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2018-02-12 07:30:00

U.S. LNG FOR CHINA

U.S. LNG FOR CHINA

FT -  The first ever long-term contract to supply US liquefied natural gas to China has been signed by Texas-based Cheniere Energy, boosting the hopes for other companies positioning themselves to launch new export projects.

The 25-year deal with China National Petroleum Corporation means Cheniere has pulled ahead in the race to develop a new wave of US LNG export projects to come on stream in the 2020s. But it will also encourage other aspiring suppliers by showing that Chinese buyers can be persuaded to make long-term commitments.

China was the third-largest market for US LNG exports last year, after Mexico and South Korea, but until now the country has been buying spot cargoes rather than using the long-term contracts that exporters need to be able to finance new plants.

CNPC has contracted Cheniere to sell up to 1.2m tonnes of LNG a year. A portion of the deliveries will start this year, with the balance starting in 2023 and running through to 2043.

Michael Wortley, Cheniere's chief financial officer, said he thought CNPC had chosen his company as a supplier because it was a "credible solution" with a proven record of delivering LNG plants on time and on budget. Cheniere was the first company to begin exports of LNG from the Gulf of Mexico region of the US, starting shipments in 2016.

Gas imports to China have been soaring as Beijing attempts to shift its energy system away from coal, to fight air pollution, and the country is expected to become the world's top LNG importer by 2030.

Mr Wortley said that as demand continues to rise, "buyers don't want to find they need to fill a gap in their supplies in the 2020s".

The price of LNG has been very strong in Asia, even though there has been new supply coming on to the market from the Australian mega-projects Gorgon and Wheatstone. In the futures market, gas for delivery in Asia next month is trading at almost $10.50 per million British thermal units, compared to a benchmark US Henry Hub price of $2.60.

The CNPC contract is a further step forward for Cheniere in being able to commit to a new production train at its Corpus Christi LNG plant in Texas. It signed a contract for gas from the new train with EDP, the Portuguese utility group, back in 2014, and then one with commodity trader Trafigura last month. Cheniere hopes to take a decision before the end of 2018 to go ahead with the project, which would have a total capacity of 4.7m tonnes of LNG per year.

As with contracts that supported earlier investments in its export plants at Corpus Christi and Sabine Pass, Louisiana, Cheniere is selling the LNG to CNPC at a price linked to Henry Hub, with an additional fixed fee. Unlike with those earlier contracts, however, Cheniere is not disclosing the precise terms.

Companies including ExxonMobil, Royal Dutch Shell, the Energy Transfer group and Kinder Morgan, as well as several smaller players, are also looking at possible new LNG export projects in the Gulf of Mexico region.

The Cheniere deal is likely to be welcomed by the Trump administration, which has identified increased gas exports as a possible way to reduce the US goods trade deficit with China. Mr Wortley said the contract was a bilateral deal between two companies, not two governments, but the visit by President Donald Trump to China in November, and the support of President Xi Jinping of China, had been "helpful" in securing the deal.

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Earlier:

 S-E.Asia
2018, February, 7, 08:10:00

CHINA: THE WORLD'S LARGEST

NOV - National Oilwell Varco, Inc. (NYSE: NOV) reported a fourth quarter 2017 net loss of $14 million, or $0.04 per share. Revenues for the fourth quarter were $1.97 billion, an increase of seven percent compared to the third quarter and an increase of 16 percent from the fourth quarter of 2016. Operating loss for the fourth quarter was $111 million, or 5.6 percent of sales. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) for the fourth quarter was $197 million, or 10.0 percent of sales, an increase of $30 million from the third quarter. Other items were $133 million, pre-tax, and primarily consisted of charges for inventory write-downs, facility closures and severance. Cash flow from operations for the fourth quarter was $321 million.

 

 S-E.Asia
2018, February, 5, 07:50:00

CHINA'S GAS ISN'T ENOUGH

REUTERS - Gas output in China rose to a record 147.4 billion cubic meters (bcm) last year, up 8.5 percent from 2016, data from the National Bureau of Statistics showed. Gas production is forecast to climb by between 6 percent to 8 percent per year through 2020, according to researchers at China National Petroleum Corp.

 

 S-E.Asia
2018, January, 26, 12:25:00

CHINA'S ARCTIC ROAD

REUTERS - “China hopes to work with all parties to build a ‘Polar Silk Road’ through developing the Arctic shipping routes,” the paper, issued by the State Council Information Office, said.

 

 S-E.Asia
2018, January, 12, 13:00:00

ТРАНСФОРМАЦИЯ МИРОВОГО РЫНКА

МИНЭНЕРГО РОССИИ - На энергетическом рынке происходят существенные трансформации, появляются новые технологии, что в итоге приводит к изменению энергобаланса. В частности, за последние 10 лет добыча газа в мире выросла на 20% -- до 580 млрд м3, его доля в энергобалансе расширилась с 21 до 22%. При этом мировая торговля газом за тот же период увеличилась на 42%, или на 313 млрд м3.

 

 S-E.Asia
2018, January, 3, 15:50:00

CHINA'S LNG IMPORTS UP 48.4%

PLATTS - Chinese imports of LNG in 2017 totaled 37.89 million mt, up 48.4% year on year, while imports by South Korea totaled 36.51 million mt, up 10.81% year on year.

 

 S-E.Asia
2017, December, 22, 22:30:00

РУССКИЙ ГАЗ ДЛЯ КИТАЯ

ГАЗПРОМ - «Сегодня мы заложили основу для создания еще одного трубопроводного маршрута поставок российского газа в Китай. Проект расширит возможности для удовлетворения растущего спроса на газ на китайском рынке», — сказал Алексей Миллер.

 S-E.Asia
2017, December, 8, 17:35:00

CHINA STRENGTHENS FINANCE

IMF - The system’s increasing complexity has sown financial stability risks. Given the centrality of banks to the financial system, the FSAP team recommended a gradual and targeted increase in bank capital. The authorities have recognized these risks, including at the highest level, and are proactively taking important measures to address them. These include the strengthening of systemic risk oversight, further improving regulation, and moving toward functional supervision.

Tags: USA, CHINA, LNG, CHENIERE

Chronicle:

U.S. LNG FOR CHINA
2018, July, 12, 10:20:00

U.S. - EXXON - RUSSIA SANCTIONS

BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.

U.S. LNG FOR CHINA
2018, July, 12, 10:15:00

NORWAY'S OIL PRODUCTION: 1.747 MBD

NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.

U.S. LNG FOR CHINA
2018, July, 12, 10:10:00

NOVATEK'S PRODUCTION: +2.4%

NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.

U.S. LNG FOR CHINA
2018, July, 11, 09:35:00

OIL PRICE: NEAR $78 YET

REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.

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