Trend of Natural Gas and LNG Prices

Short-term trend

Asia

• The assessed spot LNG price for near-month delivery to Northeast Asia, JKM, which was in the mid-USD 15s at the beginning of the month, fell to high-USD 12s due to high inventories and weak demand in Northeast Asia in the middle of December. The second half of the month, it turned upward due to growing forecasts that Russian gas flows to Europe decline next year.
• Based on the preliminary figures from Japan's customs statistics of the Ministry of Finance, the country's average LNG import price was USD 12.07 per million Btu and JPY 95,672 per tonne in November 2024. The USD price in November was almost the same as in August, September, and October, as Japan’s average landed crude oil import price in August was almost the same as in May, June, and July. The average landed prices of LNG in Japan from the United States, the ASEAN region, the Middle East, and Russia in November were USD 10.80, USD 11.42, USD 11.98, and USD 12.90, respectively. Elsewhere in Northeast Asia, average import prices in November were USD 11.14 in China, USD 12.48 in Korea, and USD 11.31 in Chinese Taipei. Japan’s average landed crude oil import price (JCC: Japan crude cocktail) was USD 78.14 per barrel and JPY 75,151 per kilolitre in November 2024.
• Japan imported 5.05 million tonnes of LNG in November 2024, 5.3% lower than the same month of 2023. China imported 6.15 million tonnes of LNG in November 2024, a decrease of 8.7% from the same month of 2023. Korea imported 4.02 million tonnes of LNG in October 2024, 8.0% higher than the same month of 2023, and Chinese Taipei imported 1.80 million tonnes, 11.0% higher than one year earlier.

United States

• The Henry Hub Natural Gas Futures price was upward trend from the middle to the second half of the month due to rising demand for feed gas and rising demand for heating due to falling temperatures. As of the 24th, it was USD 3.95/Mbtu and close to USD 4s.

Europe

• The Dutch TTF Gas Futures price continued to fall until the middle of the month due to the forecasts of relatively warm weather while supply from Norway remained generally stable. In the middle of the month, however, President Putin stated that there was no possibility of extending the gas transportation agreement with Ukraine, in the situation that gas flow through Ukraine was still flat. Toward the end of the month, it rose due to the growing forecasts that the flow of Russian gas to the Europe would decrease next year.

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. From September to October, the price softened slightly to hover around USD 13s due to low demand. In November, falling temperatures and rising geopolitical tensions pushed it to USD 15s, updated its highest in 2024. After that, the increase temporarily paused, but it returned to an upward trend due to the uncertainty of Russian gas flows next year.
• 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 13 since April 2023.

Trend of Natural Gas and LNG Inventories

Japan

• Japan's LNG inventories as of the end of July 2024 stood at 4.70 million tonnes, a decrease of 9.0% and 0.46 million tonnes from June, and same level from July 2023, lower than the past five-year average by 0.15 million tonnes.
• Japan's LNG inventories as of the end of August 2024 stood at 4.52 million tonnes, a decrease of 3.8% and 0.18 million tonnes from July, and an increase of 3.1% from August 2023, lower than the past five-year average by 0.14 million tonnes.
• Japan's LNG inventories as of the end of September 2024 stood at 4.62 million tonnes, an increase of 2.2% and 0.10 million tonnes from August, and an increase of 5.9% from September 2023, lower than the past five-year average by 0.17 million tonnes.
• The LNG inventories for city-gas supply as of the end of September 2024 were 2.32 million tonnes, 1.0% higher than August and 3.2% lower than September 2023. LNG consumption for city-gas in September 2024 was 2.27 million tonnes, which increased by 1.0% year-on-year. City-gas companies received 2.32 million tonnes of LNG in September 2024, decreasing year-on-year by 5.8%.
• The LNG inventories for power generation as of the end of July 2024 were 2.30 million tonnes, decreasing by 10.5% from June and 0.5% higher than July 2023. LNG consumption for power generation in July 2024 was 3.51 million tonnes, increasing by 4.9% from June 2023. Power generation companies received 3.65 million tonnes of LNG, increasing year-on-year by 4.3%.
• The LNG inventories for power generation as of the end of August 2024 were 2.23 million tonnes, decreasing by 3.2% from July and 0.4% higher than August 2023. LNG consumption for power generation in August 2024 was 3.70 million tonnes, increasing by 1.0% from August 2023. Power generation companies received 4.00 million tonnes of LNG, decreasing year-on-year by 0.3%.
• The LNG inventories for power generation as of the end of September 2024 were 2.30 million tonnes, increasing by 3.3% from August and 16.9% higher than September 2023. LNG consumption for power generation in September 2024 was 3.33 million tonnes, decreasing by 3.9% from September 2023. Power generation companies received 3.77 million tonnes of LNG, increasing year-on-year by 3.7%.
• According to the "LNG Inventory for Power Generation" released by the Ministry of Economy, Trade and Industry (METI) on 25 December 2024, major power utilities’ LNG inventories were 2.07 million tonnes as of 22 December. This is lower by 0.63 million tonnes than the end of December 2023 and 0.09 million tonnes below the average of the end of December of the past five years.

