Tuesday, July 23, 2024

Exxon Mobil Continues to Ramp Up LNG Portfolio

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Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, said Peter Clarke, Exxon Mobil SVP for global LNG.Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. Unlike other majors, Exxon plans to mainly trade its own gas, said Clarke. "Our portfolio is never going to look like Shell's…

Tyra II Production Successfully Restarted

Source: TotalEnergies

The Tyra Redevelopment Project (Tyra II) has restarted production. At plateau, the Tyra hub will produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day.TotalEnergies operates the Tyra field on behalf of Danish Underground Consortium, a partnership between TotalEnergies (43.2%), BlueNord (36.8%) and Nordsøfonden (20%).The Tyra Redevelopment Project is, to date, the largest project carried out on Danish Continental Shelf with the fabrication and installation of eight new platform topsides. With production from Tyra…

Quick Connect: OAL Subsea Pipeline Completed

Completion of Above Water Tie-In of the Ostsee Anbindungsleitung (OAL)” - Copyright StreamTec Solutions AG.

Making a twist on the proverb 'necessity is the mother of invention', GASCADE Gastransport GmbH and StreamTec Solutions AG completed the Ostsee Anbindungsleitung (OAL) subsea pipeline connecting the Mukran LNG terminal to the German energy grid at Lubmin in 18 months, a amazingly short turnaround considering the time frame encompassed project conception, design, permitting and construction.The 'necessity' in this case: energy security for Germany and Europe.The OAL, mechanically completed in January 2024, includes a 50 km…

ABS Opens LNG Academy in Qatar

(Credit: Screenshot/ABS Video)

American Bureau of Shipping (ABS) has inaugurated the ABS Global LNG Academy, a cutting-edge training center dedicated to using the latest techniques to educate mariners in modern liquefied natural gas (LNG) vessel operations.Located in Doha and supported by QatarEnergy, the Academy is a coordinated effort with industry partners, who are working together to make the ABS LNG Academy the global epicenter for LNG-related training and development. Establishing the training center is also a key part of ABS’ support of Qatar’s National Vision 2030 and the Tawteen Program…

Fratelli Cosulich Inks Charter Deal for LNG Bunkering Vessel

(Credit: Fratelli Cosulich)

Italian shipowner Fratelli Cosulich and PETCO Trading Labuan Company Limited (PTLCL), a trading arm of Malaysian energy company Petronas, have signed a two-year charter agreement for Paolina Cosulich LNG bunker barge.Operating under PTLCL, a global energy solutions provider in key bunker hubs with network in Southeast Asia, Japan, Middle East and South Africa, Paolina Cosulich will cater to the increasing demand for LNG as bunker fuel in the Straits.Fratelli Cosulich’s latest LNG bunger barge features a cargo capacity of 8…

Wärtsilä’s Inks Deal for Supplies on Four new LPG Ships

Wärtsilä will supply the cargo handling and fuel supply systems for four new 40,000 m3 gas carrier vessels. The ships are being built at the CIMC SinoPacific Offshore & Engineering (SOE) shipyard in China for Norwegian shipowner Avance Gas.  The Wärtsilä LPG Fuel Supply System (LFSS) is a system that enables the use of LPG as fuel. This increases operational efficiency and supports environmental sustainability.These will be the first medium sized LPG carrier vessels built at the SOE yard. The Wärtsilä equipment is scheduled to be delivered in the latter part of 2024, and the ships are expected to be delivered in 2nd half 2025 and onwards.

Petrobras Starts Contracts with CEG and CEG RIO

Petrobras signed new natural gas contracts with Companhia Distribuidora de Gás do Rio de Janeiro (CEG) and CEG RIO S.A. (CEG RIO) and that their effectiveness will begin on 12/01/2023, as a result of compliance with the conditions agreed between the parties, following the signing of an agreement for the closure of disputes.The purpose of the new contracts is to supply natural gas to CEG and CEG RIO, in order to regulate the supply of natural gas to the Rio de Janeiro market, with the participation and consent of the State of Rio de Janeiro.The new contracts are valid until December 2034…

Mitsubishi Inks Deal to Supply LNG FGSS Units for 12 Ships

Image courtesy Mitsubishi Shipbuilidng

Mitsubishi Shipbuilding received orders from Imabari Shipbuilding for 12 units of its Fuel Gas Supply System (FGSS), a liquefied natural gas (LNG) fuel gas supply system for high-pressure dual-fuel marine engines. The equipment for 9 LNG-fueled car carriers and 3 LNG-fueled bulk carriers to be built by Imabari Shipbuilding Group will be continuously delivered from spring 2024.The FGSS ordered by Imabari Shipbuilding feature an optimized cargo space layout utilizing a modular design for exceptional space-saving and maintenance access…

Cheniere, Equinor ink Long-term LNG Deal

Arctic Voyager leaving Hammerfest LNG.
(Photo: Rino Engdal / Equinor)

Equinor and Cheniere announced a new 15-year purchase agreement of around 1.75 million tons of LNG per year, with half of the volume starting from 2027. This agreement brings the total volumes that Equinor has contracted with Cheniere up to around 3.5 million tonnes per year.This new Sales and Purchase Agreement (SPA) with Cheniere will double the volumes of LNG that Equinor will export out of Cheniere’s LNG terminals on the U.S. Gulf coast.

