Dec 2023

Trend of Natural Gas and LNG Prices

Short-term trend


  • The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, have fallen from high USD 15’s per million Btu on 1 December to USD 11’s on 26 December due to ample supply and weak demand. The lower spot price temporarily stirred purchasing interest among Chinese and other buyers.
  • 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 November 2023 and scheduled to be delivered from the month onward (contract-based price) was not disclosed. The average price of spot LNG cargoes that were delivered in Japan in November 2023 (arrival-based price) was not disclosed, either.
  • Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.89 per million Btu, and JPY 92,649 per tonne in November 2023. The price was flat from October in USD, but 1.2% higher in Japanese yen due to the even weaker Japanese currency. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in November were USD 10.97, USD 11.17, USD 12.81, and USD 11.70, respectively. Elsewhere in Northeast Asia, average import prices in November were USD 11.96 in China, USD 12.40 in Korea, and USD 11.09 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 93.85 per barrel in November 2023. Japanese yen-denominated price stood at JPY 88,744 per kilolitre in November 2023.
  • Japan imported 5.33 million tonnes of LNG in November 2023, 4% lower than the same month in 2022. The total import volume during the first eleven months of 2023 was 59.65 million tonnes, a decrease of 10% from the same period of 2022. Japan imported 56,000 tonnes (likely one cargo) of LNG from China, the second consecutive month of imports from China. China imported 6.80 million tonnes of LNG in November 2023, 7% higher than the same month in 2022. China’s total LNG import volume during the first eleven months of 2023 was 62.99 million tonnes, an increase of 11% from the same period of the previous year. While Korea imported 3.73 million tonnes in November 2023, a decrease of 1% from the same month of 2022, Chinese Taipei imported 1.66 million tonnes, 4% higher than one year earlier. LNG import volume in these four markets was 180.42 million tonnes during the first eleven months of 2023, a 2% decrease year-on-year.

United States

  • The Henry Hub Natural Gas Futures price fell from USD 2.8 on 1 December to USD 2.6 as of 26 December. Gas production is increasing, and natural gas inventories are firm above the historical 5-year average.
  • In its 12 December Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasted the Henry Hub spot price to average USD 2.56 for 2023 and USD 2.79 for 2024. The EIA also expected HH for this winter (November to March) to average USD 2.80, a drop of more than 60 cents from the previous STEO. The EIA explained that this is due to a warmer than average start to winter, lower heating demand in the residential and commercial sectors, and high natural gas production.


  • The Dutch TTF Gas Futures price has been down to USD 11 from around USD 12 at the beginning of the month due to ample supplies, relatively warm weather, and soft demand. Withdrawals from natural gas underground storage have also been taking place, but as of 25 December, the storage rate remained steady at 87%.

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. 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. In December, abundant supply and soft demand brought JKM down to USD 11s.
  • 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 remained at the USD 11s from August to November, 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 August 2023 stood at 4.39 million tonnes, a decrease of 6.7% and 0.32 million tonnes from July, and a decrease of 25.6% from August 2022, lower than the past five-year average by 0.15 million tonnes.
  • The LNG inventories for city-gas supply as of the end of September 2023 were 2.40 million tonnes, 10.4% higher than August and 6.5% lower than September 2022. LNG consumption for city-gas in September 2023 was 2.25 million tonnes, decreased by 4.3% year-on-year. City-gas companies received 2.46 million tonnes of LNG in September 2023, increasing year-on-year by 3.1%.
  • The LNG inventories for power generation as of the end of August 2023 were 2.22 million tonnes, decreasing by 3.1% from July and 34.0% lower than August 2022. LNG consumption for power generation in August 2023 was 3.66 million tonnes, increasing by 3.4% from August 2022. Power generation companies received 4.01 million tonnes of LNG, decreasing year-on-year by 11.6%.
  • According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 20 December 2023, major power utilities’ LNG inventories were 2.65 million tonnes as of 17 December. This is higher by 0.12 million tonnes than the end of December 2022 and 0.59 million tonnes above the average of the end of December 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 December 2023, working gas in underground natural gas storage in the United States was 3.58 Tcf, 6.5% decrease from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 7.6% higher than those at the same time in 2022 and were 246.6 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 23 December 2023, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 992.3 TWh (about 65.64 million tonnes LNG equivalent). The volume was higher than that of one year ago by 6.9% or 64.4 TWh (about 4.26 million tonnes LNG equivalent). The inventories represented 87.1% of the capacity, which was higher than 82.9% on the same day in 2022 and higher than the five-year average of 75.6%. The inventories in Germany and the Netherlands (which have relatively large storage capacity among the member countries) were 90.3% and 83.4% 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 23 December 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 4.74 million cubic meters, 13.8% down from the previous month. The inventories were lower than the same day in 2022 by 9.3% and by 3.3% 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


