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Equatorial Guinea Launches LNG Project
Indonesia to Extend Period of LNG Exports to Japan by 10 Years
PTTEP plans seismic campaign in northeastern Thailand
Russia may miss 2011 gas-flaring target
Angola vows to eliminate gas flaring by 2010
Angola LNG project to produce 5 mm tons of gas per year
Peru LNG Techint to build pipeline for

Sea of Azov Rosneft, Lukoil JV Makes Find
Vanco Signs Ukraine's First Deepwater Black Sea Agreement
Belarus Eager for Second Pipeline
Nigeria to invest in petrochemical plants
Galp and PdVSA to explore LNG and storage opportunities
China to construct LNG supertankers
Russia grants StatoilHydro a stake in giant natural gas project

Russia grants StatoilHydro a stake in giant natural gas project
By Miriam Elder Moscow TimesPublished: October 25, 2007
MOSCOW: Gazprom on Thursday signed a deal with StatoilHydro of Norway to develop the Shtokman natural gas field, dashing the hopes of U.S. energy companies of getting a stake in the giant Arctic project.

Under the deal, StatoilHydro was to get a 24 percent stake in the field's operating company, joining Total of France, which in July was granted the right to a 25 percent stake. Gazprom will retain majority control of the company, and will retain ownership of the field itself.  "We have giant reserves of gas in the Barents Sea, while our partners from Norway have good experience in production and transportation of gas in harsh Arctic conditions," said the Gazprom chief executive, Alexei Miller.

Gazprom, a state-run firm, shocked observers a year ago when it said it would develop Shtokman on its own, amid increasing signs of energy nationalism in Kremlin policy. It has since backtracked, allowing foreigners to develop a project seen as one of the world's most challenging.

Shtokman, once developed, is expected to be a prime future source of energy for Europe and North America.
 Gazprom had also considered the major U.S. oil companies Chevron and ConocoPhillips as partners, but Chevron pulled out earlier in the process. ConocoPhillips conceded defeat Thursday.  "ConocoPhillips is disappointed, but we wish Gazprom and its new partners well," said a spokeswoman, Janet Grothe. "We will continue exploring opportunities with Gazprom and others that will enable us to provide a long-term supply of natural gas to the U.S. and EU markets."

StatoilHydro, which was formally created Oct. 1 through the merger of Statoil and NorskHydro, was long expected to get a stake in Shtokman, owing to its experience in similarly harsh conditions in the Barents and North seas.
Underlying the political nature of the decision, the Kremlin was first to announce the deal. President Vladimir Putin of Russia and Prime Minister Jens Stoltenberg of Norway discussed the deal in a telephone conversation early Thursday, the Kremlin said.
"It was a kind of political decision announced to the country," said a Kremlin spokesman, Dmitry Peskov. "The company was handling negotiations and only after that did the leaders hold a telephone conversation."

Analysts hailed the announcement, saying Gazprom lacked the technology to develop the field without foreign partners. With an estimated 3.7 trillion cubic meters of natural gas in reserves, Shtokman is believed to be the largest undeveloped offshore gas field in the world and is set to become a key supplier of liquefied natural gas, or LNG.
"They needed someone with experience and financing for this project, and StatoilHydro fits the bill," said Alexander Burgansky, an analyst at Renaissance Capital.

Neither Gazprom nor StatoilHydro released details of the agreement, but analysts said a deal similar to the one made with Total would likely allow the Norwegian firm to account for some of the field's reserves in its financial results.
Total will be able to book 25 percent of the field's reserves, equivalent to its stake in the operating company, which is responsible for planning, financing and building the project's first phase. That is equivalent to nearly one billion barrels of oil, the Total chief executive, Christophe de Margerie, said last month. De Margerie also said the firm would invest at least $10 billion in the project, the estimated cost of which is $20 billion. Final investment decisions are to be made in the second half of 2009, StatoilHydro said.