U.S. Natgas Demand, Price Nosedive Continues

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U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected.Gas prices have been depressed for weeks due to a growing belief that the country has more than enough gas in storage for the rest of the winter and expectations that Freeport LNG's liquefied natural gas (LNG) export plant in Texas is still…

Shell LNG Trading Gives Quarterly Boost

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Earnings from Shell's liquefied natural gas (LNG) trading operations are likely to have been significantly higher in the fourth quarter of last year despite a sharp output drop owing to plant outages, it said on Friday.Europe's largest oil and gas company's update ahead of its full-year results on Feb. 2 also said it expects to pay about $2 billion in additional 2022 taxes related to the European Union and British windfall taxes imposed on the energy sector.Fourth-quarter LNG liquefaction volumes are expected to be the lowest since the company acquired BG Group in 2016 for $53 billion…

Future Fuels: 275 Altenative Fuel Ships Ordered in 2022

MAN ES will start testing its ammonia fueled engine in Q1 2023, and on Maritime Reporter & Engineering News' recent visit to
the MAN ES R&D center in Copenhagen, Bjarne Foldager, Senior Vice President, head of two stroke business at MAN ES, said he
sees a rapid uptake on methnol in the coming years, with 2035 anticipated as a 'tipping point' toward ammonia. Photo of
the MAN ES ammonia engine. Look for the full report in the January 2023 edition of Maritime Reporter & Engineering News. Im

The total number of ships with alternative fuels ordered in 2022 was 275 (excluding battery operated vessels), according to  numbers released today from DNV viat its Alternative Fuels Insight report.In addition, more than 50 LPG carriers have been ordered with LPG dual fuel systems. Predictably, LNG led the way with 222 ships or 81 % of total orders. Seventy-four percent of these orders were for container vessels and Pure Car and Truck Carriers (PCTCs), while product tankers came in third representing 9 % of orders. Against all odds 2022 turned out to be almost on par with the record year of 2021 for LNG fueled ship orders…

Svanehøj Inks Deal to Supply Chinese LNG-import Terminal

Image courtesy of Nanshan Group

In February 2023, Svanehøj Tank Control Systems will deliver the tank gauging system for COOEC’s six new LNG tanks for the Longkou Nanshan LNG Terminal which is under construction.Global investments in LNG are increasing, not least in China, which is currently constructing around 40 LNG tanks with the capacity of 220,000 cu. m. To secure the LNG storage, one of the largest EPCI contractors for offshore oil and gas industry in the Asia Pacific region, COOEC, has chosen Svanehøj Tank Control Systems to implement tank gauging system to improve safety on six new LNG tanks of 220…

Greece's Sole LNG Terminal Ramps Up Imports to Replace Russian Gas

© Igor Groshev / Adobe Stock

Greece has cut Russian gas imports by more than half this year thanks to increased deliveries from other producers to its sole liquefied natural gas (LNG) terminal near Athens, the country's gas grid operator said on Thursday.Greece has relied on Russia for about 40% of its gas needs for years but it has ramped up LNG purchases from other countries in line with a European Union plan to cut dependence on Russian energy. It has been receiving Russian gas via the Turkstream pipeline which also delivers to Hungary via Serbia.Its LNG facility on the Revithoussa islet…

Cheniere to Fix Louisiana LNG Plant After Failing Pollution Test

© Anatoly Kolodey / Adobe Stock

Top U.S. LNG exporter Cheniere Energy Inc said it will repair and replace equipment at its Louisiana terminal after tests showed it exceeded newly-imposed hazardous emissions limits on certain known carcinogens, but the work will have no material impact on operations.A round of testing showed at least one of Cheniere's turbines at its liquefied natural gas (LNG) export terminal in Louisiana failed the new standards, while the turbines in Texas at the company's only other U.S. LNG facility were meeting the rules, according…

Gaslog LNG Inks Deal to Use KDI's Vessel Insight Fleetwide

Image courtesy GasLog

Kongsberg Digital signed an agreement on the Vessel Insight infrastructure with Gaslog LNG, meaning the entire fleet, counting 35 vessels will be digitized.“Our goal is to limit the impact of our operations on the marine environment and minimize our emissions, while making LNG shipping reliable and profitable for our customers. We are glad to enter this contract and partnership with Kongsberg Digital to innovate and improve the efficiency of our fleet,” says Marios Sarafidis, Energy & Decarbonization Manager.

US Looking to Increase Gas Products Into Europe Amid Russia Cuts

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The United States will keep looking for ways to increase gas products going into Europe in the face of Russian energy cuts after its invasion of Ukraine, the White House said on Wednesday."President Putin again is weaponizing energy," White House national security spokesman John Kirby said at a news briefing.(Reuters - Reporting by Jeff Mason and Doina Chiacu;)

Britain to Receive Rare LNG Cargo from Australia

Britain is set to receive a rare shipment of liquefied natural gas (LNG) from Australia later this month, as countries across Europe strive to secure enough supplies ahead of winter.European nations are seeking to diversify energy supplies following Russia's invasion of Ukraine and a sharp drop in Russian gas flows to the continent.LNG tanker Attalos, with a capacity of 174,000 cubic meters, is set to arrive at Britain's Isle of Grain terminal on Aug. 22, according to data and analytics firm Kpler."The (LNG tanker) Patris was the original vessel that loaded at the North West Shelf liquefaction plant in Australia.

Excelerate, Engro Exploring LNG Regasification in Pakistan

(Photo: Excelerate Energy)

Excelerate Energy said it has signed a memorandum of understanding (MOU) with Engro Eximp FZE, a subsidiary of Engro Corporation, to evaluate the possibility of establishing a regasified liquefied natural gas (LNG) marketing business with maximum participation from Pakistan’s private sector."This collaboration has the potential to increase the private sector’s participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening new regasified LNG supply avenues for businesses and consumers," Excelerate said.

US Regulator to Allow Freeport LNG to Resume Partial Operations in October

(File photo: Freeport LNG)

The second-largest U.S. liquefied natural gas (LNG) exporter on Wednesday said it reached an agreement with a federal regulator that will allow it to resume some operations at its Quintana, Texas, plant in October.Freeport LNG shut the plant, which supplies about 20% of U.S. LNG exports, following an explosion and fire on June 8. Its closure helped to push up LNG prices in Europe and Asia, and dampening U.S. natural gas prices.The operator reached a consent agreement with the Pipeline and Hazardous Materials Safety Administration (PHMSA) that included corrective measures the company must take to allow it to resume partial operations…

Price is the Elephant in Australia's LNG, Domestic Gas Conundrum

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Australia's threat to curb exports of liquefied natural gas (LNG) in order to ensure domestic supplies is another unwelcome pressure on a tight global market for the super-chilled fuel.But it's not an immediate threat, and it may also not materialize at all, depending on how the various players in Australia react to the government's planned action.What needs to be addressed effectively is the elephant in the room, namely the price at which natural gas is made available to domestic consumers relative to the price the gas companies can receive for their LNG on the global market.Australia vies with the United States and Qatar as the largest exporter

