Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, moved down to the USD 15s per million Btu from the USD 16s on bearish market sentiment and healthy inventory levels, before reaching USD 17 when the delivery month switched on 16 November. Despite temporary troubles in Oman LNG and Freeport LNG, risks have eased and JKM was at the USD 16s toward the end of the month.
• 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 October 2023 and scheduled to be delivered from the month onward (contract-based price) was USD 14.7. The average price of spot LNG cargoes that were delivered in Japan in October 2023 (arrival-based price) was USD 13.8.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.86 per million Btu, and JPY 91,550 per tonne in October 2023, both higher than those in September. Due to the devaluation of the Japanese currency, the yen-denominated price surpassed the JPY 90 thousand mark for the first time since April. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in October were USD 11.12, USD 11.75, USD 12.45, and USD 11.77, respectively. Elsewhere in Northeast Asia, average import prices in October were USD 10.92 in China, USD 12.09 in Korea, and USD 11.20 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 92.70 per barrel in October 2023. Japanese yen-denominated price stood at JPY 86,808 per kilolitre in October 2023.
• Japan imported 5.41 million tonnes of LNG in October 2023, 6% higher than the same month in 2022. The total import volume during the first ten months of 2023 was 54.32 million tonnes, a decrease of 10% from the same period of 2022. China imported 5.17 million tonnes of LNG in October 2023, 28% higher than the same month in 2022, but lower than Japan for the first time since March. China’s total LNG import volume during the first ten months of 2023 was 56.25 million tonnes, an increase of 11% from the same period of the previous year. While Korea imported 3.43 million tonnes in October 2023, a decrease of 16% from the same month of 2022, Chinese Taipei imported 1.65 million tonnes, 13% lower than one year earlier. LNG import volume in these four markets was 162.99 million tonnes during the first ten months of 2023, a 2% decrease year-on-year.

United States

• The Henry Hub Natural Gas Futures price was at USD 3.5 on expectations of increased demand during the winter season, but then turned downward and dropped below USD 3 on 20 November and has remained at the same level toward the end of the month.
• In its 7 November Short-Term Energy Outlook, the U.S. Energy Information Administration (EIA) forecasts the Henry Hub spot price to average USD 2.67 for 2023 and USD 3.25 for 2024. The EIA also expects HH to average USD 3.40 this winter and peak in January at over USD 3.60, noting that prices will be lower this winter than last winter as production increases and the heating season begins with natural gas storage inventories relatively full.

Europe

• The Dutch TTF Gas Futures price hovered in the USD 14s amid continued weak supply and demand fundamentals in November. Geopolitical risks in the Middle East remained present, but risk factors such as the Australian strike and the Balticconnector pipeline were reduced. With the onset of winter, withdrawals from underground gas storage also began, but inventories were near full and demand was slow.

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, the price rose to USD 17 due to the outbreak of conflict in the Middle East and other factors, but in November, geopolitical risks eased somewhat, and the price generally hovered around USD 14s.
• 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 USD 12s in May 2023 and remain at the USD 11s from August to October, following the declining oil prices from July 2022.

Trend of Natural Gas and LNG Inventories

Japan

• Japan's LNG inventories as of the end of June 2023 stood at 5.49 million tonnes, a decrease of 1.8% and 0.10 million tonnes from May, and an increase of 4.2% from June 2022, higher than the past five-year average by 0.90 million tonnes.
• Japan's LNG inventories as of the end of July 2023 stood at 4.70 million tonnes, a decrease of 14.4% and 0.79 million tonnes from June, and a decrease of 10.9% from July 2022, higher than the past five-year average by 0.08 million tonnes.
• The LNG inventories for city-gas supply as of the end of August 2023 were 2.17 million tonnes, 10.2% lower than July and 14.5% lower than August 2022. LNG consumption for city-gas in August 2023 was 2.32 million tonnes, increased by 0.6% year-on-year. City-gas companies received 2.07 million tonnes of LNG in August 2023, decreasing year-on-year by 11.4%.
• The LNG inventories for power generation as of the end of June 2023 were 2.88 million tonnes, decreasing by 0.3% from May and 3.1% higher than June 2022. LNG consumption for power generation in June 2023 was 2.54 million tonnes, decreasing by 26.4% from June 2022. Power generation companies received 2.82 million tonnes of LNG, decreasing year-on-year by 28.0%.
• The LNG inventories for power generation as of the end of July 2023 were 2.29 million tonnes, decreasing by 20.5% from June and 17.4% lower than July 2022. LNG consumption for power generation in July 2023 was 3.34 million tonnes, decreasing by 11.0% from July 2022. Power generation companies received 3.50 million tonnes of LNG, decreasing year-on-year by 15.4%.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 22 November 2023, major power utilities’ LNG inventories were 2.49 million tonnes as of 19 November. This is lower by 0.06 million tonnes than the end of November 2022 and 0.37 million tonnes above the average of the end of November of the past five years.

