Q4 2024 Activities and Opportunities
Energy Transfer LP subsidiary Energy Transfer LNG Export LLC agreed to supply LNG to Chevron for a 20-year term. Through the deal, signed with Chevron USA Inc., Energy Transfer will supply to Chevron 2 million tonnes/year (tpy) of LNG from its proposed and fully-permitted Lake Charles LNG plant on a free-on-board (FOB) basis. The purchase price will consist of a fixed liquefaction charge and a gas supply component indexed to the Henry Hub benchmark. (Oil & Gas Journal, 21 December 2024)
The United Arab Emirates’s biggest oil producer agreed to sell liquefied natural gas to a second German utility as it wraps up more supply contracts from a new export terminal it’s building. Abu Dhabi National Oil Co. will supply 0.6 million tons of LNG annually to Germany’s EnBW Energie Baden-Wuerttemberg AG for 15 years starting 2028. (Rigzone, 16 December 2024)
Abu Dhabi National Oil Co. (ADNOC) last week agreed to sell 1 million tonnes/year (tpy) of production from its 9.6-million tpy Ruwais LNG project to Malaysia’s Petroliam Nasional Berhad (Petronas) for a term of 15 years. The deal converts a previous heads of agreement between the two companies regarding the transaction to a definitive agreement. (Oil & Gas Journal, 11 December 2024)
Prolonging the United States’ pause on new liquefied natural gas (LNG) projects will deprive Asian countries of a price-competitive source, making it harder for emerging economies in the continent to phase out cheaper but more polluting coal, according to an analysis commissioned by Asia Natural Gas and Energy Association (ANGEA). (Rigzone, 4 December 2024)
Shell PLC has committed to buy three million tons per annum (MMtpa) of liquefied natural gas (LNG) from QatarEnergy for the British energy giant’s activities in China. Delivery under the long-term deal will start January 2025. (Rigzone, 3 December 2024)
Triggered by incoming U.S. President Donald Trump, the next four years could prime the liquefied natural gas (LNG) markets for a golden era. (Rigzone, 29 November 2024)
Eni SPA has launched the hull of its 2.4-million tonne/year Nguya floating LNG plant at Wison shipyard in Nantong, China. Nguya FLNG will complement the existing 600,000-tpy Tango FLNG, operational since December 2023, bringing Congo LNG’s total liquefaction to 3 million tpy by end 2025. (Oil & Gas Journal, 27 November 2024)
BP PLC and its partners have reached a $7 billion final investment decision (FID) on an Indonesian project to develop a gas field to supply feedstock to an existing liquefaction facility and build an associated carbon capture facility. (Rigzone, 26 November 2024)
ADNOC has signed a long-term sales and purchase Agreement (SPA) for the lower-carbon Ruwais LNG project currently under development in Al Ruwais Industrial City, Abu Dhabi. LNG will primarily be sourced from Ruwais, with deliveries expected to start in 2028 upon commencement of its commercial operations. (Oil & Gas Journal, 8 November 2024)
Oman is advancing plans to expand natural gas liquefaction capacity with a fourth LNG train at the Qalhat LNG complex in Sur, Oman. KBR Inc. has been awarded a front-end engineering design (FEED) contract for the Sur LNG Train 4 Project. (Oil & Gas Journal, 8 November 2024)
QatarEnergy said Thursday it had held naming ceremonies to inaugurate four of the dozens of conventional-size liquefied natural gas (LNG) vessels it had ordered from South Korean builders. Three of the newly inaugurated ships, named “Lebrethah”, “Nuaijah” and “Umm Swayyah”, mark the first deliveries by Hanwha Ocean Co. Ltd. under QatarEnergy’s LNG fleet expansion program. (Rigzone, 8 November 2024)
TotalEnergies SE has signed an agreement with China Petroleum & Chemical Corp. to supply the state-owned refiner with two million tons per annum (MMtpa) of liquefied natural gas (LNG) for 15 years starting in 2028. (Rigzone, 7 November 2024)
Several gas developments are underway in Guyana and Suriname that could offer new competitive LNG supply sources early next decade, according to a new report from Wood Mackenzie. According to Wood Mackenzie’s report “Can Guyana and Suriname LNG compete against new global supply?”, Guyana and Suriname could supply up to 12 million metric tonnes per annum (mmpta) of LNG by the next decade. (Wood Mackenzie, 4 November 2024)
The number of liquefied natural gas (LNG)-fuelled vessels has grown significantly from 21 in 2010 to 590 today, with 564 more on order, projecting over 1,150 vessels by 2028. That’s according to recent reports from SEA-LNG, which also note that LNG-fuelled vessels account for more than 2% of the global shipping fleet, with the order book continuing to grow. (Gasworld, 8 October 2024)
