LNG

WaveCrest Energy has announced the start of a market consultation process for a proposed Teesside Flexible Regas Port as the UK’s third liquefied natural gas import destination in advance of a planned capacity auction to be launched in the third quarter of 2024.

Excelerate Energy, the leading US provider of floating storage and regasification units (FSRUs) and an LNG trader with increased demand from Europe and Asia, has now completed two long-term LNG supply accords focused on delivering more cargoes to Bangladesh and to integrate its business in the South Asian nation.

Excelerate has just signed a 15-year Sales and Purchase Agreement (SPA) with QatarEnergy after signing a similar SPA in late 2023 with Bangladesh’s national energy company PetroBangla as the customer this time.

Excelerate said that under the QatarEnergy deal the Texas-based company would purchase up to 1 million tonnes per annum of LNG from Qatar on a delivered ex-ship basis in Bangladesh and beginning in January 2026.

The US company will purchase 850,000 tonnes per annum in 2026 and 2027 and 1.0 MTPA from 2028 to 2040.

Qatar deal

“This inaugural long-term supply agreement with the world’s largest LNG supplier marks a new milestone in our collaboration with QatarEnergy,” said Steven Kobos, President and Chief Executive of Excelerate.

“Qatar delivers approximately 10 percent of its current annual LNG production through Excelerate FSRUs and we are pleased to unlock further new demand in the markets where we operate,” Kobos explained.

“This agreement highlights our ability to secure critical and affordable LNG volumes for our customers with increasing natural gas demand, while driving stable, long-term economic uplift on our existing infrastructure,” he stated.

QatarEnergy President and CEO Saad Sherida Al-Kaabi said he was pleased to sign the Excelerate agreement focused on Bangladesh.

“This new agreement will further strengthen our relationship with Excelerate while also supporting the energy requirements of the People’s Republic of Bangladesh and its stride towards greater economic development,” added Al-Kaabi.

PetroBangla agreement

Excelerate in the third-quarter of 2023 had signed a long-term SPA contract with PetroBangla.

Under that deal the Bangladeshi company has agreed to purchase between 850,000 tonnes and 1.0 MTPA LNG from Excelerate for that 15-year term.

Excelerate first opened the Bangladesh market to LNG in 2018 with the development of its integrated Moheshkhali LNG FSRU terminal.

In the years since, the company deployed a second FSRU terminal to the Bay of Bengal and has utilised its infrastructure position to win spot LNG cargos sales into Bangladesh.

Excelerate's two FSRUs in Bangladesh deliver around 25 percent of the country’s natural gas supply.

Excelerate Energy, the leading US provider of floating storage and regasification units (FSRUs) with increased demand from Europe and South America, has signed a contract to charter an FSRU to Brazil’s state-owned energy company Petróleo Brasileiro (Petrobras) for 10 years.

Fortum and Westinghouse Electric Company of the US have signed an accord to explore prerequisites for the development and deployment of new nuclear plants in Finland and Sweden.

Excelerate Energy, the leading US provider of floating storage and regasification units (FSRUs) with increased demand from Europe and South America, reported higher net income from natural gas sales in Brazil and Finland and German charter income.

The Philippines has entered the LNG importer list in a low-key way after years of planning as a cool-down cargo was delivered to Subic Bay for the Floating Storage Unit (FSU) “Ish” as part of the commissioning of the first LNG terminal in Batangas Bay and a second vessel for a separate project is scheduled to arrive in July.

Excelerate Energy, the leading US provider of floating LNG import terminals with increased demand from Europe, reported soaring revenues linked to operations in Finland and South America and with an imminent project start in Germany.

Excelerate Energy, the leading US provider of floating LNG import terminals facing increased global demand in Europe and elsewhere for its services, has extended its credit facilities as activities increase and to finance the purchase of a vessel.

E.ON, Europe's biggest operator of energy networks and with plans to enter the LNG import business in September with a floating storage and regasification unit delivered to the North Sea port of Wilhelmshaven, reported an increase in annual net income while also writing off its Nord Stream gas pipeline stake.

Excelerate Energy, the leading US provider of floating LNG import terminals, has extended a time-charter agreement with the Dubai Supply Authority for a floating storage and regasification unit deployed in the United Arab Emirates.

Excelerate said that prior to the deal the agreement for the FSRU “Explorer” had a remaining firm charter period of around three years.

Under the terms of the new agreement, the charter period will be extended by an additional five years from the end of the existing contract in the fourth quarter of 2025.

“Reaching an agreement on the extension of our time-charter agreement with DUSUP highlights our ongoing efforts to develop and grow our existing, diversified regasification business,” said Daniel Bustos, Chief Commercial Officer of Excelerate.

Revenues foundation

“Our current markets are essential to maintaining our solid foundation of revenues and providing new opportunities for downstream growth,” he added.

“We look forward to continuing our partnership with DUSUP and remain committed to providing Dubai with the critical energy security it needs,” stated Bustos. 

FSRUs are a preferred option for Middle East nations and there are other floating terminals currently in operation in Kuwait, Jordan and Israel.

Bahrain and Egypt also have the onshore and offshore infrastructure for FSRUs though have no new charter agreements in place.

The FSRU “Explorer” was chartered initially to Dubai in 2015 to complement existing supply sources and support the Emirate of Dubai's seasonal demand requirements.

The vessel is located at DUSUP's Jebel Ali port and has become an important part of Dubai's integrated supply infrastructure.

The UAE entered into its first long-term charter agreement with Excelerate in 2014 for a larger and more efficient FSRU to replace an existing regasification vessel.

Under that agreement, Excelerate customized the “Explorer” in 2015 to meet the DUSUP's higher supply requirements.

Excelerate had enhanced the vessel with the newest features including new high-pressure vaporizers and pumps installed to increase regasification send-out capacity from 690 million cubic feet per day to 1 billion cubic feet per day.