Trend of Natural Gas and LNG Prices
- The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, had been hovering around the USD 12 per million Btu due to lower demand in Northeast Asia, including China's National Day, however, the price had risen to the latter half of USD 16s by 16 October due to concerns over supply caused by the dispute between Israel and Hamas and the shutdown of the Balticconnector gas pipeline. JKM further rose to USD 19 on 18 October due to escalating conflicts in the Middle East and renewed strikes in Australia. Although healthy inventories, weak real demand, and abundant supplies are not straining fundamentals, supply concerns persist, and JKM was in the mid USD 18s as of 30 October.
- 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 September 2023 and scheduled to be delivered from the month onward (contract-based price) was USD 12.2. The average price of spot LNG cargoes that were delivered in Japan in September 2023 (arrival-based price) was USD 11.9.
- Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.54 per million Btu, and JPY 87,662 per tonne in September 2023, lower than those in August. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in September were USD 10.78, USD 11.33, USD 10.50, and USD 11.69, respectively. Elsewhere in Northeast Asia, average import prices in September were USD 10.80 in China, USD 12.89 in Korea, and USD 10.90 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 86.44 per barrel in September 2023. Japanese yen-denominated price stood at JPY 79,646 per kilolitre in September 2023.
- Japan imported 5.52 million tonnes of LNG in September 2023, 4% higher than the same month in 2022. The total import volume during the first nine months of 2023 was 48.91 million tonnes, a decrease of 12% from the same period of 2022. China imported 5.69 million tonnes of LNG in September 2023, 3% lower than the same month in 2022. China’s total LNG import volume during the first nine months of 2023 was 51.13 million tonnes, an increase of 10% from the same period of the previous year. Japan's monthly LNG imports increased for the first time in eight months, while China's monthly LNG imports declined for the first time in eight months. While Korea imported 2.96 million tonnes in September 2023, a decrease of 30% from the same month of 2022, Chinese Taipei imported 1.72 million tonnes, 1% higher than one year earlier. LNG import volume in these four markets was 147.42 million tonnes during the first nine months of 2023, a 2% decrease year-on-year.
- The Henry Hub Natural Gas Futures price increased from the high USD 2s to the low USD 3s, with slight fluctuations. Inventory buildup situations and expectations for demand were at play.
- In its 11 October Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecasts the Henry Hub spot price to average USD 2.61 for 2023 and USD 3.23 for 2024. In its Winter Fuels Outlook 2023-2024 released at the same time, the EIA expects winter heating prices for U.S. households to remain relatively flat or decline this season, depending on the primary heating fuel used by the household and the region. With natural gas prices expected to be lower than last year, the report noted that 46% of U.S. households that use natural gas as their primary heating fuel are likely to spend less on heating this winter than they did last winter.
- The Dutch TTF Gas Futures price fell to USD 11.2/MBtu on 5 October amid high underground gas storage buildup, but rose sharply to USD 16.6/MBtu on 13 October on the back of cold weather in northwest Europe, the scheduled resumption of the Australian strike, the outbreak of the Israel-Hamas conflict, and the shutdown of the Balticconnector pipeline. Despite near-full underground gas storage and stable fundamentals due to the relatively mild climate, TTF has remained high due to uncertainty and stood at USD 15.4/MBtu as of 30 October.
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. In October, JKM rose to USD 17 due to the outbreak of conflict in the Middle East and the resurgence of strikes in Australia.
- 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 the mid-USD 11s in September 2023, following the declining oil prices from July 2022.
*There is no data service for downloading. You are allowed to use this graph image only for internal purpose and shall not store, reproduce or further distribute it to any third party for any purpose in any format or by any means.
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
Before reading the information on this page, you acknowledge and agree that:
- The Platts Material has been prepared by S&P Global Platts (Source: © 2023 by S&P Global Platts, a division of S&P Global Inc. All rights reserved).
- You agree to only use the Platts Material for internal purposes and shall not store, reproduce or further distribute the Platts Material to any third party for any purpose in any format or by any means, including via the Internet, Intranet or other type of network.
- You acknowledge and agree that Platts, its affiliates, or its licensors own the Platts Material, and all intellectual property rights therein, including, without limitation, any patent, trade secret, copyright, and trademark rights (whether or not such rights are registered).
