Sep 2023

Trend of Natural Gas and LNG Prices

Short-term trend


  • The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, had been hovering around the USD 12s per million Btu, but rose to the USD 13s due to supply concern when timed strikes began at Wheatstone and Gorgon in Australia after 8 September. JKM temporarily dropped, but rose again after the announcement of the extension of the strike to 24 hours and the extension of maintenance at a major Norwegian gas field, and had remained at the USD 14s since then. JKM rose further to USD 15 as of 26 September due to a series of maintenance shutdowns at several gas fields in Norway and the start of winter procurement in the Northeast Asian market.
  • JOGMEC announced in its monthly report of spot LNG prices for delivery to Japan that the average price of spot LNG cargoes for delivery to Japan contracted in August 2023 and scheduled to be delivered from the month onward (contract-based price) was USD 11.6. The average price of spot LNG cargoes that were delivered in Japan in August 2023 (arrival-based price) was not disclosed.
  • Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.96 per million Btu, and JPY 88,273 per tonne in August 2023, lower than those in July. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in July were USD 10.97, USD 12.42, USD 11.52, and USD 12.05, respectively. Elsewhere in Northeast Asia, average import prices in August were USD 10.75 in China, USD 12.65 in Korea, and USD 9.85 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 82.04 per barrel in August 2023. Japanese yen-denominated price stood at JPY 73,465 per kilolitre in August 2023.
  • Japan imported 5.67 million tonnes of LNG in August 2023, 10% lower than the same month in 2022. The total import volume during the first eight months of 2023 was 43.38 million tonnes, a decrease of 13% from the same period of 2022. China imported 6.30 million tonnes of LNG in August 2023, 34% higher than the same month in 2022. China’s total LNG import volume during the first eight months of 2023 was 45.51 million tonnes, an increase of 12% from the same period of the previous year. Japan's monthly LNG imports declined year-on-year for the seventh consecutive month, while China's increased for the seventh consecutive month. Yet China's 2023 eight-month total was 13% lower than that of the same period in 2021, when the country's annual LNG import was the highest ever. While Korea imported 3.46 million tonnes in August 2023, a decrease of 9% from the same month of 2022, Chinese Taipei imported 1.80 million tonnes, 11% higher than one year earlier. LNG import volume in these four markets was 131.64 million tonnes during the first eight months of 2023, a 2% decrease year-on-year.

United States

  • The Henry Hub Natural Gas Futures price remained in the mid-USD 2s. A temporary decrease in feed gas supply at Freeport LNG had a relatively minor impact on HH.
  • In its 12 September Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecasts the Henry Hub spot price to average USD 2.58 for 2023 and USD 3.24 for 2024. In the same report, EIA projects that growth in summer natural gas consumption will lead to higher consumption in 2023, averaging 89.7 Bcf/d for the full year, a 1% increase over 2022, and higher than the average consumption of 88.6 Bcf/d in 2022, a record level.


  • The Dutch TTF Gas Futures price was hovering around USD 10/MBtu, but when strikes began at major LNG export terminals in Australia, the price climbed to the USD 11s. Although there have been supply concerns due to the full-scale Australian strikes, extended maintenance of Norway's main gas field, Troll, and maintenance of other gas fields, abundant underground gas storage and stagnant demand have kept price increases relatively low, and as of 26 September, the price was USD 12.2/MBtu.