  • From late November to mid-December, the global LNG market saw announcements of long-term LNG SPAs amounting to about 4 million tonnes per year. As a result, the total volume of term LNG sales concluded globally in 2023 stands at around 75 million tonnes per year, matching the level of 2022. U.S. LNG sales continue representing the largest portion of the total, but the volume from the country under the incremental SPAs decreased from around 60 million tonnes in 2022 to around 32 million tonnes in 2023. The Qatar sales, which are mainly for its equity partners, amount to 17 million tonnes per year.


Asia and Oceania

  • JERA Co., Inc. announced on 29 November 2023 measures to address the heavy-load winter season (December 2023 - March 2024). In the announcement, the company said that on 24 November 2023 it received METI's (Ministry of Economy, Trade, and Industry) approval as an authorized supplier under the Strategic Buffer LNG framework. Between December 2023 and February 2024, JERA will secure one cargo of SBL per month to be supplied as requested by the ministry.
  • Japan's Kansai Electric Power and commodity trading firm Hartree Partners announced on 14 December 2023 that they had signed a multi-year LNG SPA, coupled with an investment commitment in a nature-based carbon project in Australia. Hartree will supply the LNG volumes for KE Fuel Trading Singapore.
  • INPEX CORPORATION announced on 29 November 2023 that it had joined OGMP 2.0 (the Oil & Gas Methane Partnership 2.0), following a similar announcement from Thailand's PTTEP (PTT Exploration and Production Public Company Limited) on 16 November. INPEX is the first Japanese company to join OGMP 2.0.
  • NYK Line announced on 12 December 2023 that the company, Namura Shipbuilding Co., Ltd. and Sasebo Heavy Industries Co., Ltd. had been collaborating to replace the main propulsion on steam turbine-driven Moss-type LNG carriers and in October 2023, NYK was granted Approval in Principle (AiP) from the Japanese classification society Class NK for converting the steam turbine of an LNG carrier to a dual-fuel diesel engine. This is the first AiP granted by Class NK for main engine conversion on LNG carriers. The three companies will work on replacing the main propulsion of steam turbine-driven LNG carriers with dual-fuel, low-speed diesel engines called X-DF engines.
  • JERA announced on 15 December 2023 an MOU with Indonesia's Pertamina to collaborate on Business Opportunity Discussion and Potential Collaboration. The MOU set out information sharing and discussions to enhance the value of the fuel value chain and to create business opportunities for infrastructure investment in LNG and hydrogen/ammonia.
  • Chiyoda Corporation announced on 11 December 2023 that it had been awarded a Technical Service Agreement for Indonesia's Donggi-Senoro LNG project.
  • INPEX CORPORATION announced on 5 December 2023 that it had been granted approval for the revised Plan of Development (POD) incorporating a CCS component for the Abadi LNG project in the Masela block in the Arafura Sea, Indonesia. The project is the first with CCS-related costs eligible for recovery based on the production sharing contract (PSC) scheme governing upstream operations in Indonesia.
  • Indonesia's PT AKR Corporindo Tbk announced on 6 December 2023 that it had entered into a Joint Development Agreement with BP GAS & POWER INVESTMENTS LIMITED (bp) to jointly develop an LNG import project involving a regasification terminal in Java Integrated Industrial and Port Estate at Gresik, East Java, Indonesia (JIIPE). The project is expected to come onstream circa 2027 to coincide with the start-up dates of many major gas consuming projects in JIIPE.
  • Pakistan LNG revealed on 24 November 2023 that its one-cargo DES buy tender for an 8 - 9 January 2024 delivery window had seen bids from Oman's OQ Trading, Vitol, QatarEnergy, and Trafigura. OQT submitted the lowest offer at USD 18.46/million Btu, while Vitol submitted an offer at USD 18.58, QatarEnergy at USD 19.43 and Trafigura at USD 19.64.
