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Buisness

Total Buys Engie’s Upstream LNG Business

Total has bought Engie’s portfolio of upstream LNG assets for an overall enterprise value of $1.5 billion. Additional payments of up to $ 550 million could be payable by Total in case of an improvement in the oil markets in the coming years.
The transaction makes Total the second largest global LNG player among the majors with a worldwide market share of 10 percent, with the group managing an overall LNG portfolio of around 40 Mt per year by 2020. The portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the U.S., long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe.
“Acquiring Engie’s LNG business is a real step change for Total allowing us to leverage size and flexibility in the fast growing and increasingly commoditized LNG market. It also helps us to build a position in the US LNG market, with the 16.6 percent stake in the Cameron LNG project,” commented Patrick Pouyanné, Chairman and CEO of Total.
Following the transaction, Total takes over the teams in charge of the upstream LNG activities at Engie.
By 2020, Total’s LNG portfolio will consist of:
• A total volume of LNG managed of 40Mt / year.
• A liquefaction capacity portfolio of 23 MT/year, well distributed among the major LNG production areas: Middle East, Australia, Russia and the United States.
• A worldwide LNG trading contracts portfolio of 28 MT/year to supply each LNG market with competitive and flexible resources.
• A role of a key supplier for the European market with regasification capacities of 18 MT/year.
• A fleet of 18 LNG carriers, of which two are FSRUs. Read more “Total Buys Engie’s Upstream LNG Business”

Buisness

New York Starts Offshore Wind Procurement

New York Governor Andrew M. Cuomo has commenced the state's first round of procurement to support New York's goal of 2,400 megawatts of new offshore wind generation by 2030, enough to power 1.2 million New York households. The state aims to obtain 50 percent of its electricity from renewables by 2030.
The New York State Energy Research & Development Authority (NYSERDA) will procure approximately 800 MW of offshore wind through a solicitation issued in the fourth quarter of 2018. Awards are expected to be announced in the second quarter of 2019. If needed, a second solicitation will be issued in 2019. Read more “New York Starts Offshore Wind Procurement”

Buisness

Date Set for Next Gulf of Mexico Oil and…

U.S. Deputy Secretary of the Interior David Bernhardt has announced that the Bureau of Ocean Energy Management (BOEM) will offer approximately 78 million acres offshore Texas, Louisiana, Mississippi, Alabama and Florida for oil and gas exploration and development. The region-wide lease sale is scheduled for August 15, 2018 and includes all available unleased areas in federal waters of the Gulf of Mexico. Read more “Date Set for Next Gulf of Mexico Oil and Gas Lease Sale”

Buisness

Video: Graving Dock Floods at NASSCO Shipyard

On Friday, a graving dock at the General Dynamics NASSCO yard in San Diego failed, partially flooding the hull of the as-yet-unfinished expeditionary sea base USNS Miguel Keith. No injuries were reported, but the U.S. Navy and NASSCO are investigating to determine the extent of the damage to the ship. The Miguel Keith is nearing completion, and NASSCO fitted her final prefabricated block just last month. Read more “Video: Graving Dock Floods at NASSCO Shipyard”