Since the startup of the first US gas liquefaction and export plant, Sabine Pass, in 2016, 15.5 million tons of US LNG were produced and shipped overseas. As much more US LNG is scheduled to come online in the coming 5 years, the US may reshape global LNG flows and price dynamics for the foreseeable future.
The new JV will build on the “subsea integration alliance” the two companies announced in 2015. Through the new company, Schlumberger and Subsea 7 intend to offer integrated offshore services and directly compete with TechnipFMC.
According to the Norwegian Petroleum Directorate, Norway holds 40% or 7.1 billion boe more undiscovered hydrocarbon resources than previously estimated. The upgrade came after reevaluating the northern part of the Barents Sea and including additional acreage near the Russian border. Undiscovered resources constitute around 47% of remaining Norwegian shelf resources.
Citing Western sanctions, ExxonMobil has announced its divestment from several JV projects in Russia. This does not include the 200-Kb/d Sakhalin-1 project off the eastern coast of Russia, where ExxonMobil partakes under the terms of a production sharing contract. The company recorded a Q4 after-tax loss of USD0.2 billion due to the withdrawal plan.