United States

• As of 13 December 2024, working gas in underground natural gas storage in the United States was 3.62 Tcf, 8.7% decrease from the previous month, according to the U.S. Energy Information Administration (EIA). Gas inventories were 1.3% higher than those at the same time in 2023 and were 130.8 Bcf higher than the past five-year average.

Europe

• As of 21 December 2024, the stored volume of natural gas in European underground storage facilities operated by the Aggregated Gas Storage Inventory (AGSI +) EU member companies was 871.0 TWh (about 57.61 million tonnes LNG equivalent). The volume was lower than that of one year ago by 12.4% or 122.9 TWh (about 8.13 million tonnes LNG equivalent). The inventories represented 75.9% of the capacity, which was lower than 87.4% on the same day in 2023 and lower than the five-year average of 78.9%. The inventories in Germany, Italy and the Netherlands (which have relatively large storage capacities among the member countries) were 82.7%, 81.8% and 61.9% of their respective capacities.

 

• As of 21 December 2024, the stored volume of LNG in European LNG terminals reported by Aggregated LNG Storage Inventory (ALSI) member operators was 3.33 million cubic meters, 25.7% down from the previous month. The inventories were lower than the same day in 2023 by 36.2% and by 31.0% below the five-year average for the same day. The inventories represented 36.9% of the capacity, which was lower than 60.1% on the same day in 2023.

Latest Developments in Major Natural Gas and LNG Projects

Highlights

• Australia's Woodside and Chevron Australia swapped their assets in existing LNG production projects in Western Australia. The U.S. DOE in mid-December released an updated study of LNG exports. The study has a 60-day comment period. On the other hand, the incoming next administration is expected to lift the pause of non-FTA LNG export authorizations immediately after the inauguration in January 2025.

 

