IEEJ: September © IEEJ 2024

LNG Review August 2024
- Recent issues and events - #104
Hiroshi Hashimoto *Introduction
Japan imported 38 million tonnes of LNG during the first seven monthsof 2024. The year-to-date LNG import for the year was for the first time higher
than the previous year. China imported 44 million tonnes of LNG during the firstseven months of 2024, 12% more than the same periods in 2023, but still 3% lessthan the same period in 2021. China's cumulative imports of natural gas - pipeline
and LNG imports combined - during the first seven months of 2024 were 75
million tonnes, increasing by 13% from the same period in 2023 to the highest
ever recorded for the seven-month period.
In the first half of August 2024, two LNG production projects in the world
started shipping out LNG cargoes - Altamira Fast LNG in Mexico and Arctic LNG
2 in Russia. On the other hand, signs of project delays have been observed
elsewhere.
ExxonMobil said in early August 2024 that the company estimated a sixmonth delay of the schedule of the Golden Pass LNG project in Texas, UnitedStates. The first LNG from the project was previously anticipated in the middle of2025. The delay is related to withdrawal of one of the EPC contractors from the
project. The remaining contractors have agreed with the project owners to takeover the assignment of the withdrawing company.
The U.S. District Court of Appeals for the DC Circuit ruled that FERC
(Federal Energy Regulatory Commission) certificates for the Texas LNG
Brownsville project and the Rio Grande LNG project should be vacated for
FERC’s failure to undertake a supplemental environmental review.
NextDecade Corporation says that it is committed to taking all available
legal and regulatory actions to ensure that Phase 1 of the Rio Grande LNG projectwill be delivered on time and on budget and that FID of Trains 4 and 5 will not be
unduly delayed. Construction of Phase 1 continues.
Both spot LNG and spot gas prices rose around USD 2 per million Btu
from the beginning of July to the end of August 2024 - to the USD 13s for spot
LNG in Asia and the USD 12s for spot gas in Continental Europe, in vivid contrast
to relative stability of crude oil prices. Unplanned outages at multiple LNG
production plants and uncertainty over starting-up schedules of those LNG∗

The writer belongs to the Energy Security Unit.

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production projects under construction have contributed to firming prices toward
the upcoming winter of the Northern Hemisphere. In addition to uncertainty overthe future of Ukraine transit contracts of Russian pipeline gas to Europe, the only
remaining transit entry point is in the area of military conflict due to the recent
Ukrainian incursion into the Russian territory, which is also supporting prices.
[Asia Pacific]
Tree Energy Solutions (TES) announced on 5 August 2024 that TES and Saibu Gas
had signed an MOU (Memorandum of Understanding) to promote e-NG (e-methane) as a
key clean energy source.
Mitsui O.S.K. Lines, Ltd. (MOL) announced on 20 August 2024 that the company
completed the purchase on the market of 89,500 shares of common stock of MODEC, Inc.
Along with the 10,162,300 shares already acquired in June 2023, MOL holds a 15.00% stakein MODEC and will make it an equity-method affiliate.
Mitsui O.S.K. Lines, Ltd. (MOL) announced on 2 August 2024 that it had been
awarded an approval in principle (AiP) by Nippon Kaiji Kyokai (ClassNK) for the design of amembrane LNG Carrier installing Wind Challenger. This innovative design has been jointly
developed by MOL and Korea's Hanwha Ocean Co., Ltd.
China's NBS (National Bureau of Statistics) revealed on 15 August 2024 that thecountry's natural gas production reached 143.6 bcm during the first seven months of the year,
up by 6.2% year-on-year. Natural gas production in July reached 20.0 bcm, up by 7.9% yearon-year. China imported 5.90 million tonnes of LNG in July 2024, 1.1% more than one year
earlier. The country imported 43.83 million tonnes of LNG during the first seven months of2024, 11.8% more than the same periods in 2023, but still 3% less than the same period in
2021. China's cumulative imports of natural gas - pipeline and LNG imports combined during the first seven months of 2024 were 75.44 million tonnes, increasing by 12.9% fromthe same period in 2023 to the highest ever recorded.
Sinopec (China Petroleum and Chemical Corporation) announced on 1 August 2024
the inauguration of the Energy and Chemical Industry Chain Carbon Footprint Alliance inBeijing, China. The initiative, spearheaded by eight leading Chinese companies in the energy
and chemical sectors, including Sinopec, CNPC, and CNOOC, will see the alliance members
jointly establish a carbon footprint management system with an improved carbon footprint
calculation mechanism by 2027.
