Gavin Thompson, WoodMac Asia Pacific vice-chair April 21, 2021 Credit: alexyz3d/AdobeStock
The past year has undoubtedly been the most dramatic in the history of the global LNG industry. Demand buffeted by lockdowns and recession, liquefaction shut-in, pre-FID supply projects delayed and spot LNG prices crashing to all-time lows before going into orbit.
Yet as the world experienced its worst economic crisis since the great depression, with commodity demand tumbling across numerous sectors and oil prices briefly turning negative, Asian LNG markets proved remarkably resilient.
Led by China, but with others including India playing their part, Asian LNG demand increased by around 6 Mt in 2020, higher than demand growth in pre-pandemic 2019. Economic resilience and pro-gas policies across much of Asia supported a broader recovery in LNG demand and the return to stability in spot prices. Meanwhile, Asian buyers’ appetite fo
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In an op-ed published April 13 in Tanzanian newspaper The Citizen, the country managers from the two majors said critical decisions on the project were needed now.
Equinor and Shell together with a number of other international companies working in the country s upstream have been looking to develop an LNG plant at Lindi in the southeast African country for a number of years.
However, talks on a host government agreement and other terms for the $30 billion project s development were suspended by the Tanzanian government at the end of 2019.
Singapore’s Pavilion, Chevron Sign LNG pact
Feb 22, 2021 7:15:am
Summary
by: Shardul Sharma
Posted in:
Singapore’s Pavilion, Chevron Sign LNG pact
Singapore’s Pavilion Energy and US major Chevron have signed a six-year LNG sale and purchase agreement for the supply of approximately 0.5mn mt/year of LNG to Singapore from 2023.
Each LNG cargo delivered will be accompanied by a statement of its greenhouse gas (GHG) emissions measured from wellhead to discharge port, Pavilion said.
Pavilion said that together with its partners it was committed to co-developing and implementing a GHG quantification and reporting methodology for LNG. The methodology is being developed based on internationally recognised standards and will cover emissions from wellhead-to-discharge terminal, including those connected with LNG transportation, it added.
The Middle East And The Geopolitics Of The Energy Transition: Myths And Realities naturalgasworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naturalgasworld.com Daily Mail and Mail on Sunday newspapers.
Gas Based Economy
The Government of India seeks to increase the share of natural gas in India’s commercial energy basket from 6.3 percent in 2019 to 15 percent by 2030 to make India a ‘gas-based economy’. To reach the target of 15 percent, annual growth in consumption of natural gas has to increase from less than 5 percent in the last decade (less than 3 percent in 2019) to well over 10 percent in the next decade. India’s natural gas consumption in 2019-20 was about 175 mmscmd. To increase consumption to 600 mmscmd by 2030, the annual growth rate in consumption has to be more than 13 percent. This is not an impossible target. In the period 2008-2018, natural gas consumption in China grew by over 13 percent. Behind this double-digit growth rate for natural gas consumption in China was an annual average economic growth rate of over 8 percent, regulatory reform for transparency and flexibility along with focussed policy mandates.