Asia and Oceania

• Japan's Shizuoka Gas Co., Ltd. announced on 13 December 2024 that the company signed an LNG SPA with Santos SG Trading Pte. Ltd., a subsidiary of Australia's Santos, on 12 December. Shizuoka Gas will receive 0.35 million tonnes per year of LNG commencing in the early 2030s, according to the announcement. Santos announced on 12 December 2024 the same SPA, adding that it would supply 0.35 - 0.4 million tonnes per year of LNG at plateau for 12 years, commencing in 2032.
• CPC Corporation, Taiwan, announced on 11 December 2024 that the Ministry of Environment approved the environmental impact assessment for the LNG receiving terminal in the southern port city of Kaohsiung. Regarding the increase in air pollution caused by the construction of the terminal, CPC promised "on-site offset” ". CPC said that the terminal could help Taipower's Dalin Power Plant increase gas and reduce coal. CPC said that the terminal was estimated to be able to handle 6 million tonnes per year of LNG.
• TotalEnergies announced on 10 December 2024 that the company finalized the acquisition of the interests of OMV (50%) and Sapura Upstream Assets (50%) in SapuraOMV Upstream, an independent gas producer in Malaisia. SapuraOMV's main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, offshore Sarawak in Malaysia.
• INPEX CORPORATION announced on 2 December 2024 that it had executed an agreement with Seascape Energy Asia plc to acquire 100% of the shares in Longboat Energy (2A) Limited, a subsidiary of Seascape that will own a 42.5% participating interest in the Block 2A Production Sharing Contract off the coast of Sarawak, Malaysia. INPEX will assume operatorship of the block where it will engage in hydrocarbon exploration activities alongside partners Topaz Number One Limited, a subsidiary of Seascape, PETRONAS Carigali Sdn. Bhd. (PCSB) and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP).
• JGC Holdings Corporation announced on 25 November 2024 that its subsidiary P.T. JGC Indonesia was awarded an Onshore Engineering, Procurement, Construction and Installation (EPCI) Contract for Tangguh UCC Project in Indonesia by BP Berau, Ltd., the operator of Tangguh LNG Plant. The project is part of the Tangguh LNG EGR/CCUS Project comprising of Ubadari field development, enhanced gas recovery through carbon capture, utilization and storage (EGR/CCUS) and onshore compression. Saipem announced on 26 November 2024 that the company, together with its partner PT Meindo Elang Indah, had been awarded an offshore EPCI contract by BP Berau Ltd. Saipem's activities include the engineering, procurement, construction and installation of two wellhead production platforms, a wellhead platform for the re-injection of CO2 and approximately 90 km of associated pipelines.
• Singapore's Sembcorp Industries announced on 5 December 2024 that Sembcorp Fuels (Singapore) Pte Ltd had signed an SPA (Sale and Purchase Agreement) with Chevron U.S.A. Inc. (Singapore Branch) to import up to 0.6 million tonnes of LNG per year. The delivery is expected to commence in 2028 for 10 years.
• Singapore's Maritime and Port Authority (MPA) announced on 12 December 2024 that it had launched an Expression of Interest (EOI) process to explore scalable solutions for sea-based LNG reloading to complement the existing onshore LNG bunkering storage and jetty capacities and the supply of e/bio-methane as marine fuel in the Port of Singapore. According to the announcement, LNG bunkering in Singapore has grown from 16,000 tonnes delivered in 2022 to over 385,000 tonnes delivered from January to October 2024. The EOI seeks to gather proposals on three areas: to scale up sea-based reloading operations, including ship-to-bunker barge LNG operations; to facilitate the supply of LNG alternatives such as liquefied bio-methane; and to develop floating platform concepts to enhance bunkering safety and efficiency. The EOI proposals should also include mitigation measures to address the issue of methane slip on a well-to-wake basis. Proposals must be submitted by 28 February 2025.
• Singapore's Seatrium Limited announced on 17 December 2024 that following Golar LNG's sale of the 1977-built Golar Gandria for demolition in 2023, Seatrium and Golar LNG had decided to let their third LNG-carrier-to floating liquefaction conversion contract lapse on 16 December 2024. Seatrium referred to the announcement made on 22 July 2015, in relation to a contract for the conversion of Golar Gandria. The first two floating liquefaction vessels delivered by Seatrium to Golar LNG are Hilli Episeyo deployed in the Kribi gas field located offshore Cameroon, and Golar Gimi FLNG deployed in the Greater Tortue Ahmeyim field located offshore Mauritania and Senegal.
• Australia's Squadron Energy announced on 12 December 2024 that the company's Port Kembla Energy Terminal (PKET) - Australia's first LNG import terminal had completed construction. Commissioning of the onshore receiving facility is underway, which is to ensure the functionality of all equipment at the import terminal including the control system, marine loading arms and fire system. The terminal has the capacity to supply 500TJ a day (3.35 million tonnes per year).
• Australia's Woodside Energy announced on 12 December 2024 that the North West Shelf Joint Venture had received the Western Australian Government's environmental approval for the North West Shelf Project Extension. The State's decision recommences the Federal environmental approvals process. As part of the approval, the North West Shelf committed to a range of environmental management measures, including a significant reduction in air emissions such as Oxides of Nitrogen and Volatile Organic Compounds as well as greenhouse gas emissions management measures to reduce emissions over time.
• Australia's Woodside Energy and Chevron Australia announced on 19 December 2024 that Woodside would acquire Chevron's interest in the North West Shelf (NWS) LNG project (16.67%) and the Angel CCS project (20%) and transfer all of its interest in the Wheatstone (13%) and Julimar-Brunello (65%) Projects to Chevron. Chevron would also make a cash payment to Woodside of up to USD 400 million, the companies said. Chevron Australia said that it would acquire Woodside's 13% non-operated interest in the Wheatstone project and 65% operated interest in the Julimar-Brunello project.
• INPEX CORPORATION announced on 6 December 2024 that through its group company INPEX Cash Maple Pty Ltd it had signed a sales and purchase agreement to transfer 2.625%, 1.20% and 0.42% of its participating interest in the AC/RL7 block in Australia to OPIC Australia Pty Ltd (a subsidiary of CPC Corporation, Taiwan), Osaka Gas Ichthys Pty Ltd (a subsidiary of Osaka Gas Co., Ltd.) and Toho Gas Ichthys Development Pty Ltd (a subsidiary of TOHO GAS Co., Ltd.), respectively. The AC/RL7 block is located off the northern coast of Western Australia, approximately 250 kilometers northeast of the Ichthys Gas-condensate Field.