  • Australia's Minister for Climate Change and Energy and Resources announced on 27 November 2023 that the federal government had secured up to 300 PJ (7.5 bcm) of extra gas supplies for the country's east coast market to 2030. The two enforceable commitments for supply agreed with Australian gas producer Senex Energy and the Australia Pacific LNG (APLNG) project totals around two years of east coast industrial use, the ministers said. About 140 PJ will arrive before 2027, with both companies granted ministerial exemptions from the price cap under Australia's gas code of conduct, giving "regulatory certainty over their investment and development plans and the additional supply helping to keep a lid on prices" according to the announcement. The 300 PJ adds to the indicative domestic supply commitments of 260 PJ to 2027 made prior to the code's release in July, with the government anticipating further applications to be made under the code.
  • Australia's Origin Energy stated to the Australian Securities Exchange on 28 November 2023 that it had stopped cargo loadings at the APLNG facility after an LNG vessel experienced a power outage at the Curtis Island facility. Origin revealed on 1 December that the LNG vessel had departed. The vessel was moved to safe anchorage for further repairs by the ship's owner, led by Gladstone Ports and Marine Safety Queensland in conjunction with the Australian Maritime Safety Authority. In total, three LNG cargoes were unable to be loaded during this event.
  • Australia's Santos and Tokyo Gas announced that they are joining forces to produce e-methane in Australia and ship it to Japan. First production of e-methane is targeted for 2030 with 60 thousand tonnes per year.
  • Japan's Toho Gas and Australia's Santos announced on 13 and 19 December 2023 that the two companies had signed an MOU to investigate the potential for producing e-methane in South Australia's Cooper Basin. Toho Gas aims to import 30,000 tonnes of e-methane in 2030.
  • Australia's Santos, JX Nippon Oil & Gas Exploration and ENEOS announced on 15 and 18 December 2023 an MoU on a joint feasibility study to evaluate the potential to capture, transport and sequester emissions from Japan, supporting expansion of the Moomba CCS project.
  • Australia's Santos said on 6 December 2023 that the last LNG cargo produced from the Bayu-Undan gas field had sailed from the Darwin LNG plant in Northern Territory.
  • Australia's Santos announced on 18 December 2023 that the Barossa Development Drilling and Completions Environment Plan (EP) was accepted by the regulator, the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) on Friday 15 December 2023.
  • Australia's Woodside announced on 21 December 2023 that it had signed an SPA with Pilgangoora Operations Pty Ltd, a subsidiary of Pilbara Minerals, for the supply of Domestic LNG from the Pluto Truck Loading Facility. Supply will commence in the fourth quarter of 2024 for five years. The average volume to be supplied is 3.4 terajoules/day (23 thousand tonnes per year).
  • Australia's Woodside Energy announced on 19 December 2023 that it had signed an MOU with Japan's Sumitomo Corporation, JFE Steel Corporation, Sumitomo Osaka Cement Co. Ltd and Kawasaki Kisen Kaisha, Ltd. to enable studies of a potential CCS value chain between Japan and Australia. The five companies will study the capture, storage and transportation of CO2 emissions from the Setouchi and Shikoku regions of Japan and the injection and storage of the CO2 at Australian storage sites.
  • Australia's Woodside Energy said on 22 November 2023 that the Timor-Leste Government had granted the Sunrise Joint Venture the green light to start work on a concept study for the development of the Greater Sunrise fields.
  • Greenpeace Australia Pacific announced on 14 December 2023 that it had filed a lawsuit against Woodside in the Federal Court of Australia, alleging that the company had been misrepresenting its climate performance and plans.
  • Australia's Woodside and Santos confirmed on 7 December 2023 that they were in discussions regarding a potential merger.


