Tellurian and Bechtel signed agreements worth $15.2bn for Driftwood LNG
Tellurian awarded contracts worth $15.2bn to Bechtel Oil, Gas and Chemicals for the engineering, procurement and construction (EPC) of Driftwood LNG, located near Lake Charles, Louisiana, US.
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The proposed liquefied natural gas (LNG) export facility includes 20 liquefaction units, each having slated production capacity of up to 1.38 million tonnes per annum (mtpa), three 235,000m³ LNG storage tanks and three marine loading berths.
In addition, the facility will also adopt liquefaction technology from Chart Industries’ integrated pre-cooled single mixed refrigerant (IPSMR) process; and 20 General Electric Corporation (GE) refrigeration compressors, each powered by GE aero-derivative natural gas turbines.
Alaska signed $43bn LNG development agreement with Chinese firms
The State of Alaska in the US reached an agreement with Chinese state-owned companies to jointly develop liquefied natural gas (LNG) at an estimated cost of $43bn.
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By GlobalDataThe signatory parties to the agreement include Alaska Gasline Development (AGDC), China Petrochemical (Sinopec), CIC Capital, and Bank of China (BOC).
Under the agreement, the parties will work on LNG marketing, financing, investment model and China content in Alaska LNG.
BASF and Letter One held discussions to merge oil and gas units
German chemical company BASF held discussions with regards to a potential merger of the group’s oil and gas unit Wintershall, with financial holding company Letter One’s oil and gas activities, which comprise the DEA Group.
The majority of the shares in the joint enterprise will be held by BASF.
The company noted that an Initial Public Offering (IPO) of the new company would be an option in the near future.
Saudi Aramco signed contracts worth $4.5bn for megaprojects
Saudi Aramco signed agreements worth around $4.5bn with several contractors for oil and gas megaprojects.
The objective of the projects is to enhance the company’s energy sustainability, diversify the economy, increase gas production, and localise domestic content.
A total of eight agreements were signed, including three agreements with Spanish firm Técnicas Reunidas under the Gas Compression Programme in the Southern Area.
EQT completed $6.7bn acquisition of Rice Energy
US-based petroleum and natural gas exploration company EQT completed the previously announced acquisition of all of the outstanding shares of Rice Energy for $6.7bn.
The agreement, which also includes around $1.5bn of net debt and preferred equity, was signed in June this year.
The acquired acreage was said to be contiguous with EQT’s existing acreage position, leading to an expected 50% increase in average lateral lengths for future wells located in Greene and Washington Counties in Pennsylvania.
Eight energy companies teamed up to cut methane emissions
Eight global energy companies committed to take further steps to reduce methane emissions from their respective natural gas assets across worldwide.
The initiative includes BP, Eni, ExxonMobil, Shell, Statoil, Total, Repsol and Wintershall, all of which signed a ‘Guiding Principles’ document that includes multiple measures to tackle the growing methane emissions.
All the energy companies also agreed to encourage all participants within the natural gas value chain to cut potent emissions.
US Senate panel backed Arctic Refuge drilling
The US Senate Committee on Energy and Natural Resources voted in support of a bill that promotes oil and gas drilling in a section of the Arctic National Wildlife Refuge (ANWR).
The panel claimed that the decision has the support of the local community.
Two leases were proposed to be given over the next ten years for the development of oil and gas in the 1002 Area, with a royalty of 16.67% to be distributed evenly between Alaska and the federal government.
Total agreed to buy Engie’s upstream LNG assets for $1.49bn
French oil and gas company Total signed an agreement to acquire Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an aggregate cost of $1.49bn.
Under the agreement, Total will acquire Engie’s participating interests in liquefaction plants, including the interest in the Cameron LNG project in the US, as well as long-term LNG sales and purchase agreements.
The portfolio also comprises an LNG tanker fleet and access to regasification capacities in Europe.
CAPP proposed new plan to achieve Alberta emission targets
The Canadian Association of Petroleum Producers (CAPP) made a list of recommendations outlining a less stringent approach to reduce methane emissions from oil and gas in Alberta.
The development is in response to the Government of Alberta’s plan to achieve a 45% reduction in methane emissions in the region by 2025 from 2014 levels under its Climate Leadership Plan.
Based on analysis findings, the industry body noted that adoption of its plan will enable the protection of 7,000 jobs, while striking a balance between environmental and economic priorities.
ConocoPhillips planned to invest $5.5bn over next three years
US oil and gas company ConocoPhillips planned to invest an average annual capital expenditure of $5.5bn over the next three years to boost performance.
The investment plan is subject to oil prices staying above the $50 per barrel benchmark and part of the company’s returns-focused strategy.
The company intends to add around 175 million barrels of oil equivalent a day of new production in this period.
