2015: The year's biggest Hydrocarbons Technology stories

Chevron sold LNG from its $54bn Gorgon project, Williams sought 'strategic alternatives' after rejecting $53.1bn takeover offer, while Royal Dutch Shell cut 6,500 jobs. Hydrocarbons-technology.com wraps-up the key headlines from 2015.


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Chevron sold LNG from $54bn Gorgon project to SK LNG Trading

Chevron agreed to sell liquefied natural gas (LNG) from its $54bn Gorgon project in Australia to SK LNG Trading.

SK LNG Trading, a subsidiary of South Korea-based SK Group, will receive 4.15 million tonnes of LNG over a five-year period commencing in 2017.

Chevron said 75% of its LNG from Gorgon project would be committed to customers in Asia during the agreement's period.

Williams to seek further alternatives following rejection of ETE's $53bn takeover bid

US-based energy firm Williams Companies sought 'strategic alternatives' after rejecting a $53.1bn takeover offer from Energy Transfer Equity (ETE).

Without disclosing that the proposal came from ETE, the firm informed of receiving an unsolicited acquisition proposal at a stated per share price of $64.

Williams considers that the offer 'significantly undervalues' the company.

Shell to cut 6,500 jobs this year, divest up to $30bn assets by 2018

shell hq

Shell announced it was cutting 6,500 jobs this year, and speeding up spending cuts to cope with the falling oil prices.

The extended period of reduced oil prices has pushed down the energy group's profit in the second quarter by 37%.

Shell, which is presently awaiting regulatory approvals for the $70bn acquisition of BG group, also intends to increase its asset disposals to $50bn between 2014 and 2018.

UK's Oil & Gas Authority offers new shale gas licences for 132 blocks

The UK Oil & Gas Authority (OGA) awarded another 132 new shale gas licences under the 14th onshore oil and gas licensing round.

The latest offering is in addition to 27 licences that were awarded during the first tranche of the 14th round in August 2015.

Around 75% of the blocks awarded relate to unconventional shale oil or gas.

Pemex to invest $23bn in next three years to upgrade refineries in Mexico

Pemex

Mexico-based PetrĂ³leos Mexicanos (Pemex) announced plans to invest $23bn on its refineries in the next three years.

The investment will help the company in boosting production of clean fuel, increase capacity of crude processing capacity.

Pemex announced its latest investment projects during an event held at the 315,000-b/d Miguel Hidalgo refinery in Tula, Hidalgo state where it is carrying out a $5bn upgrade.

Inpex delays starting of production at $20bn Ichthys LNG project to Q3 2017

Ichthys

Japanese oil company Inpex announced that production at the $20bn Ichthys LNG project was expected to be delayed until the third quarter of 2017.

According to the company, production was initially expected to start toward the end of December 2016.

Inpex is also expecting a 10% increase in cost, but the company plans to cover it through additional output.

Santos sends first cargo from $18.5bn GLNG project in Queensland

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Australian oil and gas company Santos started the first shipment of liquefied natural gas (LNG) from its $18.5bn GLNG project in Queensland.

Malaysian-owned LNG ship Seri Bakti, which is carrying the first cargo, has left Curtis Island on the way to South Korea.

Santos managing director David Knox said: "This is the largest project we have ever undertaken as a company and I am so proud that we have been able to deliver this on time and within budget.

Construction of long-delayed $10bn Tapi gas pipeline to begin next week

TAPI

Pakistan Prime Minister Nawaz Sharif and other Indian and Afghan leaders attended the Tapi gas pipeline's groundbreaking ceremony.

Interstate Gas Systems managing director Mobin Saulat said the pipeline will finally commence on 13 December.

The Pakistani company is responsible for importing gas through the 1,800km pipeline which was envisaged 25 years back.

TransCanada urges US to suspend review of $8bn Keystone pipeline project

Keystone

TransCanada urged the US State Department to half its review of the presidential permit application for the $8bn Keystone XL pipeline project.

TransCanada president and CEO Russ Girling said: "We are asking State to pause its review of Keystone XL based on the fact that we have applied to the Nebraska Public Service Commission (PSC) for approval of its preferred route in the state.

"I note that when the status of the Nebraska pipeline route was challenged last year, the State Department found it appropriate to suspend its review until that dispute was resolved. We feel under the current circumstances a similar suspension would be appropriate."

Kenya and Uganda finalise route for $4.5bn crude oil export pipeline

Kenya and Uganda agreed on a proposed route for a crude oil pipeline, ending months of debates and discussions.

The $4.5bn pipeline will link the newly found oilfields in the countries to the Kenyan coast, in order to facilitate crude oil exports by firms including the Irish Tullow Oil.

Kenyan President Uhuru Kenyatta and Ugandan President Yoweri Museveni have mutually agreed on the route, which will now help the companies to take their final investment decision for the pipeline.