LNG

Abu Dhabi’s energy major, ADNOC has signed a 15-year sales and purchase agreement (SPA) with Japanese trading house, Mitsui & Co to supply up to 0.6 mill tonnes per annum of lower-carbon LNG from its Ruwais project.

Last week, gas developer Venture Global confirmed it had commercially started its first LNG export project – Calcasieu Pass.

Last week, Shell loaded the first export LNG cargo from its GTA Phase 1 project offshore Mauritania and Senegal.

This followed the flow of first gas from the project, reported earlier this year.

This milestone was bp’s third upstream major project start-up of the year. They were the first three of 10 scheduled by the end of 2027, in line with the UK energy major’s strategy of growing its upstream oil and gas business.

“This first cargo from Mauritania and Senegal marks a significant new supply for global energy markets. Starting exports from GTA Phase 1 is an important step for bp and our oil and gas business as we celebrate the creation of a new production hub within our global portfolio.

“This is the culmination of years of work from the entire project and operations teams - congratulations to all who were involved in safely reaching this landmark. I would also like to thank the governments of Mauritania and Senegal, and our partners – Kosmos Energy, PETROSEN and SMH – for their ongoing support and collaboration,” said Gordon Birrell, bp’s Executive Vice President Production & Operations.

The first shipment was transferred to an LNGC from a Golar chartered FLNG located 10 km offshore, which produced the LNG.

GTA is one of the deepest offshore developments in Africa, with gas resources in water depths of up to 2,850 m, and has been declared ‘a project of strategic national importance’ by the governments of Mauritania and Senegal, bp said.

Domestic market

Once fully commissioned, GTA Phase 1 is expected to produce around 2.4 mill tonnes of LNG per year for export, although an allocation will also be made available for both countries’ domestic markets when they are ready to receive it.

“This is a very proud day for Mauritania and Senegal. Throughout the development of this project, we have built strong relationships with the project’s host governments, local communities and our partners, and we look forward to strengthening these in years to come as we continue ongoing operations,” Dave Campbell, bp’s Senior Vice President, Mauritania and Senegal added.

Golar LNG also confirmed that the FLNG ’Gimi’ had completed the offloading of its first full LNG cargo to bp’s LNGC ‘British Sponsor’.

This triggered the final pre-commercial operations date (COD) milestone bonus payment to Golar under the terms of the commercial reset agreed in August, 2024.

Commissioning remained on track for a 2Q25 COD, which will kick start the 20-year lease and operate agreement that unlocks the equivalent of around $3 bill of adjusted EBITDA backlog (Golar's share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement, the FLNG owner said.

bp started the Mauritania and Senegal project in 2017 and since then, GTA’s construction activities have generated more than 3,000 local jobs, and the project has engaged with around 300 local companies across the two countries, the energy major said. 

Sahara Group, an energy and infrastructure conglomerate, has signed a 20-year LNG sales and purchase agreement (SPA) with Amigo LNG, the Mexican subsidiary of Singapore-based LNG Alliance.

Australia’s oil and gas giant, Woodside Energy has signed LNG sale and purchase agreements (SPAs) with commodity trader, Uniper.

French engineering concern, GTT has reported a solid start to the year with revenue of €191 mill for the first quarter, up 32%, compared to 1Q24.

During the quarter, the company received 16 new orders for its core business (LNGC tank designs) and 12 new orders for LNG as fuel.

In a conference call, acting CEO and Chairman, Philippe Berterottière said that for the global market environment, this quarter was a mixed bag.

On the one hand, there were positive regulatory developments with the end of the moratorium and the removal of the project construction deadline in the US. On the other, the current US tariff disputes added complexity to the market.

As at the end of March, GTT had 325 units on its core business orderbook. In 1Q25, the company won orders for nine LNGCs and seven ethane carriers. For LNG as fuel, the order book stood at 55 units.

“This solid backlog provides strong visibility for future activities,” Berterottière said.