United States

• As of 17 November 2023, working gas in underground natural gas storage in the United States was 3.83 Tcf, 3.4% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 7.4% higher than those at the same time in 2022 and were 242.6 Bcf higher than the past five-year average. The latest inventories have been within the past five-year range since November 2020.

Europe

• As of 22 November 2023, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 1,121.6 TWh (about 74.19 million tonnes LNG equivalent). The volume was higher than that of one year ago by 6.0% or 63.9 TWh (about 4.23 million tonnes LNG equivalent). The inventories represented 98.4% of the capacity, which was higher than 94.6% on the same day in 2022 and higher than the five-year average of 87.7%. The inventories in Germany and the Netherlands (which have relatively large storage capacity among the member countries) were 99.7% and 98.0% of their respective capacities.

 

• As of 22 November 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 5.45 million cubic meters, 2.8% down from the previous month. The inventories were higher than the same day in 2022 by 1.7% and by 2.5% above the five-year average for the same day.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• Following three 27-year SPAs with its European equity partners, QatarEnergy cemented deals with China's Sinopec for the North Field South expansion project in early November 2023 – LNG sale of 3 million tonnes per year for 27 years from 2026 and 1.875% equity participation by Sinopec in the NFS project. 21 million tonnes out of 48 million tonnes per year of LNG production capacity from the North Field East and NFS projects has been committed by the projects' international equity partners on a very long-term basis.

 