U.S. LNG Exports to Europe on Track to Surpass Biden Promise

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When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with skepticism.After all, the U.S. LNG industry was already hitting its export limits and the global market is dominated by long-term contracts that can dictate where exported gas would go for 20years at a time.It turns out, however, that Biden's promise may have been far too modest.The United States is on track to blow past Biden’s March commitment of an additional 15 billion cubic meters of LNG for Europe this year…

US Becomes Top LNG Exporter in First Half of 2022 -EIA

© Wojciech Wrzesień / Adobe Stock

The United States became the top liquefied natural gas (LNG) exporter in the first half of 2022, the Energy Information Administration (EIA) said, citing data from CEDIGAZ, as the country increased supply to Europe amid the Ukraine crisis.U.S. LNG exports rose 12% to average 11.2 billion cubic feet per day (bcfd) in the first half of the year compared with the second half of 2021, the EIA said. Increased LNG export capacity, higher prices, and demand, particularly from Europe, helped boost exports.LNG exports have been growing dramatically over the last several years as countries worldwide seek to diversify away from dirtier coal plants.

Cheniere Asks Biden Admin to Drop Pollution Rule

© Wojciech Wrzesień / Adobe Stock

Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended period and endanger the country's efforts to ramp up supplies to Europe, according to documents reviewed by Reuters.The request imposes an uncomfortable dilemma on President Joe Biden’s administration as it tries to balance efforts to slash pollution from the fossil fuel industry against promises to help…

Ineos Inks 20-year LNG Deal with Sempra Infrastructure

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Britain's INEOS Energy, part of INEOS Group, has signed an agreement with U.S. firm Sempra Infrastructure for the supply of 1.4 million tonnes per annum of liquefied natural gas (LNG) from North America for 20 years, it said on Wednesday.It marks INEOS's entry into the global LNG market, with the volumes intended both for trading and supplying of INEOS' own industrial needs in Europe.The LNG will be delivered free-on-board, from either the proposed Port Arthur LNG Phase 1 project or the Cameron LNG Phase 2 projects in the U.S.

Energy Security: Equinor Inks Deal for Winter Gas Supply with UK’s Centrica

Group photo from the signing of the agreement: Equinor and the UK’s Centrica have signed an agreement which will provide additional supplies of around 1 billion cubic meter (bcm) of gas for each of the coming three heating seasons. From left, Centrica Group CEO Chris O’Shea, Secretary of State for Business, Energy and Industrial Strategy (BEIS) Kwasi Kwarteng and Equinor’s SVP Gas & Power Helge Haugane. Image courtesy Equinor

Equinor and Centrica announced an agreement to deliver additional gas supplies to the UK, effectively providing energy security for the UK over the coming three winters. The new supply agreement adds around 1 billion cubic meters (bcm) per year to Equinor’s existing, bilateral contract with Centrica and brings the total volume under the contract above 10 bcm per year.Britain currently imports around a third of its gas requirements from Norway“In a period with a challenging geopolitical and macroeconomic environment with strong demand for natural gas, we at Equinor are doing what we can to export as much gas as possible to the market.

Freeport LNG Targets Year End for Full Operations After Fire

(File photo: Freeport LNG)

Freeport LNG, one of the largest operators of liquefied natural gas export plants in the United States,on Tuesday said last week's fire damage to its Texas plant would keep it fully offline until September with only partial operation through to the year end.Natural gas prices slumped in the United States and soared in Europe on the lengthier shutdown as the Quintana, Texas, facility produces roughly 20% of U.S. LNG exports and has been a major supplier to Europe, which has sought to move away from Russia since its invasion of Ukraine.The plant was knocked offline by an explosion and fire on June 8 when an overpressurized pipeline ruptured…

Freeport LNG Plant Suffers Explosion

(Photo; Freeport LNG)

A explosion occurred on Wednesday at the Freeport LNG liquefied natural gas plant on the Texas Gulf Coast, according to police, and prompting an evacuation of nearby residents in Quintana, Texas.The plant can process up to 2.1 billion cubic feet of natural gas per day into a supercooled liquid for export.Freeport LNG acknowledged an incident occurred around 11:40 a.m. local time with providing further details. There were no injuries and all employees had been accounted for, a company spokesperson said. There currently is no risk to the surrounding community, she added.(Reuters - Reporting by Liz Hampton and Sabrina Valle)

Crowley LNG Bunker Barge to Sport TGE Marine Gas Controls, Tanks

The 12,000 m3 LNG bunkering barge is bunkering a Container Vessel. ©TGE Marine

TGE Marine Gas Engineering GmbH (TGE Marine) inked a deal for a 12,000 cu. m. Liquefied Natural Gas (LNG) bunkering barge with Fincantieri Bay Shipbuilding for the design and supply of the cargo handling system including two 6,000 cu. m. bilobe Type C tanks designed to transport LNG at -163°C.The barge will be built by Fincantieri Bay Shipbuilding for Crowley and operate under a long-term charter with Shell NA LNG, LLC. The 12,000 m3 barge will be the largest of its kind built in the United States so far and is expected to start operations along the US East Coast in 2024.

TES Wilhelmshaven Import Terminal Deemed a 'Priority Project'

(Image: TES)

Tree Energy Solutions’ (TES) import terminal has been included in the list of priority projects supported by the German Government’s LNG Acceleration law. The law was passed by parliament on May 19th, 2022 and was approved by the Federal Council on May 20th, 2022. The aim of this law is to accelerate the implementation of the critical infrastructure needed to secure the energy supply of the country and its short-term gas imports.The new law is designed to reduce permitting and associated approval periods for the construction of onshore import facilities as part of the Wilhelmshaven Green Energy Hub development by TES…

Mitsubishi Shipbuilding to Build LNG Bunkering Vessel

Image courtesy Mitsubishi Shipbuilding

Mitsubishi Shipbuilding Co. signed a contract with KEYS Bunkering West Japan Co., Ltd. for construction of a liquefied natural gas (LNG) bunkering vessel, the first to operate in western Japan. The vessel will be built at the Enoura Plant at MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, with completion and handover scheduled for March 2024.KEYS Bunkering West Japan is a joint venture company established in February 2022 to supply LNG fuel for ships in the Kyushu and Setouchi Regions, with investment from Kyushu Electric Power Company…

ADNOC, AG&P Agree FSU Lease for Philippines First LNG Terminal Launch in July


The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines' first LNG import terminal in July, the companies said on Wednesday.Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years, to convert ADNOC Logistics & Services (ADNOC L&S) liquefied natural gas (LNG) carrier ISH into a floating storage unit (FSU) for a new terminal at Ilijan in…

ConocoPhillips Beefs Up Stake in Australia Pacific LNG


ConocoPhillips has completed the acquisition of an additional 10% stake in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion). The transaction resulted from the exercise of ConocoPhillips’ preemption right and is funded from cash on the company’s balance sheet.ConocoPhillips now owns a 47.5% interest in APLNG, with Origin Energy and Sinopec owning 27.5% and 25% interests, respectively.

