Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, dropped from USD 11 per million Btu on 2 January to high USD 8’s on 26 January, the lowest in seven months, due to ample supply and weak demand, despite logistical security risks in the Middle East.
• 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 December 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 December 2023 (arrival-based price) was USD 16.9.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 13.25 per million Btu, and JPY 101,066 per tonne in December 2023. The price rose by USD 1.4 due to higher prices of spot LNG cargoes delivered in December and a rise of Japan’s average landed crude oil import price in September. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in December were USD 11.34, USD 12.87, USD 14.26, and USD 12.96, respectively. Elsewhere in Northeast Asia, average import prices in December were USD 13.44 in China, USD 14.77 in Korea, and USD 12.24 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 90.22 per barrel in December 2023. Japanese yen-denominated price stood at JPY 83,477 per kilolitre in December 2023.
• Japan imported 6.50 million tonnes of LNG in December 2023, 7% higher than the same month in 2022. The total import volume during 2023 was 66.15 million tonnes, a decrease of 8% from 2022. Japan imported 69,000 tonnes (likely one cargo) of LNG from China, the third consecutive month of imports from China. China imported 8.40 million tonnes of LNG in December 2023, 28% higher than the same month in 2022. China's total LNG import volume during 2023 was 71.84 million tonnes, an increase of 13% from the previous year. While Korea imported 5.01 million tonnes in December 2023, an increase of 11% from the same month of 2022, Chinese Taipei imported 1.86 million tonnes, 17% higher than one year earlier. LNG import volume in these four markets was 202.88 million tonnes in 2023, a 0.1% increase year-on-year.

United States

• The Henry Hub Natural Gas Futures price rose from USD 2.6 on 2 January to USD 3.3 on 12 January due to lower temperatures and higher gas demand. The price subsequently softened as temperatures rose, reaching USD 2.7 on 26 January.
• In its 9 January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) said the Henry Hub spot price to average USD 2.54 for 2023 and forecasted to average USD 2.66 in 2024, and USD 2.95 in 2025. EIA analyzes that natural gas production growth will slow and U.S. liquefied natural gas exports will increase, leading to higher prices in 2025, especially after new export capacity is added in the second half of 2024. However, the report notes that upward pressure on prices will be limited due to relatively flat natural gas consumption in the power sector and high inventory levels.

Europe

• The Dutch TTF Gas Futures price dropped from USD 9.8 on 2 January to USD 8.9 as of 26 January. The price rose to USD 11.1 on 5 January following the arrival of a cold snap, but prices subsequently softened due to pressure from lower demand and firm supplies caused by the relatively warm weather. Conflicts in the Middle East have caused some route detour for cargoes bound for Europe, but have not affected prices or supply. European underground gas storage is down to 72% from 86% at the beginning of the month.

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 11, and the trend remained unchanged in January, generally at USD 9.
• 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, following the decline of the oil prices from July 2022, and remained in the USD 11s to 13s from April 2023.