The equity stakes in the operating company, Shtokman Development Company, will also allow the firms to own the field's infrastructure for 25 years from the start of production.
Gazprom has said it planned to produce 23.7 billion cubic meters of natural gas from Shtokman for pipelines to Europe by 2013, with liquid natural gas production likely aimed at the North American market starting the next year.  With 49 percent of the equity doled out between Total and StatoilHydro, the competition to develop the field was closed, since Gazprom has stated that it will keep a majority stake in the project.
Techint to build pipeline for Peru LNG
Source: www.downstreamtoday.com / Peru LNG 08-10-07
Peru LNG, the largest infrastructure project in Peru's history, announced the start of pipeline construction by awarding the pipeline construction contract. Following an international competitive bidding process including extensive evaluation, the contract has been awarded to Techint Construction is expected to start in January 2008.
"Peru LNG has adopted and will implement all the highest standards, both Peruvian and international, in the design and execution of pipeline construction," said Barbara Bruce, General Manager of Peru LNG. "We have developed comprehensive Contractor Management Plans (CMPs) that cover every facet of pipeline construction to assure that these standards are met."

Peru LNG's world-class management team, which consists of experts in construction, engineering, health and safety, security, environmental and community affairs, will maintain complete oversight of the construction process with audits, inspections and quality control on a daily basis.
Techint has extensive experience in the specific areas where the construction will take place and the largest, skilled workforce to implement the project. The 408 km of line pipe from which the pipeline will be built was ordered in February and March of this year. It is currently being manufactured and inspected to international standards, and the first delivery is due in November.

"Peru LNG is responsible for providing a safe, high quality pipeline and is committed to making this project one of the most respected in the world," added Bruce.
Peru LNG is a world-class infrastructure project that will position Peru as a leader in the liquid natural gas industry in Latin America. The income generated by Peru LNG will be a great stimulus of development and growth for the country and its people.
Angola LNG project to produce 5 mm tons of gas per year
Source: http://allafrica.com / Angola Press Agency  06-10-07
The Angola LNG project expects to produce 5 mm tons of gas per year, as from 2012, thus enabling the country to profit from the preserving of the environment and use of the fluid for commercial and industrial goals.
Oil minister, Desiderio Costa gave the information in Luanda, whilst presiding over the closing ceremony of the 2nd Deepwater Offshore West Africa (DOWAC) Exploration and Production Conference and Exhibition. The official defended the steady reduction of gas burning resulting from oil exploration as the priority of the Angolan government. In this aspect, he also defended the total elimination of gas burning, through its use for industrial and domestic aims until 2010.

Minister Desiderio Costa referred that future challenges of the sector are enormous, demanding the implementation of better planned strategies, considering the evolution of the oil and gas sector in the African continent. To achieve this goal, he considered essential the need for African oil producers to capitalise the experiences acquired by national firms, turning them into autonomous operators, leading contractors and those participating in the whole oil business chain.
Simultaneously to the conference, an exhibition was held to witness the development of main actors of the petroleum industry and of some national universities (Agostinho Neto, Lusiada, Private, Jean Piaget and Independente Universities).

Sonangol and the Oil Ministry, in partnership with some operating companies and of providing services and contractors, technically and professionally supported the conference, co-ordinated by an International Steering Committee.
The Cabinet Council approved, in its session of 13 June 2007, a memorandum of understanding between the Angolan Oil Ministry and the Ministry of Trade, Industry and Energy of South Korea for join activities in the fields of oil and gas exploration.
China to construct LNG supertankers
Source: www.zoomchina.com.cn 09-10-07
China plans to compete with South Korean and Japanese shipyards in building larger liquefied natural gas carriers to meet soaring demand for the fuel, a Lloyd's Register official said.
The Marine Design and Research Institute in China received approval from the government in September to invest as much as yuan 180 mm, or $ 24 mm, to develop designs for tankers that can carry 200,000 cm, or 7.1 mm cf, of the gas, said John Stansfeld, the director of Lloyd's Register Asia, which inspects and certifies ships. LNG ships now typically range from 120,000 to 135,000 cm.

Chinese shipyards are focusing on complex and pricier carriers to expand their range. The Commission of Science, Technology and Industry for National Defence in China last year announced a five- year plan to encourage local shipyards to graduate from oil tankers to building floating production platforms and LNG carriers.
"Domestic and foreign buyers of LNG carriers will have multiple choices for LNG shipbuilding," Stansfeld said. BP operates the largest LNG ship in the world, the 155,000-cubic-meter British Emerald built by Hyundai Heavy Industries, the largest shipbuilder. The ship is 288 meters, or 945 feet, long by 44 meters wide, with a crew of 23.

