LNG

LNG becomes an important tool for natural gas security as trade flows can be re-directed in response to price signals coming from increasingly inter-connected regional markets, the International Energy Agency said in its World Energy Outlook 2014.

Wood Mackenzie, the LNG and energy consultants, forecast rising Chinese LNG demand as  the Asia-Pacific region sees an increase of 70 million tonnes per annum of LNG supply from Australasia over the period to 2019, driven by production from Papua New Guinea.

The average price of spot LNG cargoes contracted for Japan in October jumped by $2.10 per million British thermal units to $15.30 per MMBtu from $13.20 per MMBtu the previous month, even as the long-term contract price of the fuel was brought lower by tumbling crude prices.

Origin Energy, a one-third shareholder in the Australian Pacific coal-seam-gas-to-LNG (APLNG) project on Curtis Island in Queensland with ConocoPhillips and China's Sinopec, said Australia must have a national energy vision that does not promote all supposed climate change actions at the cost of economic prosperity.