LNG macro analysis, page-1556

2019 set to break record for new LNG capacity

Reuters is reporting that 2019 will reportedly see a record amount of LNG production capacity be approved. This new capacity will help satisfy the current climate of strong global demand, particularly from emerging markets such as China.

According to Giles Farrer, Wood Mackenzie’s research director for global gas and LNG, 60 million tpy of LNG capacity could receive a final investment decision (FID) this year. This is significantly higher than the previous record, set in 2005, of 45 million tpy. It is also triple 2018’s figure of 21 million tpy.

Notable examples of projects scheduled to commence operations this year, highlighted by Woodmac, include Novatek’s Artic LNG 2, at least one project based in Mozambique, and three US LNG projects. The three potential US projects include the Golden Pass joint-venture (Qatar Petroleum, ExxonMobil and ConocoPhillips), the Calacasieu Pass project (Venture Global LNG), and Sabine Pass Train 6 (Cheniere Energy).


PetroChina’s terminals receive record amount of LNG in 2018

State-controlled oil and gas producer PetroChina has received a record amount of liquefied natural gas (LNG) at its three major import terminals during the last year.

PetroChina’s three LNG terminals – Tangshan, Dalian and Rudong – handled more than 15 million tonnes combined last year, for the first time during one single year, parent company CNPC said in a statement on Thursday.

Furthermore, PetroChina’s Rudong LNG import terminal in Jiangsu province received 85 vessels last year for a total of 6.5 million tonnes, operating at full capacity and reaching the highest amount in its history, the statement said.

The Rudong facility supplied 9.2 billion cubic meters to the grid last year, a rise of 49 percent when compared to 2017, making it also the busiest LNG terminal in China, according to the statement.

In a separate statement, China National Offshore Oil Corp (CNOOC) said that its Zhejiang LNG import terminal located in the coastal city of Ningbo received 80 vessels last year for a total of 5.47 million tonnes. This represents a 52 percent rise when compared to 2017, CNOOC said.

China, the world’s second-largest importer of LNG, has continued to boost its imports of the chilled fuel last year and has reached a new record high as it is pursuing its strategy for cleaner air.

In the January-November period, LNG imports increased 43.6 percent to 47.52 million tonnes, the data from the General Administration of Customs showed.

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