LNG

Clarksons, the UK provider of integrated maritime services including broking, finance and research has brokered the world’s first 174,000 cubic metres capacity LNG Forward Freight Agreement (FFA) trade with the Chicago Mercantile Exchange (CME) Group.

Feb 7 (LNGJ) - UK company Centrica Plc and Spanish oil and gas major Repsol have signed an agreement for Centrica to purchase 1 million tonnes of LNG shipments between 2025 and 2027. Centrica said that all of these cargoes were expected to be delivered to the UK Grain LNG import terminal in Kent. “The deal marks an additional move by Centrica to build further resilience in the UK’s energy security,” said Centrica Energy, the UK company’s trading unit.

   “It follows a 15-year, $8Bln LNG deal with Delfin Midstream in July 2023, a three-year (pipelines) supply agreement with Equinor through to 2024 and the reopening and expansion of the UK’s Rough gas storage facility,” said Centrica. Cassim Mangerah, the managing director of Centrica Energy, said he was delighted to have closed this deal. “One of the key pillars of our successful and growing LNG business is our partnership approach. Our new deal with Repsol will complement the Atlantic leg of our diversified and flexible portfolio,” stated Mangerah.

Centrica Plc, the UK owner of the British Gas utility business and an LNG importer, has released stored gas into the grid from the Rough Gas Storage system for the first time this winter season.

Centrica plc, the UK owner of the British Gas utility business and a liquefied natural gas importer, has signed a long-term LNG supply agreement with US export plant developer Delfin Midstream Inc.

Centrica plc, the UK owner of the British Gas utility business and an liquefied natural gas importer, said in a trading update that it continued to deliver a “strong operational performance” from its balanced portfolio.

Centrica plc, the UK owner of the British Gas utility business and an LNG importer, said in a trading update that it continued to deliver a strong operational performance from its balanced portfolio.

Centrica plc, the UK owner of the British Gas utility business, has completed the sale of its Norwegian offshore exploration and production assets to Sval Energi of Norway and the interests in the Statfjord oil and gas field to Equinor for an initial $1.1 billion as the UK company pulls out of new offshore activities.

As part of the transaction all future decommissioning liabilities associated with the assets, about £800 million ($1Bln), will also transfer to the buyers.

“The final headline consideration may rise to $1.2 billion dependent on commodity prices,” said Centrica.

“Centrica's Spirit Energy subsidiary will now focus on maximising delivery of its gas production for the UK, repurposing assets for the energy transition and decommissioning activities,” added Centrica.

“Spirit will effectively be in run-off, and we will not explore for new hydrocarbon reserves,” stated the UK utility.

“We will focus on ensuring Spirit can fund its decommissioning liabilities while pursuing opportunities to leverage existing infrastructure to help the UK on its path to net zero,” it concluded.

Storage and trading

Centrica launched Spirit Energy in 2017 as a joint venture with German energy and infrastructure firm Stadtwerke München (SWM).

British Gas supplies energy to 9 million homes across the country and is an in-home servicing provider with a field force of around 7,500 engineers.

Centrica also still retains its Centrica Storage Ltd (CSL) assets to produce and process gas from the Rough gas field in the southern North Sea.

Gas is extracted offshore and sent via a pipeline to the Easington gas terminal in Yorkshire on the East Coast where it undergoes processing and is sent into the National Transmission System.

The company also has its Centrica Energy Marketing & Trading arm involved in LNG and power and gas markets.

It has main offices in London as well as in Aalborg in Denmark. It additionally has branches in Norway and Sweden and subsidiaries in Germany and Singapore.

In a recent trading update ahead of its 2022 interim results due on July 28, Centrica said it would deliver strong operational performance and currently expects full year adjusted earnings per share to be around the top of the range of expectations.

“In British Gas Services & Solutions we have seen some supply chain disruption and higher inflation impacting both the cost base and customer demand,” said the company.

“We expect those headwinds to continue to, at least partially, offset underlying operational progress for the duration of this period of higher inflation,” it added.

“However, volumes from our nuclear and gas production assets in the UK have been strong and our Energy Marketing & Trading business has secured increased volumes of gas and renewable energy to improve the UK and Europe’s security of supply,” it concluded.

Centrica plc, the UK utility and energy company with a growing LNG market presence, reported a resilient financial performance in the second half of 2020 as the trading and optimisation performance continued to be strong, especially in LNG.

GasLog Ltd, the Greek LNG fleet owner with 35 carriers split with its US affiliate GasLog Partners, reported an increase in third-quarter profits of more than 13 percent as overall revenues slipped because of the expiry of several charters, offset by new agreements in US and UK.

Sept 30 (LNGJ) - Centrica, the UK utility and LNG market participant, has agreed to sell LNG to China under a long-term contract. The binding 15-year Sales and Purchase Agreement is for 500,000 tonnes per annum of supplies to the Shenergy Group. Deliveries are expected to start in 2024.

“We are delighted to conclude this agreement with Shenergy. The roots of our shared history date back over 150 years, to when British Gas helped install gas lighting in the streets of Shanghai,” said Chris O’Shea, Centrica’s Chief Executive. “This deal is a new milestone for our companies and complements Centrica’s existing portfolio of LNG positions and contracts,” added the CEO.