- Platts, its affiliates, and their respective third party licensors disclaim any and all warranties and representations, express or implied, including any warranties of merchantability or fitness for a particular purpose or use with respect to the Platts Material, including any information or data contained therein or the results obtained by their use or the performance thereof. None of Platts, its affiliates, or their respective third party licensors guarantees the adequacy, accuracy, timeliness or completeness of the Platts Material or any component thereof or of any communications with respect thereto. None of Platts, its affiliates or their respective third party licensors shall be subject to any damages or liability for any errors, omissions, interruptions, or delays in the Platts Material. The Platts Material and all components thereof are provided on an 'as is' basis and JOGMEC website users’ use of the Platts Material is at their own risk. The Platts Material should not be regarded as financial or other professional advice.
- Notwithstanding anything to the contrary, in no event whatsoever shall Platts, its affiliates or their respective third party licensors be liable for any indirect, special, incidental, punitive or consequential damages, including but not limited to, loss of profits, trading loss, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort (including negligence), strict liability or otherwise. None of Platts, its affiliates or their respective third party licensors shall be liable for any claims against JOGMEC website users by third parties.
Trend of Natural Gas and LNG Inventories
- Japan's LNG inventories as of the end of May 2023 stood at 5.59 million tonnes, a increase of 5.8% and 0.31 million tonnes from April, and an increase of 8.7% from May 2022, higher than the past five-year average by 0.96 million tonnes.
- The LNG inventories for city-gas supply as of the end of July 2023 were 2.42 million tonnes, 7.6% lower than June and 3.8% lower than July 2022. LNG consumption for city-gas in July 2023 was 2.22 million tonnes, decreased by 10.1% year-on-year. City-gas companies received 2.04 million tonnes of LNG in July 2023, decreasing year-on-year by 18.4%.
- The LNG inventories for power generation as of the end of May 2023 were 2.89 million tonnes, increasing by 6.8% from April and 8.5% higher than May 2022. LNG consumption for power generation in May 2023 was 2.39 million tonnes, decreasing by 16.7% from May 2022. Power generation companies received 2.80 million tonnes of LNG, decreasing year-on-year by 20.6%.
- According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 25 October 2023, major power utilities’ LNG inventories were 2.23 million tonnes as of 22 October. This is lower by 0.30 million tonnes than the end of October 2022 and 0.22 million tonnes above the average of the end of October of the past five years.
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.
- As of 13 October 2023, working gas in underground natural gas storage in the United States was 3.43 Tcf, 10.9% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 8.5% higher than those at the same time in 2022 and were 284.0 Bcf higher than the past five-year average. The latest inventories have been within the past five-year range since November 2020.
Compiled based on data from the U.S. Energy Information Administration (EIA)
- As of 24 October 2023, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 1,123.8 TWh (about 74.37 million tonnes LNG equivalent). The volume was higher than that of one year ago by 7.5% or 78.8 TWh (about 5.21 million tonnes LNG equivalent). The inventories represented 98.7% of the capacity, which was higher than 93.8% on the same day in 2022 and higher than the five-year average of 89.9%. The inventories in Germany and the Netherlands (which have relatively large storage capacity among the member countries) were 98.9% and 98.8% of their respective capacities.
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 October 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 5.14 million cubic meters, 12.0% up from the previous month. The inventories were higher than the same day in 2022 by 2.2% and by 12.6% below the five-year average for the same day.
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
- QatarEnergy announced in early October that the ground-breaking ceremony had taken place for the huge expansion project, which would raise Qatar's LNG production capacity from the current 77 to 126 million tonnes per year by 2026. The fact that the expected completion date has been brought forward suggests that LNG marketing is progressing and that the company is confident in the integrated project engineering management. From the project, three long-term LNG sales deals to the European markets were concluded in October for 27 years starting in 2026.
Asia and Oceania
- Classification society DNV presented Hanwha Ocean with an Approval in Principle (AiP) for a 270,000 cbm LNG carrier. The new 345 m long LNG carrier, designed with a breadth (moulded) of 55 m and five cargo tanks is to be equipped with an X-DF engine and re-liquification system.
- China's Beijing Gas received the commissioning cargo for the first phase of its Tianjin Nangang LNG import terminal in the Tianjin south port industrial zone on 27 September 2023. The first phase has a capacity of 5 million tonnes per year, with four 220,000 m3 LNG storage tanks.