Trend of Natural Gas and LNG Inventories

Japan

• Japan's LNG inventories as of the end of September 2023 stood at 4.36 million tonnes, a decrease of 0.5% and 0.02 million tonnes from August, and a decrease of 23.4% from September 2022, lower than the past five-year average by 0.44 million tonnes.
• Japan's LNG inventories as of the end of October 2023 stood at 5.36 million tonnes, an increase of 22.8% and 0.99 million tonnes from September, and a decrease of 6.5% from October 2022, higher than the past five-year average by 0.42 million tonnes.
• The LNG inventories for city-gas supply as of the end of October 2023 were 2.70 million tonnes, 12.5% higher than September and 0.5% higher than October 2022. LNG consumption for city-gas in October 2023 was 1.96 million tonnes, decreased by 7.0% year-on-year. City-gas companies received 2.26 million tonnes of LNG in October 2023, increasing year-on-year by 1.7%.
• The LNG inventories for power generation as of the end of September 2023 were 1.97 million tonnes, decreasing by 11.3% from August and 37.3% lower than September 2022. LNG consumption for power generation in September 2023 was 3.46 million tonnes, increasing by 17.7% from September 2022. Power generation companies received 3.63 million tonnes of LNG, increasing year-on-year by 17.2%.
• The LNG inventories for power generation as of the end of October 2023 were 2.66 million tonnes, increasing by 35.2% from September and 12.7% lower than October 2022. LNG consumption for power generation in October 2023 was 2.59 million tonnes, decreasing by 9.4% from October 2022. Power generation companies received 3.64 million tonnes of LNG, increasing year-on-year by 16.0%.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 24 January 2024, major power utilities’ LNG inventories were 2.49 million tonnes as of 21 January. This is higher by 0.10 million tonnes than the end of January 2023 and 0.58 million tonnes above the average of the end of January of the past five years.

United States

• As of 19 January 2024, working gas in underground natural gas storage in the United States was 2.86 Tcf, 18.2% decrease from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 4.5% higher than those at the same time in 2023 and were 125.8 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 24 January 2024, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 832.3 TWh (about 55.05 million tonnes LNG equivalent). The volume was lower than that of one year ago by 2.5% or 21.7 TWh (about 1.44 million tonnes LNG equivalent). The inventories represented 73.0% of the capacity, which was lower than 76.2% on the same day in 2023 and higher than the five-year average of 61.2%. The inventories in Germany and the Netherlands (which have relatively large storage capacity among the member countries) were 76.8% and 68.6% of their respective capacities.

 

• As of 24 January 2024, 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 4.41 million cubic meters, 11.0% down from the previous month. The inventories were lower than the same day in 2023 by 6.0% and by 0.7% below the five-year average for the same day.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• According to preliminary figures, the world traded nearly 400 million tonnes of LNG by ocean transportation in 2023, an increase of 2% from the previous year. The United States exported about 84 million tonnes of LNG, making it the world's largest LNG exporter for the first time on an annual basis. China overtook Japan to become the world's largest LNG importer again. The European Union and the United Kingdom imported combined 111 million tonnes of LNG in 2023, almost the same as they did in 2022. Over the year-end and new year period, new FLNG projects in Africa and North America made progress toward commercial operations.

 