Thailand's B.Grimm Power announced on 27 August 2024 that the company
imported an LNG cargo, becoming the first private company in Thailand to import LNG for
distribution to Small Power Producers (SPP). In the initial phase, the LNG will be supplied
to 10 of the company's combined cycle co-generation power plants.
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Excelerate Energy, Inc. said on 7 August 2024 in its financial results for the second
quarter 2024 that in June 2024, Excelerate signed a term sheet with ITECO Joint Stock
Company, a Vietnam-based private development company, to develop an LNG importterminal in Hải Phòng, Vietnam. The Northern Vietnam LNG Terminal (NVLT) is anticipatedto have a total import capacity of 1.2 million tonnes per year, in two phases. Phase one is
expected to have a capacity of 0.7 million tonnes per year and is expected to commence
operations in 2027.
Eni announced on 23 August 2024 that the Indonesian authorities had approved thePlan of Development (POD) of the Geng North (North Ganal PSC) and Gehem (Rapak PSC)
fields. The integrated development of the two fields is planned to create a new production
hub, called Northern Hub, in the Kutei Basin. The Indonesian authorities have also approved
the POD for Gendalo&Gandang fields (Ganal PSC). Additionally, Eni has been awarded by
the Indonesian authorities a 20-year extension of the IDD licences named Ganal and Rapak.
According to INPEX Corporation's 2Q 2024 result presentation on 8 August 2024,
the company continues activities and preparation for FEED (front-end engineering anddesign) commencement and FID (final investment decision) for the Abadi LNG project inIndonesia toward production start in around 2030, with onshore and offshore geophysicaland geotechnical surveys and tender for FEED execution commenced. A plan to reduce 100%
native CO2 (CO2 from reservoir) with CCS is included.
India's Swan Energy revealed on 14 August 2024 in its filing to NSE India (National
Stock Exchange of India Limited) plans to sell its stake in FSRU Vasant One (floating storage
and regasification unit) to Türkiye's Botas. According to the filing, the transaction is expected
to close within the next six months. The FSRU has a storage capacity of 180,000 cubic meters
and was built by Hyundai Heavy Industries in Korea and was delivered to Swan in 2020.
However, Swan's the LNG import terminal project in Gujarat did not come to fruition. Swan's
subsidiary, Triumph Offshore, holds a 51% stake in the FSRU, while the Indian Farmers
Fertiliser Cooperative (IFFCO) owns the remaining stake.
India's Petronet LNG Limited (PLL) announced on 20 August 2024 an MoU(Memorandum of Understanding) with LTL Holdings, Sri Lanka, for supply of LNG to LTL's
dual fuelled power plant(s) in Kerawalapitiya, Colombo from PLL's Kochi LNG Terminal. The
supply would be through LNG ISO Tank Containers involving a multi-modal transportsystem. The initial term of supply would be 5 years.
Arrow Energy, owned by Shell and PetroChina (50/50), announced on 12 August2024 an expansion of its 27-year Surat Gas Project (SGP) to an area north-east of Miles inQueensland's Western Downs (SGP North). The development will bring more than 130
terajoules of additional gas to market per day (0.872 million tonnes per year) for long-term
contract and domestic customers. The expansion is part of the SGP development, which will
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have the capability to produce more than 4000 petajoules of gas (73.5 million tonnes) overthe life of the project. Construction on SGP North is scheduled to begin in 2024, with
infrastructure to include up to 450 new gas production wells, a new field compression station,
27 km of pipeline, and road and infrastructure upgrades over two phases.
Tokyo Gas Co., Ltd., Osaka Gas Co., Ltd., and Toho Gas Co., Ltd. announced on 21
August 2024 that the companies and Australia's Santos Limited had entered into anagreement to conduct a pre-FEED (Pre-Front End Engineering and Design) study on a
project to produce emethane at Moomba in the Cooper Basin, Australia, and to export emethane to Japan. The project aims to export more than 130,000 tonnes of e-methane per
year (equivalent to 180 million m3 of city gas) to Japan from 2030 at the earliest.
According to 2024 half-year report (on 21 August 2024) of Australia's Santos Limited,
Phase one of the Moomba CCS project is in advanced commissioning with the pipeline beingpressured up and CO2 to be introduced into the system imminently; The project remains on
track for first injection and ramp up to full capacity in 2024; and Phase one of Moomba CCS
will be one of the lowest-cost CCS projects in the world and have capacity to permanently
store up to 1.7 million tonnes of carbon dioxide annually.