- Thailand's EGAT (Electricity Generating Authority of Thailand) announced on 3 October 2023 that it had set the goal to import 1.2 million tonnes of LNG per year to reduce the cost of fuel for electricity generation from October 2023. EGAT has begun the short-term procurement of LNG from 2023-2027 in the amount of 1.2 million tonnes per year according to the resolution of the Energy Regulatory Commission (ERC) on 5 April 2023 using competitive pricing.
- MET Group, an integrated European energy company headquartered in Switzerland, announced on 4 October 2023 that it opened its office in Singapore. MET Asia Pte. Ltd., a subsidiary owned 90% by MET Group and 10% by Keppel, will focus on making the Group's LNG portfolio global, according to the announcement.
- ENI announced on 2 October 2023 a gas discovery from the Geng North-1 exploration well drilled in North Ganal PSC, about 85 km off the cost of East Kalimantan in Indonesia. Preliminary estimates indicate a total structure discovered volume of 5 trillion cubic feet (Tcf) of gas in place with a content of condensate estimated up to 400 Mbbls. The discovery has the potential to be connected to the Bontang LNG facilities on the coast of East Kalimantan, according to the announcement.
- Indonesia's Pertamina announced on 20 September 2023 that the company's subsidiary PT Kilang Pertamina Internasional and BP Berau Ltd (bp), the operator of Tangguh and acting on behalf of the Tangguh Production Sharing Cooperation Contract (PSC) Contractor, had signed an MoU for cooperation on a study to be carried out by Pertamina regarding the potential for gas supply and CO2 injection in Tangguh related to the potential for developing blue ammonia.
- bp announced on 19 October 2023 that the first cargo of LNG produced by the new third liquefaction train at the Tangguh LNG facility, in Papua Barat, Indonesia, had been loaded and sailed, to be delivered to Indonesia's state-owned power generator PT PLN (Persero).
- Shell announced on 18 October 2023 that it had completed the previously announced sale of its 35% participating interest in Indonesia's Masela Production Sharing Contract (PSC) to Pertamina and PETRONAS.
- Indonesia's PT Amman Mineral Internasional Tbk (AMMN) announced on 20 September 2023 that its subsidiary PT Amman Mineral Nusa Tenggara (AMNT) had signed an HoA with Pertamina to ensure a steady supply of LNG for AMNT's upcoming 450 MW combined cycle power plant (CCPP) and its copper smelter. The CCPP is targeted to be operational in 2024.
- JGC Holdings, Osaka Gas, and INPEX announced on 25 September 2023 that the three companies and Indonesia's PT Perusahaan Gas Negara Tbk (PGN, a natural gas supplier and subsidiary of Pertamina) had started detailed discussions on commercialization of biomethane derived from palm oil mill effluent (POME) in Indonesia. The companies assume that biomethane production would begin in southern Sumatra in 2025. The companies will consider supplying bio-LNG as a bunker fuel, exporting bio-LNG.
- Pakistan LNG revealed its final evaluation report on its latest LNG purchase tender on 4 October 2023. For the company's two-cargo DES buy tender for December, Vitol and Trafigura submitted offers.
- The Australian Government released on 3 October 2023 a discussion paper and opened consultations on a national Future Gas Strategy. The announcement said the strategy would be informed by widespread consultations with industry, international trade and investment partners, and the Australian public. The strategy is due to be finalised in 2024.
- The Australian Competition and Consumer Commission's (ACCC) September 2023 interim gas inquiry report shows that Australia's east coast gas market should have a 1.4 petajoule (PJ) (26 thousand tonnes) surplus in the first quarter of 2024, even if the LNG producers export all their uncontracted gas.
- KBR announced on 25 September 2023 that it had been awarded an EPCm contract by Woodside Energy, as operator for Australia's Pluto Joint Venture. KBR will undertake modifications to Train 1 of the Pluto LNG facility, located near Karratha, Western Australia. The modifications will enable the processing of up to 3 million tonnes per year of Scarborough gas through Train 1.
- Australia's Federal Court ruled on 28 September 2023 that an environmental plan for part of Woodside's Scarborough project was not legally approved by the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) and is therefore invalid. Woodside had hoped to begin seismic testing for the project in September, as it was granted approval by NOPSEMA in July.
