Feb 2024

Trend of Natural Gas and LNG Prices

Short-term trend


  • The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, has been on a downtrend, falling below USD 8 per million Btu on 23 February, due to a combination of weak demand and ample supply, as well as stagnant market activity due to the Luner New Year in Northeast Asia. It returned to USD 8 as of 27 February.
  • 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 January 2024 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 2024 (arrival-based price) was not disclosed.
  • Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 13.64 per million Btu, and JPY 101,844 per tonne in January 2024. The price rose by USD 0.4 due to a rise of Japan’s average landed crude oil import price in October despite the ease of spot LNG prices delivered in January. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in January were USD 14.25, USD 13.44, USD 13.37, and USD 13.14, respectively. Elsewhere in Northeast Asia, average import prices in January were USD 13.63 in Korea and USD 11.97 in Chinese Taipei (China’s January data is expected to be available in March). Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 85.70 per barrel in January 2024. Japanese yen-denominated price stood at JPY 77,644 per kilolitre in January 2024.
  • Japan imported 6.11 million tonnes of LNG in January 2024, 11% lower than the same month in 2023. The figure was the lowest for January since 2010. Japan imported 68,000 tonnes (likely one cargo) of LNG from China, the fourth consecutive month of imports from China. Korea imported 4.91 million tonnes in January 2024, an increase of 3% from the same month of 2023, Chinese Taipei imported 1.74 million tonnes, 5% lower than one year earlier (China’s January data is expected to be available in March).

United States

  • The Henry Hub Natural Gas Futures price has been on a downtrend from USD 2.1 on 1 February due to mild weather and increased gas production, and temporarily rebounded in response to an announcement by a shale developer to cut production, but was at USD 1.6 on 27 February.
  • In its 6 February Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects mild weather to continue in the first quarter of 2024, forecasting an average Henry Hub spot price of USD 2.40 for February and March 2024. On the other hand, however, it notes that volatility could return if a severe cold snap arrives, even for a short period of time.


  • The Dutch TTF Gas Futures price has been on a downward trend from USD 9.2 on 1 February to USD 7.8 as of 27 February due to weak demand and firm underground gas storage, despite unplanned shutdowns at gas facilities in Norway and other export facilities in the U.S.

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 11, and the trend remained unchanged in January, generally at USD 9. In February, after the New Luner Year in the Northeast Asia region, the downward trend was further accelerated and the price dropped below USD 8.
  • 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.

LNG and Spot Gas Prices, last 10 years

*There is no data service for downloading. You are allowed to use this graph image only for internal purpose and shall not store, reproduce or further distribute it to any third party for any purpose in any format or by any means.

Henry Hub price: NYMEX Futures and Options, CME Group
TTF price: ICE Endex, Intercontinental Exchange
JKM: LNG Japan/Korea Marker© 2024 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 November 2023 stood at 5.46 million tonnes, an increase of 2.0% and 0.11 million tonnes from October, and a decrease of 10.1% from November 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 November 2023 were 2.83 million tonnes, 5.1% higher than October and 0.7% higher than November 2022. LNG consumption for city-gas in November 2023 was 2.30 million tonnes, decreased by 5.5% year-on-year. City-gas companies received 2.43 million tonnes of LNG in November 2023, decreasing year-on-year by 5.0%.
  • The LNG inventories for power generation as of the end of November 2023 were 2.63 million tonnes, decreasing by 1.1% from October and 19.4% lower than November 2022. LNG consumption for power generation in November 2023 was 2.96 million tonnes, decreasing by 1.6% from November 2022. Power generation companies received 3.40 million tonnes of LNG, decreasing year-on-year by 6.3%.
  • According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 21 February 2024, major power utilities’ LNG inventories were 2.13 million tonnes as of 18 February. This is lower by 0.35 million tonnes than the end of February 2023 and same as the average of the end of February 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 16 February 2024, working gas in underground natural gas storage in the United States was 2.47 Tcf, 13.5% decrease from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 12.5% higher than those at the same time in 2023 and were 408.8 Bcf higher than the past five-year average.