Chevron Corporation announced on 22 August 2024 that the company, through its
subsidiary Chevron Australia New Ventures Pty Ltd (Operator), and Woodside Energy Ltd.,
had been awarded the greenhouse gas assessment permit G-18-AP, located in the Northern
Carnarvon Basin offshore Western Australia. G-18-AP is offshore from Onslow, Western
Australia where the Chevron-operated Wheatstone natural gas facility is located and covers
an area of approximately 8,467 km2 with water depths of 50-1,100 m. Under the Joint
Venture arrangements, Chevron will hold a 70% participating interest and Woodside willhold a 30% participating interest in the permit. Chevron has agreed to farm down 5% of its
equity in the permit to GS Caltex (GSC) of Korea. GSC's entry into the permit is conditionalon regulatory approvals and other matters. The G-18-AP permit area will be evaluated as partof a hub for storing third party emissions, including those from Chevron's operated LNG
assets.
Australia's Woodside Energy said on 27 August 2024 in its HALF-YEAR REPORTFOR PERIOD ENDED 30 JUNE 2024 that as NWS (North West Shelf) project was enteringa period of production decline, NWS was preparing to take one LNG train offline between
late 2024 and mid-2025 to manage both operating costs and emissions. State andCommonwealth regulatory approval processes are progressing for the North West Shelf
Project Extension, which will support long-term operations and processing of future thirdparty gas resources at KGP (Karratha Gas Plant). Woodside is operator and holds a 33.33%
participating interest.
Australia's Woodside Energy Group Ltd. announced on 19 August 2024 that the4

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company and the Australian Conservation Foundation (ACF) had agreed to dismiss the ACF's
challenge to a primary environmental approval for Woodside's Scarborough Energy Project.
The Scarborough Energy Project has all primary environmental approvals in place andoffshore work is progressing well. The Federal Court proceedings sought an injunction tostop offshore activities for the Scarborough Energy Project. The parties have agreed to seekorders from the Court to dismiss the proceedings. The ACF, represented by theEnvironmental Defenders Office, commenced the Federal Court of Australia proceedings inrelation to the offshore environmental assessment of the Scarborough Energy Project in June
2022.
Australia's Woodside Energy said on 27 August 2024 in its HALF-YEAR REPORTFOR PERIOD ENDED 30 JUNE 2024 that the Scarborough Energy Project in Western
Australia was more than two-thirds complete and on track for first LNG cargo in 2026. The
completion % excludes the Pluto Train 1 modifications project. Work on the Scarboroughfloating production unit saw structural completion of the topsides. Pluto Train 2 site works
continued with 29 of the 51 modules delivered and 25 modules set in position. The company
completed the sale of a 10% non-operating participating interest in the Scarborough Joint
Venture (SJV) to LJ Scarborough Pty Ltd (LNG Japan) for USD 910 million and executed abinding SPA (sale and purchase agreement) for the sale of a further 15.1% non-operating
participating interest in the SJV to JERA. Woodside is operator and holds a 90%
participating interest in Scarborough and a 51% participating interest in Pluto Train 2.
Woodside's 90% participating interest in the Scarborough Joint Venture is prior to thecompletion of the sell-down of 15.1% interest to JERA. Long-term LNG supply agreements
were reached with Korea Gas Corporation and with CPC Corporation, Taiwan. Woodside said
its agreement in July to acquire Tellurian, including its Driftwood LNG development was
aimed to strengthen Woodside's LNG portfolio.
INPEX CORPORATION announced on 20 August 2024 that its subsidiary INPEX
Browse E&P Pty Ltd had been awarded an exploration permit over the AC/P71 Block inAustralia's 2022 Offshore Petroleum Exploration Acreage Release. INPEX Browse E&P willhold 100% working interest in the title. The block is located off the northern coast of Western
Australia and covers a surface area of approximately 920 km2, in water depths ranging
between 100 and 300 meters. The block is adjacent to the AC/RL7 Retention Lease in which
INPEX acquired a 74% participating interest in 2023 and where natural gas and condensate
fields have been discovered.
