Aug 2024
Trend of Natural Gas and LNG Prices
Short-term trend
Asia
- The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, rose to mid-USD 14s on 19 August due to heightened geopolitical risks following the attack of Russia's Kursk region by Ukrainian troops. It has been the highest level since the beginning of 2024. But since then, demand in South-East and East Asia has been weak against a backdrop of high prices and the price fell to mid-USD 13s.
- 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 July 2024 and scheduled to be delivered from the month onward (contract-based price) was USD 12.1/MBtu. The average price of spot LNG cargoes that were delivered in June 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 11.57 per million Btu and JPY 95,824 per tonne in July 2024. The price in July was higher than in June as Japan’s average landed crude oil import price in April was higher than in the previous month. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in July were USD 9.47, USD 11.67, USD 11.99, and USD 11.82, respectively. Elsewhere in Northeast Asia, average import prices in July were USD 10.72 in China, USD 11.61 in Korea, and USD 10.72 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 87.93 per barrel and JPY 88,324 per kilolitre in July 2024.
- Japan imported 5.62 million tonnes of LNG in July 2024, 10.4% higher than the same month of 2023. Japan imported 38.03 million tonnes of LNG during the first seven months of 2024. The year-to-date LNG import for the year was for the first time higher than the same period in 2023. China imported 5.90 million tonnes of LNG in July 2024, an increase of 1.1% from the same month of 2023. Korea imported 3.07 million tonnes of LNG in July 2024, 17.6% higher than the same month of 2023, Chinese Taipei imported 1.97 million tonnes, 5.9% higher than one year earlier.
United States
- The Henry Hub Natural Gas Futures price was modest movements around low-USD 2s throughout August due to continuous market situation with demand and supply was generally balanced.
Europe
- The Dutch TTF Gas Futures price rose to 12.9/Mbtu in mid-August due to increased geopolitical risks. After that, it became downward trend on the background of gas supplies and the one from Sudzha in Russia to Ukraine remained stable. According to AGSI+, the EU-wide underground gas storage target of 90% was achieved on 20 August.
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. In July, JKM hovered in the range high-USD 11s to low-USD 12s since demand was weak but falling of the price boosted demand in short term. In mid-August, JKM hit the mid-USD 14s and updated its highest in 2024 amid geopolitical uncertainty.
- 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 range between USD 11 and USD 14 since April 2023.
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(source)
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
- 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. (No update from last month's publication)
- The LNG inventories for city-gas supply as of the end of May 2024 were 2.44 million tonnes, 15.9% higher than April and 9.7% lower than May 2023. LNG consumption for city-gas in May 2024 was 1.99 million tonnes, which decreased by 2.6% year-on-year. City-gas companies received 2.33 million tonnes of LNG in May 2024, increasing year-on-year by 7.8%.
- 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%. (No update from last month's publication)
- According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 21 August 2024, major power utilities’ LNG inventories were 1.92 million tonnes as of 18 August. This is higher by 0.20 million tonnes than the end of August 2023 and 0.10 million tonnes below the average of the end of August of the past five years.
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 August 2024, working gas in underground natural gas storage in the United States was 3.30 Tcf, 2.1% increase from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 7.0% higher than those at the same time in 2023 and were 367.8 Bcf higher than the past five-year average.
Compiled based on data from the U.S. Energy Information Administration (EIA)
Europe
- As of 24 August 2024, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 1039.6 TWh (about 68.77 million tonnes LNG equivalent). The volume was lower than that of one year ago by 0.7% or 7.5 TWh (about 0.50 million tonnes LNG equivalent). The inventories represented 91.2% of the capacity, which was lower than 92.0% on the same day in 2023 and higher than the five-year average of 83.4%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 94.2%, 92.0% and 88.5% of their respective capacities.
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 August 2024, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 4.72 million cubic meters, 1.4% down from the previous month. The inventories were lower than the same day in 2023 by 2.0% and by 0.04% above the five-year average for the same day. The inventories represented 54.9% of the capacity, which was lowher than 56.9% on the same day in 2023.
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
Highlights
- While an offshore LNG production project in North America is nearing to its commercial operation, a few other LNG production projects under construction in the region reported slight slippages of schedules. While the U.S. Senate Energy and Natural Resources Committee adopted a bill to facilitate regulatory approval processes for LNG export projects, a U.S. District Court of Appeals vacated FERC's certificates for two LNG projects. Russia's Arctic LNG 2 project has apparently started shipping LNG cargoes out.