 

North America

• DOE on 17 December 2024 released an updated study of LNG exports. The study will have a 60-day comment period that will begin once published in the Federal Register. DOE encourages the public to submit comments, which should inform how DOE may apply the study's findings to its public interest analysis of export applications going forward.
• U.S. House Energy and Commerce Committee Chair issued on 17 December 2024 a statement after DOE released its LNG study. "Let's call this 'study' what it is: A clear attempt to cement Joe Biden's rush-to-green agenda. The administration's de facto ban on LNG exports and this rushed climate driven study are politically motivated decisions to appease radical environmental activists. This is unacceptable. By trying to shut down American LNG, DOE is threatening hardworking Americans' jobs and economic development, weakening the energy security of our allies, and strengthening our adversaries. That's why House Republicans are committed to reversing this ban and unleashing America's abundant natural gas resources to help lower costs across the board."
• FERC released on 13 December 2024 a letter to Corpus Christi Liquefaction, LLC granting the company's request of 9 December 2024 to introduce hydrocarbons to sections of Train 1 for the Stage 3 Project.
• Venture Global LNG announced on 14 December 2024 that it had reached first LNG production at the company's second facility, Plaquemines LNG, in Louisiana. The company said that the project reached the milestone 30 months from its FID. According to the announcement, Plaquemines will produce and export LNG while construction and commissioning continues for the remainder of the project's 36 trains and associated facilities.
• FERC set aside a portion of its prior authorization for Venture Global's CP2 LNG project in Louisiana on 27 November 2024. The revised review schedule contemplates a final supplemental EIS being made available on 9 May with a final order to be issued on 24 July 2025.
• Chiyoda Corporation announced on 25 November 2024 that Chiyoda International Corporation (CIC) and CB&I LLC (CB&I), the construction JV partners for the Golden Pass LNG Export Project (Project) in the State of Texas, United States, on 21 November, reached an agreement with Golden Pass LNG Terminal LLG (GPX) on the amendment of the EPC contract and associated commercial terms for the completion of the full scope for Train 1 . CB&I and CIC, and GPX will continue engagements on subsequently amending the contract for the completion of Trains 2 and 3.
• ExxonMobil has four world-class LNG projects under development and expects to surpass 40 million tonnes per year of LNG sales by 2030, according to the company on 11 December 2024. The company expects to achieve first LNG sales from the Golden Pass development in the United States and from the Qatar North Field East expansion project near the end of 2025. It also is targeting FIDs at Papua New Guinea's Papua project in 2025 and at Mozambique's Rovuma development in 2026.
• Australia's Woodside announced on 5 December 2024 that it had signed a revised lump sum turnkey EPC contract with Bechtel for the development of the three train 16.5 million tonnes per year foundation development of Louisiana LNG. Bechtel has worked on site since the acquisition and will continue work under a limited notice to proceed (LNTP) executed under the revised EPC contract. Woodside continues to target FID readiness from the first quarter of 2025.
• Energy Transfer LP announced on 19 December 2024 Energy Transfer LNG Export, LLC had entered into a 20-year LNG SPA with Chevron U.S.A. Inc. related to ET's Lake Charles LNG project. Energy Transfer LNG will supply 2 million tonnes of LNG per year to Chevron on an FOB basis and the purchase price will consist of a fixed liquefaction charge and a gas supply component indexed to the Henry Hub benchmark.