LNG and Spot Gas Prices, last 2 years

Mid- to long-term trend

  • The JKM price started to decline from January 2020, reaching an all-time low of USD 1.83 at the end of April 2020 due to increasing supply and slower growth of demand. After hovering in the USD 2s from May until July, it rose again from August 2020 due to supply disruptions at several production facilities to over USD 10 in December, reaching an all-time high of USD 32.5 in January 2021 because of the cold wave. JKM then fell sharply to the USD 5s towards the end of February, turning upwards in March and thereafter. Moving along with the also high European gas prices and briefly surpassing USD 56 in October, JKM remained in the middle of USD 30s in November, above USD 40 in December. In January and February 2022, JKM was in the USD 20s, temporarily surged to USD 85 in March due to fears of Russian pipeline gas supply disruptions, and then hovered around the USD 30s. Trading has been slow since April, with JKM falling from USD 36 to USD 22 in April and remaining in the low USD 20s during May and the first half of June. However, the price reached USD 40 in the second half of June and remained at the same level in July, and in August the price was generally USD 50s, temporarily exceeding USD 60 and USD 70, respectively. In September, JKM showed a downward trend as TTF declined, falling to the high USD 30s, and generally hovering in the high USD 20s during October and November. In December, the market was active during the year-end procurement season and JKM hovered around the USD 30s. In January 2023, trading resumed but was sluggish, with a downward trend from USD 20s, and a further decline to around USD 9s in May. In June 2023, JKM was hovering around USD 12s due to European gas prices fluctuations and other factors, but softened slightly in July to hover around USD 11s on the back of high inventories and low demand. In August, the possibility of a strike at major projects in Australia caused prices to move slightly higher, rising to USD 15 after the strike was implemented in September.
  • Japan's average LNG import price had been declining to the USD 5s in August - October 2020, the lowest level since January 2005, due to the collapse of international crude oil prices from March 2020. Then the average price rose to USD 7s in December 2020 as crude oil prices recovered. In response to strong crude oil price movements, the average price further went up to mid-USD 9s in February 2021, after falling to the mid-USD 7s in March. It had then been on the largely constant rise for the following 18 months to the highest ever at USD 22.73 in September 2022 along with the rise of crude oil prices until June 2022. Japan’s average LNG import price declined to around USD 12 in June and August 2023, following the declining oil prices from July 2022.

LNG and Spot Gas Prices, last 10 years

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Henry Hub price: NYMEX Futures and Options, CME Group
TTF price: ICE Endex, Intercontinental Exchange
JKM: LNG Japan/Korea Marker© 2023 by S&P Global Platts, a division of S&P Global Inc.
JOGMEC spot LNG price: Monthly spot LNG prices for delivery to Japan, JOGMEC; by March 2021, the source is Spot LNG Prices Statistics, Ministry of Economy, Trade and Industry
Japan’s average LNG import price: Trade Statistics of Japan
EUA(EU ETS): ICE Endex, Intercontinental Exchange

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Trend of Natural Gas and LNG Inventories


  • Japan's LNG inventories as of the end of April 2023 stood at 5.29 million tonnes, a decrease of 3.3% and 0.18 million tonnes from March, and an increase of 23.7% from April 2022, higher than the past five-year average by 1.05 million tonnes.
  • The LNG inventories for city-gas supply as of the end of May 2023 were 2.71 million tonnes, 4.7% higher than April and 14.9% higher than May 2022. LNG consumption for city-gas in May 2023 was 2.04 million tonnes, decreased by 0.7% year-on-year. City-gas companies received 2.16 million tonnes of LNG in May 2023, decreasing year-on-year by 12.0%.
  • The LNG inventories for city-gas supply as of the end of June 2023 were 2.62 million tonnes, 3.4% lower than May and 5.5% higher than June 2022. LNG consumption for city-gas in June 2023 was 2.08 million tonnes, decreased by 6.5% year-on-year. City-gas companies received 1.99 million tonnes of LNG in June 2023, decreasing year-on-year by 15.5%.
  • The LNG inventories for power generation as of the end of April 2023 were 2.70 million tonnes, decreasing by 4.1% from March and 16.5% higher than April 2022. LNG consumption for power generation in April 2023 was 2.41 million tonnes, decreasing by 13.1% from April 2022. Power generation companies received 2.72 million tonnes of LNG, decreasing year-on-year by 16.7%.
  • According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 20 September 2023, major power utilities’ LNG inventories were 1.62 million tonnes as of 17 September. This is lower by 1.04 million tonnes than the end of September 2022 and 0.44 million tonnes below the average of the end of September of the past five years.

Japan end of month LNG inventory, 2021-2023

Japan end of month LNG inventory, 2013-2023

Compiled based on data from Gas Business and Thermal Power Generation Statistics, Ministry of Economy, Trade and Industry.As the inventory data is available for the period only after January 2008, the five-year average is applicable only after January 2013.

United States

  • As of 15 September 2023, working gas in underground natural gas storage in the United States was 3.27 Tcf, 6.0% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 13.7% higher than those at the same time in 2022 and were 205.2 Bcf higher than the past five-year average. The latest inventories have been within the past five-year range since November 2020.