Asia and Oceania
- Saibu Gas and Tree Energy Solutions (TES) announced on 5 August 2024 that they had signed an MOU to promote e-NG as a key clean energy source.
- Mitsui O.S.K. Lines, Ltd. (MOL) announced on 20 August 2024 that the company completed the purchase on the market of 89,500 shares of common stock of MODEC, Inc. Along with the 10,162,300 shares already acquired in June 2023, MOL holds a 15.00% stake in MODEC and will make it an equity-method affiliate.
- Excelerate Energy, Inc. said on 7 August 2024 that in June, Excelerate signed a term sheet with ITECO Joint Stock Company, a Vietnam-based private development company, to develop an LNG import terminal in Hải Phòng, Vietnam. The Northern Vietnam LNG Terminal (NVLT) is anticipated to have an import capacity of 1.2 million tonnes per year, in two phases. Phase one is expected to have a capacity of 0.7 million tonnes per year and is expected to commence operations in 2027.
- According to INPEX Corporation's 2Q 2024 result presentation on 8 August, the company continues activities and preparation for FEED commencement and FID for the Abadi LNG project in Indonesia toward production start in around 2030, with onshore and offshore geophysical and geotechnical surveys and tender for FEED execution commenced. A plan to reduce 100% native CO2 (CO2 from reservoir) with CCS is included.
- India's Swan Energy revealed on 14 August 2024 in its filing to NSE India (National Stock Exchange of India Limited) plans to sell its stake in FSRU Vasant One to Türkiye's Botas. According to the filing, the transaction is expected to close within the next six months. The FSRU has a storage capacity of 180,000 cubic meters and was built by Hyundai Heavy Industries in Korea and was delivered to Swan in 2020. However, Swan's the LNG import terminal project in Gujarat did not come to fruition. Swan's subsidiary, Triumph Offshore, holds a 51% stake in the FSRU, while the Indian Farmers Fertiliser Cooperative (IFFCO) owns the remaining stake.
- The Australian government (Minister for Resources and Minister for Northern Australia) announced on 23 July 2024 that the government would finalise new offshore exploration permits for gas supply, including permits for Esso and Beach Energy in the Otway and Sorrell Basins, with any discovered gas to support the domestic east coast market, as well as permits for Chevron, INPEX, Melbana and Woodside Energy on Australia's west coast. In addition, 10 permits will be finalised for carbon capture and storage exploration. According to the announcement, the most recent ACCC Gas Inquiry Interim Report makes clear that the domestic east coast market may experience gas supply shortfalls as early as 2027. Supply challenges could persist into the mid-2030s unless new sources of gas supply are developed.
- According to information materials from Australia's Santos Limited on 21 August 2024, Phase one of the Moomba CCS project is in advanced commissioning with the pipeline being pressured up and CO2 to be introduced into the system imminently; The project remains on track for first injection and ramp up to full capacity in 2024; and Phase one of Moomba CCS will be one of the lowest-cost CCS projects in the world and have capacity to permanently store up to 1.7 million tonnes of carbon dioxide annually.
- Tokyo Gas Co., Ltd., Osaka Gas Co., Ltd., and Toho Gas Co., Ltd. announced on 21 August 2024 that the companies and Australia's Santos Limited had entered into an agreement to conduct a pre-FEED study on a project to produce emethane at Moomba in the Cooper Basin, Australia, and to export e-methane to Japan. The project aims to export more than 130,000 tonnes of e-methane per year (equivalent to 180 million m3 of city gas) to Japan from 2030 at the earliest.
- Arrow Energy, owned by Shell and PetroChina (50/50), announced on 12 August 2024 an expansion of its 27-year Surat Gas Project (SGP) to an area north-east of Miles in Queensland's Western Downs (SGP North). The development will bring more than 130 terajoules of additional gas to market per day (0.872 million tonnes per year) for long-term contract and domestic customers. The expansion is part of the SGP development, which will have the capability to produce more than 4000 petajoules of gas (73.5 million tonnes) over the life of the project. Construction on SGP North is scheduled to begin in 2024, with infrastructure to include up to 450 new gas production wells, a new field compression station, 27 km of pipeline, and road and infrastructure upgrades over two phases.
