OGRA, Pakistan’s state-owned Oil and Gas Regulatory Authority (OGRA) has issued licences to build and operate a pipeline to Energas Terminal (Pvt) Limited and Tabeer Energy (Pvt) Limited to inject their terminals’ re-gasified gas in the national transmission system.
Summit Oil and Shipping (SOSCL) has signed a Memorandum of Understanding with Commonwealth LNG, which could potentially lead to offtaking 1 mill tonnes of LNG per year for up to 20 years.
Oil Search and Santos, both leading Australian-based gas developers, have announced the conditions for their proposed merger.
Under the revised merger proposal, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held via a scheme of arrangement.
The average LNG price for January delivery into Northeast Asia was estimated at about $15.60 per million British thermal units (MMBtu), up by $1.15 from the previous week.
This is the highest level since 2014, except for a higher peak in January this year, as a warmer than usual summer led to higher demand for electricity to power air-conditioners.
Temperatures in Beijing, Tokyo, Seoul and Shanghai are expected to be higher than average over the coming two weeks, weather data from Refinitiv Eikon showed.
“Natural gas inventories in Europe are also still low, so Asia and Europe are competing for supply,” a Houston trader said to newswires.
Pakistan LNG was among buyers that agreed to pay more than $15 per MMBtu for September delivery in a bid to avoid power shortages, industry sources said. Pakistan is also seeking seven cargoes for delivery in October and November. The tender closes on 24th August and remains valid until 8th September, according to the tender documents.
Angola’s LNG project has offered a cargo for delivery over August to September into Brazil, Europe, Mexico, India, Pakistan and Southeast Asia, which will be shipped on the LNG carrier ‘Cubal’.
While the spot market suffers from supply constraints, as highlighted last week, US developer Tellurian offered some relief for long term-supply coming out of the US.
Tellurian said it has secured enough sales to build its proposed 27.5 mill tonnes per annum Driftwood export plant in Louisiana, ending a series of delays.
The LNG will be sold to Royal Dutch Shell subsidiary – Tellurian’s third multi-billion dollar supply agreement in 10 weeks.
Construction is planned to start later this summer, with the first phase estimated to cost $16.8 bill.