Europe Remains Top Destination for US LNG

© nikkytok / Adobe Stock

Europe last month remained the top destination for shipments of U.S. liquefied natural gas (LNG), according to Refinitiv data, outpacing exports to Asia for the second month in a row.About two-thirds of U.S. LNG volumes went to Europe last month, compared to around 61% in December when sky-high European prices and demand drove U.S. LNG exports to a record, Refinitiv data showed.In both months, a lack of supply drove demand and led to cargoes being re-routed from other destinations. The crisis over the Ukraine has highlighted…

Tech File: SHI Develops onboard Carbon Capture System

An SHI-built LNG carrier. Photo courtesy Samsung Heavy Industries

SHI reports that it has successfully developed an 'Onboard Carbon Capture' system which can be applicable to LNG fueled vessels with PANASIA, an eco-friendly and energy system expert, and received Approval in Principle from KR, Korean classification society, for the first time in Korea.This approved green technology separates and collects carbon dioxide among exhaust gas of LNG, which is burned in a ship engine or generator, using an Amine based liquid absorbent. SHI and PANASIA have jointly developed the technology since 2020…

NYK Signs Multi-Year Deal with GAIL (India) Limited for Charter of LNG Carrier

Grace Emilia is equipped with a WinGD-made dual-fuel slow-speed X-DF diesel engine. Photo courtesy NYK

NYK signed a multi-year time-charter contract with GAIL (India) Limited, India's largest natural gas company, for a liquefied natural gas (LNG) carrier. Grace Emilia, the vessel that will be chartered, is equipped with a WinGD-made dual-fuel slow-speed X-DF diesel engine, a unit that has superior fuel-consumption efficiency and can operate on marine gas oil or boil off gas stored in the cargo tank. The vessel also features a re-liquefaction system that can use re-liquefied excess boil-off gas and return it to the cargo tank.The cargo tank has a 174,000 cu.

Mitsubishi Shipbuilding Books First Order for LNG FGSS for High-Pressure Marine Engines

FGSS module. Image courtesy Mitsubishi Shipbuilding

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has taken its first order for LNG (Liquefied Natural Gas) fuel supply systems (FGSS) for high-pressure dual-fuel marine engines, for installation on six LNG-fueled car carriers to be built by a group company of Imabari Shipbuilding Co., Ltd.The core components of the newly ordered FGSS are LNG fuel tanks, LNG fuel gas supply units and a control unit, and the package is designed with space-saving in mind, helping to optimize cargo space…

Cheniere Asks for More Time to Build Texas Corpus LNG Expansion

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Top U.S. liquefied natural gas (LNG) exporter Cheniere Energy Inc asked federal regulators to extend the amount of time it has to build the proposed Stage 3 expansion at its Corpus Christi LNG export plant in Texas due to pandemic delays.When the U.S. Federal Energy Regulatory Commission (FERC) approved construction of Stage 3 in November 2019, the regulator gave Cheniere five years, or until around November 2024, to complete the project.Cheniere asked FERC in a filing late Tuesday to extend the amount of time it has to…

SHI Demos SENSE IV, Its Own Natural Gas Liquefaction Process

The SENSE IV Piolot Plant. Photo courtesy SHI

Samsung Heavy Industries announced on November 18 that it successfully held a demonstration ceremony at the Geoje shipyard for "SENSE IV (SAMSUNG Enhanced Nitrogen Split Exapnsion IV)", SHI's in-house natural gas liquefaction system.The demonstration, which began on November 16, was attended by several major LNG producers and classification societies.The natural gas liquefaction system, called "An LNG plant on the sea," is one of the main processes of FLNG (Floating Liquefied Natural Gas);  a technology that separates oil from gas oil and liquefies natural gas at under minus 162℃…

Japanese Trio Connects on Project to Reduce Methane Slip by 70%

The methane slip reduction system will be installed in a coal carrier built at the Namura Shipbuilding and operated by MOL for demonstration of the methane slip reduction technology. Source: MOL

As the global shipping industry is under the microscope to reduce emissions, three Japanese leaders in the maritime space: Hitachi Zosen, Mitsui O.S.K. Lines, Ltd.(MOL) and Yanmar Power Technology Co., Ltd. (YPT), have targeted methane slip as an area of study via its "Development of Methane Slip Reduction Technology from LNG Fueled Vessels by Improving Catalysts and Engines", with Hitachi Zosen serving as the managing company in the "Development of Next Generation Vessels Project" publicly solicited by the New Energy and Industrial Technology Development Organization (NEDO) under the Green Innovation Fund.

LNG: France Gets Its First LNG Bunker Vessel, Gas Vitality

Image courtesy TotalEnergies, Mitsui O.S.K. Lines

The first LNG bunker vessel to be based in France has been named Gas Vitality at a ceremony held today at Hudong-Zhonghua Shipbuilding, China.The 18,600-m³ newbuild bunker vessel is TotalEnergies Marine Fuels’ second collaboration with Mitsui O.S.K. Lines, Ltd (MOL) and shipbuilder, Hudong-Zhonghua Shipbuilding following the signing of a long-term charter contract in November 2019. All three parties first collaborated in 2018 to successfully design and build her sistership, the Gas Agility, which has been operating in the Port of Rotterdam since November 2020.Classed by Bureau Veritas and operated by V.Ships France under the French flag…

Shipbuilding: DSME Delivers another LNG Carrier to Nakilat

Nakilat has taken delivery of a newbuild LNG carrier, Global Sea Spirit, Photo courtesy Nakilat

Nakilat has taken delivery of a newbuild LNG carrier dubbed Global Sea Spirit, a ship to be commercially and technically managed in-house by Nakilat Shipping Qatar Limited (NSQL). Built by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea, this is the third of four LNG newbuild carriers to be delivered to Global Shipping Co. Ltd., a joint venture between Nakilat (60%) and Maran Ventures Inc. (40%). The first two LNG carriers’ newbuilds (ME-GI type) were delivered in May 2020 and January 2021 respectively and are currently in service.With a cargo carrying capacity of 174,000 cu.

