Monday 30 April 2012
Mitsui, Mitsubishi buy $2 Billion stake in Browse project
Mitsubishi Corp, Japan’s biggest trading company, and Mitsui & Co have agreed to buy a 14.7 percent stake in Woodside's Browse LNG project for the amount of $2 Billion.
The Mitsui and Mitsubishi venture, Japan Australia LNG Pty, also agreed to take delivery of 1.5 million metric tons of LNG annually from Browse, they said today in a statement. Its shares rose to the highest in almost seven months in Sydney trading.
Chief Executive Officer Peter Coleman said in August that Woodside may sell stakes in the Browse and Pluto LNG ventures to help fund more than $70 billion of planned projects to meet Asian demand. The company could get $1.6 billion selling 16 percent of Browse, Citigroup Inc. estimated in January.
“$2 billion for the stake is a very good value” for Woodside, Philipp Kin, an energy analyst at the Royal Bank of Scotland Plc, said by phone today. “My question would be what is the price for the LNG contract, what are the potential trade- offs, if any.”
The Mitsui and Mitsubishi venture, Japan Australia LNG Pty, also agreed to take delivery of 1.5 million metric tons of LNG annually from Browse, they said today in a statement. Its shares rose to the highest in almost seven months in Sydney trading.
Chief Executive Officer Peter Coleman said in August that Woodside may sell stakes in the Browse and Pluto LNG ventures to help fund more than $70 billion of planned projects to meet Asian demand. The company could get $1.6 billion selling 16 percent of Browse, Citigroup Inc. estimated in January.
“$2 billion for the stake is a very good value” for Woodside, Philipp Kin, an energy analyst at the Royal Bank of Scotland Plc, said by phone today. “My question would be what is the price for the LNG contract, what are the potential trade- offs, if any.”
Sunday 22 April 2012
Theiss and Bechtel win Wheatstone contract
Theiss and Bechtel have won a $450 million contract on Chevron's Wheatstone project. The contract covers the bulk and final finish earthworks for the plant, stormwater drainage system and access roads around the project.
This contract is the fourth that Theiss has signed on the Wheatstone project. They are contracted with various other international partners across Wheatstone and the Gorgon project.
Thiess managing director Bruce Munro welcomed the contract and said it reinforces the company’s productive and ongoing relationship with Chevron. “Thiess is excited to be at the forefront of providing critical infrastructure needed for this rapidly growing industry,” he said.
Preparation works are scheduled for completion early 2014.
This contract is the fourth that Theiss has signed on the Wheatstone project. They are contracted with various other international partners across Wheatstone and the Gorgon project.
Thiess managing director Bruce Munro welcomed the contract and said it reinforces the company’s productive and ongoing relationship with Chevron. “Thiess is excited to be at the forefront of providing critical infrastructure needed for this rapidly growing industry,” he said.
Preparation works are scheduled for completion early 2014.
Tuesday 17 April 2012
Wheatstone LNG deal signed with Chubu Electric
Chevron Corp have signed a non binding agreement with Chubu Electric to supply 1 mtpa for up to 20 years. Chubu, which will receive the supply from WA's Wheatstone project, is the 3rd largest utility in Japan.
Chubu already have a deal in place to receive delivery of LNG from another WA plant, Chevron's Gorgon project.
"Chubu is a long term customer of our Australian natural gas portfolio and is due to receive 2.5 mtpa of LNG collectively from the Gorgon and Wheatstone projects," Roy Krzywosinski, managing director, Chevron Australia, said in a statement.
Chevron have now sold 70 per cent of 8.9 mtpa of LNG that Wheatstone will produce. This positions Chevron to be the largest producer of LNG in Australia.
Chubu already have a deal in place to receive delivery of LNG from another WA plant, Chevron's Gorgon project.
"Chubu is a long term customer of our Australian natural gas portfolio and is due to receive 2.5 mtpa of LNG collectively from the Gorgon and Wheatstone projects," Roy Krzywosinski, managing director, Chevron Australia, said in a statement.
Chevron have now sold 70 per cent of 8.9 mtpa of LNG that Wheatstone will produce. This positions Chevron to be the largest producer of LNG in Australia.
Wednesday 11 April 2012
Technip awarded flexible Ichthys contract
Technip has been awarded a flexiable lump sum contract by Inpex for its $20 billion Ichthys LNG project. INPEX has novated this contract to McDermott as part of the overall subsea umbilical, riser, flowline EPCI contract.
The ‘Supply A -- Production & Gas Export Lines’ contract includes:
The ‘Supply A -- Production & Gas Export Lines’ contract includes:
- 3 kilometers of technologically advanced smooth bore 10” flexible gas export risers*,
- 3 kilometers of 12” production risers.
Tuesday 10 April 2012
Final decision delayed for Browse
The project is a joint venture between Woodside, BHP Billiton, BP, Chevron and Shell. final decision was expected to be made mid 2012 however, the date has been pushed to the first half of 2013.
The state government approved the amendment on Tuesday, Woodside said in a statement.
It originally targeted a start-up of the project by 2011 but is now aiming for first production in 2017.
WA Mines and Petroleum Minister Norman Moore said it was strongly expected that the joint venture would meet the revised timeframe.
Federal Resources Minister Martin Ferguson said the project was complex and the joint venture now had extra time to address the barriers to commercialising it.
Tuesday 3 April 2012
Monadelphous banks $220m in contracts
Monadelphous has secured multiple contracts in Western Australia and Queensland to the combined total of $220m.
The contracts cover construction work on Rio Tinto's Cape Lambert Port expansion project in WA, and various facilities for the Wiggins Island Coal Export Terminal at Gladstone in Queensland.
They also cover maintenance work with Woodside Petroleum at its Pluto LNG project at Karratha and with Chevron at its LNG projects on Barrow Island and Thevenard Islands.
The contracts cover construction work on Rio Tinto's Cape Lambert Port expansion project in WA, and various facilities for the Wiggins Island Coal Export Terminal at Gladstone in Queensland.
They also cover maintenance work with Woodside Petroleum at its Pluto LNG project at Karratha and with Chevron at its LNG projects on Barrow Island and Thevenard Islands.
Tuesday 27 March 2012
Chevron in talks for Wheatstone buyers
Chevron are currently in talks with potential buyers for LNG that is produced by its $27.5bn Wheatstone project.
"At the moment we are over 60 per cent of the gas sold and we are certainly looking to get over 80 per cent," said Brian Smith, general manager of Wheatstone, adding that several parties were involved in the negotiations.
The project, that is owned by Chevron, was approved in September last year and phased construction of the project is in process.
The company's biggest customer for Wheatstone is Tokyo Electric Power Co. (9501.TO), known as Tepco, which has binding agreements to buy 3.1 million tons of LNG annually.
First gas is expected in 2016.
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