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Egypt to halt LNG imports by month-end

CAIRO: Egypt plans to stop importing liquefied natural gas (LNG) by the end of the 2017/18 fiscal year ending in June as it speeds up production at recently discovered gas fields, a media report said.
Egypt said previously that it would halt imports by the start of 2019, reported Emirates news agency Wam, citing Reuters.
Petroleum Minister Tarek El Molla was quoted by Reuters as saying the country will save $250 million per month by no longer importing LNG.



Lamprell, Asyad Holding to set up JV

RIYADH: UAE-based Lamprell, a major provider of fabrication, engineering and contracting services, said it will join hands with Asyad Holdings to set up a joint venture company in the kingdom as part of its regional expansion strategy.
A key player in the kingdom, Asyad Holdings brings significant regional knowledge and forms part of a group of companies managing a diversified portfolio of businesses, including working on major projects in Saudi Arabia.
The establishment of Lamprell Saudi Arabia is core to the Emirati group’s growth strategy where its primary focus to date has been the investment into the joint venture between Saudi Aramco, Bahri and Hyundai Heavy Industries to develop a major maritime yard in the Arabian Gulf, known as International Maritime Industries.



Norway’s oil production falls to six-year low

OSLO: Norway’s monthly oil output fell to a six-year low in May, missing the official forecast by 11 per cent due to maintenance and technical issues at several fields, the Norwegian Petroleum Directorate (NPD) said.
Oil production dropped to 1.293 million barrels per day in May, the lowest level since September 2012, and was 20 per cent below the levels seen the same month a year ago.
Natural gas output from Western Europe’s top supplier came in at 308.4 million cubic metres (mcm) per day, also below the forecast, but 5 per cent higher from a year ago.
“The main reason for the oil production’s fall was maintenance at many fields combined with some technical problems,” an NPD official said.
“May is normally a maintenance season,” he added.
Maintenance affected production at offshore fields operated by Equinor, formerly known as Statoil, including Norway’s largest oil and gas field, Troll.




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