LNG
Increased capacity from new terminals and expansions drove up exports of liquefied natural gas at the quickest rate since 2016.
While discussions on the commercial terms for gas sales continue, the release of the jackup rig intended to drill production wells calls into question Shell’s plans for first gas in 2027.
With a strong presence across US shale in the Bakken, Anadarko Basin, Powder River Basin, and the Permian, Continental Resources is expanding into Argentina’s Vaca Muerta shale as the privately held E&P giant pursues international growth.
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Air Products, BHGE, Norsafe, and Sofec won contracts for Eni’s Coral South FLNG project in Mozambique. -
LNG as a fuel source has been an energy staple for many Asia-Pacific countries for decades, and is increasing in importance in other regions as countries look to diversify their energy mix.
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The US is emerging as a gas-exporting nation, and that is going to mean big changes globally.
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Global trade for LNG is projected to rise by 50% by 2020. There is a clear acceleration in demand for small- and medium-scale LNG, necessitating splitting of LNG into smaller load parcels. Transfer methods applicable to deeper water, smaller LNG carriers, and harsh environments are critical.
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Petronas cancels plans for the development of the Pacific Northwest LNG project in British Columbia intended to take away natural gas from the Montney formation for shipping to Asian countries. Low LNG prices strike a blow to the feasibility of the project.
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Cost and delivery of long-distance natural gas pipelines to a distant liquefaction facility at a warm-water port has become excessive, and environmental restraints have been increasing. An alternative is an offshore ice-resistant LNG port accommodating a new class of LNG transport vessels.
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One of the world’s leading energy watchers says the second shale revolution will come in the form of LNG exports.
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The Prelude FLNG begins the 3,600-mile journey from South Korea to northwest Australia; expected to remain at final destination for 20–25 years.
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Eni finalized a USD 7-billion investment in the Coral South FLNG project, the first offshore development in Mozambique. Service and equipment providers are announcing their awarded contracts.
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Natural gas had a bullish year in 2016 as the average Henry Hub spot price jumped from USD 2.28/million Btu in January to USD 3.59/million Btu in December, according to the Energy Information Administration. It also positively forecast that the gas price will rise to USD 3.67/million Btu in 2017.