North America

  • Cheniere Energy, Inc., Cheniere Energy Partners, LP, and Canada's ARC Resources Ltd. announced on 29 November 2023 that Sabine Pass Liquefaction Stage V, LLC (SPL Stage 5) and ARC Resources U.S. Corporation had entered into a long-term IPM (Integrated Production Marketing) gas supply agreement. ARC Resources has agreed to sell 140,000 million Btu per day of natural gas to SPL Stage 5 for a term of 15 years, commencing with commercial operations of the first train (Train 7) of the Sabine Pass Liquefaction Expansion Project. SPL Stage 5 will pay ARC Resources an LNG-linked price for its gas, based upon the Dutch Title Transfer Facility (TTF) price, after deductions for a fixed regasification fee, fixed LNG shipping costs and a fixed liquefaction fee. The IPM agreement is subject to, among other things, a positive FID with respect to Train 7. The LNG associated with this gas supply, approximately 0.85 million tonnes per year, will be marketed by Cheniere Marketing International LLP. This represents the second long-term IPM agreement between Cheniere and ARC Resources. Cheniere also announced that Cheniere Marketing had entered into an LNG SPA with OMV Gas Marketing and Trading GMBH. Cheniere Marketing will supply OMV with up to 12 LNG cargoes per year, or approximately 0.85 million tonnes per year of LNG, at a TTF-linked price commencing in late 2029. The LNG will be sold to OMV on a DES basis at the Gate LNG Terminal in the Netherlands. The SPL Expansion Project is being developed with a production capacity of up to approximately 20 million tonnes per year of LNG, inclusive of estimated debottlenecking opportunities. In May 2023, certain subsidiaries of Cheniere Partners entered the pre-filing review process with respect to the SPL Expansion Project with FERC under the National Environmental Policy Act.
  • Venture Global LNG on 28 November 2023 made a request to FERC to place utility services into operation at the Calcasieu Pass LNG plant, which was granted approval on 12 December.
  • bp filed a complaint against Venture Global Calcasieu Pass, LLC with FERC on 11 December 2023. bp accused Venture Global of contract violations relating to LNG deliveries from its Calcasieu Pass LNG facility, violating FERC transparency requirements for LNG plants and "shaking confidence in the trustworthiness of LNG suppliers".
  • Venture Global said on 12 December 2023 that it was fully transparent with its customers and regulators on the progress of remaining work at Calcasieu Pass.
  • ExxonMobil said on 6 December 2023 that it expected to grow its LNG supply to 27 million tonnes per year by 2027. Train 1 of the Golden Pass facility mechanical completion is expected at the end of 2024 with first LNG in first half of 2025, according to the statement.
  • Magnolia LNG initiated on 5 December 2023 a new export application process for non-FTA export authorization from DOE, withdrawing its request for a five-year extension on its previous export authorization.
  • Delfin Midstream Inc. and Gunvor Group Ltd announced on 27 November 2023 that Gunvor Singapore Pte Ltd had entered into an SPA with Delfin LNG LLC. Delfin LNG will supply 0.5 - 1.0 million tonnes of LNG per year to Gunvor on an FOB basis at the Delfin Deepwater Port, located 40 nautical miles (74 km) off the coast of Louisiana for a minimum duration of 15 years. 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. The company has secured commercial agreements for LNG sales and liquefaction services and is in the final phase towards FID on its first three FLNG vessels. Delfin LNG received a positive Record of Decision from MARAD and approval from the DOE for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States.
  • Glenfarne Energy Transition announced on 8 December 2023 that its subsidiary Texas LNG and ABB had signed an MOU to collaborate on core automation and electrical equipment for the Texas LNG facility. Texas LNG and ABB have agreed to a framework for ABB to make an investment in the project.
  • Commonwealth LNG announced on 28 November 2023 that it had entered into an MOU with OnStream CO2 LLC, a joint venture between Carbonvert Inc. and Castex Carbon Solutions, LLC, for a CCS solution at Commonwealth's 9.3 million tonne per year LNG facility under development in Cameron, Louisiana. OnStream CO2 will design, construct, own, and operate CO2 capture equipment near the Commonwealth LNG site. The captured CO2 will be permanently sequestered at the Cameron Parish CO2 Hub. Commonwealth will dedicate CO2 emitted from the LNG facility for a 20-year term. The Carbonvert-Castex joint venture recently announced an operating agreement with the State of Louisiana to develop a 24,000-acre (97 km2) tract of land offshore Cameron Parish, where it will permanently store CO2 in a hub with capacity for more than 250 million tonnes. Commonwealth LNG expects to reach an FID in the first half of 2024.
  • Tokyo Gas announced on 18 December 2023 that its subsidiary Tokyo Gas America Ltd. had decided to acquire all shares of Rockcliff Energy II LLC (RC), a portfolio company of Quantum Energy Partners, through its ownership interest in TG Natural Resources LLC (TGNR). As a result of the acquisition, the production volume of gas and natural gas liquid held by TGNR will increase by approximately 4 times from approximately 0.33 bcf/d (9.3 mcm/d gas equivalent) to 1.3 bcf/d (37 mcm/d gas equivalent, or 9.87 million tonnes per year).
  • ExxonMobil revealed on 29 November 2023 that the company had made the decision to join OGMP 2.0.
  • Canada's Pembina Pipeline Corporation said on 11 December 2023 that an FID for the Cedar LNG project was now expected by the end of the first quarter 2024.
  • New Fortress Energy announced on 1 December 2023 that the company had achieved the first gas for its Fast LNG 1 unit in Altamira.
  • The U.S. DOE issued on 12 December 2023 a final Environmental Assessment (EA) under the National Environmental Policy Act (NEPA), in connection with the pending application of NFE Altamira FLNG, S. de R.L. de C.V. for the export up to 158 Bcf/y of natural gas through an existing cross-border pipeline, of which approximately 13 Bcf/y would be consumed as fuel in the liquefaction process and as process gas loss during the pretreatment process, and the remaining 145 Bcf/y (3 million tonnes) would be liquefied for export at the proposed NFE Altamira FLNG facility.
  • Australia's Woodside announced on 6 December 2023 that it had signed an SPA with Mexico Pacific Limited to purchase 1.3 million tonnes per year, equivalent to approximately 18 cargoes per year, of LNG for 20 years. Woodside will purchase the LNG from the Saguaro Energía LNG Project, located in Puerto Libertad, Sonora, Mexico on an FOB basis with pricing linked to gas indices in the United States. The SPA is subject to Mexico Pacific taking an FID on the proposed third train at the Saguaro Energía LNG Project. The FID is expected in the first half of 2024 and commercial operations are targeted to commence in 2029.


