LNG

Puerto Rico’s financial oversight board has approved a revised LNG supply agreement between Puerto Rico Electric Power Authority (PREPA) and New Fortress Energy affiliate NFEnergía. The revision is expected to save the country more than $4 billion in fuel costs over the duration of the contract.

UK energy major BP has outlined its LNG plans on the US Gulf Coast and its success in developing its natural gas assets in the southern Haynesville Shale on the border of Texas and Louisiana.

As cheap US shale gas risks to flood global LNG markets, Asian buyers are hesitant to enter long-term offtake agreements from Chevron's Gorgon LNG export terminal in Australia - one of the world's most expensive projects.

Project partners in North America rush to bring LNG to market before the Pacific Basin will be awash with Australian cargoes. However, scope for a second wave of projects is limited down under once the ongoing dozen projects are completed, the Economist Intelligence Units' lead energy analyst, Peter Kiernan, told LNG Journal. 

British Columbia supports LNG export projects as a "once in a generation" opportunity, according to Rose Klukas, Kitimat's economic development officer; but the clock is ticking as falling gas prices in Asia could close that window of opportunity.