- Australia's Woodside Energy said on 23 July 2024 that a cost and schedule review was performed for the integrated Scarborough Energy Project during the second quarter. The schedule remains unchanged, with first LNG cargo targeted for 2026. The revised total project cost estimate is USD 12.5 billion (USD 8.2 billion Woodside share), a 4% increase from the previous cost estimate at FID of USD 12 billion. The cost increase is significantly driven by scope maturation of the Pluto Train 1 modifications project. The total project cost includes the cost for the Scarborough project, the Pluto Train 2 project and the Pluto Train 1 modifications project. The Scarborough Energy Project was 67% complete at the end of the quarter, with first LNG cargo expected in 2026. 29 Pluto Train 2 modules have been delivered to site, with 25 modules set in position at the end of the quarter and site works continuing to ramp up. Fabrication of the floating production unit (FPU) hull and topsides progressed. The living quarters module was installed on the topsides, which has achieved structural completion. Trunkline installation has transitioned from the 36" to 32" pipe and is now more than 50% complete. Two development wells have been drilled, with one well completed and the other planned to be completed in H2 2024. Reservoir quality is aligned with pre-drill estimates. Installation and testing of the three flowlines were completed. All major engineering reviews for Pluto Train 1 modifications have been completed and approximately 80% of materials and equipment have been ordered.
- Australia's Woodside Energy announced on 19 August 2024 that the company and the Australian Conservation Foundation (ACF) had agreed to dismiss the ACF's challenge to a primary environmental approval for Woodside's Scarborough Energy Project. The Scarborough Energy Project has all primary environmental approvals in place and offshore work is progressing well. The Federal Court proceedings sought an injunction to stop offshore activities for the Scarborough Energy Project. The parties have agreed to seek orders from the Court to dismiss the proceedings. The ACF, represented by the Environmental Defenders Office, commenced the Federal Court of Australia proceedings in relation to the offshore environmental assessment of the Scarborough Energy Project in June 2022.
- Australia's Woodside Energy said on 23 July 2024 that in June 2024, a Declaration of an Identified Greenhouse Gas Storage Formation was made by the Commonwealth Government over the Calliance Storage Formation within the G-8-AP Greenhouse Gas Assessment Permit (held by Woodside as Operator of Browse). This declaration supports the proposed carbon capture and storage solution incorporated into the Browse design.
- Australia's Woodside Energy said on 23 July 2024 that during the second quarter the Sunrise Joint Venture participants continued to work with the Australian and Timor Leste governments to progress a new Production Sharing Contract, Petroleum Mining Code and fiscal regime.
- According to information materials from Australia's Santos Limited on 21 August 2024, the Barossa Gas Project is nearing 80% complete with first gas expected in the third quarter of 2025; The Gas Export Pipeline that will deliver gas from the field to Darwin LNG is complete; and the third Barossa well has been successfully drilled and completed with better-than-expected reservoir results; The Floating Production, Storage and Offtake vessel is on track to head to Australia in the first quarter of 2025. At full production rates, Barossa is expected to add around 1.8 million tonnes per year to Santos' LNG portfolio.
North America
- U.S. Senators Joe Manchin (I-WV) and John Barrasso (R-WY), Chairman and Ranking Member of the Senate Energy and Natural Resources Committee, released on 22 July 2024 the Energy Permitting Reform Act of 2024. The bill would set a 90-day deadline for the Secretary of Energy to grant or deny LNG export applications following environmental reviews, with applications deemed approved if the Secretary fails to meet the deadline. The bill would ensure fact-based decision-making by requiring the Secretary to base decisions on DOE's existing LNG economic and emissions studies, unless and until new studies are completed. The Senate Energy and Natural Resources Committee on 31 July voted in favour of the bill.
- Cheniere Energy, Inc. announced on 5 August 2024 that its subsidiary Cheniere Marketing, LLC had entered into a long-term LNG SPA with Galp Trading S.A., a subsidiary of Galp Energia, SGPS, S.A. Galp has agreed to purchase approximately 0.5 million tonnes per year of LNG for 20 years from Cheniere Marketing on an FOB basis for a purchase price indexed to the Henry Hub price, plus a fixed liquefaction fee. Deliveries are expected to commence in the early 2030s and are subject to a positive FID with respect to the second train (Train Eight) of the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project). The SPA includes a limited number of early cargoes to be purchased by Galp prior to the start of Train Eight. The SPL Expansion Project is being developed for up to approximately 20 million tonnes per year of LNG capacity, inclusive of estimated debottlenecking opportunities. In February 2024, certain subsidiaries of Cheniere Energy Partners, L.P. submitted an application to FERC for authorization to site, construct and operate the SPL Expansion Project, as well as an application to DOE requesting authorization to export LNG to Free-Trade Agreement (FTA) and non-FTA countries.