Qatar has ordered bigger tankers. There are 45 LNG tankers of 200,000 cm capacity on order at Korean shipyards for Qatari gas projects, Robert Tustin, the technical manager at Lloyd's Register Asia, said in April. These orders include tankers of 209,000 cm, known as the Q-flex, and 266,000 cm, or Q-max, said Tustin. Each Q-max carrier costs about $ 300 mm.
Dalian Shipbuilding Industry, owned by China Shipbuilding Industry, plans to build similar carriers of 250,000 cm in capacity, Stansfeld said. It is developing propulsion systems using dual fuels.

The shipyards plan to diversify sales outside the domestic market. China last year overtook Japan as the second-biggest shipbuilding nation in the world as new orders more than doubled by tonnage. South Korea is the biggest.
Chinese shipyards "are showing people their capabilities," said Russell Barling, a spokesman for Lloyd's Register Asia. "They are not talking prices."

Korean yards grabbed 79 % of LNG carrier orders last year, according to the Korea Shipbuilders' Association, which cited figures from Lloyd's World Shipbuilding Statistics.
Hudong shipyard in China, owned by China State Shipbuilding, is currently building five LNG carriers of 147,000 cm in capacity at its Shanghai yard. Three are dedicated to the existing Guangdong Dapeng LNG project and the rest to the Fujian LNG terminal, which may start importing gas from Indonesia next year, Stansfield said.

The first ship, expected to be delivered in December, is preparing for sea trials, with gas trials to be carried out in either Shenzhen or Guangzhou. China may need 25 carriers once the import terminals start operating at full capacity, Stansfeld said.
As of July, there were 231 LNG carriers worldwide and another 146 are on order from shipyards.
Galp and PdVSA to explore LNG and storage opportunities
Source: www.downstreamtoday.com / Galp Energia, SGPS, S.A. 10-10-07
Portugal's Galp Energia, SGPS, and Petroleos de Venezuela (PdVSA) signed a memorandum of understanding to study the development of joint projects in the energy sector and the establishment of forms of cooperation between the two companies, including the possibility to develop exploration, production and oil and gas procurement operations.
The agreement provides for information and experience to be shared relating to the development of both countries' energy sectors and for the exchange of specialists providing technical assistance for the execution of studies and projects in the energy sectors of Portugal, Venezuela or third countries.

The agreement also covers the identification of business opportunities allowing the Venezuelan company to strengthen its presence in Europe and to promote joint cooperation, thereby maximizing synergies between the operations of PdVSA and other European oil companies. The short-, medium- and long-term projects to be examined include the following:
-- The possibility for Galp Energia to join oil exploration & production projects, currently under way in Venezuela;
-- Galp Energia's participation in the Magna Reserva project consisting of the studies for quantifying and certifying oil reserves in the Orinoco Oil Belt as well as developing and processing those reserves;
-- Performance studies to evaluate the possibility for Galp Energia to participate both in the Mariscal Sucre Project, which aims to develop Venezuela's offshore gas, and the terminal to liquefy natural gas that PdVSA plans to build at the Gran Mariscal Ayacucho Industrial Complex;
-- The possible investment in the strategic storage of crude from Venezuela at Sines, for the purpose of supporting marketing operations in Southern Europe;
-- The possibility for Venezuela to become a relevant supplier of crude to Galp Energia.

Venezuela is the country in the western world with the largest volume of proven reserves, estimated to be over 77 bn barrels excluding the Orinoco Oil Belt. Companies such as Chevron, Total, Statoil, BP and ENI are currently PdVSA's partners in various projects in Venezuela. PdVSA estimates that, following the Magna Reserva project, the Orinoco Oil Belt's reserves may prove to be as large as 235 bn barrels.
In its capacity as the Portuguese benchmark oil and gas operator, Galp Energia is actively searching for business opportunities to secure the long-term procurement of oil and gas required to supply its Portuguese and Spanish markets.
Angola vows to eliminate gas flaring by 2010
Source: www.rigzone.com / Xinhua News Agency 08-10-07
The Angolan government has worked out a strategy to totally eliminate gas flaring in 2010 through popularizing the use for industrial and domestic purposes.
Angolan Oil Minister Desiderio Costa was quoted as saying that the government has placed step-by-step reduction of gas flaring resulting from oil exploration as one of top priorities on the work agenda.