U.S. Natural Gas Underground Storage, 2022 - 2024

U.S. Natural Gas Underground Storage, 2014 - 2024

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


  • As of 24 February 2024, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 730.2 TWh (about 48.30 million tonnes LNG equivalent). The volume was higher than that of one year ago by 3.7% or 26.3 TWh (about 1.74 million tonnes LNG equivalent). The inventories represented 64.1% of the capacity, which was higher than 62.7% on the same day in 2023 and higher than the five-year average of 47.2%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacity among the member countries) were 70.6%, 58.8% and 57.7% of their respective capacities.

European Natural Gas Storage, 2022 - 2024

European Natural Gas Storage, 2014 - 2024

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


  • As of 24 February 2024, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 4.36 million cubic meters, 1.7% down from the previous month. The inventories were higher than the same day in 2023 by 4.2% and by 11.8% above the five-year average for the same day.

European LNG Inventory, 2022 - 2024

European LNG Inventory, 2014 - 2024

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


  • Australia's Woodside and Santos announced on 7 February 2024 that they had ceased discussions regarding a potential merger, two weeks after they revealed that they had been in talks on the matter. The companies have presented recent steady progresses of their LNG-export related projects in the country, respectively.
  • In late January, the government of the United States announced a pause in reviewing applications for licenses to export LNG to those countries that do not have free trade agreements with the United States while studies are conducted on economic and environmental impacts of LNG exports.
  • QatarEnergy announced on 25 February 2024 the "North Field West" project to raise Qatar's LNG production capacity to 142 million tonnes per year before the end of 2030.