Asia and Oceania

• PipeChina announced on 9 November 2023 that it had started the capacity slots booking at its seven LNG terminals from April 2024 onwards, including long-term slots between 3 and 20 years and annual slots from April 2024 to March 2025.
• PipeChina announced on 10 November 2023 that its Tianjin LNG terminal Project Phase II's second phase was put into operations.
• SINOPEC (China Petroleum and Chemical Corporation) announced on 3 November 2023 that the company had put China's first and the world's largest LNG storage tank of 270,000 m3 into service on 2 November at its Qingdao LNG Receiving Terminal.
• Singapore's Ministry of Trade and Industry (MTI) and Energy Market Authority (EMA) announced on 23 October 2023 that MTI and EMA would establish Gasco that will centralise the procurement and supply of gas for the power sector by aggregating gas demand from the power generation companies (gencos). The centralised procurement approach will apply to all future gas demand from the power sector, including gas contract renewals. Gencos will be allowed to continue with the existing gas supply contracts they have with their respective gas suppliers. Other industrial gas customers can continue to procure gas through licensed gas importers and will not be subject to this central procurement framework. EMA intends to set up Gasco in 2024 and will consult the industry on the details of the centralised gas procurement framework in the coming months.
• Singapore's Deputy Prime Minister announced on 24 October 2023 SLNG's (Singapore LNG) plan to develop the second LNG terminal in Singapore. SLNG confirmed that SLNG had been given the approval to develop the project. SLNG aims to have the terminal operational by the end of the decade. SLNG is studying the option of using an FSRU.
• PetroVietnam announced on Sunday 29 October 2023 that PV Gas had inaugurated its Thị Vải LNG import terminal. The terminal received its first cargo on 10 July. The company plans to expand the terminal capacity to 3 million tonnes per year by 2027 from the initial 1 million tonnes per year.
• The Philippines' First Gen Corporation (FGEN) announced on 16 November 2023 that the company had concluded its international tender for an LNG cargo by awarding a contract to Trafigura Pte Ltd. Trafigura will supply an LNG cargo within the required delivery window of 25 November to 25 December 2023, on a DES basis to FGEN's wholly-owned subsidiary, First Gen Singapore Pte. Ltd (FGEN Singapore).
• ENI announced on 26 October 2023 that the company had signed a 0.8 bcm LNG sales and purchase agreement with Merakes LNG Sellers, starting from January 2024 for 3 years, in addition to the contract with Jangkrik LNG Sellers for 1.4 bcm per year, in place since 2017. Eni's energy transition strategy aims to progressively increase the share of gas in overall upstream production to 60% by 2030, while also increasing the contribution of equity LNG. Eni aims to more than double its contracted LNG volumes to over 18 million tonnes per year by 2026.
• Indonesia's PGN (PT Perusahaan Gas Negara), a unit of Pertamina, revealed on 7 November 2023 that it had declared force majeure on its LNG supply deal with Gunvor Singapore. In a filling to the stock exchange PGN said that it had submitted the notice to Gunvor on 3 November. "The company's estimate of the force majeure period is no less than several months of year 2024," PGN said. The two firms entered into the LNG supply deal in June 2022.
• Malaysia's MISC Berhad announced on 31 October 2023 that the company had entered into an HOA with Pengerang LNG (Two) Sdn. Bhd. (PLNG2SB), a subsidiary of PETRONAS Gas Berhad (PGB), for the supply, operation, and maintenance of an LNG FSU intended to be deployed at the PETRONAS LNG Regasification Terminal Pengerang (RGTP) in Johor. MISC's LNG Carrier, Puteri Delima Satu, will be converted into an FSU dedicated to this project. The FSU is set to become commercially operational by the second quarter of 2025.
• Excelerate Energy, Inc. announced on 8 November 2023 that it had signed a long-term LNG SPA with the Bangladesh's Petrobangla. Petrobangla has agreed to purchase 0.85 to 1.0 million tonnes per year of LNG for 15 years beginning in January 2026. Excelerate will deliver 0.85 million tonnes per year of LNG in 2026 and 2027 and 1 million tonnes per year from 2028 to 2040.
• South Australian energy infrastructure developer, Venice Energy, announced on 27 October 2023 that the company and Origin Energy had agreed on a framework that will underwrite the viability of the Outer Harbor LNG import terminal to be built at Port Adelaide. Origin will become the single user of the terminal for a minimum of 10 years, with further extension options available. Venice Energy secured government project approvals in December 2021. Up to 110 petajoules (2 million tonnes) per year of gas has been approved to flow through the terminal. Venice Energy claims that the LNG terminal will be the first in the world to operate exclusively on renewable energy. Stage 1 enabling works will begin in November. First gas is expected by May 2026.
• Australia's Santos noted on 2 November 2023 that the Federal Court of Australia had granted an interim injunction to prevent Santos from commencing to lay the Barossa Gas Export Pipeline (GEP) until 13 November.
• The Australian federal government's Environment Protection (Sea Dumping) Amendment (Using New Technologies to Fight Climate Change) Bill passed the Senate on 13 November 2023 with the support of the Coalition. The bill is expected to pave the way for Santos to develop its proposed Bayu-Undan CCS project which is crucial to its plans of the Barossa gas field development.
• Australia's Woodside Energy said in its investor briefing day on 8 November 2023 that the Scarborough LNG project was 50% complete and the Pluto LNG plant work was on track. Fabrication of the Pluto Train 2 modules in Indonesia and site works in Karratha are progressing well, with targeted first LNG cargo in 2026, according to the announcement. The Pluto remote operations centre allows the plant to be operated from Perth. The company is preparing for Scarborough and Pluto Train 2 to also be remotely operated from Perth.
• According to Woodside's INVESTOR BRIEFING DAY 2023 on 8 November 2023, The company has adjusted its strategy to LNG marketing over the last five years to move away from project specific contracting to portfolio contracting.

 

