LNG requirements. 

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Shell set to inject new Gas into east Coast Market in Australia

The Queensland Resources Council welcomes the announcement of ‘Project Ruby,’ the Shell Australia/QGC joint venture, that will employ hundreds of people, and inject new gas supply into the east coast gas market.

QRC Chief Executive Ian Macfarlane said the announcement was yet another sign that Queensland was getting on with business.

"The ‘Project Ruby’ development in the Surat Basin underpins 350 new and existing jobs, which is good news for the local community, and good news for Queensland’s gas supply,” Mr Macfarlane said. “The QRC is pleased that Queensland is leading the way when it comes to working to address the problem of the east coast gas shortage.”

Up to 161 new wells will be drilled in 2017 and 2018 in QGC’s existing tenements in south-west Queensland.

“This significant milestone for the QGC project is also a vote of confidence in Queensland’s onshore gas industry,” Mr Macfarlane said. “Importantly, this is an investment into regional Queensland, where state and local governments and farmers support the gas industry, resulting in massive economic benefits for local and state governments as well as farmers and rural and regional communities.”

QRC’s current data shows that in 2015-16, our state’s gas industry contributed $12.8 billion in economic contribution and supports 65,000 jobs and the advancement of this project will only mean more revenue and jobs for Queenslanders.

Shell’s QGC business is a net contributor to the domestic gas market and will sell more than 75 petajoules (PJs), net of domestic gas purchases, to customers in Australia this year. This represents more than 10% of east coast gas demand and 40% of Queensland’s demand.

Source: QRC

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LKAB Minerals MagnaDense selected for Mexican Gas Pipeline

  • Sur De Texas-Tuxpan natural gas pipeline is an 800 kilometre project which begins offshore in the Gulf of Mexico, at the border near Brownsville, Texas and ends in Tuxpan, Mexico.
  • Shawcor Ltd. will coat the pipeline with a high density concrete (concrete weight coating) containing MagnaDense to ensure optimal anti-buoyancy an seabed stability.
  • LKAB Minerals will supply MagnaDense (made from magnetite, an iron ore product) to Shawcor’s pipe coating facility in Altamira, Mexico.
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QRC backs Gas Pilot Project

The Queensland Resources Council (QRC) supports the state government’s release of land in the Surat Basin for gas exploration.

QRC’s Chief Executive Ian Macfarlane said the pilot exploration project announced today will see the gas produced with an Australia-only sale condition.
 
“The gas produced will only be sold domestically that will help secure a reliable and affordable supply of gas to business and industry,” Mr Macfarlane said.
 
“It’s common knowledge the eastern seaboard of Australia is facing a gas shortage and instead of putting their head in the sand the government is opening up 58 square kilometers of land for exploration. Once again Queensland is leading the way in securing the energy security of Australia. The proactive release of new tenure conditioned for domestic market is an innovative response by the Queensland government to the lack of political back-bone shown by the governments of NSW and Victoria. The pilot should also be seen as chance to demonstrate best-practice regulations in action – fast, effective and focussed on outcomes. The Queensland government has set an aspirational goal of 50 percent renewables by 2030 and to achieve this goal will require a lot more gas if we are to keeping the lights on and protect Queensland jobs in manufacturing and energy intensive export industries.”

Source: QRC

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President of Colombia opens the Regasification Terminal of Cartagena de Indias

With a capacity of 400 million cubic feet of liquefied gas per day the president of Colombia, Juan Manuel Santos, inaugurated the first regasification terminal in Cartagena de Indias, executed by Sacyr Industrial, along with the president of Sacyr, Manuel Manrique; the chief executive officer of Sacyr Industrial, Pedro Sigüenza; and other political and business authorities. With an investment of $150 million, this terminal will help boost Colombian competitiveness and the development of the Caribbean coastal region.

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