Asia and Oceania

  • AG&P LNG (AG&P Terminals & Logistics Pte Ltd) announced on 31 January 2024 that Nebula Energy LLC had bought majority stake in the company. AG&P LNG has six (6) LNG terminals in development. AG&P LNG is the operator of the first LNG import and regasification terminal in the Philippines.
  • The Philippines' First Gen Corporation (FGEN) announced on 19 February 2024 that the company had invited bids for a single cargo of LNG on a DES basis, to be utilized by FGEN's gas-fired power plants in Batangas. According to First Gen, the selected bidder will deliver the cargo to the FSRU BW Batangas from 15 to 31 March.
  • Singapore's Seatrium Limited announced on 14 February 2024 that Seatrium had renewed its long-term Favoured Customer Contract (FCC) with GasLog LNG Services Ltd and Shell International Trading and Shipping Company Limited (STASCO) to provide ship repairs, refurbishment and upgrading for their LNG carriers from 2024 to 2029. The contract involves the repairs, refurbishment and upgrading of the two entities' combined fleet of 43 LNG carriers docking in Southeast Asia to Seatrium Repairs and Upgrades.
  • Seatrium Limited announced on 29 January 2024 the delivery of Brassavola, Singapore's first membrane LNG bunker vessel built locally by the Group, to owner Indah Singa Maritime Pte. Ltd, a subsidiary of Mitsui O.S.K Lines (MOL). Brassavola will be chartered by Pavilion Energy to supply LNG bunker in the Port of Singapore.
  • TotalEnergies announced on 31 January 2024 that TotalEnergies had signed an agreement with OMV to acquire its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV). SapuraOMV's main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, offshore Sarawak in Malaysia.
  • Maritime equipment manufacturer Straatman announced on 8 February 2024 its collaboration with Samsung Heavy Industries (SHI) for the ZFLNG project of Petronas. Straatman will supply a Ship-to-Shore Link system to facilitate seamless communication between the ZFLNG facility and LNG carriers. The ZFLNG project, to be located offshore near Sabah in Malaysia, will be Pertronas' third FLNG project.
  • India's Petronet LNG Limited (PLL) and QatarEnergy announced on 6 February 2024 an LNG SPA for 7.5 million tonnes per year with on a long-term basis. This is pursuant to extension of an existing LNG SPA on an FOB basis signed in 1999 for supplies until 2028. Under the new agreement, LNG supplies will be made on a DES basis from May 2028 until 2048. Similar to earlier agreement of 1999, the LNG volumes under the new SPA shall also be offtaken by GAIL (India) Limited (60%), Indian Oil Corporation Limited (30%) and Bharat Petroleum Corporation Limited (10%) after regasification primarily from the Dahej terminal.
  • India's Petronet LNG said on 9 February 2024 that it would supply LNG to Sri Lanka for five years starting in 2025. Petronet will ship 850 tonnes per day to Sri Lanka in 50 containers of 17 tonnes each. The project will supply two gas-fired power plants.
  • GAIL (India) Limited announced on 29 January 2024 that the company had concluded a long-term agreement for purchase of around 0.5 million tonnes per year of LNG from Abu Dhabi's ADNOC Gas. This is pursuant to an MOU of 30 October 2022 between GAIL and Abu Dhabi National Oil Company (ADNOC). The deliveries will commence in 2026 for 10 years across India.
  • TotalEnergies and Oil and Natural Gas Corporation (ONGC) signed on 6 February 2024 a Cooperation Agreement to carry out methane emissions detection and measurement campaigns using TotalEnergies' AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology. TotalEnergies has signed cooperation agreements for the use of AUSEA with Petrobras in Brazil, SOCAR in Azerbaijan, Sonangol in Angola and NNPCL in Nigeria.
