South Korean investor trio – GS EPS, Mirae Asset Daewoo and Hana Alternative Asset Management – have formed a joint venture to buy a 10% stake in a gas cogeneration plant in New Jersey. The 972-MW Linden power plant sells most of its electricity in the PJM market while steam and some electricity, is supplied to the Phillips 66 Bayway refinery in New Jersey.
The role of the grid is experiencing a pivotal change, amid rising requirements for grid balancing and renewable integration. Smart grids are forecasted to represent two-thirds of global net electricity by 2050. By then, an estimated $548 billion will be invested in battery capacity, says Seb Henbest at Bloomberg New Energy Finance (BNEF).
Gross natural gas production across the United States has risen by more than 10% in recent month, spurred by new drilling and completion techniques that propelled up output from Appalachian Basin in the Northeast, the Permian Basin in western Texas and New Mexico, and the Haynesville Shale in Texas and Louisiana. The contribution of these three regions has increased from 15% to nearly 50% of total gas production.
Russia’s oil and gas behemoth Gazprom has embarked on a process of re-estimating its hydrocarbon reserves. Procedures are meant to be completed in 2020. Gazprom’s proven natural gas reserves (А+В1+С1 categories) amount to 35.4 trillion cubic meters (Tcm), and the company underlined reserve addition rates over the past decade surpassed production rates.
Eni has acquired 124 exploration leases in the Eastern North Slope from Caelus Alaska Exploration Company. The leases are situated between the huge hydrocarbon finds at Prudhoe Bay and Point Thompson, and Eni said it now prepares for fast-track exploration with a short time to markets.
General Electric, together with Global Power Generation (GPG), has delivered a total plant solution for the 450-MW Tuxan combined-cycle gas power plant in Mexico. M501F gas turbine upgrades achieved a 9.2% output increase and a 2.9% efficiency improvement, while extending maintenance intervals to 32,000 hours.
ABB, working through local distributor Consorcio AMESA, has won a $6.4 million contract to install 62 units of Elastimold switchgear along Paseo de la Reforma — Mexico City’s iconic boulevard. The rollout is part of a $150 million Comisión Federal de Electricidad project to upgrade stability of power supply to data-intensive banks, government offices and corporate headquarters that line the street.
Symbion Power has named Clarke Energy as the preferred bidder for two important power plants in Rwanda, which will generate power from dissolved biogas from deep below Lake Kivu. Under the contract, Clarke Energy will provide 25 Jenbacher engines for Symbion Power’s Kivu 56 and KP1 power plants, increasing the overall capacity by 81 MW.
Exports of natural gas from the U.S. to Mexico by pipeline exceeded 5 billion cubic feet per day (Bcf/d) for the first time in July 2018, according to Genscape data, after several key interconnectors were commissioned. By the end of 2018, anther four of six major strategic pipelines within Mexico will start up, giving further scope for export of constraint Permian production in western Texas.
Boston-based developer Advanced Power has managed to gather all of the $1.3 billion in financing needed to build a 1,182-MW combined-cycle gas power plant in Ohio. Construction of the South Field Energy Project, handled by Bechtel, is due to be completed by Q2-2021.
The French oil major Total has signed a binding Letter of Intent (LOI) with Shell for the sale of its 26% minority equity stake in Hazira LNG regasification terminal in Gujarat, India. In addition, Total agreed to sell 0.5 mtpa of LNG to Shell over a 5-year period starting from 2019.
The global trend towards urbanization will increase business activities within some of the world fast-growing port cities, driving demand for Floating LNG power vessels. MarketsandMarkets analysis sees the FLNG power vessel market to expand from currently $860 million to nearly $932 million by 2023.
Bentley Systems and Siemens have decided to strengthen their strategic alliance by increasing the innovation investment program from the initial €50 million funding to €100 million. Making use of Siemens’ technical expertise and project management tools the two partner aim to create a full Digital Twin for the engineering and construction world.
Core inflation in Singapore has reached 1.9% – the fastest rise in four years – due to a surge gas and electricity tariffs. According to the Ministry of Trade and Industry (MTI), the uptick in energy prices was instated in July 2018 in reaction to a pickup in global oil prices in the preceding quarter.
Qatargas’commissioning cargo has berthed at Bangladesh’s first LNG import terminal, situated off Moheshkhali Island, has unloaded its commission cargo, received from Qatargas. Construction of the Moheshkhali Floating Storage and Regasification Unit (FSRU), developed by Exelerate, was finalized just 25 month after the project was first announced.