North America

• The U.S. DOE's, Office of Fossil Energy and Carbon Management (FECM) launched on 17 November 2023 a new report called the Natural Gas Imports and Exports Monthly, replacing the LNG Monthly and the Natural Gas Imports and Exports Quarterly Reports. This new product includes comparative and trend aggregate analyses for all forms of natural gas, including LNG and compressed natural gas (CNG), and for all modes of transport.
• Cheniere Energy, Inc. announced on 2 November 2023 that Cheniere Marketing, LLC had entered into an LNG SPA with China's Foran Energy Group Co. Ltd. Foran has agreed to purchase approximately 0.9 million tonnes per year of LNG for 20 years from Cheniere Marketing on an FOB basis for a purchase price indexed to the Henry Hub price, plus a fixed liquefaction fee. Deliveries will commence upon the start of commercial operations of the second train (Train Eight) of the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project) in Louisiana and are subject to, among other things, an FID with respect to Train Eight.
• Cheniere Energy said on 2 November 2023 that the Corpus Christi Stage 3 project continued to progress ahead of plan and the company expected the first LNG production from Train 1 by the end of 2024.
• Sempra Infrastructure said on 3 November 2023 that the company was working on Cameron Phase 2 value engineering with Bechtel, expecting the work to be completed by the end of the year. The company further said that the target was to make an FID in 2024.
• The U.S. Court of Appeals for the Fifth Circuit vacated on 14 November 2023 a TCEQ (Texas Commission on Environmental Quality) air permit granted to Sempra Infrastructure's Port Arthur LNG.
• Freeport LNG said on late 13 November 2023 that it had restarted all three trains after all three tripped and went offline early on the morning due to issues with power supply, according to a filing with the state environmental regulator.
• Venture Global LNG sent a letter on 10 November 2023 to United States and EU (European Union) officials, responding to letters by bp, Edison and Shell filed to the officials. In the letter, Venture Global claims that the earlier communications by the European companies "falsely claim that Venture Global is engaging in misconduct and refusing to honor its contractual commitments to its long-term customers in order to engage in profiteering" and that Venture Global "has been one of the few US (and global) exporters who have successfully financed, commercialized, and built" projects, delivering "where others have failed".
• Japan's Kyushu Electric Power said in a letter of 25 October 2023 to the U.S. Department of Energy (DOE) that the company urges DOE to expedite approval of an export license for Energy Transfer's Lake Charles LNG project in Louisiana, stressing the importance of the long-delayed project to Asia's energy security. Kyushu Electric said that it had been discussing with Energy Transfer the possibility of long-term LNG purchases and participation in the Lake Charles project for about a year.
• Glenfarne Energy Transition, LLC announced on 9 November 2023 that its Texas LNG, a four million tonnes per year LNG export project to be constructed in the Port of Brownsville, Texas, had selected Baker Hughes to supply gas compression technology equipment, including electric motor drives. Texas LNG plans to close its project financing in 2024 with construction commencing shortly thereafter. The first LNG exports from Texas LNG are expected to be shipped in late 2027 or early 2028.
• Chesapeake Energy Corporation and Vitol Inc. announced on 31 October 2023 an HOA to supply up to 1 million tonnes per year of LNG for 15 years from Chesapeake to Vitol with the price indexed to Japan Korea Marker (JKM). The companies will jointly select the most optimal liquefaction facility in the United States. The HOA has a targeted start date in 2028.
• FERC and NERC (North American Electric Reliability Corporation) issued a joint statement on 6 November 2023 that they remained concerned about the potential loss of the Everett LNG Terminal in New England and the consequences that it might have for the reliability and affordability of the region's energy supplies.
• Canada's TC Energy announced on 30 October 2023 that Coastal GasLink had achieved 100% pipe installation across the entire project route of 670 km, connecting northeastern British Columbia to LNG Canada's facility on the west coast. The work is the last step before mechanical completion on track for the year-end target.
• New Fortress Energy (NFE) said on 8 November 2023 that it had completed sailaway, installation and first gas for its first FLNG asset offshore Altamira. The first LNG and Commercial Operations Date (COD) is expected by the end of the fourth quarter of 2023.
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European and surrounding regions