According to 2024 half-year report (on 21 August 2024) of Australia's Santos Limited,
the Barossa Gas Project is nearing 80% complete with first gas expected in the third quarterof 2025; The Gas Export Pipeline that will deliver gas from the field to Darwin LNG iscomplete; and the third Barossa well has been successfully drilled and completed with better5

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than-expected reservoir results; The Floating Production, Storage and Offtake vessel is on
track to head to Australia in the first quarter of 2025. At full production rates, Barossa is
expected to add around 1.8 million tonnes per year to Santos' LNG portfolio.
[North America]
LNG Allies, The USLNG Association, noted on 1 August 2024 that the Senate Energy
and Natural Resources Committee on 31 July voted 15 to 4 in favour of S. 4753, the Permitting
Reform Act of 2024. The bill sets a 90-day 'shot-clock' on DOE's (the Department of Energy)
LNG licensing process. The bill would require DOE to act expeditiously and preclude any
future LNG moratoria, of either a formal or informal nature. The Biden administration only
issued U.S. LNG permits during a one-year period - from March 2022 to March 2023. It has
refused to act since then. LNG Allies said: "While a formal 'pause' was instituted by theadministration on 26 January 2024, we've been under an informal moratorium for 18
months."Cheniere Energy, Inc. announced on 5 August 2024 that its subsidiary Cheniere
Marketing, LLC had entered into a long-term LNG SPA (sale and purchase agreement) with
Galp Trading S.A., a subsidiary of Galp Energia, SGPS, S.A. Galp has agreed to purchaseapproximately 0.5 million tonnes per year of LNG for 20 years from Cheniere Marketing on
an FOB (free-on-board) basis for a purchase price indexed to the Henry Hub price, plus a
fixed liquefaction fee. Deliveries are expected to commence in the early 2030s and are subject
to a positive FID (Final Investment Decision) with respect to the second train (Train Eight)of the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project). The SPA
includes a limited number of early cargoes to be purchased by Galp prior to the start of Train
Eight. The SPL Expansion Project is being developed for up to approximately 20 million
tonnes per year of LNG capacity, inclusive of estimated debottlenecking opportunities. In
February 2024, certain subsidiaries of Cheniere Energy Partners, L.P. submitted an
application to FERC (Federal Energy Regulatory Commission) for authorization to site,
construct and operate the SPL Expansion Project, as well as an application to DOE(Department of Energy) requesting authorization to export LNG to Free-Trade Agreement(FTA) and non-FTA countries.
Cheniere Energy, Inc. said on 8 August 2024 in its financial results for the second
quarter 2024 that the company was constructing the CCL Stage 3 expansion project adjacentto the CCL Project consisting of seven midscale Trains with an expected total production
capacity of over 10 million tonnes per year of LNG with 62.4% complete as of 30 June. FirstLNG production from the first train of the CCL Stage 3 Project is currently forecast to beachieved by the end of 2024. The company is developing two additional midscale Trains withan expected total production capacity of approximately 3 million tonnes per year of LNG
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(CCL Midscale Trains 8 & 9 Project) adjacent to the CCL Stage 3 Project. In March 2023, thecompany's subsidiaries filed an application with the FERC (Federal Energy Regulatory
Commission) for authorization to site, construct and operate the project, and in April 2023,
filed an application with the DOE requesting authorization to export LNG to FTA and nonFTA countries. In July 2023, the project received authorization from the DOE to export LNG
to FTA countries. In June 2024, the project received a positive EA (Environmental
Assessment) from the FERC and anticipate receiving all remaining necessary regulatory
approvals for the project in 2025.
Freeport LNG submitted on 15 August 2024 with FERC (Federal Energy Regulatory
Commission) a Notice of Request for Extension of Time of the Noble Gas Project - a helium
extraction and purification plant co-located at the existing Pretreatment Facility.
Chiyoda Corporation announced on 8 August 2024 that its subsidiary Chiyoda
International Corporation (CIC) and its Joint Venture (JV) partner CB&I LLC agreed a shortterm plan to resume Zachry's (Zachry Industrial, Inc.) portion of the construction work of
the Golden Pass LNG project (Project) in Texas with client Golden Pass LNG Terminal LLC(GPX) on 7 August Chiyoda Corporation revealed on 14 August 2024 that following theprovisional approval of the interim order associated with Zachry Holdings, Inc.'s motion in
the bankruptcy court on 25 July 2024 (Local time), the court gave a final approval on 12
August 2024 (Local time). With this approval, Zachry's withdrawal from the Project has been
officially confirmed. CB&I LLC and CIC will accelerate the discussion with Golden Pass LNG
Terminal LLC (GPX) for a long-term construction completion plan for GPX's approval andamendment of the EPC contract to resume the Project at full scale.