  • Equinor announced on 19 February 2024 that it had signed a 15-year agreement for supplies of LNG with deliveries starting in 2026 with Indian fertiliser and petrochemical company Deepak Fertilisers. Deepak will use the gas mainly as feedstock for production of ammonia. The agreement covers supply of around 0.65 million tonnes per year.
  • QatarEnergy and Excelerate Energy 29 January 2024 signed a long-term SPA for supply of LNG from Qatar to Bangladesh. Excelerate will purchase up to 1 million tonnes per year of LNG from QatarEnergy to be delivered to FSRUs in Bangladesh for 15 years starting in January 2026. Excelerate will purchase 0.85 million tonnes per year of LNG in 2026 and 2027, and 1 million tonnes per year from 2028 to 2040.
  • The Australian Energy Producers (AEP) said on 5 February 2024 that Australia's government must immediately look for new gas supplies and approve new LNG projects to address "near-term" structural gas shortfalls.
  • Australia's Venice Energy said on 15 February 2024 that after GasLog "underwent a major restructure and in doing so made the decision to sell-off a number of vessels to others" in 2023, "AG&P emerged as the purchaser of the vessel" assigned to Venice's project and Venice had "secured a new commercial agreement that guarantees the project will receive the converted FSRU at an improved cost and in a timely manner."
  • Woodside and Santos announced on 7 February 2024 that they had ceased discussions regarding a potential merger.
  • Australia's Woodside Energy announced on 31 January 2024 that it had joined OGMP2.0 (United Nations Environment Programme (UNEP) Oil & Gas Methane Partnership 2.0). Woodside said its methane emissions in 2022 were calculated to be around 0.1% of its production by volume.
  • Mitsui O.S.K. Lines, Ltd. (MOL) announced on 14 February 2024 the signing of a non-binding MOU with Australia's Woodside Energy Ltd, Korean shipbuilding and engineering company HD Korea Shipbuilding and Offshore Engineering Co., Ltd. (HD KSOE) and shipping company Hyundai Glovis Co., Ltd., to study bulk marine transportation of liquid hydrogen, which the three companies have been pursuing since 2022.
  • Australia's Woodside Energy announced on 21 February 2024 that the first three Pluto Train 2 modules for the Scarborough Project had arrived in Karratha, Western Australia. The modules were fabricated by Bechtel in Indonesia. The modules are three of a total of 51 that will be shipped to site from the module yard, according to the announcement. The Scarborough project is more than 55% complete, targeting first LNG cargo in 2026.
  • Japan's JERA and Australia's Woodside announced on 23 February 2024 that they had executed an SPA for the sale of a 15.1% interest (LNG: Up to 1.2 million tonnes per year) in the Scarborough Joint Venture (JV) from Woodside to JERA with a transaction effective date of 1 January 2022. Completion of the transaction is expected in the second half of 2024. Woodside and JERA have also entered into a non-binding HOA for the sale and purchase of six LNG cargoes (up to 0.4 million tonnes) on a DES basis per year for 10 years commencing in 2026 from Woodside's global portfolio.
  • Australia's Santos said on 21 February 2024 that the first well at the Barossa gas development had been completed and the second well was underway, with the project 66.4% completed at the end of 2023 with first gas expected in the third quarter of 2025 to backfill Darwin LNG. The Barossa project is one of the several potential CO2 sources for Bayu-Undan CCS, and the project is targeting an FID in 2025.
  • Australia's Santos announced on 1 February 2024 that Papua New Guinea's Kumul Petroleum Holdings Limited had paid USD 352 million to Santos (equivalent to a 1.6% interest of PNG LNG). Kumul had taken an effective interest in the Santos entity that holds the 2.6% sale interest.