European and surrounding regions

  • Netherlands' Gasunie announced on 1 December 2023 that Vopak had become a 50% shareholder in EemsEnergy Terminal B.V. EemsEnergy Terminal is an LNG import terminal located in the Eemshaven in the Netherlands.
  • Netherlands' storage and decarbonization infrastructure company VTTI announced on 7 December 2023 that it had signed an agreement with Höegh LNG to explore options to develop and operate Zeeland Energy Terminal, in the Vlissingen port area in the Province of Zeeland, southern Netherlands. The terminal will be based on an FSRU, which in time, plans to transition from import of LNG to hydrogen. The terminal is expected to be in operation in the second half of 2027. The facility will have an annual throughput capacity of up to 7.5 bcm.
  • Norway's Equinor and Germany's SEFE announced on 19 December 2023 a long-term SPAs for 111 TWh (10 bcm) of natural gas per year from 1 January 2024 until 2034, plus an option for another 5 years. The 5-year option is for a total of 319 TWh (29 bcm) over the period.
  • Germany's Uniper announced on 26 November 2023 that it was notified on 24 November 2023 of an award against a subsidiary in arbitration proceedings under the rules of the International Chamber of Commerce which began in early 2021. The proceedings between the Uniper subsidiary and a European energy company relate, inter alia, to the pricing provisions of a long-term agreement for the supply of LNG, concluded prior to the spin-off of Uniper in 2016 and which has since expired. A payment to the opposing party of an estimated EUR 550 million related to the retroactive re-pricing of the long-term agreement would be due under the terms of the award.
  • German's state-owned Deutsche Energy Terminal (DET) revealed on 15 December 2023 that it had completed its auction for regasification capacity at the planned Stade terminal. A total of 11 slots between April - December 2024 were booked, all at a price of €0.55 ($0.6)/million Btu. The Stade terminal is under construction and the Transgas Power FSRU is scheduled to moor at the site in February 2024.
  • Germany's Hanseatic Energy Hub (HEH) announced on 14 December 2023 that it had completed its permitting and marketing phase for its planned onshore LNG import terminal due to open in Stade in 2027. An FID is expected in the coming weeks, HEH added. The Stade facility is to be converted from LNG to ammonia as a hydrogen-based energy source by 31 December 2043 at the latest.
  • Czech ČEZ Group announced on 23 November 2023 that it had contracted 2 bcm per year of long-term capacity at the German LNG terminal Stade. The Stade terminal under construction near Hamburg will be commissioned by operator Hanseatic Energy Hub in 2027.
  • Spain's power company Endesa announced on 20 November 2023 that it had been ordered by the International Court of Arbitration of the International Chamber of Commerce (ICC) to pay USD 570 million to an LNG producer as the result of an arbitration dispute over the pricing of long-term supplies. Endesa said the payment was a "retroactive price adjustment."
  • Italy's Snam announced on 4 December 2023 that it had finalised the acquisition of 100% of the share capital of FSRU I Limited, the owner of FSRU "BW Singapore" from BW LNG. The FSRU will be located off the coast of Ravenna and is expected to start operations in 2025.
  • Greece's Gastrade announced on 17 December 2023 that the FSRU ALEXANDROUPOLIS had arrived in the Thracian Sea of Greece. The FSRU sailed away from Singapore anchorage on 26 November after completing an almost 10-month conversion at the Seatrium shipyard.
  • On 8 December 2023, members of the European Parliament (MEPs) and the Presidency the European Council informally agreed on plans to facilitate the uptake of renewable and low-carbon gases, including hydrogen, on the EU's gas market. MEPs secured the possibility for member states to restrict imports of gas from Russia and Belarus, whether via pipeline or LNG. The legislation will have to be endorsed by Parliament and Council to come into law. The Industry, Research and Energy Committee is expected to vote on the file in January 2024.


