In this issue

 

China’s state-owned Sinopec has signed a $60 billion agreement to buy 4 mtpa of LNG from QatarEnergy’s North Field East project for 27 years, starting from 2026. The deal marks…
Though gas storages in the EU are now 95 percent full, the International Energy Agency (IEA) warns Europe could face a gap of 30 Bcm in the 2023 summer refill…
Free ReadSeveral prompt-delivery Atlantic LNG cargoes have reportedly been diverted to Asia due to sluggish demand in Europe amid unseasonably mild weather and healthy gas storage levels. Shipping companies are understood to…
Deterred by high spot prices, Asian utilities have turned to term LNG charters to refill storage ahead of the winter. Charters for 6-12 months were snapped up in a rapid…
Electricity shortages in China this summer have triggered a build-out in coal-fired generation to avoid a repeat of rolling blackouts. Through to 2024, a flurry of new coal-fired plants with 80…
Free ReadMounting gas shortages in Europe has not only drawn flexible LNG volumes away from Asia but also limited the number of available floating storage and regas (FSRU) vessels, the International…
Monday, 28 November 2022
There were 2.56mmt of LNG on the water with destinations in China according to our market visibility at the time of writing on 24 November. These cargoes had an estimated…
China’s monthly LNG offtake in October amounted to 4.77mmt, our data showed, which constituted negative monthly demand growth of 0.14mmt (-3 percent) from the 4.91mmt we recorded in September. Nevertheless,…
Free ReadNotwithstanding electric power shortages in Sichuan province, China’s overall gas demand has fallen nearly 5 percent in the second quarter of 2002 due to a sustained economic slowdown, a stark…
Sustained high prices over the past year have eroded the economic case for LNG and hurt sales in key Asian markets. “Less than one year into higher prices, LNG markets…
Chinese LNG imports in July 2022 to its network of 22 regasification terminals declined significantly on a year-on-year basis amid an economic slowdown while shipments from Russia’s state-owned Gazprom have…
September and October – the crucial pre-winter shoulder months – will determine how much Asia’s major swing LNG buyers, Japan and South Korea, will have to buy at short notice…
Free ReadLNG shipments to Japan keep growing despite high spot prices as the country depends on the super-chilled fuel for power generation: Japan again overtook China with regards to North East…
China Petroleum & Chemical Corp., known as Sinopec, and an importer of liquefied natural gas cargoes from Queensland in Australia and from the US and Qatar, reported a more than…

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.”