At the closing session of the Second Deepwater Offshore West Africa Exploration and Production Conference, the minister said to achieve this goal it is essential for African oil producers to capitalize the experiences acquired by national firms, turning them into autonomous operators, leading contractors and those participating in the whole oil business chain.
According to the minister, the Angola LNG (Liquefied Natural Gas) Limited has carried out a LNG project to produce five mm tons of gas annually as from 2012, thus enabling the country to profit from environmental protection and use of the fluid for commercial and industrial goals.
Nigeria to invest in petrochemical plants
Source: http://allafrica.com / This Day www.gasandoil.com 09-10-07
The Federal Government will soon embark on massive investment in petrochemical plants, as well as development of enterprise centres and industrial clusters around the country.
The Minister of Commerce and Industry, Engineer Charles Ugwuh who made the statement in Lagos while addressing traders at the Lagos International Trade Fair Complex said his ministry was concluding talks with the President towards injecting massive investment to set up petrochemical processing plants and enterprise centres in the country.

"I am already talking with the President and we are looking at bringing in money to build petrochemical plants and build the enterprise centres that will form productive platforms. We are not talking about private sector investment in this case because we know that only the government has the capacity to kick start huge investment in the petrochemical industry and industrial clusters," Ugwuh said.
The Minister said the petrochemical plant which will use inputs from Nigeria's thriving petroleum industry will turn out products that will be useful in boosting local production of some finished goods which are currently not possible to manufacture in Nigeria because of the non-availability the basic materials.

Ugwuh explained that going by the market research he conducted during a recent trip to China such petrochemical plants may cost about $ 5 to $ 7 bn to set up in Nigeria. Ugwuh who also spoke concerning the controversial concession of the Lagos International Trade Fair Complex to Aulic Nigeria stated that the government is committed to reviewing the process because of the backlash of emotional responses that have trailed the entire process.
"Having acknowledged that the various stakeholders have already invested huge funds towards the development of the complex, if we treat their dissatisfaction with the transfer of the asset to Aulic carelessly it would amount to insensitivity on our part as a government. This is why we are taking steps to review the process and ensure that justice is done," he said.

"I have been told that the Auto Spare Parts and Machinery Dealers Association (ASPAMDA), The Balogun Business Association, Progressive Traders Association, Lake View Resort, Roman Properties, Lagos Chamber of Commerce and Industry and others have invested not less than N 110 and N 150 bn in the complex and so to transfer the management of the asset to a company without taking the interest of these stakeholders to account is not proper.”
This is why we have decided to bring all the stakeholders together and come up with an acceptable arrangement for all parties involved," he added. He said the government did not have anything against the winner of the concession in the complex-Aulic Nigeria in its decision to review the process that led to their winning of the asset but that government was interested ensuring that all the groups that have stakes in the complex are fairly treated.

Ugwuh, disclosed that the Federal Government had set measures in motion to review the concession of the Lagos International Trade Fair complex. He said the decision was aimed at ensuring that the Organized Private Sector is carried along in the economic development of the country. The Minister commended NACCIMA for the level of commitment it has shown and the huge investment made by its members in the economy. Guru assured NACCIMA that urgent steps would be taken to resolve the issue of the concession of the LITFC.
"The issue of the LITFC is a serious challenge but luckily for me with the help of my staff I have all the information about this matter. I don't have any doubt that the concession will be reviewed. This is obvious. At the BPE meeting I stated that this is one of the key transactions that I would like to revisit. So, we will revisit the matter. … I will talk to all parties concerned and we will resolve the matter."

Ugwuh told the delegation that he had just concluded a retreat with the heads of department and management staff of the Ministry and the heads of parastatals underthe Ministry with the theme: "To Realign the Ministry's mandate Towards Achieving Vision 20-2020."
Ugwuh stated further that he was also planning to hold a retreat with the organised Private Sector with the aim of refocusing industrial strategies for economic development in the country. He said at the end of the retreat, he would meet with the president to let him know what the private sector wants in order to move the economy forward.

