The Australian government has granted environmental approval to the Woodside-operated North West Shelf (NWS) project extension. Minister for the Environment and Water Murray Watt said in a statement that the approval is subject to “48 strict conditions” to avoid and mitigate significant impacts on the Murujuga rock art, which forms part of Western Australia’s Dampier Archipelago. “Specifically, I have imposed conditions that will require a reduction in certain gas emissions below their current levels, in some cases by 60 percent by 2030 with ongoing reductions beyond that,” Watt said. The conditions should account for any new science achieved through the Murujuga Rock Art Monitoring Program and require the joint venture for the asset to comply with any air quality objectives and standards that are derived from the program, according to the statement. The project will be required to reduce its emissions every year and reach net zero greenhouse gas emissions by 2050. Woodside and the NWS joint venture said they welcomed the Australian government’s final decision to grant environmental approval for the project. The final government approval “followed an extensive assessment and appeal process and included rigorous conditions to manage the protection of cultural heritage,” Woodside COO Australia Liz Westcott said in a separate statement. “This final approval provides certainty for the ongoing operation of the North West Shelf Project, so it can continue to provide reliable energy supplies as it has for more than 40 years,” Westcott said. “Over this time, the North West Shelf Project has paid more than [AUD 40 billion] in royalties and excise, supported thousands of Australian jobs and contributed well over [AUD 300 million] to communities in the Pilbara through social investment initiatives and infrastructure support”. According to Woodside, the NWS project, one of the largest liquefied natural gas (LNG) projects in the world,

India’s annual liquefied natural gas demand is set to contract in 2025 for the first time in years, as buyers hold out for a surge in production that is expected to push down prices.  The world’s fourth-biggest LNG importer bought about 16 million tons of the super-chilled gas in the eight months through August, down 10 percent from a year earlier, according to ship-tracking data compiled by Bloomberg.  Purchases slowed as elevated spot prices made LNG less competitive against alternative fuels, while monsoon rains brought cooler weather and reduced power demand. The pullback offers some relief to a global gas market that’s remained tight since Russia’s 2022 invasion of Ukraine forced Europe to pivot to LNG, boosting competition with Asia. India’s imports are expected to rebound as soon as next year, helped by a looming supply glut that should drag prices lower. Projects coming online from the US to Qatar starting in 2026 are set to add volumes that will outstrip demand growth through the rest of the decade. “We expect the dip in 2025 is a temporary price-driven phenomenon,” said Kaushal Ramesh, vice president for gas & LNG research at Rystad Energy. “The years ahead will see more contracts ramp up and also lower spot prices.” Demand for gas from industries, refineries and the fertilizer sector in the South Asian nation has plunged this year, according to oil ministry data, mainly due to high prices. Asian spot LNG has traded at more than $11 per million British thermal units this year – above the level at which price-sensitive Indian companies typically step in to buy. Still, Rystad sees India’s annual LNG demand exceeding 40 million tons by 2030, compared with about 26 million tons last year. The government has promoted gas for industries and households as a way to reduce the country’s dependence

In an oil and gas report sent to Rigzone late Monday by the Macquarie team, Macquarie strategists, including Walt Chancellor, revealed that they are expecting a “meaningful [U.S.] crude draw alongside product builds” this week. “We are forecasting U.S. crude inventories down 6.4 million barrels for the week ending September 12,” the strategists noted in the report. “This follows a 3.9 million barrel build in the prior week, with the crude balance again realizing looser than our expectations,” they added. “For this week’s balance, from refineries, we model another slight reduction in crude runs (-0.1 million barrels per day). Among net imports, we model a very large reduction, with exports sharply higher (+1.7 million barrels per day) and imports lower (-0.5 million barrels per day) on a nominal basis,” they continued. The Macquarie strategists warned in the report that timing of cargoes remains a source of potential volatility in this week’s crude balance. “From implied domestic supply (prod. +adj.+transfers), we look for a bounce (+0.6 million barrels per day) on a nominal basis this week,” the strategists said in the report. “Rounding out the picture, we anticipate a similar increase (+0.5 MM BBL) in SPR [Strategic Petroleum Reserve] stocks this week,” they added. The strategists went on to state in the report that, “among products”, they “look for a modest gasoline draw (-0.9 million barrels) with builds in distillate (+1.8 million barrels) and jet (+1.3 million barrels)”. “We model implied demand for these three products at ~14.5 million barrels per day for the week ending September 12,” the strategists noted. In its latest weekly petroleum status report at the time of writing, which was released on September 10 and included data for the week ending September 5, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories,