U.S. Natural Gas Underground Storage, 2021 - 2023

U.S. Natural Gas Underground Storage, 2013 - 2023

Compiled based on data from the U.S. Energy Information Administration (EIA)


  • As of 24 September 2023, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 1,081.5 TWh (about 71.54 million tonnes LNG equivalent). The volume was higher than that of one year ago by 11.1% or 107.9 TWh (about 7.14 million tonnes LNG equivalent). The inventories represented 95.0% of the capacity, which was higher than 87.4% on the same day in 2022 and higher than the five-year average of 85.9%. The inventories in Germany and the Netherlands (which have relatively large storage capacity among the member countries) were 95.0% and 96.0% of their respective capacities.

European Natural Gas Storage, 2021 - 2023

European Natural Gas Storage, 2013 - 2023

Compiled based on data from Gas Infrastructure Europe, Aggregated Gas Storage Inventory (AGSI). As the inventory data is available for the period only after January 2011, the five-year average is applicable only after January 2016.


  • As of 24 September 2023, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators (including 18 operators in 11 countries) was 4.83 million cubic meters, 1.0% up from the previous month. The inventories were higher than the same day in 2022 by 0.2% and by 5.0% below the five-year average for the same day.

European LNG Inventory, 2021 - 2023

European LNG Inventory, 2012 - 2022

Compiled based on data from Gas Infrastructure Europe, Aggregated LNG Storage Inventory(ALSI). As the inventory data is available for the period only after January 2012, the five-year average is applicable only after January 2017.

Latest Developments in Major Natural Gas and LNG Projects


  • At two of Australia's largest LNG export projects, talks between operator Chevron and the labor unions failed, leading to intermitted work stoppages from 8 September and a 24-hour strike from 14 September. Subsequently, however, the two sides agreed on the country's Fair Works Commission's (FWC) recommendations to settle the dispute by 22 September, ending the industrial actions.


Asia and Oceania

  • SHPGX (Shanghai Petroleum and Natural Gas Exchange) announced on 23 August 2023 that Singapore's Pavilion Energy would use the Chinese currency (CNY) to pay for an LNG cargo sold by CNOOC (China National Offshore Oil Corporation).
  • Saipem announced on 1 September 2023 that the company and its joint venture partners, Tripatra, and Chiyoda Corporation, had handed over the Tangguh Train 3 Project in Tangguh West Papua, Indonesia to bp. The plant has a capacity of 3.8 million tonnes per year.
  • Australia's Conrad Energy Asia and Singapore's SembCorp Gas announced on 12 September 2023 that Indonesia's regulator SKK Migas had given the green light to the first long-term gas sales agreement for the Mako gas field starting supply in 2025. Conrad Energy Asia is the operator of the Duyung production sharing contract (PSC) in the Natuna Sea.
  • Sarawak Shell Berhad (SSB), a subsidiary of Shell plc, announced on 28 August 2023 that gas production had started at its Timi platform in Malaysia under the SK318 production sharing contract (PSC). The company says Timi features Shell's first wellhead platform in Malaysia that is powered by a solar and wind hybrid power system. SSB is the operator holding 75% equity. The other two partners are PETRONAS Carigali Sdn Bhd (15%) and Brunei Energy Exploration (10%).
  • Australia's Minister for Resources and Northern Australia outlined on 13 September 2023 the potential for Australia to build a new industry to decommission offshore oil and gas infrastructure and released an issues paper that points to the opportunities for the sector. In a statement to Parliament, the Minister said work to decommission infrastructure when projects finish production could be worth up to AUD 60 billion over the next 30 to 50 years.
  • Australia's Woodside announced on 7 September that the company and Kansai Electric Power (KEPCO) had signed a non-binding MOU, to enable studies of a potential CCS value chain between Japan and Australia. KEPCO plans to research the capture of carbon dioxide (CO2) emitted from its thermal power plants and its transport to Australia. Woodside is progressing CCS projects in Australia and will conduct the study of injection and storage of CO2 delivered from Japan as well as the potential production of Synthetic Methane (e-methane).
  • Toho Gas and Kawasaki Kisen (K LINE) announced on 7 September 2023 that the two companies, Sumitomo Corporation and Australia's Woodside Energy had signed a non-binding MOU on a feasibility study. The study is to investigate the feasibility of establishing an entire CCS value chain between Australia and Japan, whereby CO2 emissions from industries in the Chubu region, Japan, to be captured and liquefied by using such technology as CO2 separation and capture using unutilized LNG Cryogenic Energy developed by Toho Gas and transported to Australia by a low-temperature, low-pressure liquefied CO2 carrier for injection/storage at Woodside's storage sites.
  • Woodside Energy announced on 24 August 2023 that the company had reached in-principle agreement with the Australian Workers' Union and the Electrical Trades Union and other bargaining representatives on an enterprise agreement covering employees on its North West Shelf offshore platforms.
  • Australia's Offshore Alliance (OA) union umbrella group said on 5 September 2023 it would escalate work stoppages from 14 September with Chevron over wages and work conditions at the Wheatstone and Gorgon LNG facilities, including rolling 24 hour/day stoppages, each day. OA issued on 16 September a 24-hour full strike call at the LNG facilities.
  • Australia's Fair Work Commission (FWC) issued on 21 September a set of recommendations to settle the dispute at the Wheatstone and Gorgon LNG facilities in Australia between Chevron and the Offshore Alliance (OA) union group. The two sides agreed on the recommendations by 22 September.
  • Chevron Australia announced on 23 August 2023 that the company's Wheatstone Project had executed technical enhancements and plant modifications to increase production rates at the domestic gas facility at the project. The official nameplate capacity of Wheatstone's domestic gas plant will increase from 205 terajoules per day to 215 terajoules per day (1.44 million tonnes per year) - an increase of 5%.
  • Australia's Santos said on 23 August 2023 that at least one more cargo of LNG was expected to be produced from Bayu-Undan feedgas in 2023, after which the residual gas from the field would be re-directed to the domestic market. If drilling is restarted before the end of 2023, the company expects production from the Barossa project in the first half of 2025.
  • Australia's Santos announced on 1 September 2023 that it had executed a binding sale agreement to deliver Kumul Petroleum Holdings Limited (Kumul) a 2.6% participating interest in Papua New Guinea's PNG LNG. Santos has agreed to grant Kumul a call option to acquire a further 2.4% participating interest in PNG LNG. The Call Option must be exercised by 30 June 2024.