 

European and surrounding regions

• Norway's Equinor ASA and United Kingdom's Shell plc announced on 05 December 2024 that Equinor UK Ltd and Shell UK Limited were to combine their offshore oil & gas assets in the United Kingdom to form a new company. The new independent producer will be jointly owned by Equinor (50%) and Shell (50%). With the once prolific basin now maturing and production naturally declining, the combination of portfolios and expertise will allow continued economic recovery of the resource, according to the announcement. The transaction has economic effect on 1 January 2025. Completion of the transaction remains subject to approvals and is expected by the end of 2025.
• Austria's OMV announced on 11 December 2024 the termination of its long-term natural gas supply contract with Gazprom Export in reference to multiple fundamental breaches of contractual obligations by Gazprom Export. This termination takes immediate effect. The subject contract originates from 2006 and stipulates a term until 2040. Since 16 November 2024, Gazprom Export has halted gas deliveries to OMV, according to the announcement. Prior, OMV received approximately 7,400 MWh per hour, corresponding to approximately 5 TWh (0.45 bcm) per month, at the Austrian Slovakian border, according to the announcement.
• The Russian government said on 5 December 2024 that it had lifted the restriction on payment for exported natural gas in only Russian roubles via Gazprombank.
• The Council of the European Union announced on 16 December 2024 Council Regulation (EU), where EU sanctioned a vessel associated with the Yamal LNG project for the first time - the Christophe De Margerie, one of the 15 ice-class Arc-7 vessels of the project. Other LNG vessels sanctioned in the package include North Way, North Sky, North Air and North Mountain, associated with the Arctic LNG 2 project.
• Russia's Kamchatka local authority announced on 25 November 2024 that the construction of an LNG regasification complex in Rakovaya Bay had begun. The project should ensure supply of LNG for up to 446 thousand tonnes per year, to replace the missing volumes of Kamchatka fields under the Gasification Program of the Kamchatka Territory. The supply of LNG should be carried out within the framework of the Sakhalin-2 project.
• Russia's Gazprom said on 2 December 2024 that daily deliveries of gas to China via its Power of Siberia pipeline had been brought to "maximum contractual level" as of 1 December. The company also said that gas supplies via the pipe was expected to exceed Gazprom's contractual obligations for 2024.

 