The Minister also challenged the organised private sector to think proactively and play an active role in some development projects in the country such as the Lagos Mega City Project and the Free Trade Zone in Ogun State. He said some Chinese investors in collaboration with the Ogun State Government had established Free Trade zones in Igbesa where huge investments have been made.
He challenged NACCIMA members to take interest in these vast business opportunities to their advantage.
Russia may miss 2011 gas-flaring target
www.gasandoil.com 10-10-07 Source: The Moscow Times
The government may fail to meet an ambitious target set by President Vladimir Putin to cease almost all wasteful flaring of gas during oil production as early as 2011, an Industry and Energy Ministry official said. Alexander Savinov, the head of the ministry's oil industry regulation department, said gas flaring could be reduced to 15 % of production by 2011, instead of the 5 % demanded by Putin.
"It is planned to raise the associated gas utilization to 85 % of production by 2011, gradually raising it to 95 % by 2015," he said.

The ministry has said Russia was losing up to $ 13 bn a year because of wasted gas associated with oil. Russia aims to approve legal measures to encourage oil firms to spend billions of dollars on cutting gas flaring to protect the environment and save gas that is burned at oil fields because there is no infrastructure to process it for use.
Savinov said some 24.4 % of the country's 2006 associated gas production of 58 bn cm was wastefully flared. He said major oil firms were responsible for 83 % of associated gas production but that gas flaring differed significantly from company to company.

Surgutneftegaz, the country's fourth-largest oil company, is the leader in terms of associated gas utilization, with production of 15.6 bn cm, of which only 1 bn cm is flared.
Rosneft extracted 8.7 bn cm and flared 3.6 bn cm, LUKoil produced 7 bn cm of which 1.9 bn cm was flared, and No. 3 oil company TNK-BP extracted 10.9 bn cm and flared 2.3 bn cm.
PTTEP plans seismic campaign in northeastern Thailand
By an OGJ correspondent BANGKOK, Oct. 15

PTT Exploration & Production PLC (PTTEP) plans to launch early next year a seismic campaign on Blocks L21/48, L28/48, and L29/48, which PTTEP acquired last year in northeastern Thailand.
It includes acquisition of 1,200 line km of 2D seismic in parts of Udon Thani, Khon Kaen, Nakhon Ratchasima, and Chaiyaphum provinces.
PTT expects to start in January after the Office of Natural Resources and Environmental Policy and Planning approves the company's environmental impact assessment.
PTTEP Pres. Maroot Mrigadat said the areas have high petroleum potential as they are lying near two producing gas fields: Nam Phong and Phu Horm.
The result of seismic survey will determine a drilling program on the blocks, which cover 12,000 sq km.
PTTEP is the operator of the blocks with a 70% share while Malaysia's Resourceful Petroleum Ltd. holds a 30% stake.
Belarus Eager for Second Pipeline
United Press International  October 15, 2007
Belarus is offering Russia five years of free transit to break ground on the second leg of a pipeline delivering natural gas to central Europe.
"Start building the second line, and if you are afraid it will be unprofitable, we will exempt you from transit taxes for five years," Belarusian President Alexander Lukashenko said at a news conference Friday in Minsk, RIA Novosti reported Saturday.
The pipeline runs from northwest Siberia to Russia's border with Belarus and through Germany into Poland for a total of 1,240 miles. The second leg would financially benefit Belarus and further tighten Russia's control of the gas supply to energy-hungry Europe.
In May, Russia's Gazprom's signed a deal to buy 50 percent of Belarusian pipeline operator Beltransga and use it for natural gas transit to central Europe.
Vanco Signs Ukraine's First Deepwater Black Sea Agreement
Vanco Energy 10/19/2007

Today the Government of Ukraine signed the Prykerchenska Production Sharing Agreement (PSA) with Vanco International Ltd., a subsidiary of Houston-based independent Vanco Energy Company. The agreement represents the culmination of the tender process through which in April 2006 Vanco was granted the right to negotiate the first license to explore the deepwater part of Ukraine's Black Sea. The signing of the landmark Production Sharing Agreement gives Vanco the opportunity to explore and develop the highly prospective Prykerchenska Block. Work will begin immediately on a detailed exploration program which will include an extensive 3D seismic survey in 2008 followed by deep water drilling.

