A bright future is forecast for the LNG industry, as long-term gas demand drives major investment in global LNG facilities. A new report from energy business advisors, Douglas-Westwood (DW), predicts the Pacific basin will be the main contributor to a ten year global investment high of $26 billion per annum by 2015. The report is being launched this week at the 6th FLNG Asia Pacific Summit, Singapore and the 5th Annual Gas Storage Conference, London, with presentations by Jason Waldie and Joseph Dutton. “Last year saw recovery in LNG demand, led by Asian consumers. China, in particular, has seen its LNG demand grow from 1 bcm in 2006 to around 13 bcm today. LNG imports to Western European and Latin American countries have also increased. In addition, we have the prospect of increased demand for natural gas as the world considers the future of nuclear energy in the aftermath of the Japanese crisis,” said report lead author, Lucy Miller. “On the supply side, 2010 saw the commencement of major construction work on new facilities in Australia and Papua New Guinea. Despite lower levels of expenditure on new LNG facilities, resulting from projects being delayed by the recession, the market is expected to recover and Capex on LNG facilities for the 2011-2015 period is forecast to total over $93 billion,” concludes Miller.
The global fleet of tankers carrying liquefied natural gas needs to expand by 66% by 2010 to meet current and future demand from exporters including Qatar, Australia and Nigeria, according to LNG Shipping Solutions, as reported by Bloomberg. About 205 carriers need to be ordered, adding to the 182 ships in service and 127 units already contracted to be built, to meet demand for existing and future LNG projects.,As many as 105 vessels need to be ordered to meet demand for future projects and
Key finding is that demand for the deep sea trades could grow significantly if LNG bunkers are competitively priced compared with other fuel options. The 52-page study, which is being launched at Gastech 2012, assesses the likely scale of demand for LNG fuel and LNG-fuelled newbuilds using a unique interactive model of data drawn from major industry stakeholders. The 2011-2012 study says global acceptance of LNG as a marine fuel will depend on the development of a global bunkering
Demand from top Asian buyers drops sharply; Asian, European gas price spreads converge. Europe set to becoming dumping ground for LNG. Europe is set to become a dumping ground for the world's unwanted gas supplies this winter as Asian demand for sea-borne shipments fizzles out, leaving dealers to seek out willing buyers at rock bottom prices. Caught in a sharp downward spiral, Asian spot prices for liquefied natural gas (LNG) have more than halved this year as top Japanese and South
Oregon LNG completed a navigation and docking simulation for three liquefied natural gas (LNG) tanker sizes at the Pacific Marine Institute in Seattle, Wash. The company says the simulation demonstrates that its proposed LNG site on the Skipanon Peninsula in Warrenton, Ore., can accommodate the 148,000 cubic meter (5.2 MMcf), 216,000 cubic meter (7.6 MMcf), or Q-Flex tanker, and the 266,000 cubic meter (9.4 MMcf) Q-Max tankers.
Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply to Asia, adding to a previous contract as the state-owned firm seeks to become a global supplier. Pavilion Energy said in a statement on Wednesday its wholly owned subsidiary Pavilion Gas Pte Ltd
SUEZ LNG NA LLC's subsidiary Neptune LNG LLC said today it received a letter from the United States Coast Guard deeming its Neptune Deepwater Port application for a license complete. Publication of the letter in the Federal Register will start a statutory 330-day review period for approval of a license to build the offshore liquefied natural gas (LNG) facility. In a related development, Neptune also announced today that it
Company plans to supply LNG to the northeastern U.S. via its advance LNG Project GDF SUEZ Gas NA has announced the advanceLNG Project, an initiative to provide attractively priced LNG to a wide array of customers in the U.S. Northeast. Starting today through December 31, 2013, GDF SUEZ Gas NA is accepting non-binding bids for LNG supply from the proposed project. While LNG from GDF SUEZ Gas NA's facility in Everett
Gas is big and growing, as rates for LNG hauling tanker rise for a third year, fueled in part by demand from Japan. According to a Bloomberg report, rising Japanese demand means that Golar LNG Ltd., which operates nine LNG tankers and is controlled by John Fredriksen, will report a threefold gain in 2012 net income, according to the mean of 11 analyst estimates in a Bloomberg survey. Golar is reactivating four-decade-old mothballed ships after rates doubled in 2011 and are forecast by
Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) has announced a four-year time charter for the 2007-built 150,000 m3 LNG carrier Neo Energy to a major international energy concern. The charter is expected to commence in the first quarter of next year upon expiration of the vessel’s existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration.
A ferry being built for Sweden’s Rederi AB Gotland will be fueled by LNG, featuring a Wärtsilä integrated solution which includes a complete LNG powered propulsion- and fuel storage and supply system, as well as comprehensive project services
The HUMMEL (bumblebee) LNG Hybrid Barge will enable Becker Marine Systems to supply low-emission power to cruise ships lying at port in Hamburg. The first container with LNG fuel has arrived in the Hanseatic City. The barge works like a floating power plant and uses LNG to supply
Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers
Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled for completion and delivery in 2018 and 2019, respectively. They will be put into service for the Cameron LNG Project
The U.S. House of Representatives passed a bill on Wednesday to speed permits for exports of natural gas, a measure that even if passed by the Senate and signed into law by President Barack Obama, is not expected to help bring much new fuel to global markets.
Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) is building five large Arctic Liquefied Natural Gas Carriers (LNGCs), for which it has LNG ordered membrane containment systems from designer GTT. These five ARC 7 LNGCs for Yamal Trade are expected to be delivered
Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of liquefied natural gas (LNG), will exhibit at Euromaritime, the European Marine Business Show, from February 3-5, 2015 in Paris, Porte de Versailles.
Gas supply from Lithuania's liquefied natural gas (LNG) import terminal was interrupted on Wednesday due to a bomb threat that later turned out to be a hoax, the terminal's operator Klaipedos Nafta said on Wednesday. The terminal is now preparing to restart, a spokeswoman said.
Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4
Japan's Tokyo Electric Power Co and Chubu Electric Power Co,, are expected to buy a total of six cargoes of liquefied natural gas (LNG) from Vitol and GDF Suez in their first joint tender, three traders said on Friday. "They are waiting for the government to confirm
Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) will build four large Liquefied Natural Gas Carriers (LNGC) for Maran Gas. The four LNGCs are expected to be delivered between 2017 and 2019 and will be built with the NO96-GW technology
A trading subsidary of Russian gas producer Yamal LNG has signed a long-term supply contract with a trading subsidiary of Gazprom, under which liquefied natural gas (LNG) produced by Yamal LNG will be sold in Asia, Yamal LNG said on Friday.
Mexican state-owned utility CFE has bought eight cargoes of liquefied natural gas (LNG), four traders said. Swiss trading house Trafigura was awarded the bulk of the volume, selling seven cargoes, while oil major BP sold the remaining cargo, two traders said.
Port of Hirtshals in Denmark will receive over EUR1 million a pilot construction of the first liquefied natural gas (LNG) tank and bunker, co-financed by EU’s TEN-T Program. The pilot project will see construction of a 500 cubic meter LNG storage tank and bunkering facility
Three large new escort tugs contracted by Norwegian operator Østensjø Rederi, will feature Wärtsilä dual-fuel (DF) engines integrated with a customized gas storage and supply system also supplied by Wärtsilä