- Cheniere Energy, Inc. said on 8 August 2024 that the company was constructing the Corpus Christi LNG (CCL) Stage 3 expansion project adjacent to the CCL Project consisting of seven midscale Trains with an expected total production capacity of over 10 million tonnes per year of LNG with 62.4% complete as of 30 June. First LNG production from the first train of the CCL Stage 3 Project is currently forecast to be achieved by the end of 2024. The company is developing two additional midscale Trains with an expected total production capacity of approximately 3 million tonnes per year of LNG (CCL Midscale Trains 8 & 9 Project) adjacent to the CCL Stage 3 Project. In March 2023, the company's subsidiaries filed an application with the FERC for authorization to site, construct and operate the project, and in April 2023, filed an application with the DOE requesting authorization to export LNG to FTA and non-FTA countries. In July 2023, the project received authorization from the DOE to export LNG to FTA countries. In June 2024, the project received a positive EA (Environmental Assessment) from the FERC and anticipate receiving all remaining necessary regulatory approvals for the project in 2025.
- Chiyoda Corporation revealed on 14 August 2024 that following the provisional approval of the interim order associated with Zachry Holdings, Inc.'s motion in the bankruptcy court on 25 July 2024 (Local time), the court gave a final approval on 12 August (Local time). With this approval, Zachry's withdrawal from the Project has been officially confirmed. Zachry Holdings, Inc. and some subsidiaries including Zachry Industrial, Inc., a Joint Venture (JV) partner of Chiyoda International Corporation (CIC), a subsidiary of Chiyoda Corporation based in Texas, to execute the Golden Pass LNG project in Texas, United States, had filed for Chapter 11 relief under the United States Bankruptcy Code. CB&I LLC, the other JV partner, and CIC will accelerate the discussion with Golden Pass LNG Terminal LLC for a long-term construction completion plan for GPX's approval and amendment of the EPC contract to resume the Project at full scale.
- Venture Global LNG said on 13 August 2024 in a filing to FERC that the company's second LNG project, Plaquemines LNG, had completed nearly 80% of construction, targeting first production of LNG in the fall, with exports of LNG on a pre-commercial operation basis beginning soon thereafter. Venture Global had said in an earlier regulatory filing that Plaquemines LNG could start producing LNG as early as August.
- NextDecade Corporation announced on 5 August 2024 that its subsidiary Rio Grande LNG Train 4, LLC (Rio Grande LNG Train 4) had executed a lump sum turnkey EPC contract with Bechtel Energy Inc. for the construction of Train 4 and related infrastructure at the Rio Grande LNG Facility. NextDecade continues to target a positive FID of Train 4 in the second half of 2024.
- NextDecade Corporation said on 14 August 2024 that it did not agree with the D.C. Circuit Court's recent decision to vacate FERC's remand authorization of the Rio Grande LNG Facility. According to the company, it is committed to taking any and all available legal and regulatory actions to ensure that Phase 1 will be delivered on time and on budget and that FID of Trains 4 and 5 will not be unduly delayed. In August 2024, the U.S. Court of Appeals for the D.C. Circuit issued an order vacating FERC's remand authorization of the Rio Grande LNG Facility on the grounds that the FERC should have issued a supplemental Environmental Impact Statement (EIS) during its remand process. The Court's decision will not be effective until the court has issued its mandate, which is not expected to occur until the appeals process has been completed. Construction continues on the first three liquefaction trains and related infrastructure (Phase 1) at the Rio Grande LNG Facility.
- NextDecade Corporation announced on 20 August 2024 that its subsidiary Rio Grande LNG, LLC had withdrawn its application at FERC for the proposed CCS (carbon capture and storage) project at the Rio Grande LNG facility and requested that the FERC terminate the CCS proceeding.
- Texas LNG Brownsville LLC announced on 23 July 2024 that the company and EQT Corporation had executed a 20-year tolling agreement for natural gas liquefaction services for 2 million tonnes per year of LNG. Texas LNG also announced an agreement for 0.5 million tonnes per year earlier in the month. Texas LNG plans to begin construction in 2024 and commence commercial operations in 2028.
