LNG

Congo's LNG sector advances with the Pointe Noire floating facility's expansion project. Following initial shipments in early 2024, current capacity of 0.60mtpa will increase to 3.0mtpa by end-2025 through the addition of the Nguya FLNG vessel and critical platform infrastructure. Despite US sanctions affecting Chinese shipyard Wison, the project remains on schedule with key infrastructure installations now completed. The project has already made a sizeable contribution to West African LNG export growth, our data shows.

Last month, the EU recorded its fourth consecutive year-on-year increase in gas consumption, rising by 9% to 40 bill cu m.

This came after seven months of continuous decline, reported UAE-based Gas Exporting Countries’ Forum (GECF). 

The rise was mainly driven by the residential and electricity sectors, influenced by a cold spell and notably lower wind power output. 

Similarly, US gas consumption saw a significant y-o-y increase of 5.1%, reaching 93 bill cu m. 

In November, 2024, China’s apparent gas demand rose by 1.7% y-o-y to 35.6 bill cu m, driven by increased LNG fuel demand for trucks and higher gas fired power generation. 

As for Gas production, in December, 2024, US continued its declining trend to stand at 88.6 bill cu m, representing a 4.1% y-o-y reduction. 

This drop reflected the combined effect of the Hurricane season on Gulf of Mexico operations and production cuts in response to low Henry Hub prices. 

In November, 2024, Europe’s gas production fell by 2.1% y-o-y to reach 15.9 bill cu m, primarily due to reduced output from Norway and extended maintenance periods. 

Gas production in the Asia/Pacific region was estimated to have decreased by 0.2% y-o-y, driven by a slower growth rate in Chinese production (3.7% y-o-y) and a reduction in output from several other major Asian gas producers. 

In the upstream sector, GECF members, Mauritania and Senegal, began gas production from their joint Greater Tortue Ahmeyim (GTA) offshore project. 

Looking at gas trades, in December, 2024, global LNG imports fell for the second consecutive month, declining by 0.3% y-o-y to 38.2 mill tonnes. 

GTT has continued it containment system success with an order from Hudong-Zhonghua (Group) for the tank design of six new large LNGCs.

The six LNGCs will have a total capacity of 271,000 cu m and will be fitted with GTT’s NO96 Super+ membrane containment system.

Deliveries of the vessels are scheduled for the second quarter of 2028, the second and third quarters of 2029, the first and third quarters of 2031.

Taiwan stands out among Asian LNG buyers as a country where gas demand has been rising steadily and substantially, not least due to the fast-approaching decommissioning of the country’s last nuclear power station. The state-owned commodity importer CPC Corp, meanwhile, just got the green light to build a new LNG regas and import terminal at Kaohsiung – an additional option for future LNG imports as more shipments are lined up at Taiwan’s existing terminals Yung An and Taichung Harbor in the first quarter of 2025; our Correspondent Anja Karl investigates. 

Argentina aims to become a major LNG exporter in South America, leveraging its Vaca Muerta shale resources, hoping to capitalise on European and Asian demand growth. A recent project merger in favour of FLNG signals momentum whilst a financing programme could potentially address the economic challenges of previous attempts. However, growth of surplus production is key, writes our Markets Editor, Dr Alexander Wilk.

Our December data showed a robust LNG trade increase globally. Meanwhile, demand was also uplifted by higher demand globally, our Market Editor Dr Alexander Wilk reports. 

Fulkrum, a supplier of inspection, expediting, auditing, and technical staffing services, has unveiled a new Iraqi company. 

Synectics, a supplier of security and surveillance systems for the oil and gas industry, has launched a suite of AI-powered tools to automate critical risk detection.

Norway’s Kongsberg Maritime has secured a large contract to provide an integrated package of electrical, control, safety and propulsion systems for the Golar MkII FLNG project. 

Wärtsilä Gas Solutions, part of technology group Wärtsilä, has signed a three-year service & maintenance agreement with GasLog LNG Services.