Bonny Gas Transport

Bonny Gas Transport
BGT
private, 100% subsidiary
Industry Oil and gas
Founded 1989
Headquarters Abuja, Nigeria
Products services: LNG-tankers

Bonny Gas Transport or Bonny Gas Transport Bermuda Shell is a subsidiary of Nigeria LNG or NLNG which itself is a joint-venture of Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell, Total S.A. and Eni. It owns and operates a number of LNG tankers.[1]

The company

BGT was established in Bermuda in 1989 by the NLNG holding-company. It takes care of the transportation of the produce of this company. LNG is found in the fields on Bonny Island in the Niger Delta in Nigeria by the NNPC and then sold to Shell, Total and ENI. In 2005 the bulk of this gas goes to Europe and about 2% to Northern-America. The completion of Train 6 in 2008 increased the output of the Bonny Island fields, and of this new output approximately 50% goes to Europe and the other 50% to North-America.[2]

Ownership

As it is a 100% daughter of NLNG the ownership of BGT is the same as that of NNLNG and thus:

NNPC = 49%
Shell = 25,6%
Total = 15%
ENI = 10,4%

Financing

The income of BGT comes from long-term charters of their ships to NLNG: BGT's activities are limited to charter ships to NLNG and all gas found at the fields in the Bonny Island project by NNPC is sold to the above companies and the transport over the Atlantic Ocean to Europe or America is done via BGT ships.

Until 2006 BGT had a range of different (bank)loans to finance the buying and updating the LNG tankers. On October 2006 a deal was made with a consortium of banks to re-finance US$ 680 million. The original loans were related to 9 ships; this new deal also included the room to extend the fleet to the current 13 ships: in the years following the completion of this deal the output of the Bonny gas fields was expected and it was foreseen that additional shipping-capacity was required (see also the main-article on Nigeria LNG).

Because the gas and oil projects in the Niger Delta, including Bonny Island, are seen as high-risk investments, the financing of the ships to transport any produce from the area, are done via a separate company (BGT): even when the worst come to the worst and there would be no gas to be transported from the area the ships can be used anywhere in the world; thus financing the ships was seen as lower risk then financing the mother company itself.[2]

In January 2012 NNPC said that they were trying to raise US $ 1 billion to renew the fleet of their daughter-company BGT[3]

Activities

BGT was set up by Nigeria NLG to transport all LNG gas produced by its mother company in Nigeria to the customers in North America and Europe.[2]

Fleet

The website Helderline provides an overview of 13 of these ships.[1] All ships that are managed by BGT also sail for BGT[4]

Fleetlist

Per April, 2012, the company owns and operates the following LNG carriers:[1][4]

Name launched shipyard
build-number
IMO number tonnage flag former name or notes
LNG Abuja 1980 General Dynamics
buildnr:54
7619587 93.619  Bahamas Lake Charles (1980–2000)
LNG Adamawa 2005 Hyundai
buildnr:1470
9262211 118.000  Bermuda
LNG Akwa Ibom 2004 Hyundai
buildnr:1469
9262209 118.000  Bermuda sister-ship of LNG Adamawa
LNG Bayelsa 2004 Hyundai
buildnr:1429
9241267 118.000  Bermuda sister-ship of LNG Adamawa
LNG Bonny 1981 Kockums Shipyard
buildnr: 559
7708948 71.472  Bermuda Rhenania (1981–1991)
LNG Cross River 2005 Hyundai
buildnr:1471
9262223 118.000  Bermuda sister-ship of LNG Adamawa,
LNG Edo 1980 General Dynamics
buildnr:53
7619587 93.619  Bahamas Louisiana (1980–2000)
sistership of LNG Abuja
LNG Finima 1084 Kockums Shipyard
buildr:564
7702401 71.472  Bermuda LNG 564 (1984–1991)
sistership of LNG Bonny
LNG Lagos 1977 Chantiers de l'Atlantique
buildnr:26
7360124 68.122  Bermuda MV Gastor (1977–1993)
LNG Port Harcourt 1976 Chantiers de l'Atlantique
buildnr:B26
7360136 68.122  Bermuda MV Nestor (1976–1993)
sistership of LNG Lagos
LNG River Niger 2006 Hyundai
buildnr:1472
9262235 118.000  Bermuda sister-ship of LNG Adamawa
LNG Rivers 2002 Hyundai
buildnr:1295
9216298 114.354  Bermuda
LNG Sokoto 2002 Hyundai
buildnr:1296
9216303 114.354  Bermuda sister-ship of LNG Rivers

Sources and references

  1. 1 2 3 Helderline website with overview of ships operated by BGT Bermuda Shell, visited 21 April 2012
  2. 1 2 3 LNGPedia Refinancing of BGT, 2006, Ben Cobley. Retrieved: 21 April 2012
  3. Bloomberg website: Nigeria LNG in Talks for $1 Billion Funding for Shipping Unit, 30 January 2012. Visited: 21 April 2012
  4. 1 2 Helderline website with overview of ships sailing for BGT Bermuda Shell, visited 21 April 2012
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