North America

  • Cheniere Energy, Inc. announced on 22 August 2023 that Cheniere Marketing, LLC had entered into a long-term LNG sale and purchase agreement (SPA) with BASF. BASF has agreed to purchase up to approximately 0.8 million tonnes per year of LNG on an FOB (free-on-board) basis for a purchase price indexed to the Henry Hub price, plus a fixed liquefaction fee. Deliveries will commence in mid-2026 and, subject to a positive Final Investment Decision with respect to the first train (Train Seven) of the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project) in Louisiana, will increase to approximately 0.8 million tonnes per year upon the start of commercial operations of Train Seven. The term of the SPA extends through 2043.
  • Sempra Infrastructure, a subsidiary of Sempra, announced on 12 September 2023 that it had completed the sale of a 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR. Sempra Infrastructure retains a controlling 28% indirect interest in Phase 1 and ConocoPhillips owns the remaining 30% interest. The expected commercial operation dates for Train 1 and Train 2 are 2027 and 2028, respectively.
  • Sempra Infrastructure announced on 30 August 2023 an agreement with a consortium comprised of Tokyo Gas, Osaka Gas, Toho Gas, and Mitsubishi Corporation to participate in the evaluation of a proposed project to produce e-natural gas in the U.S. Gulf Coast.
  • Venture Global LNG announced on 4 September 2023 its long-term expansion plan to increase production from 70 million tonnes per year to more than 100 million tonnes per year of nameplate LNG export capacity. To support this initiative, Venture Global and Baker Hughes have executed an expanded master equipment supply agreement for the delivery of additional liquefaction train systems and power island systems for Venture Global's future LNG export projects.
  • NextDecade Corporation announced on 20 September 2023 that its subsidiary, Rio Grande LNG, LLC (RGLNG), had entered into a credit agreement with a group of lenders for USD 356 million of senior loans to finance a portion of the first three LNG trains (Phase 1) at NextDecade's 27 million-tonne-per-year Rio Grande LNG export facility in Brownsville, Texas.
  • The U.S. DOE gave notice of receipt of an application filed on 18 August 2023, by Lake Charles Exports, LLC (LCE), seeking long-term multi-contract authorization to export domestically produced LNG up to the equivalent of 851 billion cubic feet (17.71 million tonnes) of natural gas per year to Non-Free Trade Agreement (Non-FTA) countries.
  • Tellurian Inc. and Baker Hughes announced on 5 September 2023 an agreement to supply eight main refrigerant compression packages for Phase 1 of the Driftwood LNG project. The agreement secures a delivery schedule for the eight LM6000PF+ gas turbines, main refrigerant compressors, and control units required for Phase 1 which targets LNG production in 2027.
  • Commonwealth LNG announced on 21 August 2023 a strategic agreement with Baker Hughes related to Commonwealth LNG's facility under development in Cameron Parish, Louisiana. Baker Hughes will work with Commonwealth LNG on maximizing the project's output and minimizing emissions through the use of Baker Hughes' LM9000 aeroderivative gas turbine technology.
  • Commonwealth LNG announced on 4 September 2023 that it had entered into an HOA with Switzerland's MET Group for the sale and purchase of 1 million tonnes per year of LNG for 20 years from the Commonwealth LNG facility. The terms under the non-binding HOA would commence at the start of commercial operation of the facility in 2027.
  • EQT Corporation announced on 18 September 2023 that it had signed an HOA for liquefaction services from Commonwealth LNG's facility to produce 1 million tonnes per year of LNG under a 15-year tolling agreement. Commonwealth anticipates an FID on the project in the first quarter of 2024, with first cargo deliveries expected in 2027.
  • Delfin Midstream Inc. announced on 23 August 2023 that it had entered into a design and engineering contract with Wison Offshore & Marine to develop FLNG vessels for application on the company's deepwater port projects under construction in North America. Delfin has been developing the Delfin LNG Deepwater Port project, which can support four FLNG vessels with a combined export capacity of up to 13.3 million tonnes per year.
