“Two or three years ago all you would hear about [from policymakers] was decarbonisation. Now, I think there’s much more balanced conversation around security of supply, affordability and decarbonisation,” Hill said.
“Longer supply lines tie up more vessels, boost freight rates, widen origin-destination spreads, and lift bunker demand,” Bank of America Global Research analysts said.
“As the market has grown and evolved and become more sophisticated we’re no longer source specific and the customers are often no longer destination specific as well,” said O’Neill.
The briefing pack on the various countries often reiterated one point. “There is no conflict between sustainable development of any country’s natural resources and its commitment to climate change.”
South Korea is avoiding the global trend toward long-term agreements on liquefied natural gas due to high prices, a risky move that will leave the top importer exposed to the volatile spot market.
US sanctions on a major new Russian liquefied natural gas export plant threatens to pit Japan’s energy-security drive against its relationship with western allies.
Geng North is thought to hold around 5 trillion cubic feet of gas and 400 million barrels of condensate. Eni sees the Kutei Basin becoming a “new world class gas hub”.
The company said it aims to increase its LNG contracted volumes to more than 18 million tonnes per year of LNG by 2026.
“This is a fundamental shift in our approach towards gas procurement, but we believe that this is necessary to create a more stable and secure power system that will ultimately benefit the consumers and also the gencos themselves,” he explained.
Global demand for liquefied natural gas is likely to prove stronger than expected and the current pipeline of projects won’t be enough to keep up, according to one of Japan’s top traders of the fuel.
Once the partners reach a final investment decision (FID), it would take around three years to reach first gas.
The engineering, procurement and construction (EPC) contract also covered an onshore receiving terminal, a 1-km long LNG jetty, an LNG and condensate loading berth and other utilities.
"This acquisition is also supported by the efforts undertaken with Inpex in the Bonaparte CCS Assessment joint venture to appraise the area’s potential for geological storage of CO2, in order to abate CO2 emissions from the Ichthys LNG project.”
Woodside Energy (ASX:WDS) has signed a deal with LNG Japan which will see the East Asian firm take a 10% equity stake and offtake contracts from the Scarborough gas project.
"The decision to sell our participation in the Masela PSC is in line with our focus on disciplined capital allocation,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.
McDermott will carry out project management and engineering in Malysia. The company’s DLV2000 heavy lift and pipelay vessel will carry out the offshore installation.
China National Petroleum Corp. (CNPC) has signed up to take 4 million tonnes of LNG from Qatar and a stake in the North Field East (NFE) project.
“We think JKM-TTF spreads will turn negative for the autumn shoulder season,” says Jake Horslen, senior LNG analyst at Energy Aspects.
India’s liquefied natural gas buyers are seeking decades-long supply deals to protect them from price surges, a move that will support the government’s plan to boost the fuel’s use.
“For us to make the big investments that we make which pay out over, or generate revenue, over 20-plus years we need a stable fiscal and regulatory regime,” said CEO Meg O’Neill.
The groups also protested Standard Chartered’s AGM in London, again citing concerns around the impact on the Philippines.
The joint venture is reviewing ways to manage the emissions, including the feasibility of carbon capture and storage.
JGC and SHI won the $3 billion engineering, procurement, construction and commissioning (EPCC) contract for the ZLNG project in December. The nearshore unit will be based in Sabah.
TotalEnergies has confirmed the delivery of the first liquefied natural gas (LNG) cargo to India’s newest terminal, on the country’s east coast.
China could replace Europe as the world’s balancing market, according to Shell’s vice president of energy marketing Steven Hill, speaking at the firm’s LNG outlook earlier this year.