Maersk Drilling has won a deepwater drilling contract from Aker Energy to provide drilling services at the Pecan-4A appraisal well located offshore Ghana.
Maersk Drilling will employ its ultra-deepwater drillship, Maersk Viking, under the contract.
The scope of the contract includes drilling of one firm well, with options for two additional wells.
Maersk Drilling is a Danish offshore drilling rig operator, while Aker Energy is an offshore operator of oil and gas properties based in Ghana.
Adnoc LNG has awarded an AED3.16bn ($860m) contract to a consortium of Tecnicas Reunidas and Target Engineering Construction Company to provide engineering, procurement and construction services for the next phase of the Integrated Gas Development Expansion project.
The scope of the contract also includes equipment and material supply, testing and commissioning services and other auxiliary services.
Adnoc LNG is a UAE-based subsidiary of Abu Dhabi National Oil Company, while Técnicas Reunidas is a Spanish general contractor. Target Engineering Construction Company is a UAE-based provider of oil and gas engineering, procurement and construction contractor services.
Four subsidiaries of Malaysia-based oil and gas services firm Sapura Energy have received three new offshore contracts along with extension of an existing contract.
The new contracts were awarded to Sapura Offshore, Sapura Fabrication and Normand Sapura, while the extension contract was awarded to Sapura Drilling.
The MYR815m ($197.4m) contracts were secured in Australia, Brunei, Malaysia and Nigeria.
Sapura Offshore was subcontracted by Saidel for the engineering and construction of the 16 in Southern SWAMP Sales Gas Evacuation pipeline located in the Delta Region of Nigeria for Shell Petroleum Development Company of Nigeria.
Sapura Fabrication was awarded a five-year subcontract for providing maintenance, construction and modification services under the Pan Malaysia Integrated Offshore Installation Contract by ExxonMobil Exploration and Production Malaysia.
Normand Sapura was contracted to provide inspection and recovery services for the subsea structures of the East Spar Project located offshore Western Australia for Quadrant Energy.
Sapura Drilling was awarded an extension contract by Brunei Shell Petroleum to extend its services for the Sapura Pelaut semi-submersible tender assisted drilling rig.
Shell plans to divest its 22.5% working interest in the Caesar Tonga oilfield located offshore Mexico to Focus Oil.
The Caesar Tonga project involves the development of three separate discoveries located south of the Green Canyon in the Gulf of Mexico, US.
Shell is a Dutch diversified oil and gas company, while Focus Oil is a US-based oil and gas exploration company.
Jadestone Energy has announced that all the conditions required to acquire the Montara oil project, located offshore Australia, from PTT Exploration and Production (PTTEP) have been met.
The Montara oil project is located in the Timor Sea offshore Australia, approximately 690km west of Darwin, and includes three fields namely Montara, Skua and Swift/Swallow.
Jadestone Energy has entered an agreement to acquire a 100% stake in the Montara field and its associated assets located in the Commonwealth of Australia from PTTEP’s subsidiary, PTTEP Australasia (Ashmore Cartier), in July 2018 for $195m.
Based in Singapore, Jadestone Energy is an oil and gas production and development company, while PTT Exploration and Production is a Thai oil and gas exploration and production company.
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Headline crude prices for the week beginning 2 December 2019 – Brent: US$61/b; WTI: US$55/b
Headlines of the week
The Global Small-Scale LNG Market is projected to grow from 30.8 MTPA in 2016 to 48.3 MTPA by 2022, at a CAGR of 6.7% between 2017 and 2022. The small-scale LNG market across the globe is driven by their increasing LNG demand from remote locations by applications, such as industrial & power, and the ability to transport LNG over long distances without the need for heavy investment such as pipelines. By terminal type, regasification terminal is expected to grow at a highest CAGR between 2017 and 2022. The increasing demand for LNG from the remote locations and global commoditization of LNG are some of the major factors that are driving the demand for small-scale LNG in this segment.
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The Linde Group (Germany), Wärtsilä (Finland), Honeywell International Inc. (U.S.), General Electric (U.S.), and Engie (France), among others are the leading companies operating in the small-scale LNG market. These companies are expected to account for significant shares of the small-scale LNG market in the near future.
Critical questions the report answers:
Growth Drivers are :
Energy cost advantage of LNG over alternate energy sources for end-users
Heavy duty transport companies save approximately 30% on fuel costs on LNG-fueled trucks, compared to diesel fueled trucks, and produce 30% lower emissions. Air pollution from diesel engines is one of the biggest concerns, especially in areas that struggle to meet air-quality standards. On the other hand, natural gas causes complete combustion and fewer emissions than diesel. It is estimated that increasing environmental concerns from the utilization of diesel vehicles is likely to increase the adoption of green fuel technologies such as natural gas. In the case of electric power generation, natural gas engines below 150 KW are more cost effective than oil fueled engines. Fuel cost is one of the major cost for road transportation, which is strongly subject to excise taxation. Typically, an LNG-fueled Volvo FM truck can travel up to 600 km with LNG. With an additional 150 litres of diesel, it can travel up to 1,000 km without refuelling. Thus, reducing the cost of travel. With additional LNG liquefaction capacity expected to come online in the next few years, an oversupply of LNG is expected, which will drive the price of LNG further lower. Considering all these factors, both developed and developing countries are undertaking feasibility studies to recognize the techno-economics of shifting their economies from diesel to natural gas. Therefore, the cheap price of small-scla LNG over others alterantive fuels will drive the growth during the forecast period.
