BP 2024 Energy Outlook gives double forecasts for LNG demand and trading activities in Europe and Asia
The BP 2024 Energy Outlook said that liquefied natural gas demand would grow robustly in the near term, driven by increasing needs in emerging economies in Asia as well as in the regional economic powerhouse China.
European and Asian LNG prices rebound as cooler weather and energy policy uncertainties offset high global storage
European and Asian liquefied natural gas prices rebounded from three-year lows as cooler weather and the return of government energy policy uncertainties offset high global storage levels and concerns over trade route insecurity.
Japan’s energy security agency Jogmec issues results of surveys on LNG handling and destination restrictions
The Japan Organization for Metals and Energy Security (Jogmec), a Japanese government agency, has released the results of two annual surveys on the volumes of LNG handled by Japanese companies and the current status of the destination restrictions in LNG sales and purchase agreements.
Chinese major CNOOC and French energy company Engie settle LNG trade in yuan on Shanghai exchange
China National Offshore Oil Corp. and French energy and utility company Engie have completed a yuan-settled liquefied natural gas trade through the Shanghai Petroleum and Natural Gas Exchange, the third such LNG trade achieved by the Chinese.
The yuan transaction was completed on the Shanghai Petroleum and Natural Gas Exchange (SHPGX), according to a statement from the trading platform.
The statement added that under the yuan-denominated agreement an LNG cargo of about 65,000 tonnes would be delivered in November.
China has recently emphasized its need where possible to settle oil and gas trades in yuan in an attempt to establish its currency internationally and to weaken the dollar's dominance in energy trading.
CNOOC had previously conducted China's first yuan-settled trade with French major TotalEnergies in March 2023 and Singapore's Pavilion Energy also settled such a deal in August.
Das Island cargo
The first 2023 yuan-settled LNG trade involved TotalEnergies and Abu Dhabi National Oil Company’s trading unit as well as CNOOC.
The cargo from that transaction arrived in May 2023 and was unloaded at the main terminal in southern Guangdong province.
The shipment from Das Island in Abu Dhabi in the United Arab Emirates was delivered by the “Mraweh” LNG carrier, a mid-sized vessel with 135,000 cubic metres of capacity.
CNOOC said at the time that the cargo delivery to the Dapeng terminal marked progress by China towards more yuan settlement of cross-border energy trade
CNOOC had purchased the Das Island cargo from TotalEnergies at the Shanghai Exchange.
China has raised the issue over the past several years of seeking more use of the Chinese currency with nations like Saudi Arabia and other energy exporters.
Analysts note that the Chinese economy would benefit hugely even if China only partly paid for its oil and gas in yuan.
China imported more than 500 million tonnes of crude oil last year and more than 100 million tonnes of natural gas by pipeline and as LNG and with the LNG portion amounting to 63.44 million tonnes.
Hong Kong-based China LNG Group switches CEO while changing company name and acquiring partner
China LNG Group Ltd., a Hong Kong-based company with assets along the value chain in mainland China, has said its billionaire Chief Executive Dr. Kan Che (Billy Albert) Kin, was stepping down while the company was also changing its name to better reflect its activities.
Chevron says Mike Wirth to stay as CEO as Permian Basin output hits record and solid LNG performance expected
Chevron Corp., the oil and gas major and leading LNG producer, said the mandatory retirement age for President and Chief Executive Mike Wirth had been waived by the company and he would be staying on as Chevron also provided a preview of likely second-quarter earnings.
BP Statistical Review of World Energy changes hands amid LNG surge and steady global gas production
The former BP Statistical Review of World Energy was handed over this week for its 72nd edition to the UK-based Energy Institute (EI), the chartered body for the energy industry and which will be the new custodian of the Review carrying the latest data from LNG to coal and renewables.
LNG prices rebound as liftings increase along with spot shipping charter rates and with EU storage still building
Global liquefied natural gas prices rebounded this week led by European Union prices that reversed a 10-week slide with a double-digit increase as Asian spot cargo values also rose with shipping rates and against the background of a record EU gas storage build.
First ever LNG cargo trade settled in Chinese yuan instead of dollars is unloaded at Dapeng import terminal
The first ever liquefied natural gas cargo paid for in Chinese yuan instead of US dollars has been unloaded at an import terminal in China’s southern Guangdong province.
Largest Japanese and Korean LNG buyers JERA and Kogas to cooperate on trading and cargo swaps
JERA Co. Inc., the largest Japanese liquefied natural gas buyer, and Korea Gas Corp. (Kogas), its counterpart in South Korea, have signed an accord to cooperate in the LNG business.