ExxonMobil said on 2 August 2024 during its Q2 2024 Earnings Call that thecompany estimated a six-month delay of the schedule of the Golden Pass LNG project. The
company had anticipated the first LNG from the project in the middle of 2025. The company
is looking at probably the back end of 2025 for first LNG.
bp said on 14 August 2024 that it did not believe Venture Global LNG needs moretime to begin commercial production at its Calcasieu Pass LNG project. The Presiding
Administrative Law Judge issued an Order Adopting Protective Order in this proceeding on
25 July 2024. BP Gas Marketing Limited has reviewed the documents submitted by Venture
Global Calcasieu Pass, LLC under seal under the approved protective order. bp reiterates its
position that no extension is required of the deadline to make VGCP's liquefaction facilities
available for service pursuant to the authorization order. Several term-contract buyers of
LNG at Venture Global LNG Inc.'s Calcasieu Pass LNG project urged by 21 August 2024 FERC
(Federal Energy Regulatory Commission) not to approve an extension request of the deadline
to make Venture Global's liquefaction facilities available for service, after reviewing private
documents about commissioning of the facility.
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Venture Global LNG said on 13 August 2024 in a filing to FERC (Federal Energy
Regulatory Commission) that the company's second LNG project, Plaquemines LNG, hadcompleted nearly 80% of construction, targeting first production of LNG in the fall, with
exports of LNG on a pre-commercial operation basis beginning soon thereafter. Venture
Global had said in an earlier regulatory filing that Plaquemines LNG could start producing
LNG as early as August. Venture Global LNG has received an LNG carrier with the first cargo
to be used for commissioning its new Plaquemines facility in Louisiana as of 26 August 2024.
NextDecade Corporation announced on 5 August 2024 that its subsidiary Rio Grande
LNG Train 4, LLC (Rio Grande LNG Train 4) had executed a lump sum turnkey EPC(engineering, procurement and construction) contract with Bechtel Energy Inc. for theconstruction of Train 4 and related infrastructure at the Rio Grande LNG Facility. Rio Grande
LNG Train 4 agreed to pay Bechtel approximately USD 4.3 billion for the work under the EPC
contract for Train 4. Price validity under the contract extends through 31 December 2024.
NextDecade currently projects that owner's costs, contingencies, financing fees and interest
during construction will total approximately USD 1.7 - 1.9 billion, based on current estimatesand expected interest rates. Total estimated project costs are expected to be USD 6.0 - 6.2
billion for Train 4 and related infrastructure, in line with the per train cost of the three-train
Phase 1 at the Rio Grande LNG Facility, which is under construction. NextDecade continues
to target a positive FID (Final Investment Decision) of Train 4 in the second half of 2024.
The U.S. District Court of Appeals for the DC Circuit on 6 August 2024 vacated
FERC's (Federal Energy Regulatory Commission) certificates for the Texas LNG Brownsvilleproject owned by Texas LNG Brownsville LLC, a subsidiary of Glenfarne Energy Transition
LLC and for the Rio Grande LNG project promoted by NextDecade Corporation. The court
ruled that FERC failed to meet its obligations under the National Environmental Policy Act(NEPA) when it reissued the Texas LNG and Rio Grande LNG certificates without
undertaking a supplemental environmental review to address environmental justice and air
quality issues identified by the court's prior remand. NextDecade said that it wasdisappointed in the Court's decision and disagrees with its conclusions. At this time,
construction continues on the first three liquefaction trains and related infrastructure (Phase1) at the Rio Grande LNG Facility, and NextDecade is evaluating the impact of the Court's
decision on the timing of a positive FID (final investment decision) on Train 4.
NextDecade Corporation said on 14 August 2024 that it did not agree with the D.C.
Circuit Court's recent decision to vacate FERC’s (Federal Energy Regulatory Commission)
remand authorization of the Rio Grande LNG Facility. According to the company, it iscommitted to taking any and all available legal and regulatory actions to ensure that Phase 1
will be delivered on time and on budget and that FID of Trains 4 and 5 will not be unduly
delayed. In August 2024, the U.S. Court of Appeals for the D.C. Circuit (Court) issued an
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order vacating FERC's remand authorization of the Rio Grande LNG Facility on the grounds
that the FERC should have issued a supplemental Environmental Impact Statement (EIS)
during its remand process. The Court's decision will not be effective until the court has issued
its mandate, which is not expected to occur until the appeals process has been completed.