- Woodside said on 18 October 2023 that the Scarborough and Pluto Train 2 project was 46% complete at the end of the period, with fabrication of the floating production unit (FPU) and Pluto Train 2 modules progressing.
- Saudi Aramco announced on 28 September 2023 that it had signed agreements to acquire a minority stake in MidOcean Energy. MidOcean Energy is an LNG company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors. MidOcean Energy is in the process of acquiring interests in four Australian LNG projects.
- Origin Energy Limited noted on 10 October 2023 that the Australian Competition and Consumer Commission (ACCC) had granted authorisation for the proposed acquisition of the company by the consortium comprising Brookfield Asset Management (Brookfield) and MidOcean Energy, an entity managed by EIG Partners.
- Australian Energy union group Offshore Alliance (OA) alleged on 6 October 2023 that Chevron had "reneged on the commitment they gave the Fair Work Commission (FWC) to incorporate its recommendations into Enterprise Agreements (EA)." OA filed a new Notice of Protected Industrial Action on the Gorgon and Wheatstone Facilities on 9 October. FWC started mediation sessions on 11 October. OA revealed on 18 October that members had voted in support of an agreement to suspend Protected Industrial Action while members review the proposed EAs.
- Santos said on 19 October 2023 that the Barossa project was 68% complete, excluding Darwin Pipeline Duplication project. Drilling activities remain suspended pending assessment and acceptance of the associated environment plan by the regulator.
- Sempra Infrastructure announced on 21 September 2023 that the FERC had approved the permit authorizing the Port Arthur LNG Phase 2 expansion project under development at Port Arthur LNG in Jefferson County, Texas. The proposed Phase 2 project includes the addition of liquefaction trains 3 and 4 capable of producing up to 13 million tonnes per year of LNG.
- Baker Hughes announced on 2 October 2023 that it had been awarded a contract to provide a modularized LNG system and power island under a master equipment supply agreement between Venture Global LNG and Baker Hughes for more than 100 million tonnes per year of production capacity.
- NextDecade announced on 6 October 2023 that it had held the groundbreaking ceremony for the Rio Grande LNG export project.
- Tellurian's Driftwood LNG submitted on 4 October 2023 to the FERC a request for 36-month extension of time to complete construction and place each of the LNG Terminal and Driftwood Pipeline in Service for the Driftwood LNG Project.
- The FERC granted on 4 October 2023 a requested four-year extension of time to complete the onshore facilities authorized in the 2017 certificate order to Delfin LNG LLC's Onshore Project. Delfin has time until 28 September 2027, to construct and make available for service the onshore facilities, it said.
- ExxonMobil and Pioneer Natural Resources announced on 11 October 2023 an agreement for ExxonMobil to acquire Pioneer. The implied total enterprise value of the transaction, including net debt, is approximately USD 64.5 billion. It will mark Exxon's largest deal since its USD 81 billion merger with Mobil in 1998.
- Canada's Ksi Lisims LNG announced on 16 October 2023 that it had submitted its application to the B.C. government for an Environmental Assessment Certificate (EAC). According to the announcement, the filing commences a statutory 180-day period for review and comment by the technical advisory committee, participating Indigenous nations, regulatory agencies, and the public. Following receipt of those comments, Ksi Lisims will refile an amended, final application. The BC Environmental Assessment Office then follows a statutory 150-day period for consideration of the application and makes a recommendation regarding the issuance of an Environmental Assessment Certificate. Ksi Lisims LNG says that it will produce 12 million tonnes of LNG per year.
- New Fortress Energy (NFE) announced on 27 September 2023 that the Pioneer II rig had set sail towards Altamira, Mexico, where it would act as the liquefaction unit for the 1.4 million tonnes per year Fast LNG Altamira production project due to start up in coming weeks. The Fast LNG Altamira project will use three rigs: Pioneer II for liquefaction, Pioneer I for gas treatment and Pioneer III for accommodation and utilities. The latter two rigs are already in place.
European and surrounding regions
- The EU's third round of joint gas purchasing attracted offers totalling 18.1 Bcm from suppliers, according to the European Commission on 6 October 2023, similar to the first round where the amount was 18.7 Bcm, and an increase on the second round which recorded 15.2 Bcm. The aggregated demand was 16.5 Bcm, based on requests submitted by 39 European companies. The joint purchasing platform matched 11.9 Bcm of demand with suppliers, similar to the second round (12 Bcm), and more than in the first round (10.9 Bcm).