He pointed to Shell’s 2025 outlook, in which the energy major revised its LNG forecast up by about 25 mill tonnes per annum for the 2030/2040 period, compared to its 2024 report.

Shell estimated that the gap between the projected supply and demand by 2040 was now between 165 mill to 210 mill tonnes per annum, which should trigger new liquefaction projects, Berterottière said.

This also bodes well for future ship orders, including replacements for ageing vessels. In addition, several projects could be sanctioned this year and next.

FIDs progressing

Following a relatively quiet 2024 in terms of FIDs, since February 2025, no additional projects have been sanctioned, but several are progressing well and have moved into the most likely FID category, he said.

GTT’s total 1Q25 revenue was driven by new orders valued at €181 mill, a rise of 36%, and benefiting from a higher number of LNGCs under construction in the first quarter.

Looking ahead, GTT confirmed its 2025 targets with consolidated revenues expected to range between €750 mill to €800 mill, while EBITDA should be between €490 mill and €540 mill.

In addition, the company will maintain its dividend policy with a payout of at least 80% of consolidated net income.

Berterottière stressed that despite the ongoing market uncertainty, there is a need for between 40 and 65 LNGCs for the projects under construction.

Some projects have been delayed and that is why some ships, which have been delivered on time, are idle for the time being. This gives the feeling to some people that the market is a little bit long, he said.

He predicted that these projects were going to be ready in 2028, or the beginning of 2029 and, as a result, the developers will soon look for LNGCs.

In total, as of 31st March, 2025, GTT’s orderbook, excluding LNG as fuel stood at 325 units - 292 LNGCs; 21 ethane carriers; three FSRUs; two FLNGs and five onshore storage tanks.

With 12 vessels ordered and seven delivered, the LNG as fuel orderbook was 55 units at the end of March. 

Excelerate Energy Limited Partnership, part of the Houston-based Excelerate Energy Group, has commenced an offering totalling $700 mill principal amount of unsecured senior notes, due 2030.

Hanwha Ocean has contracted TMC Compressors (TMC) to deliver marine compressed air systems for 12 LNGCs that the South Korean shipbuilder is building for an undisclosed LNG shipping major.

US engineering company, Honeywell and Argent LNG are to assess the use of Honeywell’s pre-treatment solutions at a new LNG export terminal to be constructed at Port Fourchon, Louisiana.

Honeywell’s LNG pre-treatment solutions help remove contaminants from natural gas, enabling facility operators to enhance production and operational efficiency.

When used together, Honeywell’s modular mercury removal unit (MRU), acid gas removal unit (AGRU) and SeparSIV® unit can remove mercury, carbon dioxide, sulphur, water and heavy hydrocarbons to applicable LNG specifications.

In addition, Honeywell UOP SeparSIV® can be used with varying feed compositions saving operators up to 50% of lifecycle cost versus traditional removal processes, the company claimed.

“Argent LNG is committed to delivering clean, secure, and cost-effective energy worldwide. In order to do so, we need to leverage innovative technology and effective pre-treatment solutions,” said Jonathan Bass, Argent LNG CEO. “Honeywell’s proven technology has the potential to help us transform the US LNG sector and help deliver the LNG the world needs.”

In response to increasing demand for LNG, Argent LNG’s planned Port Fourchon project aims to produce 12 mill tonnes per annum of LNG, with a potential to expand up to 25 mill tonnes, which would make it one of the world’s largest LNG export terminals.

“Honeywell’s innovative LNG technologies will play a pivotal role in addressing energy security by enabling the large-scale production of LNG in countries around the world, including the US,” said Rajesh Gattupalli, Honeywell UOP President. “Honeywell’s LNG portfolio includes end-to-end solutions that can be customised and adapted based on the needs of our customers."

Honeywell’s LNG involvement includes pre-treatment and liquefaction technologies along with automation and software technologies to help optimise the overall LNG process scheme.

The company also offers modular LNG technology that can be built off-site and shipped to export facilities, helping reduce risks and expedite construction timelines to enable LNG facilities to come online faster than those built utilising traditional construction methods. 

Click to Download