Construction continues on the first three liquefaction trains and related infrastructure (Phase1) at the Rio Grande LNG Facility.
NextDecade Corporation announced on 20 August 2024 that its subsidiary Rio
Grande LNG, LLC had withdrawn its application at FERC (Federal Energy Regulatory
Commission) for the proposed CCS (carbon capture and storage) project at the Rio Grande
LNG facility and requested that the FERC terminate the CCS proceeding.
Chevron announced on 12 August 2024 that it had begun production from its Anchor
project in the Gulf of Mexico using high-pressure subsea technology. The Anchor semisubmersible floating production unit has a design capacity for 75,000 bpd of oil and 28 mcf/dof natural gas.
JOGMEC announced on 13 August 2024 that the gas production test from the layerof methane hydrate, which was conducted in the State of Alaska from 19 September 2023
with the National Energy Technology Laboratory (NETL), an affiliated organisation under
DOE (U.S. Department of Energy), was completed on 30 July 2024. JOGMEC added that thegas was utilised as an energy source for the first time in the world at the test facility's powerand steam generators.
Excelerate Energy, Inc. revealed the Cook Inlet LNG terminal project in Alska in thecompany's 2Q 2024 Investor Presentation on 8 August 2024. According to the company,
Excelerate is in advanced discussions with local utilities in Southcentral Alaska for thedevelopment of an FSRU-based LNG import terminal in the lower Cook Inlet region. Recent
declines in local gas production have led to critical shortages in Southcentral Alaska.
Excelerate is expected to own the FSRU and terminal, as well as to have exclusive ownershipof all regas capacity, being responsible for LNG supply and sell gas to local utilities. Gas sales
agreements are expected to have an infrastructure payment component as a take-or-pay
obligation. Commercial start date is targeted for 2028.
Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) announced
on 21 August 2024 that it had delivered the first 7,600 cubic meter LNG bunker barge (S1061),
named "SEASPAN GARIBALDI," to Seaspan Energy of Canada. The series of LNG bunker
barges consists of three vessels, with the remaining sister ships scheduled for delivery before
the end of 2024. The vessel is classed by Bureau Veritas and flies the flag of Panama. The
vessel features an advanced DC power distribution system and is equipped with three dualfuel generators for power supply. The S1061 vessel commenced construction in February
2023. It is set to sail to the northwest Pacific region, becoming Seaspan Energy's first LNG
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bunker barge in North America.
New Fortress Energy (NFE) announced on 12 August 2024 the first cargo loading
and departure at the company's first Fast LNG project, located offshore of Altamira, Mexico.
NFE announced on 19 August that the scheduled maintenance outage of its FLNG had been
completed, and the FLNG unit returned to production as scheduled on the day.
Sempra revealed on 6 August 2024 in its Second-Quarter 2024 Earnings Results that
construction at Energía Costa Azul LNG Phase 1 was approximately 85% complete but inrecent months had experienced labour and productivity challenges. Mechanical completionand first LNG are expected to occur in 2025, with timing of commercial operations under the
SPAs (sales and purchase agreements) targeted for spring 2026.
Amigo LNG SA de CV, a subsidiary of LNG Alliance Pte Ltd, Singapore, announced
on 23 August 2024 that it had entered into a long-term LNG supply agreement with E&H
ENERGY SDN BHD of Malaysia. Amigo LNG will supply 3.6 million tonnes per year of LNG
to E&H for the Malaysian market over 20 years, beginning in Q3 2027. Amigo LNG is a 7.8
million-tonne-per-year liquefaction and export facility with both FTA and non-FTA permits
from DOE (U.S. Department of Energy), valid until December 2027. The project is locatedadjacent to the Port of Guaymas in Sonora, Mexico.
GFI LNG LP (GFI), an energy solutions company, and Pilot LNG LLC (Pilot), a
Houston-based clean energy infrastructure developer, announced on 7 August 2024 that they
had formed a partnership to develop, construct, and operate a small-scale LNG terminal in
Salina Cruz, Mexico. The facility is anticipated to produce 600,000 gallons of LNG per day,or 0.34 million tonnes per year. The partners anticipate operations to commence in mid-tolate 2027.