Small-scale LNG terminals are regarded as facilities, including liquefaction and regasification terminals, with a capacity of less than 1 million tons per annum (MTPA) within the scope of this study. It includes the LNG produced from small-scale liquefaction terminals and regasified at small-scale regasification terminals for catering to applications such as LNG-fueled heavy-duty transport, LNG-fueled ships, and industrial & power generation.
North America small-scale LNG market is projected to grow at the highest CAGR during the forecast period.
The North America small-scale LNG market is projected to grow at the highest CAGR during the forecast period. In North America, most of the small-scale LNG demand in industrial & power applications is met through peak shaving facilities. The peak shaving facilities are used to meet adequate supply of LNG to address the peak demand. In 2015, there were more than 100 peak shaving facilities in the U.S., among which one-half of the peak shaving facilities were located in the Northeast, while a quarter of them were located in the Midwest. Currently, the U.S. has among the highest number of peak shaving plants. However, less than 10% of them are available for any other use due to the current electricity demand. The commissioning of small-scale liquefaction plants can expand the peak shaving capacities in the region.
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Major Market Developments:
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The report "Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region - Global Forecast to 2024" The global cryogenic tanks market size is projected to grow from USD 6.2 billion in 2019 and expected to reach USD 8.1 billion by 2024, at a CAGR of 5.5%.
Browse 121 market data Tables and 36 Figures spread through 147 Pages and in-depth TOC on "Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/cryogenic-tanks-market-26811967.html
The global industry for cryogenic tanks is driven primarily by the increasing demand for LNG. An increase in infrastructure spending, space applications for cryogenic technologies, and cryogenic energy storage systems represent promising growth opportunities for the market. Improving healthcare services in the developing economies is boosting the cryogenic tanks market.
The steel segment is estimated to lead the cryogenic tanks market, by raw material, during the forecast period.
Steel is primarily used in the manufacturing of cryogenic tanks. Most of the materials are ductile at room temperature and abruptly lose their ductility when a given threshold is exceeded. They then become brittle even at relatively low temperatures. The austenitic stainless steel is majorly used for working in the low-temperature range. Carbon and alloy grade steels used for low-temperature service are required to provide high strength, ductility, and toughness in vehicles, vessels, and structures that must be used at –49°F and lower. These factors are contributing to the growth in demand for steel for the manufacturing of cryogenic tanks.
Liquid Nitrogen is the fastest-growing cryogenic liquid segment of the cryogenic tanks market.
Liquid nitrogen is primarily used in metal processing, food & beverage, electronics, and healthcare industries. The steel manufacturing industry is one of the major consumers of nitrogen. Nitrogen is used in the food & beverage industry for food preservation and packaging applications. The use of liquid nitrogen in this industry enables cost savings during storage and transportation and improves food quality. Liquid nitrogen is used to cool normally soft or heat-sensitive materials, such as plastics, tires, and certain metals. The increasing demand for liquid nitrogen from metal processing, food, and medical industries is expected to drive the market in this segment.
Metal processing is expected to lead the end-use industry segment for cryogenic tanks market during the forecast period.
Metal-processing industry was the largest end-use industry for the cryogenic tanks industry. Cryogenic tanks are increasingly being used in the metal processing industry, especially steel the industry. Huge quantities of nitrogen and other industrial gases are used during the steel manufacturing process. Nitrogen is also known to be largest consumed gas in the industry. It is used as a high-pressure gas for laser cutting of steel and metal. The inert properties of nitrogen facilitates its use as a blanketing gas. Some gases, including hydrogen and oxygen, are also used in the metal processing industry. Cryogenic tanks are commonly used in the storage and transportation of these gases in manufacturing plants, which drives the market demand.
High economic growth rate and growing metal processing and energy generation industries in China, Australia, and India are projected to lead the cryogenic tanks market in APAC during the forecast period.
APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of cryogenic tanks. The cryogenic tanks market in India, China, and Australia is expected to witness significant growth during the forecast period. The market is primarily driven by the demand from the energy & power sector. APAC is emerging as a leading consumer of cryogenic tanks, owing to the increasing demand from domestic as well as international markets.
The key players in cryogenic tanks market are Chart Industries (US), Cryofab (US), INOX India (India), Linde PLC (UK), Air Products (US), Cryolor (France), Air Water (Japan), Wessington Cryogenics (UK), FIBA Technologies (US), and ISISAN (Turkey). These players have established a strong foothold in the market by adopting strategies, such as expansion, new product launch, and merger & acquisition.
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