The kingdom of Bahrain is about to begin construction of a huge liquefied natural gas (LNG) receiving and regasification terminal to secure its energy future and power industrial expansion. Requiring a $741 million loan from a syndicate of nine regional and international banks and following an international tendering process, the project is owned by a consortium of companies, making the finance arrangements and partnerships involved complex, the construction plans expansive and the future goals ambitious.
The International Energy Agency released its World Energy Outlook for 2016 recently and its findings suggest that the period up to 2040 will be one of great change in the way the world powers itself. Thanks to the Paris Agreement, it predicts a rise in the use of renewable energy sources and natural gas with a significant decline in the use of coal.
A report generated by the Atlantic Council, a highly influential international think-tank based in Washington DC, has called for greater connectivity in the supply for LNG across Europe. It states that current and proposed pipeline development projects need to be moved forward and properly coordinated to ensure gas can flow freely across the continent. The report makes two main suggestions for how this can be accomplished and purports that the major benefits to these hugely ambitious projects will be greater competition with Russian pipeline gas and US LNG in addition to greater energy security for the whole of the EU as countries would no longer be dependent on gas supply from individual countries such as Russia or Norway.
Speculation is rife that an agreement achieved at December’s gathering of the United Nations to discuss climate change could spell the beginning of the end for cooking and heating with gas. The Paris climate change deal to stop global warming, approved by 195 countries, commits nations to greater reductions in greenhouse gases from 2020 onwards.
Chairman of the Gazprom Management Committee, Alexey Miller and Member of the E.ON Management Board, Klaus Schaefer met this November to discuss the highly-anticipated, upcoming Nord Stream 2 pipeline project.
After four years of decline, European gas demand is estimated to increase by 7% in 2015 with respect to last year according to the latest forecast from Eurogas, the gas association representing the European gas wholesale, retail and distribution sectors. The first half of 2015 saw a significant increase of approximately 9% in demand, compared with the same period in 2014. This estimate comes from their annual survey, covering approximately 87% of the EU gas market.
Gazprom, the energy group controlled by the Russian state, has been embroiled in disputes over both contracts and supplies this summer.
After a torrid 2014, the UK’s North Sea oil industry is determined to ensure that it remains a viable, global player in the years ahead.
When it comes to the current outlook for the chemicals industry it is definitely a tale of two continents. While the prospects for the chemicals industry look healthy in the USA, at least in the medium term, it is a much more uncertain outlook on the other side of the Atlantic.
Now with more pressure to take care of the environment and high bunker fuel costs, the shipping industry has to carefully monitor operating expenditure and fuel consumption. There have been longstanding methods to measure fuel consumption, such as tank measurements and noon reporting. But with high accuracy becoming increasingly important for ship owners and operators, the use of fuel flow meters for shipping operations is growing in popularity.