LNG

Woodside Energy has brokered a deal with the Western Australian government to export nearly 3 mtpa more LNG from its Pluto liquefaction terminal in return for committing petajoules (PJ) of additional gas to the state's domestic market by 2029.

Japan’s second largest oil refiner Idemitsu Kosan has announced a $500 million investment in MidOcean Energy in a bid to enter the global LNG business. Idemitsu’s equity raise in MidOcean forms part of a $1.2 billion equity raise, with funds targeted at expanding LNG projects in Australia, Canada, South America.

The US Department of Energy (DOE) has authorized Venture Global to ramp up LNG exports from its Plaquemines terminal by an additional 0.45 billion cubic feet per day (Bcf/d) to non-free trade agreement (non-FTA) countries – a 13% increase.

Chinese-linked ships have been using their identity to transit the Strait of Hormuz on March 1-8, Lloyd’s List Intelligence data shows. None of the six vessels were oil or LNG tankers.

Kenyan authorities have announced plans for a $2.9 billion LNG-fuelled power plant near the port of Mombasa. The initiate targets a 1,200 MW plant in the Dongu Kundo area, provided attractively-priced term deliveries can be secured.

Fracking in the Permian Basin has staged a record 11% annual rise in gas production, adding 2.7 bcf/d to reach 27.7 bcf/d, suppored by break-even prices as low as $61 per barrel in the Midland Basin, one of the Permian's largest oil and associated gas formations.

South Korea’s ruling Democratic Party today announced the abolition of spring caps limiting coal-fired plants to 80% capacity, alongside boosting nuclear utilization to over 80% from late-60s levels. “We aim to lift coal power caps to ease reliance on LNG for electricity generation,” an official from the Ministry of Trade, Industry and Resources said, pointing at government strategy to stabilize baseload power.

Japan’s largest LNG buyer JERA and its Korean counterpart KOGAS have agreed to deepen coordination in LNG operations by optimizing LNG shipping schedules and terminal utilization.

With more than 12 million barrels of oil equivalent per day (boepd) of Middle East crude oil and LNG production taken offline due to the Iran war, Russia emerges as the clear winner of global supply shortages. US President Trump’s sanctions relief for Russia’s short-term oil was meant to ease supply disruptions, but had little effect.

The Philippine government is regulating electricity rates to counter the risk of LNG-linked price inflation of up to 16 percent, amid Middle East shipping disruptions. Energy Secretary Sharon Garin is negotiating stable coal supplies from Indonesia to facilitate fuel switching and wants to temporarily cap spot power prices.