  • bp announced on 5 September 2023 that bp had entered its third long-term LNG offtake contract from the Woodfibre LNG facility based in British Columbia, Canada. With the additional contract to offtake 0.45 million tonnes of LNG per year for 15 years on an FOB basis, all of the LNG production from the Woodfibre LNG export facility is now committed for sale to bp, with firm offtake totalling 1.95 million tonnes per year and the remainder on a flexible offtake basis.


European and surrounding regions

  • PRISMA announced on 23 August 2023 that the third tendering round via AggregateEU would be launched on 21 September, opening the Demand Collection process for companies which subscribing to AggregateEU. The window stays open until 27 September. The process will allow for demand and bids to be placed for the months of November 2023 until March 2025. From this round, sellers must express their price as a discount or a premium in EUR/MWh to the price of the Dutch TTF Natural Gas Futures for the month of delivery.
  • National Grid Ventures' Grain LNG of the United Kingdom announced on 14 September 2023 that it had launched an auction for 375 GWh/d (approximately 9 million tonnes per year) of existing capacity, running until 23 November. Grain LNG has used the positive feedback received from the recent market consultation exercise and, following Ofgem approval, is offering three lots of capacity. Each lot will consist of 42 berthing slots, 200,000 m3 of storage and 125 GWh/d (approximately 3 million tonnes per year) of regasification capacity from as early as January 2029. The business has also worked with Ofgem to arrange a 'Joint Bid' provision, facilitating arrangements whereby participants can put a joint bid in the Auction and share capacity.
  • Ireland's national planning agency An Bord Pleanála announced on 15 September 2023 that it had refused permission to New Fortress Energy's (NFE) Shannon LNG terminal and adjacent 600 MW power plant in Count Kerry.
  • Gate terminal and its shareholders Gasunie and Vopak announced on 23 August 2023 that the FID had been taken to expand Gate terminal's storage and regasification capacity. The expansion consists of a new LNG storage tank of 180,000 m3 and additional regasification capacity of 4 bcm per year. The new capacity is expected to be ready for operation by the second half of 2026. Once all envisaged projects at Gate terminal have been completed, the terminal will have a total regas capacity of 20 BCM per year.
  • ConocoPhillips announced on 14 September 2023 that it had signed a commercial agreement to secure additional regasification capacity at the Gate LNG terminal for 1.5 million tonnes per year, or 2 bcm, for 15 years from September 2031.
  • Germany's public-sector operating company Deutsche Energy Terminal GmbH (DET) announced on 19 September 2023 that it was holding auctions for regasification capacities including storage and send-out for the first time. In two digital auction rounds, which are to start on 16 and 23 October 2023, respectively, market players will be able to acquire utilization rights for the first short-term capacities in 2024 at the Brunsbüttel and Wilhelmshaven 1 terminals. Further short-term capacities at the Stade and Wilhelmshaven 2 terminals are planned to be offered in a subsequent auction round in December 2023. The marketing of long-term capacities with a term of more than one year is planned for April 2024.
  • The U.S. Department of State announced on 14 September 2023 that it had designated individuals and entities to impose further costs in response to Russia's war against Ukraine. These designations include entities and individuals involved in the development of key energy projects and associated infrastructure, including Russia's Arctic LNG 2 project. The Department of State added Novatek's subsidiary Arctic Transshipment, the operator of the Murmansk and Kamchatka LNG transshipment terminals to the list and blocked the Saam FSU and Koryak FSU, already installed in Murmansk and Kamchatka, respectively.
  • Russia's Gazprom announced on 15 September 2023 that the LNG tanker Veliky Novgorod with a cargo of LNG produced at the complex near the Portovaya compressor station completed unloading at the Tangshan LNG receiving terminal in China. This is the first delivery of Gazprom's LNG via the Northern Sea Route.


