In this issue

 

Free ReadNear-curve gas prices at the Dutch Title Transfer Facility (TTF) have fallen as low as $3.86 per million British thermal units (mmBtu) in recent weeks, driving up demand for LNG…
Speculative orders for Floating Storage and Regas Units (FSRU) are on the rise as developers want to have the vessels ready for quick deployment once local regulators issue a permit…
GasLog has confirmed that one of its subsidiaries has signed a 10-year time charter with Sinolam LNG Terminal to provide a Floating Storage Unit (FSU) for a gas-fired power plant…
India’s energy giant Petronet has signed a $7.5 billion agreement with Tellurian to take a stake in Driftwood LNG and import 5 million tons of gas per year. If supplies…
Free ReadSouth Korea’s state-run KOGAS has agreed with BP to buy 1.58 million tons of US LNG starting 2025. The deal is worth an estimated $9.61 billion over 18 years and…
SeaFloat, Siemens-made power barges equipped with SGT-A65 gas turbines, will be installed at the Upper Bay of Brooklyn in New York City. Two SeaFloats, with a capacity of 300 MW…
Mitsui OSK Lines (MOL) and Dutch-based Karpower International BV, a subsidiary of Turkey’s Karadeniz Holdings, have signed an agreement to jointly carry out the first LNG-to-Powership project in Mozambique. Named…
Free ReadFreeport LNG, the latest US export plant to come on stream at Quintana Island in Texas, plans to launch its own LNG cargo sales windows with trading platform provider, Redwood…
Sempra-led Cameron LNG export plant is suffering some technical problems though said it was managing to stick to its cargo shipping schedule. The facility at Hackberry was rumored to have…
Cargoes of US LNG will head from Calcasieu Shipping Channel, near Lake Charles in Southwest Louisiana, all the way to Bac Lieu in Vietnam’s Mekong Delta. There, the European-led Delta…
MISC Berhad, the Malaysian shipping line with an LNG fleet of more than 30 vessels, has agreed with Nippon Yusen Kabushiki Kaisha (NYK) and Mitsubishi Corp to co-own two new-build…
Free ReadTit-for-tat trade tariffs keep escalating the Sino-U.S. trade war and threaten to delay the second wave of American LNG export projects. Tellurian and other developers are expected to delay final…
Natural gas deliveries to U.S. LNG export plants set a monthly record in July, although gas use for power generation spiked to 44.5 billion cubic feet (Bcf) on July 19.…
The U.S. fracking sector “disappoints yet again” is the bleak verdict of IEEFA’s second quarter earnings review of oil and gas companies. Only 11 of the 29 scrutinized companies achieved…

News Nudges

Tellurian’s LNG supply accord with India’s Petronet lapses

Tellurian Inc., the developer of the Driftwood LNG plant in Louisiana, has confirmed that a memorandum with Petronet LNG has lapsed. Though the MOU was not renewed when it expired at the end of May, Tellurian stressed, talks with the Indian company were continuing. Tellurian’s accord with Petronet, first signed in Houston in September 2019, covered a possible equity investment in the project of up to $2.5 billion as well as 5 mtpa of supplies. It was seen as a landmark deal for Driftwood LNG to reach FID on the proposed 26 mtpa project on the west bank of the Calcasieu River. However, the Petronet-Tellurian agreement suffered its first setback in February 2020 when it was announced that the informal agreement would become a formal transaction by the start of June 2020. Driftwood LNG still has other supply agreements in place with Total and the global commodities trading house Vitol. As a principal investor, Total agreed to purchase 1 mtpa of LNG from Tellurian ventures and an additional 1.5 mtpa from Tellurian’s offtake volumes from Driftwood. Total's aggregate investment in the Tellurian portfolio will be around $907 million once a FID will be taken, though this looks likely to be delayed. Construction for the Driftwood plant has already been contracted to Bechtel.