- Excelerate Energy, Inc. revealed the Cook Inlet LNG terminal project in Alaska in the company's 2Q 2024 Investor Presentation on 8 August 2024. According to the company, Excelerate is in advanced discussions with local utilities in Southcentral Alaska for the development of an FSRU-based LNG import terminal in the lower Cook Inlet region. Recent declines in local gas production have led to critical shortages in Southcentral Alaska. Excelerate is expected to own the FSRU and terminal, as well as to have exclusive ownership of all regas capacity, being responsible for LNG supply and sell gas to local utilities. Gas sales agreements are expected to have an infrastructure payment component as a take-or-pay obligation. Commercial start date is targeted for 2028.
- Natural Allies for a Clean Energy Future (NACEF) and the Partnership to Address Global Emissions (PAGE) on 30 July 2024 released a study on the lifecycle of greenhouse gas emissions (GHG) from U.S. LNG exports and how they compare to alternative fuels. The Study, commissioned by NACEF and PAGE, and conducted by ICF, "Lifecycle GHG Emissions of U.S. LNG Exports: Concepts, Methodologies, Data and Results," shows that U.S. LNG exports are likely to have represented a net reduction in the world's GHG emissions compared to the mix of alternative fuels (primarily coal and oil) that would have likely substituted for the LNG exports had they hypothetically not existed in 2022. Under this Study's base case assumptions, shifting from U.S. LNG to coal increases GHG emissions by 47.7% to 85.9%. Without U.S. LNG exported abroad, that energy would be replaced with 54% coal, 34% fuel oil, 16% domestic gas, and 8% renewable sources.
- Canada's TC Energy Corporation announced on 30 July 2024 an equity interest purchase agreement with an Indigenous-owned investment partnership for an equity interest of 5.34% in the NGTL System and the Foothills Pipeline assets. The Agreement is backed by the Alberta Indigenous Opportunities Corporation (AIOC) and was negotiated by a consortium committee representing specific Indigenous Communities across Alberta, British Columbia and Saskatchewan.
- Sempra revealed on 6 August 2024 that construction at Energía Costa Azul LNG Phase 1 was approximately 85% complete but in recent months had experienced labour and productivity challenges. Mechanical completion and first LNG are expected to occur in 2025, with timing of commercial operations targeted for spring 2026.
- Chart Industries announced on 22 July 2024 that its IPSMR® process technology had delivered first LNG at the New Fortress Energy Fast LNG asset offshore Altamira, Mexico. According to Chart, New Fortress Energy's proprietary Fast LNG design is the first of its kind, pairing Chart's modular liquefaction technology with jack up rigs or similar offshore infrastructure with a production capacity of 1.4 million tonnes per year in a single train.
European and surrounding regions
- Energy infrastructure company VTTI announced on 9 August 2024 that it had completed the acquisition of 50% of Dragon LNG Group Limited. The other 50% of the terminal is owned by Shell. Dragon LNG is VTTI's second announced investment into LNG regasification terminals, following the announcement of the intention to acquire a 70% equity stake in Adriatic LNG, Italy made in April 2024, which is expected to be closed by end of 2024. Dragon Energy Limited, a subsidiary of Dragon LNG Group Limited, has also developed a solar farm at the facility and is developing additional renewable power projects at the site in support of decarbonising scope 2 emissions at the LNG terminal. Dragon Energy has also recently announced the Milford Haven CO2 project, which will be done in collaboration with RWE Pembroke Net Zero Centre, exploring carbon capture, pipeline transfer, liquefaction, temporary storage, and ship loading to enable CO2 shipping from a new Dragon jetty via non-pipeline transport to sequestration sites around the United Kingdom.
- Crown LNG Holdings Limited announced on 25 July 2024 that it had selected IKM Engineering & Environmental Consultants, as its partner for the design and engineering of its Grangemouth floating LNG import terminal in the Firth of Forth, on the east coast of Scotland. IKM's mandate will include the Pre-FEED and FEED phases.
- Germany's Uniper announced on 30 July 2024 that the company had become the first shipper to start using the BioLNG production capacity to convert biomethane into BioLNG at the Gate terminal in Rotterdam. According to the company, the BioLNG produced at the Gate terminal is certified under the International Sustainability and Carbon Certification (ISCC) scheme. The underlying commodity is biogas produced in one of the EU member states. At the Gate exit point, the LNG terminal takes over the biomethane and liquefies it using the terminal's existing infrastructure. The capacity of the liquefier is about 100,000 tonnes per year.