Asia and Oceania

• According to the customs authority of China on 18 January 2024, China imported 8.40 million tonnes of LNG in December and 71.32 million tonnes of LNG in the year 2023. The annual volume is 12.6% more than that of 2022, but 11.65% less than that of 2021. China imported 48.65 million tonnes of pipeline gas in 2023, 6.2% more than it did in 2022. In total China imported 119.97 million tonnes of natural gas in 2023, 9.9% more than it did in 2022 and 1.14% less than it did in 2021.
• Japan's JERA announced on 25 December 2023 that it had concluded an agreement with the Association for Overseas Technical Cooperation and Sustainable Partnerships (AOTS) related to system design and other support for the adoption of LNG in the Republic of the Philippines.
• Tokyo Gas Co., Ltd. and Kyuden International Corporation (KIC) announced on 24 January 2024 that they had established the Thai Binh LNG Power Joint Stock Company (TBLP), together with Truong Thanh Viet Nam Group (Tập đoàn Trường Thành Việt Nam = TTVN) of Vietnam. TBLP plans to conduct a feasibility study for an LNG-to-power project in Thai Thuy District, Thai Binh Province, Vietnam, which includes an offshore LNG receiving terminal and a 1.5 GW natural gas-fired power plant. The scope of the project ranges from development, construction and operation of the power plant and LNG receiving terminal, LNG procurement to selling electricity to Vietnam Electricity. TBLP aims to start the commercial operation in 2029.
• India's Petronet LNG Limited (PLL) announced on 28 December 2023 that the company had signed binding transaction documents with Gopalpur Ports to set up its maiden LNG terminal on the east coast of India. PLL plans to set up an FSRU based LNG terminal with a capacity of 4 million tonnes per year in Phase 1, with provision for converting to 5 million tonnes per year land-based terminal at Gopalpur Port in Odisha.
• GAIL (India) Limited and Vitol Asia Pte Ltd announced on 5 January 2024 a long-term LNG deal into India for 1 million tonnes per year for 10 years from 2026. Vitol will deliver LNG from its global LNG portfolio to GAIL in India on a pan-India basis.
• Australia Pacific LNG （APLNG） announced on 8 January 2024 that it had signed a contract to extend the supply of gas to mining and infrastructure solutions provider Orica to 2025. APLNG will supply an additional 2.92PJ (53,655 tonnes) of gas in 2025. At the end of CY 2023, APLNG contributed over 142 PJ of supply to the domestic market and expects to supply a further 151 PJ in 2024.
• Australia's Woodside and Santos said on 24 and 25 January 2024, respectively, that they in early-stage discussions regarding a potential merger.
• Australia's Woodside said on 24 January 2024 in its Fourth Quarter 2023 Report that the Scarborough project received secondary environmental approvals for Commonwealth waters in December 2023 and commenced all relevant offshore activities. The project was 55% complete at the end of the quarter. Subsequent to the quarter, the first production well was spud and as of 22 January, approximately 57 km out of 433 km of pipelay has been completed. The company said fabrication of six of the 51 modules for Pluto Train 2 had been completed and work on another 38 was underway with the project remaining on track for targeted first LNG cargo in 2026.
• Australia's Santos welcomed the decision of the Federal Court of Australia on 15 January 2024 in favour of Santos, discharging the injunction that prevented pipelay activities along the Barossa Gas Export Pipeline. Santos said that the company would continue pipelaying activity for the project. Santos said on 25 January that it had revised cost and schedule for the Barossa project. Santos said that the company expected an additional USD 200 - USD 300 million in capital expenditure and first gas in the third quarter of 2025. Total capital expenditure is expected to be USD 4.5 to USD 4.6 billion for the project (including Darwin Pipeline Duplication).
• Japan's INPEX CORPORATION announced on 11 January 2024 an agreement with Tokyo Gas Co., Ltd. in relation to the acquisition of the participating interests (1.575%) held by Tokyo Gas in the Ichthys LNG Project in Australia through subsidiaries. INPEX's project subsidiaries will increase their participating interests in the Ichthys LNG Project from 66.245% to 67.82%.
• Australia's Santos confirmed on 29 December 2023 that further to the announcement on 31 August 2023 for the sale of 2.6% of PNG LNG to Kumul Petroleum Holdings Limited, funding for the transaction had been secured by Kumul.

 

