Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, was mid-USD 13s on 13 June. It was the highest level since December 2023, due to supply concerns about Wheatstone production shutdown and rising summer demand. Then it has fallen to the USD  12s level as buying sentiment has subsided.
• 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 May 2024 and scheduled to be delivered from the month onward (contract-based price) was USD 9.9 /MBtu. The average price of spot LNG cargoes that were delivered in May 2024 (arrival-based price) was USD 9.5 /MBtu.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 11.44 per million Btu and JPY 92,193 per tonne in May 2024. The price was almost flat as Japan’s average landed crude oil import price (JCC: Japan crude cocktail) didn’t change much from January to February 2024. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in May were USD 10.14, USD 11.30, USD 11.45, and USD 12.09, respectively. Elsewhere in Northeast Asia, average import prices in May were USD 10.53 in China, USD 11.18 in Korea, and USD 9.88 in Chinese Taipei. Japan’s average landed crude oil import price was USD 88.87 per barrel and JPY 86,908 per kilolitre in May 2024.
• Japan imported 4.87 million tonnes of LNG in May 2024, 5.6% higher than the same month of 2023. China imported 6.57 million tonnes of LNG in May 2024, an increase of 3.4% from the same month of 2023. Korea imported 3.62 million tonnes of LNG in May 2024, 16.5% higher than the same month of 2023, Chinese Taipei imported 1.71 million tonnes, 9.1% higher than one year earlier.

United States

• The Henry Hub Natural Gas Futures price rose to USD 3.1 on 11 June due to increased demand for natural gas for power generation. It then fell to USD 2.9 on 14 June due to strong inventory levels indicated by EIA. It reached USD 2.8 on 24 June due to reduced feed gas supply to major liquefaction facilities and solid natural gas production and inventories in the U.S.

Europe

• The Dutch TTF Gas Futures price hovered between USD 10s and 11s. The unplanned maintenances at the Norwegian gas production facility resulted in reduced supply, but demand remained weak and the impact on prices was limited. In the second half of June, the forecasts for below-normal temperatures and ample inventories prevented any upward trend.

Mid- to long-term trend

• 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, the downward trend was further spurred after the Luner New Year in the Northeast Asia region, falling below USD 8, but temporarily approached USD 10 in March, mainly due to short-term demand. In the middle of April, JKM rose to low-USD 11s due to escalating tensions in the Middle East. In the second half of April, JKM trended low-USD 10s due to easing geopolitical tensions. In the second half of May, the price trended in the range of high-USD 11s to low-USD 12s due to increased demand for the summer season. In June, JKM rose to mid-USD 13s partly due to summer demand.
• Japan's average LNG import price was in the USD 5s from August until 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 USD 9s in February 2021, after falling to the mid-USD 7s in March. It had then been on the 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 has remained in the USD 11s to 13s since April 2023.

Trend of Natural Gas and LNG Inventories

Japan

• Japan's LNG inventories as of the end of March 2024 stood at 3.95 million tonnes, a decrease of 14.3% and 0.66 million tonnes from February, and a decrease of 27.8% from March 2023, lower than the past five-year average by 0.66 million tonnes.
• The LNG inventories for city-gas supply as of the end of March 2024 were 2.16 million tonnes, 1.1% higher than February and 18.4% lower than March 2023. LNG consumption for city-gas in March 2024 was 2.78 million tonnes, which increased by 8.5% year-on-year. City-gas companies received 2.80 million tonnes of LNG in March 2024, increasing year-on-year by 3.6%.
• The LNG inventories for power generation as of the end of March 2024 were 1.78 million tonnes, decreasing by 27.6% from February and 36.7% lower than March 2023. LNG consumption for power generation in March 2024 was 3.58 million tonnes, increasing by 19.9% from March 2023. Power generation companies received 3.37 million tonnes of LNG, increasing year-on-year by 1.5%.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 19 June 2024, major power utilities’ LNG inventories were 2.14 million tonnes as of 16 June. This is higher by 0.06 million tonnes than the end of June 2023 and 0.13 million tonnes above the average of the end of June of the past five years.