- The Netherlands' NAM announced on 22 September 2023 that the country's cabinet had taken the decision that gas extraction from the Groningen gas field would stop as of 1 October. The cabinet will keep open the possibility of restarting gas extraction in exceptional circumstances in winter 2023/2024.
- QatarEnergy announced on 18 October 2023 that QatarEnergy and Shell had signed two long-term LNG SPAs for up to 3.5 million tonnes per year from Qatar to the Netherlands. The LNG will be delivered to the Gate LNG terminal starting in 2026 for 27 years.
- QatarEnergy announced on 11 October 2023 that QatarEnergy and TotalEnergies had signed two long-term LNG SPAs for up to 3.5 million tonnes per year from Qatar to France. The LNG will be DES to the Fos Cavaou receiving terminal in southern France, with deliveries expected to start in 2026 for 27 years.
- QatarEnergy and Eni announced on 23 October 2023 that they had signed a long-term LNG SPA for up to one million tonnes per year of LNG from Qatar to Italy, with deliveries expected to start in 2026 for 27 years. The LNG will be delivered to FSRU Italia in the port of Piombino, in Tuscany region,
- Spain's infrastructure operator Enagás announced on 27 September 2023 that it had concluded the purchase of a 10% stake in Germany's Hanseatic Energy Hub (HEH) consortium, which is developing an LNG import terminal at Stade in Germany. In HEH's first phase, a 10 bcm per year floating storage and regasification unit (FSRU) vessel will be used. The 174,000 m3 Transgas Force arrived in Bremerhaven in July and will be operational by the end of 2023. The second phase, which involves a 13.3 bcm per year land-based import terminal, will be operational from 2027, Enagás said.
- Spain's grid operator Enagás announced on 29 September 2023 that it had bought the entire 130 km network of gas pipelines from Spanish gas transportation company Reganosa. In turn, Reganosa has bought 25% of the El Musel LNG terminal from Enagás.
- QatarEnergy announced on 3 October 2023 that the ground-breaking ceremony had taken place for the North Field expansion project, which will raise Qatar's LNG production capacity from the current 77 to 126 million tonnes per year by 2026.
- QatarEnergy announced on 27 September 2023 that it had signed an agreement with Korea's HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern LNG carriers. The deal marks the start of the second phase of QatarEnergy's LNG ship acquisition program, which will support its expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects as well as its long-term fleet replacement requirements. Together with the 60 ships that were contracted for by QatarEnergy in the first phase of the program, which will be built at Korean and Chinese shipyards, the latest agreement brings the total number of confirmed new LNG vessels to be delivered to QatarEnergy and its affiliates to 77.
- Worley announced on 25 September 2023 that it would provide FEED services for QatarEnergy LNG's CO2 sequestration project in Ras Laffan, Qatar. Worley's team will develop the FEED study and EPC scope of work, set for completion in 2024. The sequestration facility will be capable of capturing 4.3 million tonnes of CO2 every year.
- Abu Dhabi's ADNOC and Baker Hughes announced on 4 October 2023 that ADNOC Gas had awarded a contract to Baker Hughes for the supply of two all-electric compression systems for the liquefaction of natural gas, to be powered by clean energy, for the Ruwais LNG project. The project consists of two 4.8 million tonnes per year natural gas liquefaction trains with a total capacity of 9.6 million tonnes per year of LNG.
- Abu Dhabi's ADNOC announced on 5 October 2023 the FID and award of two EPC contracts, respectively, for the Hail and Ghasha Offshore Development project. The project aims to operate with net zero carbon dioxide (CO2) emissions. Hail and Ghasha are part of Abu Dhabi's Ghasha Concession which is set to produce more than 1.5 billion standard cubic feet per day (bscfd) (11 million tonnes per year) of gas before the end of the decade.
- ADNOC Gas plc announced 0n 18 October 2023 a multi-year LNG supply agreement with JERA Global Markets.
- During the high-level political dialogue on energy between the European Union and Algeria on 5 October 2023, the two sides discussed the Euro-Algerian cooperation on reducing methane emissions in the oil and gas industry and agreed to work together to promote the recovery and commercialisation of methane that would otherwise be dispersed in the atmosphere.