FSRU: Nakilat, Karpowership sign MoU

Nakilat and Karpowership signed a Memorandum of Understanding (MoU) to collaborate in the LNG-to-power market and jointly own and operate Floating Storage Regasification Units (FSRUs). Photo courtesy Nakilat

Nakilat and Karpowership signed a Memorandum of Understanding (MoU) to collaborate in the LNG-to-power market and jointly own and operate Floating Storage Regasification Units (FSRUs)."This fits very well with Nakilat’s long-term growth plan to expand and diversify our shipping portfolio and strengthens our position as a global leader in the energy transportation sector,” said Nakilat’s CEO Eng. Abdullah Al-Sulaiti.The MoU outlines an ambitious plan for the immediate future. Nakilat and Karpowership hope to set up a new joint venture and deliver the first FSRU by 2023.

LNG Demand to Rise 25-50% By 2030 - Morgan Stanley

© Mike Mareen / Adobe Stock

Demand for liquefied natural gas (LNG) is expected to rise by 25 to 50% by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday.Morgan Stanley has raised its long-term LNG price outlook to $10 per million British thermal units (mmBtu), expecting spot prices of the super-chilled fuel to average 40% higher over the next decade, versus the past five years.Asian spot LNG prices hit a record above $56 mmBtu earlier this month as surging demand ahead…

South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy

Credit: Senex (File image)

Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International, the trading arm of steel giant POSCO, has already been twice-improved, Senex said."The Senex Board believes it is in the best interests of its shareholders to continue to engage with POSCO International and will assess any proposal received on its merits…

Chinese Firms Seek LNG Cargoes, Demand is Strong

© Sergey T../AdobeStock

Two Chinese firms are seeking liquefied natural gas (LNG) cargoes for delivery over August to November as summer demand in the southern region remains strong and as companies prepare to meet winter demand, industry sources said.China's Shenzhen Energy is seeking two cargoes for delivery into Yuedong over Aug. 19 to 27 and Oct. 30 to 31, in a tender that closes on Aug. 5, the sources said.Beijing Gas is also seeking cargoes for delivery over September, October and November in a separate tender that closes on Aug. 4, they added.Last week…

Acteon Inks Deal to Support Philippines LNG Import and Regasification Terminal

Photo courtesy Acteon

Acteon secured an integrated project with Atlantic, Gulf & Pacific Company (AG&P) for the development of a liquefied natural gas (LNG) import and regasification terminal in Batangas Bay, called Philippines LNG (PLNG). The contract was signed and will be managed by the Acteon Integrated Solutions (AIS) team.The project scope for AIS includes the local transportation and installation of jacket structures to form the LNG berth; these structures will vary across the construction site and will include approach trestles, mooring and berthing dolphins, and associated furniture such as walkways, fenders and mooring hooks.

McAllister to Operate ATB for Polaris New Energy LNG Bunkering Ops

A line drawing of ATB Polaris/Clean Canaveral. Source: McAllister

McAllister Towing LNG Services, LLC will serve as technical manager for the Polaris New Energy LNG bunkering operation in Florida, operating the Articulated Tug Barge (ATB) Polaris/Clean Canaveral for Polaris New Energy. “We are excited to work with McAllister Towing because, as one of the oldest marine transportation companies in the US, they bring a tradition for providing unsurpassed operational excellence," said Tom Sullivan, COO, Seaside LNG Holdings, the parent company of Polaris New Energy. "We look to strengthen…

Lithuania Seeks Alternative Bids for LNG Import Terminal

Lithuania is seeking alternative bids from providers of floating liquefied natural gas (LNG) terminals to potentially replace its existing import terminal, operator Klaipedos Nafta said on Friday.The Baltic state leases a floating storage and regasification vessel (FSRU) from Norway's Hoegh LNG and has an option to buy it when the lease expires in 2024.The state-controlled Klaipedos Nafta said it had decided to seek alternative bids to make sure that it gets the best terms, and has to make the final decision by the end of 2022.Lithuania has been importing LNG via the current terminal, dubbed Independence, since 2014, thereby ending Russia's Gazpro

From Trash to Fuel: BioLNG Production Project Takes Shape in France

© Mike Mareen/AdobeStock

EveRé, Elengy, TotalEnergies and the CMA CGM Group are engaged in a study of a BioLNG production plant project at Marseille’s port, aiming to to turn household waste into clean energy and serving as another plank toward the maritime industry's decarbonization.This will be France’s first production unit for liquefied biomethane (BioLNG), a low-carbon alternative fuel dedicated to energy transition in the shipping industry, and when operational is intended to be used primarily for the CMA CGM Group’s LNG-powered vessels.BioLNG…

Space Tech Meets Maritime: Composites Designed for Space targeted for LNG Tank Tech

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The SpaceTech4Sea project sees ABS, OceanFinance and Cimarron Composites joining forces to adapt composite technologies developed for the space industry to shipping. The first target: LNG tank technologyA project to adapt technology developed for use in space to maritime LNG fuel tanks received design approval from ABS.The SpaceTech4Sea project, supported by $1.2m funding from the European Union, explores whether composite technology, which is lighter and potentially more cost-effective, offers a competitive alternative to marine LNG fuel tanks, principally for small, short sea shipping applications where weight is an issue.