Located to the southeast of the Crimean Peninsula, the Prykerchenska block covers nearly 13 thousand square kilometers or about one-third of Ukraine's deepwater area with water depths ranging from 500 meters to over 2,000 meters. Exploration will concentrate on the Tetyaev High, in water depths greater than 2,000 meters where Vanco has identified a series of large structures, and on the shallower Sudak Folded Belt where Vanco has identified numerous attractive prospects.

The approval for Vanco comes as Ukraine seeks to boost oil and gas output by a third within the next several years. If exploration efforts are successful, the development of the project will require investments of more than $20 billion. "With the Prykerchenska Production Sharing Agreement now in place," says Vanco's Chairman and President Gene Van Dyke, "we can proceed with plans to explore fully this frontier area of Ukraine's deep Black Sea."

Dedicated to international deepwater exploration since 1996, Vanco has successfully operated drilling programs offshore Morocco and Côte d'Ivoire in the last three years. In addition to Ukraine, the Houston independent has deepwater exploration programs offshore Gabon, Equatorial Guinea, Ghana and Cote d'Ivoire.
Indonesia to Extend Period of LNG Exports to Japan by 10 Years
Asia Pulse Pte Ltd 10/22/2007
URL: http://www.rigzone.com/news/article.asp?a_id=51779

Indonesia will extend the period of its liquefied natural gas (LNG) exports of 25 million tons to Japan for another 10 years after the current contract expires in 2010-2011, a spokesman said.

"Indonesia will surely extend the contract on its LNG exports to Japan for 10 years," Iin Arifin, vice president of state-owned oil company Pertamina, said here on Monday.

He said the LNG exports would be carried out in two stages with three million tons annually in the first five years and two million tons per annum in the second five-year period.

Under this scheme, he said, 15 million tons of LNG would be exported in the first five years and 10 million tons in the second five years.

"We are still negotiating the price of the LNG exports," he added.

He said Japan had asked that Indonesia ship 12 million tons every year based on the old contract but the volume Pertamina would export should be based on approval of BP Migas, the country's oil and gas regulating body.

Sea of Azov Rosneft, Lukoil JV Makes Find
AFX News Limited      Wednesday, October 17, 2007
OJSC Rosneft and Lukoil OAO said a joint venture they operate has found hydrocarbons in the first well drilled in the Sea of Azov shelf, Interfax reported.
Based on test data from the well, the Priazovneft joint venture anticipates the field contains confirmed reserves of about 5 mln tonnes of oil equivalent.
Equatorial Guinea Launches LNG Project
by  Obafemi Oredein Dow Jones Newswires IBADAN, Nigeria, Oct. 18, 2007
The Equatorial Guinea liquefied natural gas, or EG LNG, project has been formally launched at a ceremony in Malabo, the country's capital, Radio Nigeria reported.
It said the launch Wednesday was attended by Presidents Umaru Yar`adua of Nigeria, John Kufour of Ghana and Frederico Menendez of Sao Tome and Principe.

The $1.5 billion EG LNG plant, which has a 3.4 million tons per annum capacity, was built on the northwest side of Bioko Island at Punta Europe, near Malabo. It made its first shipment to the U.S. in May 2007.

Ken Woodworth, EG LNG managing director said at the launch that the plant was completed six months ahead of schedule and within budget. He said that with Train 1 in place, the company would supply 3.4 million tons of LNG per annum to BG Gas Marketing Ltd for the next 17 years.

"It is our hope that this train will be a catalyst for the development of future trains for EG LNG, further raising Equatorial Guinea's standing among the world's LNG producing countries," Woodworth said.

Clarence Cazalot, president of U.S.-headquartered Marathon Oil Corp. (MRO) said work on the plant had set a new standard with which future worldwide LNG projects would be judged.

Marathon Oil Corp. which owns 60% of the shares in the project and the other EG LNG shareholders commenced preliminary construction of the Train 1 project in December 2003. Equatorial Guinea has an estimated reserve of 30 trillion cubic feet of gas.

The gas for Train1 is sourced from the Alba field in Equatorial Guinea. A second train is currently being considered which will rely on gas being transported from Cameroon and Nigeria.

Shareholders of EG LNG are Marathon with 60% equity shares, Equatorial Guinea's Sonagas, 25%, Japan's Mitsui Co (8031.TO) 8.5% and Marubeni Gas Development Co, a wholly owned subsidiary of Marubeni Corporation of Japan (MARUY) , 6.5%