A steady downward trend of European and Asian gas prices is squeezing the economics of liquefaction and export projects as anticipated RoI is revised down along with prices.
The US Department of Energy must grant LNG export licences (pursuant to the Natural Gas Act) to exporters who are delivering LNG to countries with which the US has a free trade agreement (FTA) without modification or delay.
The international LNG market is tightening at a time of booming demand in Asia and South America, though trade by carriers has stagnated recently in a context of there not being enough product to fill the available vessels.
Papua New Guinea, the small nation in Oceania, has become the world's 20th LNG exporter after an ExxonMobil Corp.- operated facility constructed near the capital Port Moresby shipped its first cargo.
The LNG industry has witnessed a great deal of change recently, and indications are that this will only continue. Global gas demand is projected to grow at 2 percent per year, driven by strong economic growth and energy policies in non-OECD countries.
Chevron Australia, as part of the Wheatstone Project, is constructing a two-Train LNG facility and domestic gas plant at the Ashburton North Strategic Industrial Area, 12 kilometres west of Onslow on the Pilbara coast of Western Australia.