Top U.S. LNG Exporter Launches Effort to Measure Emissions

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Cheniere Energy Inc, said on Thursday it would quantify carbon emissions from its suppliers and production sites and supply the information to customers.LNG buyers have begun asking suppliers for natural gas sourcing data and greenhouse gas emissions to reduce their own carbon footprints. Several LNG producers are proposing adding carbon capture and storage alongside their LNG projects.Cheniere said it signed agreements with five natural gas producers and several academic institutions to implement quantification, monitoring…

Tellurian to Sell LNG to Gunvor, Delays Louisiana Project Start

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U.S. liquefied natural gas (LNG) developer Tellurian Inc said on Thursday it signed a 10-year agreement with commodity trader Gunvor Group for 3 million tonnes per annum (MTPA) of LNG.Tellurian shares soared around 24% on the news to their highest since February.In addition, Tellurian released a presentation that said its proposed Driftwood export plant in Louisiana was positioned for first quarter 2022 commerciality.Analysts at Cowen & Co said in a note that meant Tellurian pushed back the final investment decision (FID) for Driftwood from 2021 to 2022.Officials at Tellurian were not immediately available for comment.

Shell to Link Directors' Pay to Climate Performance

Shell Chief Executive Ben van Beurden  - Image by Ed Robinson/Shell

Royal Dutch Shell has proposed linking its directors' pay more closely to the group's climate performance and severing the link between bonuses and liquefied natural gas (LNG) production volumes, it said on Monday.The weighting of Shell's energy transition performance on its targeted path to net zero emissions by 2050 would double to 20% of the directors' long-term incentive plan calculation if shareholders vote for the plan at a meeting on May 18.This places Shell's efforts to curb its planet-warming emissions on an equal…

Ship Power: MAN Energy Solutions Unveils New LNG Dual-fuel Engine

The new dual-fuel ME-GA engine from MAN Energy Solutions comes with the company’s proven Exhaust Gas Recirculation (EGR) technology for optimized performance, with specific gas/fuel oil consumptions reduced by ~3% and 5%, respectively.
(Photo: MAN Energy Solutions)

In a live-stream presentation from its Copenhagen Research Center, MAN Energy Solutions has demonstrated advanced dual-fuel engine technology for low-cost, fuel-efficient operation of liquefied natural gas (LNG) carriers and other vessels where low capital outlay is a priority. Tom Mulligan, science &and technology correspondent, reports.MAN Energy Solutions has demonstrated its latest low-speed, dual-fuel engine, the MAN B&W ME-GA type, an Otto-cycle variant of the company’s successful ME-GI engine, at a ceremony live-streamed from its Copenhagen Research Center.

VIDEO: Wärtsilä’s Compact Reliq Aims to Optimize BOG Reliquification

Wärtsilä’s Compact Reliq. Photo: Wärtsilä

As the maritime industry steams toward decarbonization, the path to zero emissions will include many stepping stones. Wärtsilä’s Compact Reliq is a step change in efficiently reliquefying boil off gas (BOG) on LNG carriers, as Lasse Wichstrøm and Sylvain Fabreguettes discuss with Maritime Reporter TV.LNG carriers have, for years, utilized boil off gas (BOG) to help fuel the ship, even before ‘decarbonization’ and ‘emission reduction’ became lexicon in the maritime sector.“Compact Reliq is not a brand-new product in the sense that reliquefaction plants have been around for some time…

Cheniere Expects Rising LNG Demand with Vaccine Rollout

(Photo: Cheniere)

Cheniere Energy Inc, the top U.S. liquefied natural gas producer, on Wednesday raised its full-year adjusted earnings forecast, predicting higher demand for the fuel as COVID-19 vaccinations boost economic recovery.Lockdown measures implemented to curb the pandemic slashed demand for energy and hurt prices for natural gas in 2020. But with economic recovery in Asia, particularly in China, fuel sales have picked up.Shares rose 1% to $70.37 in midday trading, a more than two-year high."We expect continued LNG demand improvements as COVID vaccines are distributed and global economic activity continues to strengthen…

Valenciaport to the Fore in Spain's LNG Bunkering Ops

Baleària Bunkering multi truck to ship Puerto València. Photo: Valenciaport

Valenciaport is at the forefront in Spain in the supply of LNG (Liquefied Natural Gas) by the shipping company Baleària. Specifically, in 2020, the Dénia-based company carried out a total of 291 natural gas supply operations, reaching 26,777 cu. m., in the Port of Valencia, which represents 40% of the bunkering operations carried out by the company in Spain. The Port Authority of Valencia (PAV) and Baleària have been collaborating for years in the introduction of LNG and the improvement of supply services to ships with this fuel with the implementation of the Multi Truck to Ship System (MTTS).

LNG Shipping Rates from US Surge to Record Highs

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The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire.Freezing temperatures across Asia and Europe have pushed up LNG prices and lifted wider gas prices as buyers grapple with shrinking inventories and the shortage of tankers.Shipping sources said an apparent ban on Australian coal imports into China, which has been reported by Chinese media, had also bolstered demand by Chinese buyers for LNG tankers to carry cargoes to Asia.Average daily tanker rates on the U.S.

Japan Faces LNG Shortage Amid Supply crunch, Cold Weather

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JERA, Japan's biggest electricity generator and the world's largest buyer of liquefied natural gas (LNG), is operating gas- power plants at lower rates as it runs down inventories amid rising heating demand as temperatures drop.The company joins other Japanese power generators reducing run rates on their gas plants as they compete with LNG buyers across northern Asia scrambling to secure supplies, sending prices higher.Tight fuel supplies are also highlighting vulnerabilities in Japan's electricity grid that make it harder to swap power supplies between areas a decade after the Fukushima nuclear disaster set off government-led changes to prevent s

CNOOC Leads First LNG Group Purchasing on Shanghai gas exchange

Chinese state-owned China National Offshore Oil Corp (CNOOC) has led the first group purchasing order for liquefied natural gas (LNG) on the Shanghai Petroleum and Natural Gas Exchange, the bourse said in a statement on Wednesday.The 120,000-tonne LNG cargo will arrive in April 2021 via CNOOC's terminals and other approved hubs in Shenzhen and Guangdong, the exchange said. Buyers will have until the end of September to collect their purchases.The exchange's newly launched group purchasing option for LNG buy tenders allows smaller firms to purchase portions of a larger cargo.

