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LNG
Overview
LNG's role as a key feedstock is well established as it helps manage both input costs and carbon emissions. Heavy industrial users' drive to achieve net zero targets has added a new dimension to how and where it is being deployed. Overall, its use is expected to increase and is tipped to become the strongest-growing fossil fuel.
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Latest LNG news
Browse the latest market moving news on the global LNG industry.
Australia’s Queensland awards gas exploration tenders
Australia’s Queensland awards gas exploration tenders
Singapore, 25 June (Argus) — Australia's Queensland state is continuing to support the country's east coast domestic gas market by awarding new tenders for gas exploration. The exploration tenders for petroleum and gas cover six areas across the Bowen and Surat basins as part of the Queensland Exploration Program, with one earmarked for domestic gas supplies, the Queensland government said on 25 June. Queensland has released over 20,000km² of land exclusively for Australian domestic supplies since 2017. The country has also increased its oil and gas exploration expenditure during January-March compared with the previous year and quarter, according to the Australian Bureau of Statistics. "Queensland continues to do the heavy lifting when it comes to the east coast market because we know additional supply is key to ensuring its reliability," the state's resources and critical minerals minister Scott Stewart said. The Australian Energy Market Operator has warned of immediate gas supply risks across southeast Australia. It issued a gas supply risk warning for the country's east coast on 19 June, after inventories slumped at the 26,000TJ (694mn m³) Iona gas storage site in Victoria. An extension of an unplanned disruption at the ExxonMobil-operated 1.15 PJ/d (30.7mn m³/d) Longford gas plant, which is southern Australia's largest supply source, also further reduced supplies to the region. By Simone Tam Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Western Australia’s Wheatstone LNG fully back on line
Western Australia’s Wheatstone LNG fully back on line
Singapore, 24 June (Argus) — Operator Chevron fully resumed output at the 8.9mn t/yr Wheatstone LNG in Western Australia (WA) over the weekend, after restarting its two production trains and domestic gas plant. This is days ahead of an initially targeted supply restart by 27 June . Operations at an offshore platform were interrupted from 10 June, disrupting supplies to Wheatstone's LNG production and domestic gas facilities located near WA's Onslow in the Pilbara region. The WA Gas Bulletin Board's medium-term capacity outlook operated by the Australian Energy Market Operator earlier showed Wheatstone's domestic plant off line until 26 June, meaning supplies could return the following day. But restarts may have been attempted from as early as 14 June, said offtakers contacted by Chevron. While the shutdown of Wheatstone initially raised concerns about potential supply disruptions, the resulting spike in spot prices were short-lived. The front half-month of the ANEA, the Argus assessment for spot LNG deliveries to northeast Asia, was last assessed at $12.44/mn Btu on 21 June, 73¢/mn Btu lower than when prices peaked on 14 June. But this still 66¢/mn Btu higher than on 10 June before the disruption and subsequent repairs. It is unclear how many LNG cargoes have been lost as a result of the incident, with the disruption only resulting in a July term cargo being deferred by a few weeks, a Wheatstone offtaker said. No known term cargo cancellations have emerged. By Rou Urn Lee Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
PetroVietnam, South Korea’s Mubo partner on gas
PetroVietnam, South Korea’s Mubo partner on gas
Singapore, 21 June (Argus) — Vietnam's state-owned PetroVietnam (PVN) today agreed an initial financing deal with the Korea Trade Insurance Corporation, also known as Mubo, to strengthen and streamline South Korean companies' participation in natural gas projects with PVN and its subsidiaries. The $1bn package has both mid- to long-term financial tranches available if South Korean companies secure PVN's natural gas projects. PVN has plans to expand its gas field development, pipeline construction and gas-fired power plants in projects valued at around $12bn. This is aligned with the government's plan to achieve carbon neutrality by 2050 through increased reliance on gas-fired power generation. PVN manages at least four gas-fired power plants, two coal-fired power plants and two hydropower plants, with 5404MW of total capacity, according to the firm. State-owned PetroVietnam Gas (PV Gas) is at the forefront of the gas power sector projects. It operates the 1mn t/yr Thi Vai LNG terminal, commissioned in July 2023 and has started supplying gas-fired power generation to industrial customers since 15 March. Vietnam is expecting to import more LNG, in anticipation of the start-up of the 1.6GW Nhon Trach LNG thermal power plant in November this year. The plant is comprised of two units that could require as much as 775,000 t/yr of LNG each, assuming a generating efficiency of 60pc. It is also building the 3.6mn t/yr Son My LNG import terminal in Binh Thuan province in southcentral Vietnam. The first phase of commercial operations is scheduled for 2027. A second and third phase at Son My will lift's Vietnam's overall LNG import capacity to 10mn t/yr. PV Gas is to supply 70,000t of LNG to state-owned utility EVN for use at its 715MW Phu My 3 thermal power plant in April and May, marking the first LNG supplies to the county's power sector. Russia has also expressed interest to partner with Vietnam for oil and gas supplies, including LNG, following a state visit by Russian President Vladimir Putin to Hanoi on 20 June. By Naomi Ong Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Indian regulator seeks oversight of LNG terminals
Indian regulator seeks oversight of LNG terminals
Mumbai, 21 June (Argus) — India's Petroleum and Natural Gas Regulatory Board (PNGRB) has issued a draft proposal for enhanced regulatory control over the country's existing and planned LNG import terminals. The draft regulations released earlier this month has PNGRB taking significant control of India's existing terminals, which includes approval of a new terminal or expansion of capacity following feasibility reports, as well as setting up pipeline infrastructure for regasified LNG. Each project would require a certification of registration by PNGRB and may even face penalties if there are any start-up delays. Developers will also need to publicly disclose their regasification tariffs and other charges for transparency. The regulations are seen as an effort to reverse dwindling utilisation rates at India's existing LNG import facilities, according to traders. The proposed regulatory framework may hinder new investments across India's gas sector more broadly by introducing the additional layer of oversight. PNGRB board of directors typically being short of members results in delays in approvals for existing projects or new products. The Indian Gas Exchange (IGX) small-scale LNG contract was delayed to launch in April this year from the initial plan of late 2023. The contract was needed to help supply gas consumers located in areas not served by pipelines. Plans to introduce LNG contracts for over one-month delivery on the IGX are also being held up because the board does not have sufficient staff to accelerate the speed of decision making, sources with knowledge of the matter said. Utilisation rates at India's seven LNG import terminals ranged from 15pc to 95pc in the April 2023-March 2024 fiscal year, with six operating at 30pc or lower despite a 16pc increase in LNG imports over the same period, oil ministry data show. Indian state-controlled LNG importer Petronet's 17.5mn t/yr Dahej LNG terminal had a 95pc utilisation rate, while Petronet's5mn t/yrKochi, state-controlled firm Gujarat State Petroleum's 5mn t/yr Mundra and state-controlled refiner IOC's 5mn t/yr Ennore terminals operated at 20pc or lower. India plans to add at least 25mn t of LNG import capacity in the next few years on top of its existing 47.7mn t/yr import capacity. India imports around 45pc of its daily gas needs, equivalent to around 190mn m³/d as LNG. The country plans to increase the share of gas in its energy mix to 15pc by 2030, which would increase overall demand to 600mn m³/d. By Rituparna Ghosh Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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