- ConocoPhillips announced on 24 July 2024 two new agreements to supply LNG to Europe and Asia - a long-term capacity booking at Fluxys' terminal in Zeebrugge, Belgium to import and regasify 0.75 million tonnes per year of LNG from April 2027 and a long-term LNG SPA to supply the Asian market from the same year.
- Italy's Edison announced on 30 July 2024 that it had completed LNG refuelling in the port of Trieste. The first ship-to-ship LNG bunkering operation in the Adriatic Sea was carried out through the use of the LNG carrier Ravenna Knutsen, which has been supplying the Ravenna LNG coastal depot (DIG). The Ravenna Knutsen small LNG carrier is available to Edison under a contract with Norwegian shipowner Knutsen OAS Shipping.
- Sakhalin Energy Company announced on 5 August 2024 that it had resumed LNG production at the Sakhalin-2 facility after the completion of maintenance and overhaul of process equipment.
Other regions
- Osaka Gas Co., Ltd. and Abu Dhabi's ADNOC announced on 6 August 2024 that they had signed a long-term HOA for the delivery of up to 0.8 million metric tonnes per year of LNG. The LNG will be primarily sourced from the Ruwais LNG project in Al Ruwais Industrial City, Abu Dhabi. The project is expected to start commercial operations in 2028. LNG cargos will be shipped to the destination ports of Osaka Gas and its Singapore-based subsidiary, Osaka Gas Energy Supply and Trading Pte. Ltd. (OGEST).
- The Sultanate of Oman announced on 27 July 2024 a plan of a new LNG train at the existing Qalhat LNG complex. This will be under the name of Sur LNG Company, with a capacity of 3.8 million tonnes per year. The project is expected to be completed by 2029.
- Energean plc announced on 23 July 2024 that it had taken an FID for the Katlan development project in Israel. The Katlan area will be developed in a phased approach through a subsea tieback to the existing Energean Power FPSO. The development will extend the production plateau from the FPSO. Production will underpin Energean's existing gas sales agreements plus target international markets. First gas is planned for H1 2027. The EPCI contract for the subsea scope has been awarded to TechnipFMC.
- Korea's GAS Entec announced on 20 August 2024 the company with its group company AG&P and local partners Issa Haddadin, had been awarded an EPCIC (engineering, procurement, construction, installation, and commissioning) contract to build Sheikh Sabah Al-Ahmad Al-Jaber Al Sabah onshore regasification LNG Terminal at Port of Aqaba in the Kingdom of Jordan. The tender was awarded to the consortium by Aqaba Development Corporation (ADC), the state-owned infrastructure company and the customer for the facility. The project includes an onshore LNG regasification facility, marine works, jetty topside work and other associated components and shall be completed, commissioned and delivered within 22 months.
- Eni said on 20 July 2024 that the Congo LNG project started exporting LNG in February 2024. With the second phase of the project to start at the end of 2025, gas exports from Congo will rise to 4.5 bcm per year, according to the announcement.
- Mozambique's President said on 15 August 2024 that his meeting with ExxonMobil focused on the initial engineering phase of the Rovuma LNG project, with plans to finalize approvals and make an FID by 2026.
- McDermott announced on 12 August 2024 that it had been awarded an EPCI, hook up and commissioning contract by Shell Trinidad and Tobago Limited for the Manatee gas field development project, located 100 km off the southeast coast of Trinidad and Tobago. The award follows the delivery of the FEED, detailed engineering and long lead procurement service contracts for the project's initial design and execution planning. McDermott will design, procure, fabricate, hook up and commission a platform and jacket. The company will also provide design, installation, and commissioning services for a 32-inch gas pipeline that will connect the platform to a gas processing facility operated by Shell. The contract scope also includes design, procurement, installation, and testing services for a fiber optic cable.
(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)
添付ファイル
- Japan Trend of LNG Inventory data(28.6KB) (August 26, 2024 update)
- US Trend of Natural Gas Inventory data(60.4KB) (August 26, 2024 update)
- Europe Trend of Natural Gas Inventory data(437.8KB) (August 26, 2024 update)
- Europe Trend of LNG Inventory data(262.1KB) (August 26, 2024 update)