US Axes Environmental Reviews of LNG Marine Transport

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The U.S. Department of Energy on Thursday issued a rule to exclude environmental reviews for marine transport of liquefied natural gas (LNG), as the Trump administration unleashes last minute rules supporting the fossil fuel industry.The rule, which the Energy Department issued in a pre-publication notice in the Federal Register, frees LNG transport license applications from including environmental reviews that have been required under a bedrock environmental law, the National Environmental Policy Act.The requirement has only been on LNG shipments to countries with which the Washington does not have a free trade agreement…

MacGregor Inks Deal to Supply LNG Bunker Barge Hose Handling Cranes

LNG Bunkering Barge currently under construction at Fincantieri Bay Shipbuilding. Image: MacGregor/Fincantieri Bay Shipbuilding

MacGregor received an order from Fincantieri Bay Shipbuilding to supply two fixed boom cranes that will handle the hoses on a new 5,400 cubic meter capacity liquefied natural gas (LNG) bunker barge currently under construction and estimated to be delivered by the end of 2021.The MacGregor Rapp HP63-13F cranes will handle the hoses that transfer LNG from the barge to the LNG-powered vessel during bunkering operations. The hoses will be 63 feet long and designed to handle 6,500 pounds at 42 feet and 1,000 pounds at 63 feet.The ABS-classed barge will be 340 feet long overall, with a 66-foot beam and a depth of 32 feet, 10 inches.

LNG to FSU Conversion Completed at Sembcorp

Synergy Group, one of the world’s leading ship managers, has successfully converted an LNG carrier into a Floating Storage Unit. Pictured: The FSU at Sembcorp Marine’s Admiralty Yard in Singapore. Photo: Synergy Group

Ship managers Synergy Group converted a 1992-built, 126,000 cubic meters capacity Liquefied Natural Gas (LNG) carrier into a Floating Storage Unit (FSU). The conversion was performed at Sembcorp Marine’s Admiralty Yard in Singapore.Synergy will manage, maintain and operate the FSU, which has a projected lifespan of 15 years. It will be deployed in Myanmar where it will be manned by a Synergy crew of 25 seafarers.The FSU will be moored permanently and used to receive and store LNG imports for delivery on demand to an onshore…

Sakura Leader: New LNG-fueled Pure Car Carrier Enters Service

LNG-fueled PCC "SAKURA LEADER". Photo Courtesy Mitsubishi Shipbuilding Co., Ltd.

Mitsubishi Shipbuilding Co., Ltd. completed installation of the first unit of an LNG (liquefied natural gas) fuel gas supply system (FGSS) for marine dual fuel engines, delivered in November last year, on the pure car carrier (PCC) built by Shin Kurushima Toyohashi Shipbuilding Co., Ltd. The first LNG-fueled PCC built in Japan was delivered to Nippon Yusen Kabushiki Kaisha on October 28, 2020, and has entered service. During the construction period after the delivery of the FGSS, Mitsubishi Shipbuilding maintained close…

Meet the World's First Digital Smart Ship, the Japanese Built LNG-Fueled PCTC Sakura Leader

Photo: NYK

The run up to 2050 and dramatic reductions in emissions from ships will, by most expert’s thinking, be an evolution of small steps premised on melding new fuels and digitalization technologies. The recent delivery of the LNG-fueled PCTC Sakura Leader to NYK can be considered a sizable leap in this regard, as the ship has been designated as the world’s first digital smart ship.A Big Step Toward CO2 Reduction TargetsOn October 28, NYK took delivery of Sakura Leader, a pure car and truck carrier (PCTC) capable of navigating oceans with only LNG as the ship’s main fuel.

Virtual TAT: MAN 32/40R-DF Passes Type Approval Test, New Retrofit Package for Dual-Fuel Ops

Picture of test personnel at the MAN 32/40R-DF TAT in Augsburg. Photo: MAN ES

MAN Energy Solutions announced the successful conclusion of the Type Approval Test (TAT) for its dual-fuel retrofit kit for its MAN 32/40 engine type. The TAT took place at the company’s Augsburg, Germany works from September 15-18, 2020 with the participation of the three classification societies: DNV GL, American Bureau of Shipping, and Lloyd’s Register.The TAT confirmed the suitability of the retrofit kit for converting the company’s field-proven MAN 32/40 engine into a dual-fuel unit – a so-called MAN 32/40R-DF type – that can now run on fossil and renewable, gaseous fuels, in addition to conventional fuel oil.

Germany Offered to Build LNG Terminals to Avert US Pipeline Sanctions

© Nord Stream 2 / Axel Schmidt

Berlin offered to spend 1 billion euros ($1.2 billion) to build two liquid natural gas terminals in a bid to dissuade the United States from imposing sanctions over the Nord Stream 2 pipeline, due to bring gas directly from Russia to Germany, Die Zeit reported on Wednesday.The weekly paper said Finance Minister Olaf Scholz made the proposal in an Aug. 7 letter before Washington imposed sanctions on companies involved in building the Baltic Sea pipeline, effectively freezing its construction.A spokesman for the German finance…

US LNG Loading Delays Expected as Hurricane Slams Gulf Coast

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Loadings of liquefied natural gas (LNG) cargoes from the United States likely will be delayed as a powerful storm strikes the heart of the U.S. oil and gas industry on the Gulf Coast, forcing several LNG plants to shut.Hurricane Laura made landfall early on Thursday in southwestern Louisiana as one of the most powerful storms ever to hit the state, with forecasters warning it could push a wall of water 40 miles (64 km) inland from the sea. Landfall came near Louisiana's border with Texas.Trading and shipping sources said they expect the resulting floods to delay LNG loadings from some ports and potentially boost Asian LNG spot prices.

