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Wärtsilä Norway AS is a wholly owned subsidiary of Wärtsilä Corporation in Finland. Wärtsilä enhances the business of its customers by providing them with complete lifecycle power solutions. When creating better and environmentally compatible technologies, Wärtsilä focuses on the marine and energy markets with products and solutions as well as services. Through innovative products and services, Wärtsilä sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 18,000 professionals manning 160 Wärtsilä locations in 70 countries around the world.
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Maersk Oil is aiming to grow by exploration and new business activities in Norway and is looking for a skilled and committed geoscientist (5 to 12 years of experience) for the office in Stavanger, Norway.
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Business Development Manager SEE
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North West Shelf hit by rising costs
By Upstream staff
The Woodside-operated North West Shelf Venture gas project Train 5 expansion will now cost as much as A$2.6 billion (US$2.19 billion) due to rising financial pressures, according to Australian media reports.
Originally approved as a A$2 billion project in June 2005, the cost of the project was revised by Woodside in September last year to A$2.425 billion.
However, continuing cost pressures on every input from labour through to steel and cement are tipped to have carried the final cost to A$2.6 billion - a A$175 million increase on the September 2006 revised cost estimate and 30% more than forecast in 2005, the Sydney Morning Herald reported.
A new review of costs is expected to be made available by Woodside to the joint venture participants at the end of the month.
Credit Suisse told clients in a research note yesterday that its industry sources "were confident the project remained economically viable due to increased liquefied natural gas prices on the back of current strong demand in Asia."
The construction of the project's fifth gas processing train will lift the its annual capacity to 16.3 million tonnes of LNG.
Train 5 has begun to take shape at the Karratha gas plant, with commissioning due to start in mid-2008 and the first LNG shipment expected in the fourth quarter of 2008.
The development of Train 5 has been unique for the joint venture in that it is the first that is not underpinned by long-term supply contracts.
The joint venture is betting that forecast strong growth in LNG demand will look after the customer base closer to commissioning.
Woodside will also shortly update the market on the cost overrun at its Otway gas project, off the coast of Victoria.
Tuesday, 12 June, 2007, 01:18 GMT | last updated: Tuesday, 12 June, 2007, 02:36 GMT