Other regions

  • QatarEnergy announced on 3 December 2023 integration of all marketing and marketing-related activities formerly managed by QatarEnergy LNG.
  • ADNOC announced on 20 December 2023 a 15-year HOA with ENN LNG (Singapore) Pte. Ltd., a subsidiary of China's ENN Natural Gas Co. Ltd., for at least 1 million tonnes per year of LNG. The LNG will primarily be sourced from ADNOC's Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi. The deliveries are expected to start in 2028, upon commencement of the facility's commercial operations.
  • Oman LNG announced on 20 November 2023 the signing of an SPA with bp to supply 1 million tonnes per year of LNG from 2026 for nine years.
  • Algeria's SONATRACH announced on 22 November 2023 that the company and Turkey's BOTAŞ had signed an agreement on the sale and purchase of LNG. The two parties agreed, in particular, to extend their cooperation for a period of 3 years.
  • The office of the Nigerian presidency said in a statement on 21 November 2023 Nigerian and German companies had a plan to reduce gas flaring in Nigeria and turn the captured gas into LNG to supply Germany with up to 1.2 million tonnes per year of LNG. Riverside LNG of Nigeria and Johannes Schuetze Energy Import of Germany agreed an MOU on the project, which could see supplies of up to 0.85 million tonnes per year for Germany as soon as 2026, according to the statement.
  • Golar LNG Limited announced on 19 November 2023 that the FLNG Gimi had departed Singapore's Seatrium Shipyard for bp's purpose-built Greater Tortue Ahmeyim (GTA) hub offshore Mauritania and Senegal. The voyage is expected to take around 60 days, including refuelling stops in Mauritius prior to rounding the Cape of Good Hope and in Namibia prior to its arrival.
  • Shell announced on 21 November 2023 discovery in North East El-Amriya block in Egypt's Mediterranean Sea. Shell Egypt has completed the drilling of the first well in its three-well exploration campaign, Mina West, located in the block.
  • TotalEnergies said on 14 December 2023 that Pertamina was in the process of concluding arrangements for the purchase of 1 million tonnes per year for 20 years from Mozambique LNG. However, as Pertamina did not provide all the necessary undertakings to conclude these arrangements, the volume is now available. Several of the existing partners of Mozambique LNG, including TotalEnergies, have indicated their willingness to acquire these LNG volumes.
  • Trinidad and Tobago's NGC announced on 5 December 2023 that an agreement for a new unitised commercial structure for Atlantic LNG had been executed. The shareholders will be, from 1 October 2024 until 1 May 2027, Shell (47.15 %), bp (47.15%) and NGC Trinidad (5.7%). From 2 May 2027 it will be Shell (45%), bp (45%) and NGC (10%). Shell at this moment has a 57.5% stake in Trains 2 and 3 while bp has 42.5%. Shell owns 51.1%, bp 37.8% and NGC Trinidad 11.1% of Train 4. Train 1, which is mothballed, is owned by Shell (46%), bp (34%), CIC (10%) and NGC Trinidad (10%).
  • McDermott announced on 28 November 2023 that it had received a limited notice to proceed for an EPCI contract from Shell Trinidad and Tobago Limited for the Manatee gas field development project, located off the east coast of Trinidad and Tobago. Subject to Shell taking an FID, the project scope is for the design, procurement, fabrication, transportation, installation, and commissioning of a wellhead platform, offshore and onshore gas pipelines. The Manatee field is a conventional gas development and once commissioned, gas will supply both domestic and export markets from Trinidad and Tobago.


(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)