Other regions

  • QatarEnergy announced on 14 September 2023 that Qatargas had changed its name to "QatarEnergy LNG".
  • Abu Dhabi's ADNOC Gas announced on 7 September 2023 an agreement, valued between USD 450 million and USD 550 million, to supply LNG to PetroChina International.
  • Oman News Agency reported on 30 August 2023 that Oman LNG had signed an agreement with Shell's Middle East trading arm to supply 800,000 tonnes per year of LNG for 10 years from 2025. Oman LNG also agreed to supply OQ Trading, owned by the government of Oman, with around 750,000 tonnes per year for four years from 2026.
  • Israel's Ministry of Energy and Infrastructure announced on 24 August 2023 that it was promoting plans to expand the annual production of natural gas from the Tamar field by approximately 6 bcm starting in 2026, a roughly 60% increase in the reservoir's production capacity.
  • Osaka Gas, Marubeni, and Peru LNG S.R.L. announced on 22 August 2023 that they had signed a joint study agreement to commence a Preliminary-Front End Engineering and Design study (Pre-FEED) for a project to produce e-methane from green hydrogen and carbon dioxide (CO2) in Peru. The three parties have conducted an initial study for the project since July 2022. An FID could be made by 2025, aiming for production and sales of e-methane by 2030.
  • Daphne Technology announced on 11 September 2023 that a trial was getting underway to get methane abatement technologies aboard an in-service LNG carrier. The test will employ technology from Daphne Technology while combining the expertise of Wärtsilä as the engine manufacturer. The vessel for the test will come from Marine Gas Maritime and is operating under charter to Shell. Lloyd's Register will be the independent auditor for the test's data and DNV will be the class society. The LNG Maran Gas Chios, a tanker registered in Greece and built in 2019 will undertake the test using its Wärtsilä 34DF auxiliary engines. The vessel was built by Daewoo Shipbuilding and Marine Engineering in Korea. The ship will be using Daphne's SlipPure technology which utilizes electric power to convert methane to carbon monoxide (CO) and water (H2O). The system received approval in principle from both LR and DNV earlier in 2023.


(Note: bcm: billion cubic metre, CCS: Carbon Capture and Storage, DES: delivered ex-ship, DOE: U.S. Department of Energy, EPC: Engineering, Procurement and Construction, EPCI: Engineering, Procurement, Construction and Installation, FEED: Front-End Engineering Design, FERC: U.S. Federal Energy Regulatory Commission, FID: Final Invest Decision, FLNG: Floating Liquified Natural Gas, FOB: free-on-board, FSRU: Floating Storage and Regasification Unit, FSU: Floating Storage Unit, HOA: Heads of Agreement, MOU: Memorandum of Understanding, SPA: Sale and Purchase Agreement)



Supprted by the Institute of Energy Economics Japan (IEEJ)