North America

• Cheniere Energy revealed in its filing to FERC on 17 November 2023 that its Sabine Pass Liquefaction Stage 5 Expansion Project under PF23-2 (under a prefiling process) planned to includes two liquefaction trains with a nameplate capacity of approximately 7.0 million tonnes per year each, instead of three with 6.5 million tonnes per year each, using ConocoPhillips (CoP) liquefaction technology, one Boil off gas (BOG) re-liquefaction unit, and two full-containment, above-ground 220,000 m3 LNG storage tanks with loading capabilities and supporting infrastructure. Detailed engineering is expected to commence in the third quarter of 2025, according to the document.
• Shell NA LNG LLC submitted with FERC on 2 January 2024 comments in support of BP Gas Marketing Limited's complaint against Venture Global Calcasieu Pass, LLC (VGCP). "Shell LNG differs somewhat on its view for the required resolution to this situation. The Complaint requested an order for blanket disclosure of privileged documents, or unilateral redaction of documents by VGCP. Shell LNG respectfully suggests that the Commission establish a proceeding before an Administrative Law Judge to create an orderly process for disclosure."
• Venture Global (VG) submitted with FERC on 2 January 2024 its response to the complaint filed by BP Gas Marketing Limited (bp) on 11 December 2023, releasing its SPA contract terms with bp. In the submission VG argues it has not met the conditions for commercial operations, as laid out in the contract. bp claims in its answer on 17 January 2024 that FERC regulations require VG to disclose what it is telling FERC to justify the situation.
• In its Pre-Filing Status Report to FERC on 12 January 2024, Venture Global Delta LNG, LLC reported that Delta LNG was updating the design and plot plan to include carbon capture and sequestration facilities. Delta LNG also said that it was analyzing new onsite power equipment options to meet the project's electricity requirements and result in lower air emissions. Delta LNG also said that it and its engineering contractors were also evaluating an increase in the nameplate production capacity of the liquefaction facilities.
• NextDecade Corporation announced on 4 January 2024 that its subsidiary had entered into a credit agreement with MUFG Bank, Ltd. as lender and administrative agent that provides for a USD 50 million senior secured revolving credit facility and a USD 12.5 million interest term loan. The borrowings may be utilized for general corporate purposes, including development costs related to Train 4 at the Rio Grande LNG facility. NextDecade has started FEED and EPC contract processes with Bechtel Energy Inc. for Train 4 and expects to finalize the EPC contract in the first half of 2024.
• EQT Corporation announced on 11 January 2024 an HoA for liquefaction services from Texas LNG's facility in Brownsville, Texas to produce 0.5 million tonnes per year of LNG under a 15-year tolling agreement. Texas LNG, a subsidiary of Glenfarne Energy Transition, LLC, anticipates an FID on the project in 2024, with first cargo deliveries expected in 2028.
• Chesapeake Energy Corporation and Southwestern Energy Company announced on 11 January 2024 an agreement to merge in an all-stock transaction valued at USD 7.4 billion.
• Williams, one of the largest natural gas infrastructure companies in the United States, announced on 27 December 2023 that it had reached an agreement to acquire a portfolio of natural gas storage assets from an affiliate of Hartree Partners LP. The transaction includes six underground natural gas storage facilities located in Louisiana and Mississippi with total capacity of 115 bcf (2.4 million tonnes), as well as 230 miles (370 km) of gas transmission pipeline and 30 pipeline interconnects to attractive markets, including LNG markets, and connections to Transco, the nation's largest natural gas transmission pipeline.
• The Haisla Nation and Pembina Pipeline Corporation, partners in the development of the proposed Cedar LNG Project, announced on 4 January 2024 that Samsung Heavy Industries (SHI) and Black & Veatch had been selected to provide engineering, procurement and construction for the design, fabrication and delivery of the Project's FLNG, subject to an FID which is expected by the end of the first quarter 2024. The delivery of the FLNG and substantial completion are expected in 2028.
• Ksi Lisims LNG Limited Partnership, a co-development of the Nisga'a Nation, Rockies LNG Limited Partnership, and Western LNG LLC, announced on 8 January 2024 that Ksi Lisims LNG and Shell Eastern Trading Pte Ltd (Shell) had signed a 20-year LNG SPA. Shell will purchase 2 million tonnes per year of LNG on an FOB basis. This is the first LNG offtake agreement executed by Ksi Lisims LNG. Ksi Lisims LNG claims that, utilizing FLNG units built by Samsung Heavy Industries (SHI), an all-electric process technology developed by Black & Veatch, and powered by renewable hydroelectricity, the project will be the lowest emitting LNG liquefaction facility in the world, and net-zero ready by 2030. The facility will produce 12 million tonnes per year of LNG from two floating LNG production and storage facilities. Ksi Lisims LNG filed an application with the B.C. government for an environmental certificate on 16 October 2023.
• Canada's Tourmaline Oil Corporation and Commodity trader Trafigura announced on 15 and 16 January 2024 that they had signed a long-term LNG agreement. Tourmaline has increased its exposure to JKM by entering into a netback agreement with Trafigura based on 62,500 million btu/d of LNG (~0.5 million tonnes per year) for a seven-year term starting January 2027, with the potential for extension up to December 2039. Tourmaline has also expanded its international exposure to include a physical netback agreement with Trafigura Canada Limited which will receive Dutch TTF index pricing. Starting in March 2024, Tourmaline will deliver 50,000 million btu/d of natural gas at AB-NIT and receive a Dutch TTF index price (less associated deductions) until December 2026.
• Mexico Pacific announced on 16 January 2024 that it had signed a third long-term SPA with ExxonMobil LNG Asia Pacific (EMLAP) for an additional 1.2 million tonnes per year of LNG from Train 3 of Mexico Pacific's Saguaro Energía project located on the west coast of Mexico. The volume originates from the option under the separate LNG SPAs executed in January 2023, covering volumes from Trains 1 and 2. Under the Train 3 LNG SPA, EMLAP will purchase LNG on an FOB basis over a 20-year term. There is also an option for another 1 million tonnes per year from Train 4.

