Latest news with #energyexport
Yahoo
27-05-2025
- Business
- Yahoo
Arrival of First Modules at Woodfibre LNG Marks New Milestone for Canadian LNG
SQUAMISH, BC, May 26, 2025 /CNW/ - The Woodfibre LNG project reached a major construction milestone on Saturday with the safe arrival of the first seven specialized LNG modules to site. The pipe rack modules, transported by heavy cargo vessel, are the first large-scale modular components to arrive at the site for installation. The pipe rack modules are fully completed structural steel frameworks that house and support piping carrying liquefied natural gas from the facility's liquefaction unit to the Floating Storage Tanks and loading facility. From there, LNG will be loaded onto carriers for delivery to overseas markets. "This is a huge milestone for the Woodfibre LNG project as it's the start of our facility going vertical - where people will really start to see the facility take shape," said Luke Schauerte, CEO of Woodfibre LNG. "But it's also bigger than that. These first modules are a significant step forward in diversifying Canada's energy export market, providing global customers with responsibly produced energy and ensuring Canadians receive maximum benefit for their resources." The modules will now be offloaded at the Woodfibre LNG facility through the project's newly completed Marine Offloading Facility, a purpose-built offload dock designed to handle the delivery of large modules throughout the construction phase. Following offloading, the modules will be moved into place and mounted on their permanent foundations. A total of 19 modules will arrive to the Woodfibre LNG site throughout the rest of 2025 and into 2026, ranging in size from a 126 tonne pipe rack to an almost 11,000 tonne liquefaction unit that covers roughly the same amount of space as a football field. "We are doing everything we can at Woodfibre LNG to bring our product to market as soon as possible. With modules arriving, we've hit a tremendously exciting and important phase where our site will change rapidly over the coming months. We're focused on working safely and efficiently to move this project forward and complete the province's first net zero LNG export facility," continued Schauerte. About Woodfibre LNG The Woodfibre LNG Project is a liquefied natural gas (LNG) facility that will produce 2.1 million tonnes of LNG for export annually, being built near the community of Squamish on the traditional territory of the Sḵwx̱wú7mesh Úxwumixw (Squamish Nation). The Woodfibre LNG Project is owned by Woodfibre LNG Limited Partnership, owned 70 per cent by Pacific Energy Corporation (Canada) Limited and 30 per cent by Enbridge Inc. Woodfibre LNG is the first industrial project in Canada to recognize a non-treaty Indigenous government, Squamish Nation, as a full environmental regulator. The Woodfibre LNG facility will be the world's first net zero LNG facility when it is completed in 2027. SOURCE Woodfibre LNG View original content to download multimedia:
Reuters
07-05-2025
- Business
- Reuters
Argentina's YPF swings to net loss in Q1
MEXICO CITY, May 7 (Reuters) - Argentine state oil company YPF sank into the red in the first quarter, it reported on Wednesday, swinging to a net profit loss of $10 million, hurt by lower seasonal demand and weaker export volumes. The loss compares to last year's net profit of $657 million in the first quarter of 2024. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Revenues, meanwhile, inched up 7% from a year ago to reach $4.61 billion, hurt by lower seasonal demand for diesel and fertilizers and a decrease in oil export volumes but partially offset by higher local fuel prices. YPF, one of Argentina's top domestic fuel suppliers, said its total production increased 5% year-on-year in the first quarter, including a 6% increase in crude production. The firm operates the massive Vaca Muerta shale formation, which Argentina is betting on to cement its status as a net energy exporter and to replenish depleted foreign reserves. The firm's first-quarter core earnings, or adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stayed stagnant from a year earlier to $1.25 billion. Operating costs grew by 26.4% year-on-year.