United States

• As of 14 June 2024, working gas in underground natural gas storage in the United States was 3.05 Tcf, 12.0% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 11.6% higher than those at the same time in 2023 and were 561.0 Bcf higher than the past five-year average.

Europe

• As of 22 June 2024, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 851.5 TWh (about 56.32 million tonnes LNG equivalent). The volume was higher than that of one year ago by 0.2% or 2.0 TWh (about 0.13 million tonnes LNG equivalent). The inventories represented 75.1% of the capacity, which was lower than 75.2% on the same day in 2023 and higher than the five-year average of 64.9%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 78.3%, 79.7% and 67.4% of their respective capacities.

 

• As of 22 June 2024, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 4.73 million cubic meters, 18.4% up from the previous month. The inventories were higher than the same day in 2023 by 17.0% and by 5.7% above the five-year average for the same day. The inventories represented 56.1% of the capacity, which was higher than 46.3% on the same day in 2023.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• Abu Dhabi's ADNOC made an FID on its Ruwais LNG project - the first FID on a large-scale LNG production project in the world in the year 2024. From late May to the middle of June, LNG term sales transactions - including SPAs and HOAs - amounting to more than 9 million tonnes per year were announced in the world. One of them was a mega contract for 4 million tonnes per year for 27 years from Qatar to CPC Corporation, Taiwan. Meanwhile, there have been signs of immediate LNG market uncertainty caused by unplanned outages of LNG production plants.

 