 

European and surrounding regions

• According to Germany's RWE's announcement on 22 December 2023, on 1 January 2024, RWE will hand over the LNG infrastructure built in Brunsbüttel to the federally owned Deutsche Energy Terminal GmbH (DET) as planned. DET is the authorised operator of the FSRU terminal and is also responsible for its capacity marketing. RWE chartered the “Hoegh Gannet” FSRU on behalf of the German government in 2022 and built the corresponding infrastructure. The Elbehafen project was put into operation by RWE during 2023. Since the beginning of 2023, LNG has been imported directly to Germany via Brunsbüttel. DET has taken over the LNG infrastructure and sole operational management in Brunsbüttel.
• Lithuania's KN (KN Energies AB starting 10 January 2024) announced on 8 January 2024 that it had secured the public tender for the commercial management of four LNG terminals in Germany on the North Sea coast. The company has signed contract with Deutsche Energy Terminal GmbH (DET), the German state-owned company that operates state-controlled LNG terminals. DET operates Germany's first LNG terminals on the North Sea coast, the Wilhelmshaven 1 LNG Terminal and the Brunsbüttel LNG Terminal. Additionally, DET will operate two upcoming terminals: the second LNG terminal in Wilhelmshaven and the LNG terminal in Stade on the Lower Elbe River. The two-year contract between KN and DET covers the commercial management of all four LNG terminals. Until now, KN already provided these services for the Wilhelmshaven 1 and Brunsbüttel LNG terminals, but after DET took over the management of these facilities, a new tender was launched for the consolidated commercial management of four LNG terminals.
• Energos Infrastructure, an international marine LNG infrastructure company, majority-controlled by Apollo-managed funds and minority shareholder New Fortress Energy Inc. (NFE), announced on 8 January 2024 that the company had completed the acquisition of two FSRUs from affiliates of Dynagas. The two FSRUs, built in 2021, will be renamed Energos Force and Energos Power. In 2023, the FSRUs commenced long-term charter contracts with the German Federal Ministry of Economic Affairs and Climate Change. The Energos Force is planned to operate in the port of Stade under direction of Deutsche Energy Terminals, while the Energos Power is planned to operate in the port of Mukran and has been subchartered to Deutsche Regas.
• Finland's Gasum announced on 9 January 2024 that it had signed a long-term SPA with Nordic Ren-Gas whereby Gasum will buy all of the e-methane produced by Nordic Ren-Gas at its Tampere plant from 2026. Nordic Ren-Gas's Power-to-Gas plant in Tampere will produce annually 160 GWh (10,584 tonnes) of renewable e-methane. The Tampere Power-to-Gas plant produces e-methane using renewable electricity from Finnish wind power and biogenic carbon dioxide captured from existing power plants.
• Russia's Gazprom said on 3 January 2024 that it set a new daily record on 2 January for gas supplies to China through the Power of Siberia pipeline. Gazprom said total gas exports to China via the pipeline amounted to 22.7 bcm in 2023, compared to 15.4 bcm in 2022. The company added that in 2025 the Power of Siberia gas pipeline would reach its full export capacity of 38 bcm per year.