• The European Council and the European Parliament announced on 15 November 2023 that they had reached a provisional political agreement on a regulation on tracking and reducing methane emissions in the energy sector. Notably on imports of energy sources, the Council and the Parliament agreed on three implementation phases. The first phase will focus on data collection and the creation of a methane emitters global monitoring tool and a super emitter rapid reaction mechanism. In the second and third phases, equivalent monitoring, reporting and verification measures should be applied by exporters to the EU by 1 January 2027, and maximum methane intensity values by 2030. The competent authorities of each member state will have the power to impose administrative penalties if these provisions are not respected.
• According to TotalEnergies on 26 October 2023, regarding the 27-year duration of the 3.5 million tonne per year SPA with QatarEnergy, all the partners of North Field East and North Field South were asked to take their share of offtake for 27 years in line with the duration of the concession. If it is the interest of both parties, they can redirect with Qatar agreement, according to TotalEnergies.
• TotalEnergies announced on 26 October 2023 the commissioning of the Cape Ann, its FSRU for LNG in the port of Le Havre. The terminal injected its first gas into the grid operated by GRTgaz, using LNG from Norway. TotalEnergies has contracted 50% of the terminal's annual capacity of around 5 bcm.
• According to Deutsche ReGas on 20 October 2023, the company assumed the rights and obligations of the head charter contract between the Federal Republic of Germany and the Greek shipowner. The TRANSGAS POWER is one of the two regasification vessels (FSRUs) planned for the EnergieTerminal 'Deutsche Ostsee' in Mukran. In winter 2023/2024 the TRANSGAS POWER will be moored at the designated berth 12 in the industrial port of Mukran and put into operation as an FSRU. Until then, the TRANSGAS POWER will be chartered out and used as an LNG carrier.
• Spain's gas network operator Enagás said in a note to customers on 10 November 2023 that the flexibility of LNG tanker deliveries to Spain could be reduced because of high tank stock levels after recent storms.
• Poland's transmission system operator Gaz-System announced on 14 November 2023 that it had concluded agreements (Term Sheet) with two shipowners that set out the framework conditions for the delivery and use of the first FSRU vessel to serve as a regasification terminal in the Gulf of Gdańsk. Regasification services are planned to start in early 2028. Mitsui O.S.K. Lines (MOL) and BW LNG were selected. Gaz-System plans to conclude the final charter agreement with one of these entities for 15 years. Gaz-System announced on 17 November 2023 that on 27 October, the submission phase for binding offers filed by participants registered in the Gaz-System's Open Season FSRU 2 procedure was closed. The procedure did not result in Gaz-System obtaining binding orders at a sufficient level to proceed with the implementation of the FSRU 2 project.
• The European Parliament adopted on 9 November 2023 a resolution calling for a full closure of the EU market to Russian fossil fuels and a full ban on Russian LNG and LPG imports. While the resolution represented the majority opinion of lawmakers in the European Parliament, it did not mean a legally binding ban.
• The U.S. Treasury issued 2 November 2023 a new round of technology sanctions on Russia, including Limited Liability Company Arctic LNG 2. Mitsui & Co., Ltd. announced on 3 November that the company would examine the impact of Arctic 2 being sanctioned, the company would take appropriate measures.

 

Other regions

• QatarEnergy and Sinopec (China Petrochemical Corporation) announced on 4 November 2023 the signing of a partnership agreement for the North Field South (NFS) expansion project. The two companies also signed an SPA for 3 million tonnes per year of LNG from the NFS project to Sinopec's receiving terminals in China over 27 years. QatarEnergy will transfer a 5% interest to Sinopec in a joint venture company that owns the equivalent of 6 million tonnes per year of LNG production capacity in the NFS project. The partnership agreement is the second of its kind with Sinopec, following a similar one signed in April 2023, which marked Sinopec's entry as a shareholder in one of the North Field East (NFE) joint venture companies that own the NFE project. The latest long-term LNG SPA follows another SPA signed in November 2022 for the supply of 4 million tonnes per year of LNG over 27 years.
• Abu Dhabi's ADNOC said on 10 November 2023 that the company was advancing towards an FID for a project in Ruwais to establish one of the world's lowest carbon intensity LNG production facilities. Located in Al Ruwais Industrial City, the project features two 4.8 million tonnes per year LNG trains operating on renewable and nuclear energy. The procurement of all-electric compressors is already underway.
• Abu Dhabi's ADNOC said on 14 November 2023 that the company planned to expand its production capacity of the three-train LNG plant on the Das Island from the current level of 6 million tonnes per year to 6.9 million tonnes per year by 2028. The LNG 2.0 project includes: Electrification of LNG trains to reduce GHG emissions; Debottlenecking LNG trains: and Ethane extraction and export.
• Shell and Mitsubishi Corporation announced on 23 and 24 October 2023 that partners in the Oman LNG LLC venture signed an amended shareholders' agreement for Oman LNG LLC (Oman LNG) extending the business beyond 2024. Oman LNG in turn signed various agreements to secure its gas supply until 2034. TotalEnergies announced on 2 November that the company had signed an amendment to extend its partnership with Oman LNG. TotalEnergies is extending beyond 2024 its interest in Oman LNG, by ten years, and in Qalhat LNG, by five years.
• Kosmos Energy said on 6 November 2023 that the delivery of first gas from the Tortue LNG project offshore Senegal and Mauritania had the potential to slip into the second quarter of 2024. Gas produced from the project's floating production storage and offloading (FPSO) vessel would be sent to the Gimi floating LNG (FLNG) unit to turn into LNG. The Gimi is in Singapore. Kosmos said the FLNG vessel was expected to sail away later in the fourth quarter arriving on location in early 2024.
• 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 approximately 1 billion cubic meters 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.
• New Fortress Energy Inc. (NFE) announced on 6 November 2023 that it had executed an agreement to charter the FSRU Energos Winter from Petrobras starting in December 2023. The FSRU will be immediately deployed to Terminal Gas Sul (TGS), NFE's newest LNG import terminal in Santa Catarina.

 

(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)