Asia and Oceania

• Japan's Hokkaido Gas and Australia's Santos announced on 28 May 2024 a long-term LNG SPA for up to 0.4 million tonnes per year of LNG for 10 years, commencing in 2027, from Santos' LNG portfolio on a DES Ishikari terminal basis. Hokkaido Gas and Santos also intend to collaborate to explore CCS and e-methane opportunities.
• Kawasaki Kisen Kaisha, Ltd. ("K" LINE) and Tree Energy Solutions (TES) announced on 12 June 2024 that they would explore collaboration opportunities, including broadening the scope of e-NG (electric natural gas derived from green hydrogen) partnerships to accelerate the adoption of cleaner fuels to lead the transition towards net-zero greenhouse gas emissions in the maritime sector by 2050.
• Vitol announced on 28 May 2024 that Korea Middle Power Co Ltd (KOMIPO) and Vitol had agreed to extend an existing long-term LNG SPA. The original deal was signed in 2011, deliveries commenced in 2015, with Vitol supplying KOMIPO with over 4 million tonnes of LNG over 10 years. From 2025 to 2028 Vitol will supply three (3) cargoes per year.
• NYK Line announced on 30 May 2024 that On December 2023, NYK established in December 2023 OPearl LNG Ship Management Company Limited, a ship-management company for LNG carriers, with CMES LNG Shipping Company Limited (CMLNG), a subsidiary of China Merchants Energy Shipping Co., Ltd. (CMES), a leading shipping company in China, and CETS Investment Management (HK) Co., Ltd. (CETS), a subsidiary of the CNOOC Group. The three companies held a ceremony on 18 April 2024 to open the Hong Kong office.
• PV Gas (PetroVietnam Gas) announced on 12 June 2024, the AMANI LNG ship had docked at the Thị Vải LNG Terminal Vũng Tàu province, carrying the fifth LNG cargo in the country. The cargo was from Brunei, provided by PetroChina International (Singapore) Pte. Ltd.
• Philippines' First Gen Corporation (FGEN) announced on 13 June 2024 that FGEN had concluded its international tender for an LNG cargo by awarding a contract to TG Global Trading Co., (Tokyo Gas). Tokyo Gas will supply one (1) LNG cargo of approximately 125,000 m3 with delivery in July 2024 on a DES (Delivered Ex Ship) basis to FGEN's subsidiary, First Gen Singapore Pte. Ltd (FGEN Singapore). The LNG cargo will be unloaded into the BW Batangas FSRU at the First Gen Clean Energy Complex (FGCEC) in Batangas City.
• TotalEnergies announced on 4 June 2024 two LNG medium- and long-term contracts in Asia: an SPA with Indian Oil Corporation (IOCL) for the delivery to India of up to 800,000 tonnes per year of LNG for ten years from 2026; and an HoA with Korea South-East Power for the delivery to Korea of up to around 500,000 tonnes per year of LNG for five years from 2027.
• Shell plc and Singapore's Pavilion Energy Pte. Ltd. announced on 18 June 2024 an agreement between Shell Eastern Trading Pte. Ltd. and Carne Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek, for Shell to acquire 100% of the shares in Pavilion Energy. Pavilion Energy's portfolio comprises about 6.5 million tonnes per year of long-term sale and supply LNG contracts. It also includes long-term regasification capacity of approximately 2 million tonnes per year at the Isle Grain LNG terminal (United Kingdom), regasification access in Singapore and Spain, as well as the time-charter of three M-type, Electronically Controlled Gas Injection (MEGI) LNG vessels and two Tri-Fuel Diesel Electric (TFDE) vessels. It also has an LNG bunkering business with its first vessel deployed in early 2024. Pavilion Energy's pipeline gas business is not included as part of the transaction and will be transferred to Gas Supply Pte Ltd (GSPL), a subsidiary of Temasek, prior to completion. Pavilion Energy's 20% shareholding in block 1 and 4 in Tanzania are not included in the transaction.
• Malaysia's Genting Berhad announced on 20 June 2024 that its wholly owned indirect subsidiary Genting Oil & Gas Sdn Bhd and another 95%-owned indirect subsidiary PT Layar Nusantara Gas (PTLNG) had entered into an EPCIC (Engineering, Procurement, Construction, Installation and Commissioning) Contract with Wison New Energies Co., Ltd. for an FLNG Facility with capacity of 1.2 million tonnes per year. Wison will construct the FLNG facility at its shipyards in Nantong and Zhoushan in China. After passing the yard performance test, the FLNG Facility shall be towed to its final destination located at Teluk Bintuni, West Papua, Indonesia, where the final commissioning test will be carried out. The target sail away date from Zhoushan shipyard will be in second quarter of 2026 with the planned schedule of achieving first drop of LNG in third quarter of 2026. The feed gas for the FLNG Facility shall be supplied from the Asap, Merah and Kido structures within the concession area of the Kasuri Block in West Papua, Indonesia, awarded to Genting Oil Kasuri Pte Ltd (GOKPL), another 95% indirect subsidiary of Genting Berhad pursuant to a production sharing contract signed in May 2008 between GOKPL and BP MIGAS, the Indonesian oil and gas regulator (which had since been succeeded by SKK MIGAS). The Government of Indonesia approved the Revised First Phase Plan of Development for the Asap, Merah and Kido structures on 9 February 2023, which allows the supply of natural gas to the FLNG facility for 18 years, as well as to an Ammonia and Urea plant to be built in West Papua, Indonesia for 17 years.
• The Japan Bank for International Cooperation (JBIC) and Australia's Woodside Energy announced on 30 May 2024 a loan agreement amounting to up to USD 1 billion (JBIC portion). The Loan will sit alongside a loan facility from private financial institutions. The Loan together with the loan facility from the private financial institutions amounts to a total of USD 1.450 billion. The Loan is intended to provide funds to assist Woodside in developing the Scarborough Energy Project, which is located off the northwest coast of Western Australia.
• Chevron Australia expects the Wheatstone domestic gas supply to be suspended until 26 June 2024, according to "Medium Term Capacity Outlook" data on AEMO's (Australian Energy Market Operator) Gas Bulletin Board during the ongoing repair activities on the Wheatstone offshore platform. Chevron suspended operations on the platform on 10 June to repair the platform's fuel gas system.
• The New Zealand's government said on 9 June 2024 removing the ban on petroleum exploration beyond onshore Taranaki was part of a suite of proposed amendments to the Crown Minerals Act. The Bill will be introduced to Parliament in the second half of 2024.