Santos Flags $560 Mln Impairment Charge on Virus-led Oil Slump

(File photo: Santos)

Australia's Santos said on Tuesday it will book non-cash impairments of up to $560 million after tax, joining a number of global energy majors forced to write down assets after a coronavirus-induced slump in oil prices.The country's second-largest independent gas producer expects to record non-cash charges of between $490 million and $560 million after tax in its 2020 interim results, it said in a statement.Most of the impairment charges relate to Santos's Gladstone Liquefied Natural Gas (LNG) project in its Cooper basin fields in Queensland…

Gazprom Neft Sells Its First Arctic Oil Cargo to China

Russia's Gazprom Neft has sold its first ever Arctic oil cargo to China to ChemChina, two sources familiar with the deal told Reuters on Thursday.This week, Gazprom Neft said it had sent 144,000 tonnes of light Novy Port oil grade to the Chinese port of Yantai on the Bohai Sea from Russia's north-western city of Murmansk, using the Northern Sea Route (NSR) through Russia's Arctic waters.The Delta Hellas vessel used part of the NSR, a route requiring icebreakers and ice-class tankers, Refinitiv Eikon data showed, sailing west from Murmansk to reach Suez and then China.Gazprom Neft said this week the delivery took 47 days, without providing the buye

Woodside's Revenue Slumps More than Expected

For illustration; North Rankin Complex, North West Shelf Project, Western Australia - Credit: Woodside

Australia's Woodside Petroleum Ltd reported a worse-than-feared 29% drop in quarterly revenue, hit by weak spot liquefied natural gas (LNG) prices, but said it still expected to book a net profit in the first half.The hit came due to the double whammy of a global gas glut and a slump in demand with the coronavirus pandemic, and sent the company's shares down more than 2% while its peers were all trading higher."It's been a very difficult time for our industry and some external challenges are just simply beyond our control…

Gazprom Aims to Increase Gas Supplies to China

(File photo: Gazprom)

Russia's Gazprom is committed to supply as much as 130 billion cubic meters of gas (bcm) to China annually in the longer term, a company official told a conference call on Tuesday.Gazprom currently supplies gas to China via the Power of Siberia pipeline which is yet to reach its full capacity of 38 bcm per year. Gazprom plans to add another 6 bcm to Power of Siberia and is in talks over a number of additional routes, the official said.(Reporting by Olesya Astakhova Writing by Katya Golubkova. Editing by Jane Merriman)

Japan's JERA Books Hefty One-off Losses on 2019/20 LNG Supplies

Illustration only: An LNG Tanker - Credit:vladsv - AdobeStock

Japan's JERA, the world's biggest buyer of liquefied natural gas (LNG), booked tens of billions of yen in estimated one-off losses on its supply in the year ended on March 31, due to slumping prices, its president Satoshi Onoda said on Thursday. The losses highlight the issue for Japanese utilities, which have committed to large LNG volumes on contracts linked to oil prices, while spot prices for the chilled fuel are barely off record lows touched this year due to oversupply and the drop-off in demand because of the coronavirus pandemic.

China: BP, ENN Sign 300,000t a Year Gas Supply Deal

Image Credit: BP

British oil major BP has signed a gas supply agreement with China's ENN Group (ENN) for the supply of 300,000 tonnes per year of pipeline gas re-gasified from LNG for two years from January 1, 2021, in Guangdong, China. The LNG will be received and re-gasified through the LNG receiving terminal of Guangdong Dapeng LNG Company Limited (GDLNG) where BP holds regasification capacity. Dev Sanyal, executive vice president of BP gas & low carbon energy, said: “Our strategy is to integrate energy value chains and, with this transaction…

US LNG Exports at 20-month Low

(File photo: Freeport LNG)

Natural gas flows to U.S. liquefied natural gas (LNG) export plants plunged this month after falling to a 20-month low in June as coronavirus lockdowns cut global demand for the fuel.Before the pandemic slashed energy demand, U.S. producers counted on LNG exports to keep growing fast as an outlet for their record gas output. But after soaring 68% in 2019 and 53% in 2018, U.S. LNG exports were only expected to rise about 7% in 2020.Gas pipeline flows to U.S. LNG export plants dropped to an average of 3.1 billion cubic feet per day (bcfd) so far in July from a 20-month low of 4.1 bcfd in June and a record high of 8.7 bcfd in February…

Indonesia Produced 104.8 LNG Cargoes in Jan-June Period

Image for illustration - Credit: Altin Osmanaj/AdobeStock

Indonesia produced 104.8 standard cargoes of liquefied natural gas (LNG) from its Bontang and Tangguh LNG plants in between January to June. Susana Kurniasih, upstream oil and gas regulator SKK Migas' spokeswoman told Reuters.79 cargoes of LNG were exported and 25.8 cargoes were sold domestically in first half of 2020. 20.5 cargoes of domestic sales were sold for electricity. (Reporting by Wilda Asmarini; Writing by Fathin Ungku; Editing by Louise Heavens)

Essar Steel Seeking LNG Cargoes for 2021-2023

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India's Essar Steel is seeking liquefied natural gas (LNG) cargoes for delivery over 2021 to 2023, two industry sources said on Tuesday.It is seeking 30 trillion British thermal units (TBtu) for delivery over the three years in a tender which closes on Tuesday, one of the sources said, adding that this works out to about 8 to 9 cargoes a year.Essar Steel is asking for the cargoes to be priced on Platts' Japan-Korea-Marker (JKM) linked basis, the source added.The company had in February sought 36 cargoes for delivery over the same period, though it was not immediately clear if it had bought all the cargoes it sought then.

US Approves LNG Exports from Oregon

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The U.S. Energy Department on Monday approved the export of up to 1 billion cubic feet per day of liquefied natural gas from a proposed terminal in Oregon, a move it said would ease U.S. sales of the fuel to Asian markets.The approval advances efforts by President Donald Trump's administration to increase U.S. fossil fuel shipments around the globe at a time big projects are increasingly under strain from environmental protests and lawsuits.“Today’s export authorization for Jordan Cove, the first U.S West Coast LNG project, will ease access to further position the U.S.

Japan's LNG Investments Drive Faces Risk of Souring

Image credit: vladsv - AdobeStock

Japan's banks and public agencies have funneled nearly $25 billion into liquefied natural gas (LNG) projects since 2017 but the investments may sour as prices plummet from the COVID-19 pandemic and as climate change risks rise, a new study shows.Spurred on by the government to boost energy security since the 2011 Fukushima disaster shut down the country's reactors, Japan's investment in LNG rivals that for coal, the dirtiest fossil fuel, while more evidence is emerging of the high climate impacts from LNG and gas.The backing of high-risk projects that require decades of sales to return investments looks questionable…