US LNG data shows France and Spain leading by volumes while Calcasieu Pass cargoes were most expensive
The US Department of Energy published its latest LNG export data with France, Spain, the Netherlands, the UK and South Korea and Japan being the main destinations while prices for that period began to rise and shipments from Calcasieu Pass were the most expensive.
US claims leading position as No. 1 global LNG exporter followed by Australia and with Qatar in third place
The United States said it exported more liquefied natural gas than any other country in the first half of 2023 with shipments averaging 11.6 billion cubic feet per day during the period, which was 4 percent more than in the same six months of the previous year.
US forecasts further rise in LNG exports in 2023 while Henry Hub price falls but heating oil bills will soar
The US Government has reduced its previous benchmark Henry Hub price forecast my over $1 per million British thermal units while LNG exports are set to rise and American consumers will pay 45 percent more for their winter heating oil compared with last winter.
US LNG feed-gas provider Kinder Morgan sees Gulf Coast natural gas market growing ‘enormously’ to 2030
Kinder Morgan Inc (KMI), the leading US pipeline feed-gas company for liquefied natural gas plants and a key energy infrastructure developer, reported third-quarter net income of $576 million, up from $495M in the prior-year quarter, as the executive team forecast a continuing and deepening LNG boom on the Gulf Coast.
Kinder Morgan sells half of majority stake in Elba Island LNG plant for $565M to value facility at $2.3Bln
Kinder Morgan Inc., the US natural gas pipeline giant and a shareholder in the Elba Island LNG export plant in Georgia, has sold part of its stake in the liquefaction plant.
KMI said it sold a 25.5 percent equity interest in Elba Liquefaction Company (ELC) to “an undisclosed financial buyer” for around $565 million.
After the close of the transaction the Houston, Texas-based company would own 25.5 percent of Elba Island, the same as the mystery buyer.
New York-based Blackstone Credit, a hedge fund and investment arm of the Blackstone Group, would continue to hold a 49 percent interest in ELC, which is now the majority holding.
KMI said the proceeds from the sale would reduce short-term debt and create additional capacity for “attractive investments” including “opportunistic” share repurchases.
It added that the value of the equity interest implied an enterprise value of ELC amounting to $2.3 billion, which is approximately 13 times 2022 gross earnings.
The ELC joint venture was formed in 2017 to construct and own the 10 modular liquefaction units in operation at Elba Island and KMI would continue to operate the facility.
The export plant is supported by a 20-year contract with Shell LNG North America for 100 percent of the liquefaction capacity.
Critical asset
“We are pleased to welcome a new partner into the ELC joint venture,” said KMI’s Interstate Natural Gas President Kimberly Watson.
“Recent geopolitical events have proven how critical liquefied natural gas infrastructure is to meeting global energy demand,” added Watson.
“We believe this investment further shows the value of LNG and demonstrates the important role it will play for decades to come,” she stated.
The Elba Liquefaction facility is in Chatham County in Georgia, near the city of Savannah, and produces around 2.5 million tonnes per annum of LNG from its 10 Trains using Shell processing technology.
In the operational plan, ELC then delivers the LNG to Southern LNG Co. (SLNG) for export.
KMI owns 100 percent of SLNG, which owns and operates the Elba Island LNG Terminal, including the LNG storage tanks and the ship dock for import and export.
The statement added that Bracewell LLP served as legal advisor to KMI for the transaction.
US LNG data has Spain overtaking China and France surpassing UK as Cameron shipped costliest cargoes
The US Department of Energy published its latest LNG monthly export data with European nations and Argentina leading the destinations list with Spain surpassing China in cargo numbers and France overtaking the UK, while Sempra’s Cameron LNG plant in Louisiana shipped the most expensive cargoes for a third month.
LNG liftings gather pace backed by surge to $6.87 per MMBtu in Asian spot price and UK values
Around 102 LNG shipments were being lifted this week versus 91 last week at global liquefaction plants as the US saw 14 cargoes departing from its facilities and the North Asia spot LNG price moved above the $6.87 mark, while US and European natural gas benchmarks hit $2.98 per MMBtu and $5.65 per MMBtu respectively.
Shell carrier that lifted first Cove Point cargo was moored at Elba Island plant in Georgia
The Royal Dutch Shell LNG carrier “Gemmata” with 138,100 cubic metres capacity was moored at the Elba Island LNG export plant near Savannah in the state of Georgia, the sixth US export plant to come on stream since 2016.
Kinder Morgan and equity fund partners cleared to proceed with LNG export plant in Mississippi
US pipeline company Kinder Morgan and its equity fund partners have received approval to construct the Gulf LNG export project proposed at the site of the existing import terminal at Pascagoula in Mississippi.