 

North America

• JAPEX (Japan Petroleum Exploration Co., Ltd.) announced on 30 May 2024 that JAPEX would acquire a 15% equity interest in GCLH (Gulf Coast LNG Holdings LLC) from JERA Americas Inc. through JAPEX (U.S.) Corp. (JUS). GCLH has a 25.7% interest in Freeport LNG Development, L.P. (FLNG).
• Freeport LNG Development, L.P. reported to the TCEQ (Texas Commission on Environmental Quality) that Train 2 at the Freeport LNG plant tripped in the morning on 30 May 2024 due to an issue with the anti-surge valve on the propane compressor. The incident resulted in venting to the liquefaction flare system. Operators restarted the train around 16 hours later. The company revealed in a letter of 31 May to FERC that TCEQ had fined USD 330,750 to Freeport LNG for violations to TCEQ's rules and the Texas health and safety code which TCEQ discovered in August 2023.
• FERC ordered on 10 June 2024 Venture Global to provide a copy of the requested documents to customers within 5 days of receiving an executed protective agreement that is either agreed to by the parties or issued by an administrative law judge. FERC said Venture Global had failed to demonstrate why the "highly confidential" documents requested by customers cannot be adequately protected by a protective agreement governing the documents' use and disclosure. On 15 February 2024, Venture Global Calcasieu Pass, LLC filed a request for an extension of time to place into service its LNG plant in Cameron Parish, Louisiana. Venture Global requested a one-year extension on FERC's five-year deadline, pushing the completion date to 21 February 2025, stating that reliability issues with the plant's heat recovery steam generators require the facilities to remain in the commissioning phase.
• Venture Global LNG submitted on 3 June 2024 a response to FERC's request of 29 May 2024 for additional information regarding air pollutant emissions from the Calcasieu Pass LNG project, in relation to the company's CP2 LNG project application.
• Venture Global LNG and Ukraine's D. TRADING (commercial arm of DTEK Group) announced on 13 June 2024 an HOA for supply of LNG to Ukraine and Eastern Europe. The HOA provides that D. TRADING will purchase cargoes from Venture Global's Plaquemines LNG facility beginning in 2024 through the end of 2026. The HOA also provides that D. TRADING will purchase up to 2 million tonnes per year of LNG from Venture Global's third facility, CP2 LNG, for 20 years. The HOA also calls for cooperation on opportunities to access regasification terminal capacity and gas pipeline capacity. The initial phase of CP2 has been sold through 20-year SPAs with ExxonMobil, Chevron, JERA, New Fortress Energy, INPEX, China Gas, SEFE and EnBW. Venture Global has launched offsite construction of the project while it awaits project authorizations from regulators.
• FERC said on 12 June 2024 in an inspection report originally released on 4 June and revised thereafter that the anticipated in-service timing for the Golden Pass Pipeline expansion project is expected "sometime in the first half of 2025". The lead construction contractor for the export project declared bankruptcy on 21 May 2024, "which may impact completion timelines," it said. The regulator said in a previous report that the anticipated in-service timing for the pipeline expansion project "is expected sometime prior to the second half of 2024". The latest report did not mention the timing for the liquefaction trains. Golden Pass LNG Pipeline LLC (GPPL) asked on 6 June FERC to temporarily allow a 24/7 work schedule at its MP 69 CS (compressor station) site in Starks, Louisiana "due to the flooded site conditions causing unsafe work conditions and potential off-site turbidity concerns caused by excessive rainfall." Chiyoda Corporation said on 19 June that Golden Pass LNG Terminal LLC filed motions on 18 June requesting Zachry's withdrawal from the project and for lifting the automatic stay to resume construction work of the first train. The court would make a final decision regarding Zachry's withdrawal from the project after hearings, Chiyoda said.
• Saudi Arabia's Aramco and NextDecade Corporation announced on 13 June 2024 that their respective subsidiaries had executed a non-binding HOA for a 20-year LNG SPA for offtake from Train 4 at the Rio Grande LNG Facility at the Port of Brownsville, Texas, United States. Aramco expects to purchase 1.2 million tonnes per year of LNG for 20 years on an FOB basis, at a price indexed to Henry Hub.
• Tellurian Inc. and Aethon Energy Management LLC announced on 29 May 2024 an agreement for Aethon to acquire Tellurian's integrated upstream assets, alongside an HOA for Aethon to purchase 2 million tonnes per year of LNG from Tellurian's Driftwood LNG plant.
• Texas LNG Brownsville LLC, a Glenfarne Energy Transition company, submitted on 24 May 2024 a request to FERC for request for extension of time until 22 November 2029 to complete construction and place the project in service. The filing said that "continued litigation challenges have delayed the project". Glenfarne Energy Transition announced on 6 June that Texas LNG had been approved for a Texas tax abatement from Cameron County. Texas LNG is expected to start construction later in the year. Texas LNG is a 4 million-tonne-per-year LNG export facility to be constructed in the Port of Brownsville, Texas.
• DOE said on 31 May 2024 that it had "tolled," or suspended, the expiration date of 1 June of Delfin LNG's permit to export to non-free trade agreement (non-FTA) countries "in light of" Marad's (Maritime Administration) refusal in April to authorize the offshore development's construction over "substantial changes" in the original application. The DOE's move does not grant Delfin's request to extend its permit another five years, but it does allow the existing permit to stay in place until it can decide on the extension.
• New Fortress Energy Inc. (NFE) announced on 14 June 2024 that the company expected to produce LNG in the next 10 days, and then expects to be able to deliver its first cargo in July for its first Fast LNG unit offshore Altamira, Mexico.