North America

  • The U.S. Administration announced on 26 January 2024 a temporary pause on pending decisions on exports of LNG to non-FTA (non-free trade agreement) countries until DOE updated the underlying analyses for authorizations. The pause is subject to exception for unanticipated and immediate national security emergencies. The announcement notes that it will not impact the country's ability to continue supplying LNG to its allies in the near-term. No timeframe is noted for when the "pause" will be lifted.
  • The U.S. Chamber of Commerce, BusinessEurope, and Keidanren Japan Business Federation sent a letter to the White House on 26 January 2024, expressing major concerns with the recent announcement pausing DOE review and approval of LNG export license applications to non-FTA countries.
  • A Full Committee Hearing of Senate Committee on Energy and Natural Resources was held on 8 February 2024 to examine the administration's pause on LNG export approvals and DoE's process for assessing LNG export applications. The U.S. House of Representatives voted on 15 February to strip DOE of its approval power for LNG facilities, reversing the pause of the approval process introduced by the administration. The bill (Unlocking Our Domestic LNG Potential Act of 2024) grants FERC sole power to approve export projects.
  • Cheniere Energy, Inc. and Cheniere Energy Partners, L.P. announced on 31 January 2024 that each company had been approved for uplisting to the New York Stock Exchange (NYSE) from the NYSE American.
  • Cheniere Energy, Inc. said on 22 February 2024 that first LNG production from the first train of the CCL Stage 3 project was forecast to be achieved at the end of 2024. The CCL Stage 3 project consists of seven midscale trains with an expected total production capacity of over 10 million tonnes per year of LNG.
  • Cheniere Energy Inc. said on 22 February 2024 that DOE's suspension of determinations on authorizations for LNG exports to non-FTA countries did not impact its expansion projects or its FERC processes at Sabine Pass and Corpus Christi, but it did introduce regulatory and permitting uncertainty into the U.S. LNG industry as a whole. Cheniere targets FIDs for the two projects in 2025 and 2026 respectively.
  • Sempra Infrastructure, and JBIC (Japan Bank for International Cooperation) announced on 2 February 2024 that they had signed an MOU to cooperate on opportunities to advance the energy transition.
  • Venture Global LNG has asked FERC to extend the in-service condition for its Calcasieu Pass LNG export facility by one year to 21 February 2025, to the extent that the Commission deems it necessary, according to the company's filing on 15 February 2024. Venture Global said that power generation facilities at Calcasieu Pass would remain in commissioning and could not be placed in-service until remediation work was completed in 4Q 2024. Calcasieu Pass was granted an Authorisation Order on 21 February 2019. The order stipulates that the liquefaction facilities shall be constructed or made available for service within five years. bp, Shell, Repsol and Edison respectively asked on 21 and 22 February 2024, FERC to address VGCP's request.
  • Venture Global LNG, through Venture Global CP2 LNG, LLC and Venture Global CP Express, LLC, in a letter of 15 February 2024 asked FERC to issue an order authorizing the CP2 LNG project no later than the Commission's next open meeting on 21 March 2024. According to the letter, the project has secured binding 20-year offtake agreements for 9.25 million metric tonnes per year of LNG export capacity, with counterparties JERA, SEFE Securing Energy for Europe, EnBW, ExxonMobil, Chevron, Inpex, China Gas and New Fortress Energy. The project claims that it is more advanced, commercially and financially, than any other proposed Gulf Coast LNG project that is pending Commission authorization.
  • According to Tellurian's letter to shareholders of 29 January 2024, Tellurian's commercial activities are moving well and at pace. Tellurian has its license to export LNG to Non-FTA Countries valid through 2050. According to the letter, as Tellurian gets closer to completing construction, the company intends to adjust the in-service date condition under the license to accommodate the construction timeline. The company said that it appointed Lazard as a financial advisor to ask advice on unlocking the value of Tellurian's asset base and to help expand thinking.
  • FERC on 15 February 2024 granted Tellurian Inc. a 3-year extension to put its Driftwood LNG plant in service by April 2029. FERC said Driftwood LNG had "demonstrated good cause." Tellurian asked in October 2023 FERC for more time to construct the plant citing "entirely unforeseeable circumstances" related to the pandemic. The FERC Chair said the commission would continue to act expeditiously, without coordinating with the DOE on LNG projects.
  • Tellurian said in its full year 2023 financial results on 23 February 2024 that during 2023 the company advanced the Driftwood LNG project, having driven over 14,000 piles at site and making progress on concrete foundations for critical equipment.
  • Glenfarne Energy Transition announced on 25 January 2024 that Texas LNG, an LNG export project in Texas, and a subsidiary of Glenfarne had received its permits from the U.S. Army Corps of Engineers (USACE) and Texas state-level approval from the Railroad Commission of Texas, completing the project's permitting efforts required for an FID. Texas LNG recently signed an HOA with EQT Corporation for natural gas liquefaction services for 0.5 million tonnes per year of LNG. Texas LNG announced on 16 February that it had selected Gulf LNG Tugs of Texas, LLC to build, deliver and operate tugboats under a long-term agreement to assist LNG carriers arriving at the facility.
  • Chesapeake Energy Corporation, Delfin LNG LLC and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd, announced on 13 February 2024 the entrance into an LNG export deal that includes SPAs for long-term liquefaction offtake. Chesapeake will purchase 0.5 million tonnes per year of LNG from Delfin at a Henry Hub price and contract targeted start date in 2028 then deliver to Gunvor on an FOB basis with the sales price linked to the Japan Korea Marker (JKM) for 20 years. These volumes will represent 0.5 million tonnes per year of the previously (March 2023) announced up to 2 million tonnes per year HOA with Gunvor.
  • Canada's Cedar LNG and its partners, the Haisla Nation and Pembina Pipeline, provided an update on project development on 23 February 2024. An FID is expected in the middle of 2024.
  • New Fortress Energy Inc. (NFE) announced on 29 January 2024 that U.S. Customs and Border Protection had issued a ruling confirming that the transportation of LNG produced at the Company's FLNG facility located offshore Altamira, Mexico by non-U.S. qualified vessels would not violate the Jones Act. NFE says that it is now able to deliver LNG produced at its FLNG facility located offshore Altamira, Mexico to U.S. locations, including Puerto Rico.
  • FERC granted an authorisation on 15 February 2024 to Saguaro Connector Pipeline, which would be the connector for Mexico Pacific's Saguaro LNG project in Sonora, Mexico. Saguaro LNG will also need the Sierra Madre pipeline to be developed in Mexico. Saguaro LNG already has an authorisation from DOE to export natural gas to Mexico and then export LNG to countries without a free-trade agreement with the United States.


