In this issue

 

With China’s industrial gas use rapidly rebounding, the country’s overall demand growth will rise 6 percent this year and LNG imports could jump up to 15 percent compared to 2022-levels,…
Free ReadAs China's economy gains pace after three years of lockdowns, analysts see significant upside for coal and LNG demand in case of a construction-led boom. Though China strives to primarily…
CLP and Hong Kong Electric are preparing the launch of the city’s first LNG import terminal: a commissioning cargo, provided by PetroChina, has been unloaded to help cool down the…
Long-term LNG contracting is off to a strong start, with some 13 mtpa signed in just over four months since November, according to Wood Mackenzie figures. Chinaoil, the trading arm…
Free ReadUnlike Chinese buyers, European utilities are unwilling to agree 25-year-plus LNG offtake deals due to rapid renewables deployment. Shell consequently started to offer contracts with ‘break clauses’ – albeit for…
Focussing on self-sufficiency and energy price stability, the Chinese government strives to power the country’s economic recovery from Covid-lockdowns with rising domestic coal production, rather than LNG imports. China’s coal mining…
Taiwan could seek more LNG cargoes as one of its nuclear power plants retired in mid-March, though the ministry of economic affairs underlined that two new coal-fired generators will more…
Thursday, 01 June 2023
Free ReadThere were 2.54mmt of LNG on the water with destinations in China according to our market visibility at the time of writing on 31 May. These cargoes had an estimated…
China’s monthly LNG offtake in April amounted to 5.33mmt, our data showed, which constituted negative monthly demand growth of 0.10mmt (-2 percent) from the 5.43mmt we recorded in March.
China’s great reopening after nearly three years of lockdowns to fight the pandemic is being warily watched. In fact, Europe’s gas supplies could be harder hit by a stark rise…
Though “practically all parameters” for Power-of-Siberia 2 – a new 50 bcm/year gas interconnector to China – are agreed, the Russian President Putin claims, no deal has been signed as…
Free ReadChina Petroleum and Chemical Corp. (Sinopec), one of the world’s top 10 oil and gas companies and a significant LNG importer to back up its refining and petrochemical activities, reported…
Though last year’s spike in global gas prices depressed China’s overall demand, it also led to recent shortages of the fuel in parts of northern China. Tight regulations of the…
LNG shipments to Japan have fallen by nearly 10 percent as thermal coal was the preferred fuel over gas for power generation. But despite the decline, Japanese LNG imports over…

News Nudges

BP teams up with PetroChina to develop CCUS cluster in Hainan

The British oil and gas major BP has signed an agreement with PetroChina to develop carbon capture and storage (CCUS) projects in China’s southern Hainan province. Developments will draw on BP’s expertise with the Net Zero Teesside project, a proposed 860 MW combined-cycle power plant in the UK, with all emissions planned to be captured and securely stored. In China, BP wants to apply its CCUS expertise in the context of PetroChina’s exploration and production activities in Hainan, where the company produces 6000 barrels per day of oil from the Fushan oilfield. Plans have been worked out to build CCUS facilities which can capture up to 1 million tonnes per annum of CO2, expandable to 10 million tpa in future. BP chief executive Bernard Loone underlined China is increasingly looking for low-carbon energy, but it also needs to be secure and affordable. “That is a complex challenge. We need different fuels including oil and gas,” he said, stressing: “Now we see real momentum behind CCUS.”