- Marathon Oil Corporation announced on 16 October 2023 that it had entered into a five-year firm LNG SPA with Glencore, for a portion of its equity natural gas produced from the Alba Field (Marathon 64% working interest) in Equatorial Guinea, effective 1 January 2024. The pricing structure for the LNG sales agreement is linked to the TTF index, less a fixed transportation fee. Separately, Marathon Oil announced it expected to optimize its operations in 2024 by redirecting a portion of Alba Unit natural gas from the local methanol facility (Marathon 45% working interest) to the LNG facility (Marathon 56% working interest).
- Allseas announced on 5 October 2023 that it had been selected by bp to complete the subsea pipelay scope for its ultra-deepwater Greater Tortue Ahmeyim (GTA) natural gas project offshore Mauritania and Senegal. Allseas will undertake GTA offshore pipelay works early December 2023.
- ENI announced on 21 October 2023 that Eni had celebrated the sail away of the Tango FLNG and Excalibur FSU vessels from Dubai to Congo's offshore. The first phase of the Congo LNG project is scheduled to startup in December 2023. Tango FLNG, which has a liquefaction capacity of 1 bcm per year of gas, is planned to be moored 3 kilometers offshore along with the Excalibur FSU vessel. The company says that the Congo LNG project leverages Marine XII gas resources and existing production facilities in a new, phased approach that will allow to reach approximately 4.5 bcm per year of gas liquefaction capacity at plateau, as well as zero routine gas flaring. A second FLNG vessel with a capacity of approximately 3.5 bcm per year of gas is under construction and will begin production in 2025.
- Following the filing of a complaint against the company for "manslaughter and a failure to assist people in danger" during the terrorist attacks that took place in northern Mozambique in March 2021, TotalEnergies on 11 October 2023 rejected these accusations and detailed the emergency assistance provided by the Mozambique LNG teams and the resources they mobilized to evacuate more than 2,500 people (civilians, personnel, contractors and subcontractors) from the Afungi site.
- The AES Corporation announced on 26 September 2023 that it had agreed to minority sell-downs of its businesses in the Dominican Republic and Panama, as an expansion of its existing strategic partnership with Grupo Linda and a new partnership with Grupo Popular's subsidiary, AFI Popular. The agreements include the sale of 10% of AES' business in the Dominican Republic to Grupo Linda and Grupo Popular's subsidiary, AFI Popular. AES' businesses in the Dominican Republic include an LNG regasification terminal, with a 160,000 m3 LNG capacity storage tank, combined cycle gas turbine plants, as well as solar and wind power plants. The announcement includes the sale of 20% of AES Colón in Panama, also to Grupo Linda. AES Colón includes a 381 MW combined cycle gas turbine with an adjacent regasification facility that has a 180,000 m3 LNG capacity storage tank.
- The National Gas Company of Trinidad and Tobago Limited (NGC) announced on 22 September 2023 that it and Shell Trinidad and Tobago Limited had signed an amended Domestic Gas Sales Contract (DGSC) to incorporate a share of the natural gas volumes from the Shell-operated Manatee field once the project is sanctioned.
- Excelerate Energy, Inc. announced on 17 October 2023 that the company and Brazil's Petrobras had signed a ten-year contract to charter the FSRU Sequoia. The agreement will commence on 1 January 2024. The Sequoia will provide regasification services in Brazil, primarily at the Bahia Regasification Terminal (TR-BA) in Salvador.
- Safetytech Accelerator announced on 9 October 2023 that, in collaboration with CoolCo, MOL and Shell International Trading and Shipping Company Limited, it had chosen Green Instruments and Everimpact as the first two technology providers to be evaluated by the flagship Methane Abatement in Maritime innovation initiative (MAMII) to tackle the challenge of measuring methane emissions from combustion onboard ships.
(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, EPCm: Engineering, Procurement and Construction management, 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)
- Japan Trend of LNG Inventory data(28.0KB) (Oct 26, 2023 update)
- US Trend of Natural Gas Inventory data(57.6KB) (Oct 26, 2023 update)
- Europe Trend of Natural Gas Inventory data(406.6KB) (Oct 26, 2023 update)
- Europe Trend of LNG Inventory data(240.1KB) (Oct 26, 2023 update)