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2016-08-30 18:40:00

ALASKA LNG: LEAST COMPETITIVE

ALASKA LNG: LEAST COMPETITIVE

 

ALASKA LNG PROJECT

 

WSJ wrote, Exxon Mobil Corp. has decided not to invest in the next stage of a proposed natural gas export terminal in Alaska and said it would work with its partners to sell its interest in the project to the state government.

The company's decision comes amid a global glut of natural gas that has depressed prices and follows the release of a Wood McKenzie report earlier this week concluding the Alaskan project "is one of the least competitive" of proposed liquefied natural gas plants worldwide.

A spokesman for Exxon said Friday that the company will no longer invest in the proposal, which is "transitioning to a state project." Exxon owns about one-third of the project, according to the state.

Last November, the Alaskan government paid $65 million for TransCanada Corp.'s 25% stake in the project, known as Alaska LNG, which is expected to cost between $45 billion and $65 billion. It has yet to be approved for construction and wouldn't start commercial shipments before 2023, according to filings by its corporate backers. The other backers, BP PLC and ConocoPhillips, each hold roughly 20% stakes and have signaled that they, too, could pull out.

Gov. Bill Walker has sought to advance the long-delayed project by taking a direct stake through the state-owned Alaska Gasline Development Corp. But Exxon and its corporate partners balked at the government's efforts to start the next stage of the project—an engineering and design study estimated to cost more than $1 billion—in 2017 without a royalty and tax agreement.

An Exxon executive on Thursday told the Alaskan legislature's joint resources committee that the company would pull out of the project as an investor due in part to a "misalignment" between the government and its partners, BP and ConocoPhillips.

Bill McMahon, a senior commercial adviser on the project, testified that Exxon would no longer participate in the proposed LNG plant but is open to supplying gas from the North Slope if the state proceeds on its own.

Those comments were echoed by executives at BP and ConocoPhillips in their testimony before the committee.

"ConocoPhillips is unlikely at this point to agree to directly participate in the FEED for the project in 2017 due to the significant economic headwinds and other challenges," said Darren Meznarich, the company's project integration manager for Alaska LNG.

Gov. Walker said in a statement on Thursday that he remains committed to "exploring some of the alternate project structures currently being investigated" that could allow the Alaska LNG to proceed with construction.

Alaska LNG would transport natural gas from the North Slope fields, then liquefy the fuel at the facility on Cook Inlet for shipment to markets in Asia. But the proposal would be uneconomic at current LNG prices or even crude oil prices under $70 a barrel, according to energy consultancy Wood Mackenzie's report, which was commissioned by Exxon, BP and the state's AGDC.

"The Alaska LNG project is one of the least competitive on a cost of supply basis compared with other" proposed LNG export terminals, Wood Mackenzie said.

Alaska LNG aims to produce as much as 20 million tons of LNG a year, dwarfing the 1.2 million-ton capacity of Alaska's only operating LNG facility, which was built in 1969 and is operated by ConocoPhillips.

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Earlier:

ALASKA: 

U.S. RIGS DOWN 2 

MAJORS RELINQUISHED $2.5 BLN 

STATOIL LEAVES ALASKA 

U.S. ARCTIC DECISION 

US ARCTIC POLICIES

 

LNG: 

U.S. LNG FOR EUROPE-3 

BULGARIA'S GAS HAB 

THE LARGEST LNG IMPORTERS 

ASIAN LNG IMPORTS UP 

INVERTED LNG MARKET

 

 

 

Tags: ALASKA, LNG, EXXON, BP, CONOCO, TRANSCANADA, INVESTMENT

Chronicle:

ALASKA LNG: LEAST COMPETITIVE
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

ALASKA LNG: LEAST COMPETITIVE
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

ALASKA LNG: LEAST COMPETITIVE
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

ALASKA LNG: LEAST COMPETITIVE
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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