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January 2020
News Highlights
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Asian LNG spot prices rise
X
LNG proves compelling for VLCCs
X
ClassNK grants AiP for LNG-fuelled capesize bulker
design
LNG
NEWS
Japan
MOL announces delivery
of new LNG carrier
M
itsui O.S.K. Lines, Ltd. (MOL) has announced the
delivery of the
Marvel Pelican
LNG carrier.
Prior to the delivery, Kawasaki Heavy
Industries, Ltd (KHI) held a naming ceremony
at the Sakaide Shipyard. As a crowd of VIPs and
well-wishers looked on, the vessel was named the
Marvel Pelican
by Mitsui & Co., Ltd Senior Executive
Managing Officer, Hirotatsu Fujiwara.
The
Marvel Pelican
is the third of three newbuild
LNG carriers that will sail under charter contracts
signed with Mitsui & Co. in September 2014 and
January 2015. The vessels will mainly transport LNG
from the Mitsui & Co. backed Cameron LNG project
in the US state of Louisiana.
The
Marvel Pelican
is equipped with a dual-fuel
diesel electric (DFDE) propulsion system. This
system achieves heat efficiency, and is a more
environmentally-friendly, economically superior
design than a normal steam turbine propulsion
system.
USA
Chevron announces capital
and exploratory budget for
2020
C
hevron Corp. has announced a 2020 organic capital and
exploratory spending program of US$20 billion.
According to the statement, the 2020 budget supports a
robust portfolio of upstream and downstream investments,
highlighted by Chevron’s world-class Permian Basin position,
the company’s major capital project at TCO in Kazakhstan,
and an advantaged queue of deepwater opportunities in the
Gulf of Mexico.
Chevron Chairman and CEO, Michael Wirth, said: “We are
positioning Chevron to win in any environment by ratably
investing in the highest return, lowest risk projects in our
portfolio. This will be the third consecutive year with organic
capital spending held flat at US$20 billion, continuing our
capital discipline through the cycle. Our emphasis on short
cycle investments is expected to deliver improved returns on
capital and stronger free cash flow over the long-term.”
Chevron claims that, as a result of its disciplined
approach to capital allocation and a downward revision in its
longer-term commodity price outlook, it will reduce funding
to various gas-related opportunities, including Appalachia
shale, Kitimat LNG, and other international projects.