 

European and surrounding regions

• The Council of the European Union on 27 May 2024 adopted a regulation on tracking and reducing methane emissions. The regulation introduces new requirements on measuring, reporting and verifying methane emissions in the energy sector.
• Germany's ECOnnect Energy announced on 12 June 2024 that it had signed a contract with FSRU Wilhelmshaven GmbH, a joint venture between Tree Energy Solution (TES) and ENGIE, for the installation of the jettyless ready IQuay solution for LNG import to Wilhelmshaven, Germany. State-owned DET (Deutsche Energy Terminal GmbH) is the general client for all works. The DET project is on the list of priority projects supported by Germany's LNG Acceleration Law, passed in May 2022, to strengthen Germany's energy security by 2025.
• Finland's Gasgrid announced on 28 May 2024 that the Inkoo LNG terminal had sold 95% of its reservation capacity for 2024. Sale of the LNG terminal's reservation capacity for 2025 will begin in July 2024.
• Germany's Uniper announced on 12 June 2024 that it had decided to terminate its long-term Russian gas supply contracts and thus legally ended the long-term gas supply relationship with the Russia's Gazprom Export. The decision was made possible after an arbitration tribunal on 7 June awarded Uniper the right to terminate the contracts and awarded it an amount of more than €13 billion in damages for the gas volumes not supplied by Gazprom Export since the middle of 2022.
• The U.S. Department of the Treasury announced on 12 June 2024 additional sanctions against Russia that target its future energy production. The measures target entities involved in the Obsky LNG, Arctic LNG 1, and Arctic LNG 3 projects.
• According to Belgian Presidency of the Council of the EU 2024, EU Ambassadors agreed on a 14th package of sanctions against Russia on 20 June 2024. The new sanctions target LNG for the first time. EU companies will still be allowed to purchase Russian LNG but be prohibited from re-exporting it to other countries. The measures also target three LNG projects in Russia - Arctic LNG 2, Ust Luga and Murmansk.

