In this issue

 

Financing is being arranged and initial engineering started after 11 years of delays

LNG Journal editor

Nigeria LNG, the company that runs the West African nation’s six liquefaction Trains at Bonny Island on the Niger delta, has taken the first steps towards constructing a seventh Train after years of delay by awarding engineering contracts and planning to raise $7 billion from the global financial markets. 

LNG Journal editor

Galveston Bay LNG, a project planned by Houston-based company NextDecade, has been authorized by the US Department of Energy to export up to 785.5 billion cubic feet per annum, the equivalent of 16.5 million tonnes of LNG, from its proposed liquefaction facility in Texas City. 

CME Group, the US energy and commodities derivatives market leader comprising the York Mercantile Exchange and related platforms, has reached an agreement with Cheniere Energy to develop an LNG futures contract based on physical delivery to Cheniere's Sabine Pass liquefaction and export plant on the Gulf Coast of Louisiana. 

LNG Journal editor

US major ExxonMobil and Italian energy company Eni have submitted their development plan envisaging an initial two production Trains for the first phase of the onshore Mozambique LNG export project using feed-gas from the Rovuma Basin Area 4 offshore licence. 

South Korean President Moon Jae-in and Singaporean Prime Minister Lee Hsien Loong have held talks in the Asian city state and agreed to further strengthen economic cooperation in liquefied natural gas and energy as well as in other sectors. 

The surge in liquefied natural gas spot prices in the past year is shown in the latest Japanese government data, with contracted shipments valued at $9.30 per million British thermal units compared with $5.70 per MMBtu a year ago. 

LNG Journal editor

The energy company owned by the Indian West Coast state of Gujarat that includes the city of Mumbai said it would bring its Mundra LNG import terminal on line by September 2018 while it awaits the signing up of a strategic partner. 

LNG Journal editor

Pertamina, the Indonesia state energy company, said it would not be going ahead with on onshore LNG regasification terminal project backed by Japan and planned for Bojonegara in Western Java. 

LNG Journal editor

Sembcorp Marine of Singapore has raised its purchase price for the acquisition of the intellectual property rights of Oslo-listed Sevan Marine to US$39 million from US$28 million and including the Sevan subsidiary HiLoad LNG. 

Nippon Kaiji Kyokai, the Japanese maritime classification society known as ClassNK, has approved the concept and design of an LNG-powered large Capesize bulk carrier put forward by Japanese shipping companies NYK Line and Japan Marine United. 

PetroVietnam executives have held talks with Russian natural gas company Gazprom to discuss limited Vietnamese offshore gas production and the progress of liquefied natural gas projects in the Southeast Asian nation that is still without LNG imports or infrastructure. 

LNG Journal editor

Japanese energy company Inpex Corp. has acknowledged another delay in the export of the first cargo from the Australian Ichthys LNG export plant near Darwin, now envisaged for October after delays caused by electrical faults on an offshore platform. 

The Baltic Exchange in London, one of UK’s oldest financial institutions and now part of the Singapore Exchange (SGX) group, has launched trials of its new liquefied natural gas freight index that will eventually comprise several routes for the evolving LNG shipping market. 

Jera Global Markets will seek to place volumes outside Japan amid excess of cargoes

LNG Journal editor

Japanese LNG and energy procurement company Jera Co. Inc., formed by Tokyo Electric Power Co. and Chubu Electric, has signed a binding agreement with French firm EDF Trading Ltd to form an LNG and trading joint venture. 

News Nudges

Danske firm joins Equinor

Equinor, the Norwegian energy company and LNG producer, has acquired energy trading firm Danske Commodities, based in Aarhus in Denmark. The Danish gas and power trading firm has 284 employees. Equinor said that last year Danske Commodities traded 389 terawatt hours of natural gas across 18 countries, around one third of total Norwegian gas production. “Danske Commodities’ trading platform and geographic footprint will support our strategy through leveraging DC’s material trading position in electricity and natural gas,” said Jens Okland, Equinor’s Executive Vice President for Marketing, Midstream and Processing.


Ophir update on plans

Ophir Energy, a stakeholder in the stalled Fortuna floating LNG project offshore Equatorial Guinea in West Africa, is still looking for a new CEO after the departure of Nick Cooper in May from the UK company. “Our search for a new CEO is making good progress and a number of highly experienced and qualified external candidates have been identified,” said Alan Booth, Interim CEO of Ophir. “The Board will of course provide further updates as and when appropriate,” he added.


Flex LNG carrier

Flex LNG, the Oslo-listed operator of a growing fleet, said it completed a sale-leaseback transaction for the 1740,000 cubic metres capacity carrier, the “Flex Rainbow”, after taking delivery of the vessel from the Samsung Heavy Industries shipyard in South Korea. “The ‘Flex Rainbow’ is the company's fourth LNG carrier on the water while four (other) carriers are currently under construction,” said Flex.