Oil and gas deals across the globe

 Ghana

Gasol announced its subsidiary Gasol LNG Import has signed a gas supply agreement with Ghana-based power company Volta River for a daily quantity of 100m standard cubic feet per day (mmscfd). Gasol LNG Import now has sufficient gas offtake agreements in place to progress with the development of its proposed LNG Import and Regasification Facilities to be located in Cotonou harbour, Bénin.

Somalia

Sterling Energy has received a two-year extension from the Somaliland government for its Odewayne production sharing contract (PSC). The Republic of Somaliland has established an Oilfield Protection Unit (OPU), which is expected to provide the level of security required by the in-country operators for future drilling operations. The group holds a 40 percent stake in the PSC onshore Somaliland, which covers 22,840 square kilometres, the firm anticipates the OPU to be working by the end of the year. 

Turkey

 Azeri state oil company SOCAR has signed a $3.29 billion financing deal with 23 banks and export credit agencies for the construction of a refinery on Turkey’s Aegean coast. SOCAR is building the $5.5 billion Star refinery to supply feedstock to petrochemicals maker Petkim, which will help cut Turkey’s dependence on imported refined oil products. The Star plant in Aliaga on the Aegean coast is expected to have an annual capacity of 10 million tonnes, 1.6 million tonnes of which would be naphtha which could feed the Petkim plant. It will also produce diesel, jet fuel and LPG.

Japan

A Singapore-based subsidiary of oil major Shell has signed a 20-year liquefied natural gas (LNG) deal with Japan’s Chubu Electric. Under the agreement, Shell Eastern Trading will supply up to 12 cargoes of LNG per year to Chubu Electric. The deal, which will start in October, is the first long-term LNG supply agreement between Shell and Chubu Electric.

Russia

A consortium led by Russia’s Stroitransgaz, owned by sanctions-hit businessman Gennady Timchenko has won a deal, estimated at over $4.10 billion, to build section of the South Stream gas pipeline across Bulgaria. The pipeline is designed to bypass Ukraine, a transit route for gas Europe buys from Russia, and faces stiff resistance from European officials, who are trying to cut Europe’s reliance on Russian energy.

Spain

Spanish oil engineering company Tecnicas Reunidas said it had won a $2.7 billion contract to expand Peru’s Talara refinery. Tecnicas Reunidas will be in charge of designing, engineering and building the new facilities, it said in a notice to Spain’s stock market regulator. The Peruvian government had announced in March a deal with Tecnicas Reunidas over a $3.5 billion expansion project at the refinery but did not at the time disclose the exact amount of the contract.