Santos Ltd. has signed a mid-term liquefied natural gas (LNG) supply contract with TotalEnergies Gas & Power Asia Private Limited. The contract is to supply 20 LNG cargoes, or up to approximately 0.5 million metric tons of LNG per annum over a period of three years plus one quarter. (Rigzone, 4 October 2024)
Growth in global gas demand is set to pick up this year due to colder winter temperatures and easing prices, with emerging economies leading the increase in consumption, but geopolitical risks and supply-side concerns could trigger renewed price volatility, according to the IEA’s latest Gas Market Report. (IEA, 3 October 2024)
Mitsubishi Corp. has extended an existing 10 percent stake each in two of the four joint ventures comprising the Petronas LNG complex in Bintulu district, Sarawak state. (Rigzone, 30 September 2024)
Japan’s Mitsubishi Corporation has signed new agreements with Malaysia’s state-owned energy giant Petronas, reaffirming its engagement in two of Malaysia’s liquefied natural gas (MLNG) plants owned by the latter in the country’s Sarawak region. (Offshore Energy, 30 September 2024)
Glencore is set to purchase 2 million tonnes per annum (mtpa) of LNG for 20 years from the Commonwealth LNG project and equivalent natural gas supply from KTG under a netback agreement. The definitive agreements are expected to follow in Q4 2024. (Offshore Energy, 23 September 2024)
In line with its strategy to grow its long-term liquefied natural gas (LNG) sales, TotalEnergies announces a 5-year extension of its sales and purchase agreement (SPA) with CNOOC, for the delivery of 1.25 million tons of LNG per year to China until 2034. (TotalEnergies, 19 September 2024)
TotalEnergies has signed a heads of agreement (HoA) to supply LNG to Türkiye. In a deal aligned with its strategy to grow long-term LNG sales, the HoA signed with BOTAŞ calls for TotalEnergies to deliver 1.1 million tonnes/year of LNG for 10 years beginning in 2027. (Oil & Gas Journal, 19 September 2024)
Woodside Energy Group Ltd. has signed a sale and purchase agreement (SPA) with JERA Co. Inc. for the long-term supply of liquefied natural gas (LNG) to Japan. Under the SPA, Woodside will supply approximately 0.4 million metric tons, or six cargoes, of LNG per year over 10 years on a delivered basis, beginning April 2026. (Rigzone, 19 September 2024)
MidOcean Energy is acquiring an additional 15 percent interest in Peru LNG (PLNG) from Hunt Oil Company. Upon closing of the transaction, MidOcean’s interest in PLNG will increase from 20 percent to 35 percent. Hunt’s interest in PLNG will decrease from 50 percent to 35 percent, and Hunt will remain the operator of PLNG following the transaction. (Rigzone, 19 September 2024)
ADNOC has signed 15-year agreement with Indian Oil Corp. Ltd. (IndianOil) for the delivery of 1 million tonnes/year (tpy) of LNG, primarily sourced from ADNOC’s lower-carbon Ruwais LNG project under development in Al Ruwais Industrial City, Abu Dhabi. (Oil & Gas Journal, 11 September 2024)
The Japanese government is considering support measures to make it easier for companies to enter into long-term purchase contracts for liquefied natural gas to ensure a stable supply of the super-chilled fuel. (Reuters, 11 September 2024)
QatarEnergy signed an agreement with China State Shipbuilding Corp. (CSSC) for the construction of six additional QC-Max vessels, bringing the total number of LNG vessels on order under its fleet expansion program to 128. (Gas & Oil Journal, 10 September 2024)
Santos has signed a mid-term LNG supply contract with Glencore Singapore Pte Ltd. The contract is to supply 19 LNG cargoes, or up to 500,000 tonnes/year of LNG over a period of 3 years plus one quarter. (Oil & Gas Journal, 9 September 2024)
North America's LNG export capacity is on track to more than double to 24.4 bcfd by 2028 from 11.4 bcfd in 2023 if projects currently under construction begin operations as planned, according to data from the US Energy Information Administration (EIA). (Oil & Gas Journal, 4 September 2024)
Shell International Trading Middle East Fze (Shell) and Türkiye’s Boru Hatları ile Petrol Taşıma AŞ (BOTAŞ) signed a 10-year agreement through which Shell will supply BOTAŞ with up to 4 billion cu m/year (bcmy) of LNG a year from its US and global portfolio, with deliveries starting in 2027. (Oil & Gas Journal, 3 September 2024)
See past activities and opportunities for companies like Gulf Energy below: