LNG

As Asian netbacks for delivered LNG cargoes outbid European prices, buyers are struggling to attract sufficient volumes to offset a looming storage shortfall. An additional 40 cargoes per month would be needed over the next five months, according to ICIS calculations, though economists doubt this is achievable.

European Union energy ministers will endorse a full ban on Russian gas imports from January 1, 2028, an EU diplomat indicated. The ban would leave an estimated 15 bcm per year of Russian LNG needing replacement, with cargoes from Qatar, West Africa and especially from the United States poised to cover most of the shortfall.

Ophir Energy, the UK-based energy company and stakeholder in the Equatorial Guinea floating liquefied natural gas project offshore West Africa, said Chief Executive Nicholas Cooper was leaving the company amid delays in taking the FLNG joint venture to a final investment decision.