Other regions

• Abu Dhabi's ADNOC announced on 5 December 2024 that it had signed an SPA for the Ruwais LNG project, with Malaysia's PETRONAS, for 1 million tonnes per year of LNG for 15 years. ADNOC and Germany's EnBW (EnBW Energie Baden-Württemberg AG) announced on 16 December that they had signed an SPA for for 0.6 million tonnes per year of LNG for 15 years. Deliveries are expected to start in 2028 upon commencement of its commercial operations. To date, over 8 million tonnes per year of the project's 9.6 million tonne per year production capacity has been committed to international customers through long-term agreements.
• QatarEnergy announced on 2 December 2024 that QatarEnergy and Shell had entered into a new long-term SPA for the supply of three million tonnes per year of LNG to China. Deliveries will commence in January 2025. The SPA marks the 11th LNG supply contract between the two companies, according to the announcement.
• QatarEnergy announced on 11 December 2024 that it had selected the joint venture of Japan's Mitsui O.S.K Lines Ltd. (MOL) and China's COSCO Shipping LNG Investment (Shanghai) Co. Ltd. (CSLNG) to own and operate 6 QC-Max size LNG vessels. The 6 vessels will be built in China by Hudong-Zhonghua Shipbuilding Group, a subsidiary of China State Shipbuilding Corporation (CSSC). These vessels are the last batch of the 128 LNG vessels in QatarEnergy's ship building program, made up of 104 conventional and 24 QC-Max size ultra-modern vessels. The MOL-CSLNG joint venture has already entered long-term TCP agreements with QatarEnergy for 7 conventional LNG vessels, executed in 2022, giving the joint venture a total of 13 long-term TCPs under QatarEnergy's LNG fleet expansion program.
• The Qatari Energy Minister and CEO of QatarEnergy on 7 December 2024 criticised the European Union's (EU) Corporate Sustainability Due Diligence Directive (CS3D). He said that QatarEnergy could not meet Net Zero as a company.
• Jordan's ministry of energy said on 2 December 2024 that Egypt and Jordan had signed an agreement to allow Jordan to use Egyptian LNG import infrastructure until 2026. The statement said that Jordan would use Egypt's FSRUs over the next two years. The deal is aimed at securing emergency LNG supplies to Jordan until the completion of the new LNG import project in Aqaba, Jordan, expected by the end of 2026.
• The Egyptian government said on 6 December 2024 that EGAS had signed a deal for a second FSRU with New Fortress Energy (NFE). Operations of the second FSRU are expected to start in the second half of 2025, according to the statement.
• China's Wison New Energies announced on 19 December 2024 the FEED contract with Ace Gas & FLNG for an FLNG and Power Barge project in Nigeria. The project aims to develop an FLNG with a liquefaction capacity of 3 million tonnes per year, planned to be moored 10 km offshore in waters with a depth of about 20 m. A stream of natural gas will be delivered from FLNG to the 230 MW Power Barge.
• Germany's SEFE (Securing Energy for Europe) announced on 6 December 2024 that it and Angola LNG agreed on supply of half a million tonnes of LNG, equivalent to eight LNG cargoes scheduled for 2026. The LNG sourced from Angola can be delivered to a wide range of destinations at SEFE's discretion.
• Argentina's YPF said on 24 November 2024 that Pan American Energy (PAE) and Golar LNG had a project to install the FLNG (liquefaction) vessel "Hilli Episeyo" with a production capacity of 2.45 million tonnes per year of LNG, in the Gulf of San Matías, Río Negro, with LNG supply expected to start in the second half of 2027. YPF is going to join the project. Pampa Energía S.A. announced on 27 November the participation in the FLNG Project. Pampa will initially hold a 20% stake in Southern Energy S.A. (SESA), the entity established by PAE and Golar to undertake the Project, becoming its second-largest shareholder. Harbour Energy confirmed on 2 December that it had signed a participation agreement with Pan American Energy and Golar LNG to acquire a 15% interest in SESA.
• Argentina's YPF announced on 19 December 2024 a PDA (Project Development Agreement) with Shell for the first phase of the Argentina LNG Project. The parties commit to mature the development of the first phase of the project towards a decision to enter the FEED stage. The first phase should have a liquefaction capacity of 10 million tonnes per year. Petronas' participation as a partner has come to an end, according to the announcement. The Argentina LNG Project includes gas production from dedicated blocks in Vaca Muerta and its transportation through dedicated pipelines extending 580 kilometers to a processing and liquefaction plant in Sierra Grande, Rio Negro, on the Atlantic coast.

 

(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)