Offshore engineering and construction company Allseas Group SA has signed a construction contract for a purpose-built semi-submersible heavy transport vessel with Guangzhou Shipyard International in China. Allseas said in a media release that the vessel is scheduled for delivery in the first quarter of 2028. The vessel, to be named Grand Tour, will have a 40,000-tonne load capacity, specifically built to transport the world’s largest offshore structures across oceans and seamlessly transfer them to Pioneering Spirit for installation. Allseas said Grand Tour is designed to fit precisely into the bow slot of Pioneering Spirit. This integration aims to simplify offshore installation, providing clients with a single solution for transporting and installing large structures fabricated away from the installation site, it said. Allseas said Grand Tour boasts a semi-submersible hull with a 57-meter (187.01 feet) beam to enhance stability and enable shallow-draft access at global yards. The vessel has an advanced ballast system capable of pumping 24,000 cubic meters (847,552 cubic feet) per hour for precise load transfers. According to Allseas, its methanol-ready 24 MW propulsion system is capable of transitioning to e-methanol, while an air lubrication system and podded propulsion will reduce drag and improve fuel efficiency. The 180 x 57-meter cargo deck is designed for direct skidding, roll-on/roll-off, and float-on/float-off operations. “Grand Tour will play a key role in Allseas’ execution of TenneT’s landmark 2 GW offshore wind program, which will deliver 28 GW of clean offshore wind power to European homes and businesses by 2032”, Allseas said. The vessel will carry converter stations from fabrication facilities in Asia and Europe to installation locations in the North Sea off the coasts of the Netherlands and Germany, where Pioneering Spirit will take over for the installation using a single lift, Allseas said. “This addition to our fleet is more than an expansion; it’s a

Nigeria’s Midstream and Downstream Gas Infrastructure Fund (MDGIF) and the African Export-Import Bank (Afreximbank) have signed a memorandum of understanding (MoU) for a four-year debt and equity plan of up to $500 million to expand and modernize Nigeria’s natural gas infrastructure. “Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions”, Afreximbank and MDGIF said in a joint statement. “MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects”, the statement said. The partners also eye “a structured program to enhance MDGIF’s institutional capabilities in project structuring, risk management and innovative financing”. MDGIF, established under the West African country’s Petroleum Industry Act, says its primary purpose is to make equity investments “in infrastructure related to midstream and downstream gas operations aimed at increasing the domestic consumption of natural gas in Nigeria in projects which are financed in part by private investment”. Nigerian Petroleum Resources (Gas) Minister Ekperikpe Ekpo was quoted as saying in the statement, “Through this partnership, we are unlocking the potential to mobilize up to $500 million over the next four years for Nigeria’s gas infrastructure. More importantly, we are creating a pipeline of bankable projects, supported by feasibility studies, project preparation and risk-sharing mechanisms, that will accelerate the pace of investment in pipelines, processing”. Kanayo Awani, executive vice president for intra-African trade and export development at Afreximbank, said, “By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region”. MDGIF executive director Oluwole Adama commented, “[T]his partnership with Afreximbank enables MDGIF to mobilize capital, expand critical midstream and downstream infrastructure, reduce flaring and deliver

GreenIT SpA has signed a new project finance agreement for EUR 370 million ($434.2 million) to support its renewable energy projects. GreenIT, a joint venture between Eni SpA’s Plenitude and CDP Equity, plans to invest the funds in the development of a portfolio of greenfield projects onshore Italy. In a media release, Eni said that the construction of the projects is expected to be completed by 2028, in line with GreenIT’s industrial plan, which targets 1 gigawatt (GW) of installed renewable capacity by 2030. “The completion of this strategic transaction strengthens GreenIT’s financial structure, providing new resources to support the investments planned for the next few years by our ambitious industrial plan. The strong confidence shown by the lending institutions reinforces GreenIT’s strategic vision to play a key role in Italy’s energy transition”, Paolo Bellucci, CEO of GreenIT, said. The European Investment Bank has committed $258 million, including $211 million in direct loans and $46.9 million through financial intermediaries. The remainder was sourced from prominent European financial institutions, such as BNP Paribas, Credit Agricole Corporate & Investment Bank, ING Bank NV, and Societe Generale. GreenIT enhances the offerings of Plenitude. Plenitude operates in more than 15 countries worldwide, utilizing a business model that combines electricity generation from renewable sources, with over 4 GW of installed capacity, alongside providing energy and energy solutions to more than 10 million customers across Europe, according to Eni. Plenitude also has an extensive network of 21,500 electric vehicle charging stations, according to Eni. To contact the author, email [email protected] WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR