Flex LNG reports solid earnings and expects balanced-to-tight freight market for winter season into 2024
Flex LNG, the Norwegian shipping company with a fleet of 13 vessels and several chartered to the largest exporters, posted solid net income and increased vessel operating revenues with all ships available after previous dry-dockings.
Asian spot cargo prices remain flat amid Australian LNG strike threats on wages as storage remains high
Global natural gas prices remained flat even as Australian labor unions prepared to have all-out strikes from September 14 at the Gorgon and Wheatstone LNG export plants as mediation talks were still taking place in Perth in Western Australia.
Empyrean says revised Indonesian gas project approved to supply Singapore in competition to LNG
Empyrean Energy, the London Stock Exchange-listed oil and gas development company with interests in China, Indonesia and the US, said the plan of development for an Indonesian project has been approved and will supply pipeline gas to Singapore in competition to LNG.
The Indonesian Ministry of Energy and Mineral Resources has approved the updated plan of development for the Mako gas project within the Duyung production sharing contract (PSC).
The Mako development is based on contingent Duyung PSC resources of 384 billion cubic feet gross and with 297 Bcf net attributable to the Duyung joint venture.
“The Indonesian government also approved the export of up to 100 percent of the gas production to Singapore,” said the Empyrean statement.
The operator is targeting production from the Mako gas project to commence in 2025 with up to 120 million cubic feet of gas per day.
The gas will supply Singapore through an existing pipeline in competition to the LNG cargoes delivered to the Jurong Island LNG import terminal in the Asian city state.
Empyrean holds an 8.5 percent interest in the Duyung PSC in which the Mako gas project is part.
Production plan
“Development of the Mako gas project will be in line with Indonesia's stated objective of doubling domestic gas production by 2030,” said Empyrean.
“The award of the revised plan represents a material event in progressing the Mako gas project which is currently the largest undeveloped gas field in South Natuna Sea,” added Empyrean, whose regional headquarters are in Australia,
The operator of the Duyung PSC is West Natuna Exploration Ltd, a subsidiary of Conrad Asia Energy with a 76.5 percent interest in the Duyung resources. Another 15 percent interest is held by Coro Energy Plc and the balance by Empyrean.
The company explained that at present, there was no infrastructure to transmit gas from the Mako field to domestic markets in Indonesia, and hence the plan for exports of production to Singapore, which is already connected to the West Natuna Gas Transportation System.
“The existing under-utilised gas pipeline to Singapore expedites the development of the Mako gas field from which gas is expected to be produced from 2025,” explained Empyrean.
Empyrean Chief Executive Tom Kelly said he was pleased with the approval of the updated development plan.
“It now allows the operator to re-focus resources on its stated objective of working with the Government of Indonesia to complete Gas Sales Agreement negotiations at the earliest opportunity,” added Kelly.
Japanese LNG imports edge lower as monthly costs break $6Bln barrier for first time and coal shipments jump
Japanese liquefied natural gas imports declined last month by 0.4 percent, the same amount as the previous month, with shipments increasing from Australia, Russia and the spot market while monthly costs rose to over $6 billion for the first time.
European and Asian LNG prices drop for second week amid steady cargo liftings and rising spot charter prices
The natural gas markets in Europe and Asia absorbed several negative geopolitical moves and influences and prices still dropped for a second week, while rising spot charter rates for LNG carriers and tighter supplies signalled a coming winter surge.
European LNG prices drop from record levels and Asia spot falls as energy markets pause before coming storm
The European Union benchmark Dutch Title Transfer Facility price tumbled by 24 percent in the past week from previous record levels while remaining above $70 per million British thermal units amid prospects of very tight markets and commodity shortages heading towards the winter season.
LNG prices keep cargoes pointing at Europe while Chinese and Indian demand are slower on the rebound
European Union liquefied natural gas prices remained strong and attracted cargoes amid unprecedent summer demand underpinned by global oil prices, while Asian spot LNG cargo values settled lower as a rebound was awaited in imports by China and India.
Intercontinental Exchange reports surge in Dutch TTF November trading as JKM LNG and Brent also jump
Intercontinental Exchange, the leading global provider of trading platforms and clearing, said November average daily volumes of trade derivatives contracts surged for European natural gas and LNG as well as North Asia spot cargo contracts as well North Sea Brent crude oil trading also jumped.
Asian LNG prices in grip of winter’s advance as cargo liftings rise while high European values edge lower
Liquefied natural gas spot demand for North Asia showed little signs of declining much through the North Hemisphere winter into 2022 as overall cargo liftings rose and European gas benchmarks lost further ground compared with the Pacific Basin amid a more than 5 percent drop in crude oil prices.
Asian LNG prices jump and US LNG futures are up 10 percent while UK attracts Algerian and Qatari cargoes
Liquefied natural gas liftings from global plants will be lower in the coming week as prices for Asia jumped 5 percent and US LNG derivatives increased by more than 10 percent amid a rebound in already high European natural benchmarks after they attracted timely LNG cargoes for the UK from Algeria and Qatar.
