LNG

ExxonMobil Corp. and its partners in the huge oil and gas discoveries offshore the tiny nation of Guyana in the northeast corner of South America are moving forward on an LNG export project.

The floating LNG import terminal operating company in the South American nation of Colombia said LNG deliveries reached record levels to respond to the increase in demand for gas-fired power as drought conditions caused by the “El Niño” phenomenon reduced hydro-electric supplies.

Suriname, once known as Dutch Guiana and a former colony of the Netherlands until 1975, has announced plans to be a liquefied natural gas producing nation using an FLNG production hull.

ExxonMobil Corp. and its partners in huge oil and gas discoveries offshore the tiny nation of Guyana in the northeast corner of South America may develop a liquefied natural gas project at the behest of the Government.

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.

March 10 (LNGJ) - The UK port of Milford Haven is scheduled to receive two cargoes this week at the South Hook and Dragon LNG import terminals. The “Al-Samriya” with 258,100 cubic metres of capacity is scheduled to berth on April 13 at Milford Haven’s South Hook terminal after arriving from Ras Laffan in Qatar.

   The carrier “Myrina” with 173,000 cubic metres capacity is due to berth on April 14 at the Dragon terminal at the Welsh port with a shipment from the Pampa Melchorita export plant on the Pacific Coast of Peru. The cargo was lifted from the Peruvian plant on March 21.

New Fortress Energy Inc., the US developer of floating LNG production and import terminal projects, reported soaring annual revenues and net profits as its array of projects advanced.

Trinidad and Tobago, which used to be the main LNG supplier to the US before the shale-gas boom in the late 2000s, said it would begin formal talks in March with Venezuela for joint development of the offshore Dragón gas field that will help boost the Caribbean island nation’s LNG export capability.

Trinidad and Tobago said the Caribbean nation would be opening formal talks with Venezuela following a US go-ahead to jointly develop a natural gas field that could help boost and safeguard LNG production from Trinidad’s Point Fortin LNG export plant.

Argentina said it was prepared to follow through with a pledge to remove investment uncertainties for foreign energy companies, especially in the construction of liquefaction natural gas export plants as the South American nation moves to develop its huge shale-gas reserves.

International companies including US majors see huge potential for Argentina from feed-gas brought to the coast from the huge Vaca Muerta shale basin containing one of the world's largest unconventional gas reserve.

Economy Minister Sergio Massa said in a speech to business leaders that the Government in Buenos Aires was preparing an LNG investment bill to send to Congress.

The Minister was accompanied at the event by the Secretary of Industry and Productive Development José de Mendiguren and the Secretary of Energy Flavia Royon,

Also present was Pablo González, President of Argentine state energy company Yacimientos Petroliferos Fiscales (YPF), which has various LNG development and shale gas and oil projects planned and had previously overseen the nation’s small-scale trial in LNG exports.

“If one looks at the reports of the most prestigious analysts in the energy sector, they envisage that in the next few years we are not only going to stop being importers of our energy, we are going to be a big player with our product,” declared Minister Massa

Protections

Massa said he hoped Congress would discuss the LNG Bill in the coming sessions. He stated that the Bill on investments in LNG plants was necessary to help the nation monetize its huge reserves and become a net energy exporter as import costs rise.

The Minister admitted that the consequences of the war in Ukraine had been having a big impact on Argentina’s energy import costs for all fuels and fertilizers.

“This final result of the year on the impact of the war shows us a negative balance of between US$3.70billion according to the IMF and US$5.20Bln, according to Argentina,” said Massa.

He said that Argentina must honour its commercial commitments just as the counter-parties must honour theirs.

Argentina has previously had the “Tango FLNG” production vessel at the Bahai Blanca port in Argentina to briefly be an LNG exporter.

The “FLNG Tango” vessel formally started its operations in Argentina in mid-2019 and a 10-year charter term began in September 2019 with Belgian shipping company Exmar.

The winter season then started in the Southern Hemisphere and liquefaction activities were stopped by YPF in May 2020.

Exmar first announced a YPF “force majeure” for the vessel on June 25, 2020, amid a dispute over various issues and the vessel departed.

“We need a great national agreement which in the next 30 years would bring core values ​​such as fiscal balance, competitiveness, accumulation of reserves and economic development with inclusion,” stated Massa.

The minister highlighted various possibilities whereby citizens and businesses had to advance with new measures that have “a full impact on the energy field and the knowledge economy” in Argentina.