 

Other regions

• Abu Dhabi's ADNOC announced on 12 June 2024 an FID on the Ruwais LNG project and the award of an EPC contract for the project valued at approximately USD 5.5 billion (AED 20.2 billion). According to the announcement, the project in Al Ruwais Industrial City will be the first LNG export facility in the Middle East and North Africa (MENA) region to run on clean power, making it one of the world's lowest-carbon intensity LNG plants. The project will see 55% of the EPC award value flow back into the UAE's economy under ADNOC's In-Country Value (ICV) program. The EPC contract was awarded to a joint venture led by Technip Energies, with JGC Corporation and NMDC Energy. The Ruwais LNG project will consist of two 4.8 million-tonne-per-year LNG liquefaction trains with a total capacity of 9.6 million tonnes per year. The facility will leverage artificial intelligence (AI) and the latest technologies to enhance safety, minimize emissions and drive efficiency.
• QatarEnergy announced on 5 June 2024 agreements with CPC Corporation, Taiwan (CPC) covering the long-term supply of LNG to CPC and partnership in the North Field East LNG expansion project (NFE). The parties signed an LNG SPA for the delivery of 4 million tonnes per year of LNG from the NFE project to CPC over a period of 27 years. The two sides also signed a share sale and purchase agreement pursuant to which QatarEnergy will transfer to CPC a 5% interest in the equivalent of one NFE train with a capacity of 8 million tonnes per year.
• TotalEnergies announced on 20 June 2024 that the company as operator of OML 58 onshore license in Nigeria with a 40% interest, and the Nigerian National Petroleum Corporation Ltd (NNPCL, 60%), had taken an FID for the development of the Ubeta gas field. Located about 80 km northwest of Port Harcourt in Rivers state, the OML 58 license contains two fields currently in production, the Obagi oil field and the Ibewa gas and condensate field. OML58 gas production is processed in the Obite treatment center and supplied to both the Nigerian domestic gas market and to Nigeria LNG (NLNG) plant. The Ubeta gas condensate field will be developed with a new 6-well cluster connected to the existing Obite facilities through a 11 km buried pipeline. Production start-up is expected in 2027, with a plateau of 300 million cubic feet per day (about 70,000 barrels of oil equivalent per day including condensates). Gas from Ubeta will be supplied to NLNG, a liquefaction plant located in Bonny Island with an on-going capacity expansion from 22 to 30 million tonnes per year, in which TotalEnergies holds a 15% interest. Ubeta is a low-emission and low-cost development, leveraging on OML58 existing gas processing facilities. The carbon intensity of the project will be further reduced through a 5 MW solar plant currently under construction at the Obite site and the electrification of the drilling rig.
• Engineering company Technip Energies on 24 May and operator bp on 4 June 2024, respectively, said announced that the floating production storage and offloading unit (FPSO) had arrived at the Greater Tortue Ahmeyim (GTA) field off Africa's west coast, offshore Mauritania and Senegal, for the Phase 1 LNG development. The FPSO measures 270 meters long, 54 meters wide, and 31.5 meters high. The vessel is moored at the site 40 km offshore in a water depth of 120 m. The project will produce gas from reservoirs in deep water, 120 km offshore, through a subsea system. The GTA Phase 1 development is expected to produce around 2.3 million tonnes per year of LNG for more than 20 years. The FPSO will remove water, condensate and impurities from the gas before transferring it via pipeline to the FLNG vessel at the Hub Terminal 10 km offshore.
• CNOOC Limited announced on 24 May 2024 that its subsidiaries had entered into petroleum exploration and production concession contracts (EPCCs) with the Ministry of Mineral Resources and Energy of Mozambique (MIREME) and Empresa Nacional de Hidrocarbonetos (ENH) for 5 offshore blocks in Mozambique. The first stage of the exploration period of the blocks shall be 4 years. The 5 subsidiaries of CNOOC Limited shall act as the operators in the exploration and development phases and independently owns the operating interests in the 5 blocks.

 

(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)