 

Other regions

• Engineering company Chart Industries, Inc. announced on 28 December 2023 the recent receipt of multiple LNG-related awards, including LNG infrastructure related orders, including tanks, fuelling stations in Europe, and Morocco's first LNG regasification units.
• Nigeria's UTM Offshore Ltd announced on 22 December 2023 that Delta State Government, Nigerian National Petroleum Company (NNPC) Limited, and UTM Offshore Ltd signed a Shareholders Agreement for the development of the first FLNG in Nigeria on 19 December. Delta State Government will own an 8% share of the project, NNPC Limited 20%, and UTM Offshore 72%. The Governor of Delta State, expressing hope that construction would begin in 2024, said that over 300,000 tonnes of LPG (cooking gas) would be produced and dedicated to the domestic market. He added that the project was also expected to reduce gas flaring. UTM Offshore expects an FID on the project to be taken before the end of the first quarter of 2024.
• China's Wison New Energies announced on 22 January 2024 that it would work on two FLNG (floating LNG production) projects in Nigeria. The design validation and pre-FEED phase for two 3 million tonnes per year FLNG projects of Ace Gas & FLNG, and Transoceanic Gas & Power officially started.
• Golar LNG Limited announced on 10 January 2024 that FLNG Gimi had arrived at the GTA field offshore Mauritania and Senegal.
• Italy's Eni announced on 28 December 2023 the introduction of gas into the Tango FLNG facility moored in Congolese waters, twelve months after the FID. Tango FLNG will produce its first LNG cargo by the first quarter of 2024, according to the announcement. The FLNG facility has a liquefaction capacity of about 1 bcm per year and is moored alongside the Excalibur FSU, using a configuration called "split mooring". Congo LNG is expected to achieve 4.5 bcm per year of plateau gas liquefaction capacity through phased development and with a target of zero routine gas flaring. A second FLNG facility with a capacity of about 3.5 bcm per year is under construction and is expected to begin production in 2025. The entire volume of LNG produced will be marketed by Eni.
• South Africa's Transnet National Ports Authority (TNPA) announced on 10 January 2024 that it had appointed the Vopak Terminal Durban & Transnet Pipelines (TPL) Consortium Venture as the preferred bidder to design, develop, construct, finance, operate, and maintain the LNG terminal at the Port of Richards Bay for 25 years. The terminal is a partnership between the private sector and the public sector, with the private sector as the lead investor. TNPA will invest in the Common User Port Infrastructure, while the terminal operator will provide the terminal infrastructure. TPL is a South African public company established in 1965. The commercial operation is expected during 2027.
• Singapore's Seatrium Limited announced on 22 December 2023 that it had delivered an FSRU “Energos Celsius” to New Fortress Energy (NFE). Energos Celsius is owned by Energos Infrastructure, a marine infrastructure platform backed by Apollo funds and NFE, and the vessel is on long-term charter to NFE in Brazil. The FSRU has departed the Seatrium shipyard for Brazil. It will subsequently be deployed at NFE's completed LNG terminal in Barcarena, Pará state, Brazil. The LNG import terminal will be the first LNG import facility in the state of Pará and the Northern region of Brazil.
• New Fortress Energy (NFE) announced on 27 December 2023 that it had entered into an agreement to acquire a 15-year 1.6 GW Capacity Reserve Contract (PPA) from Ceiba Energy, a portfolio company of Denham Capital. NFE plans to transfer the PPA to new power assets connected to NFE's existing Brazilian LNG terminals - Barcarena and Terminal Gas Sul (TGS).

 

(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)