European and surrounding regions

  • National Grid's Grain LNG in the United Kingdom announced on 31 January 2024 a ten-year agreement that would extend the long-term storage and redelivery capacity of Algeria's Sonatrach at the Grain LNG terminal from January 2029. According to Grain LNG, this is the first agreement for 125 GWh/d of import capacity (equivalent to 3 million tonnes per year of LNG) from Grain LNG's competitive auction process which was launched in September 2023.
  • Grain LNG and Venture Global LNG announced on 5 February 2024 a binding long-term terminal use agreement (TUA) enabling the regasification and sale of LNG from Venture Global's terminals in Louisiana, including CP2 LNG. Venture Global will have the ability to access 3 million tonnes per year of LNG storage and regasification capacity at the Isle of Grain LNG receiving terminal for 16 years from 2029.
  • Poland's Gas Transmission System Operator GAZ-SYSTEM S.A and Japan's Mitsui O.S.K. Lines, Ltd. (MOL) announced on 2 February 2024 that GAZ-SYSTEM had selected MOL as the preferred shipowner to time charter an FSRU for the planned LNG import terminal in the Gulf of Gdańsk, Poland.
  • Russia's Prime Minister issued an order on 9 February 2024 authorizing until December 2040 the supply of LNG from the Yamal LNG plant to SEFE Marketing & Trading Singapore, amending a previous order of 10 June 2023 setting a December 2024 deadline.


Other regions

  • QatarEnergy announced on 4 February 2024 a long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore Pte. Ltd. The 10-year agreement stipulates the supply of up to 11 million barrels of condensates per year, starting in April 2024. The terms of the agreement provide options for increasing the condensate volumes once the North Field East (NFE) and North Field South (NFS) expansion projects come online.
  • GTT announced on 13 February 2024 that it had received an order from a Chinese shipyard for the tank design of eight new LNG carriers. Each carrier will offer five tanks with a total capacity of 271,000 m3. The tanks will be fitted with the NO96 Super+ membrane containment system developed by GTT. Delivery is scheduled between the second quarter of 2028 and the fourth quarter of 2029.
  • ADNOC and bp announced on 14 February 2024 that they had agreed to form a new joint venture (JV) in Egypt. The JV (51% bp and 49% ADNOC) will combine the pair's technical capabilities to grow a gas portfolio. bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. ADNOC will make a proportionate cash contribution which can be used for future growth opportunities.
  • bp announced on 15 February 2024 that the FLNG vessel of the Greater Tortue Ahmeyim (GTA) LNG project had arrived at its destination on the Mauritania and Senegal maritime border. The FLNG vessel, Gimi, of the GTA Phase 1 development, is operated by bp with partners, Kosmos Energy, PETROSEN and SMH. GTA Phase 1 is set to produce around 2.3 million tonnes per year of LNG. Owned and operated by Golar LNG, the Gimi FLNG vessel set sail from Singapore in November 2023. Allseas announced on 20 February 2024 that the Pioneering Spirit had completed the infield pipelay scope for the project.
  • ENI said on 16 February 2024 that the Tango FLNG vessel in block Marine XII off Congo was expected to deliver the first LNG cargo in the first quarter 2024.
  • New Fortress Energy Inc. (NFE) announced on 15 February 2024 that it had completed the sale of its 20% equity interest in Energos Infrastructure to funds managed by Apollo. Energos is a global maritime infrastructure company formed by NFE and Apollo Funds in August 2022 to provide LNG delivery, storage, and regasification services to utilities and energy companies under long-term charters. Energos owns and operates 13 LNG infrastructure vessels, consisting of 9 FSRUs, 2 FSUs, and 2 LNG carriers. NFE charters 6 vessels from Energos.
  • QatarEnergy announced on 25 February 2024 the "North Field West" project to raise Qatar's LNG production capacity to 142 million tonnes per year before the end of 2030. According to the announcement, appraisal drilling and testing have confirmed that productive layers of the North Field extend towards the west. QatarEnergy also announced the presence of additional gas quantities in the North Field estimated at 240 trillion cubic feet, raising Qatar's gas reserves from 1,760 to more than 2,000 trillion cubic feet, and the condensates reserves from 70 to more than 80 billion barrels, in addition to large quantities of liquefied petroleum gas, ethane, and helium. According to the announcement, QatarEnergy will immediately commence the basic engineering works necessary to ensure that the planned progress is achieved according to the approved schedule for the North Field West project.


(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)