[Middle East]
Osaka Gas Co., Ltd. and Abu Dhabi's ADNOC announced on 6 August 2024 that they
had signed a long-term HOA (Heads of Agreement) for the delivery of up to 0.8 million metrictonnes per year of LNG. The LNG will be primarily sourced from the Ruwais LNG project in
Al Ruwais Industrial City, Abu Dhabi. The project is expected to start commercial operationsin 2028. LNG cargos will be shipped to the destination ports of Osaka Gas and its Singaporebased subsidiary, Osaka Gas Energy Supply and Trading Pte. Ltd. (OGEST).
Technip Energies said on 1 August 2024 in its H1 2024 Financial Resultspresentation that construction works of the QatarEnergy’s North Field Expansion project had
progressed more than 50% for the first train and the first systems had been energized.
QatarEnergy announced on 26 August 2024 that QatarEnergy had entered into a 15year LNG SPA (Sale and Purchase Agreement) with Kuwait Petroleum Corporation (KPC) for
the supply of up to 3 million tonnes per year of LNG to the State of Kuwait. The contracted
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LNG volumes will be delivered ex-ship (DES) to Kuwait's Al-Zour LNG Terminal onboard
QatarEnergy's conventional, Q-Flex, and Q-Max LNG vessels, starting in January 2025. The
new agreement is the second long term LNG SPA with KPC.
Korea's GAS Entec announced on 20 August 2024 the company with its groupcompany AG&P and local partners Issa Haddadin, had been awarded an EPCIC (engineering,procurement, construction, installation, and commissioning) contract to build Sheikh Sabah
Al-Ahmad Al-Jaber Al Sabah onshore regasification LNG Terminal at Port of Aqaba in theKingdom of Jordan. The tender was awarded to the consortium by Aqaba Development
Corporation (ADC), the state-owned infrastructure company and the customer for the facility.
The project includes an onshore LNG regasification facility, marine works, jetty topside workand other associated components and shall be completed, commissioned and delivered
within 22 months.
[Africa]
The Nigerian National Petroleum Company Limited (NNPC Ltd.) announced on 26
August 2024 that it had commenced shipment of LNG cargoes to Japan and China on DES(Delivered Ex-Ship) basis. The first DES LNG cargo was delivered to Futtsu, Japan, on 27
June. Since then, NNPC has expanded its footprint to China with the delivery of one LNG
cargo on DES basis. NNPC LNG Ltd., in collaboration with NNPC Shipping Ltd, is scheduled
to deliver at least two more LNG cargoes to the Asian market on DES basis by November.
bp said on 30 July 2024 during the company's 2Q 2024 Earnings Call that thecompany continued making "good progress" on the Tortue FLNG project offshore Mauritania
and Senegal and looked to introduce first gas into the system to start all the pressure testing,et cetera, over the next three or four months.
Project partner Kosmos Energy said on 5 August 2024 in its Second Quarter 2024
Results that the Tortue FLNG project offshore Mauritania and Senegal plans to bring in a
pre-commissioning cargo later August. First LNG is expected in the fourth quarter of 2024,
according to the announcement.
Golar LNG Ltd. announced on 5 August 2024 that the company and bp, as Operatorof the Greater Tortue-Ahmeyim LNG Project, had executed agreements to implement acommercial reset for FLNG Gimi. The commercial reset agreement simplifies contractual
cash flows and settles previous disputes related to payment mechanisms for pre-commercial
operations date (Pre-COD) contractual cash flows. Golar and bp have agreed an updated
schedule of daily payments until the Commercial Operations Date (COD). The daily
payments have step-up mechanisms based on project milestones up to COD and are secured
by long stop dates. Golar will also be entitled to certain lump sum bonus payments subject toachievement of certain project milestones. These Pre-COD cash flows are expected to be
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deferred on the balance sheet and amortized over the 20-year contract term from COD. The
commercial reset settles all ongoing disputes including the current arbitration process andre-aligns the parties towards reaching COD. To shorten the time to COD the parties have also
agreed to start the commissioning of FLNG Gimi with an LNG cargo prior to the availabilityof gas from the FPSO.
Mozambique's President said on 15 August 2024 that his meeting with ExxonMobil
focused on the initial engineering phase of the Rovuma LNG project, with plans to finalize
approvals and make an FID (Final Investment Decision) by 2026.
[Europe / Surrounding regions]
Energy infrastructure company VTTI announced on 9 August 2024 that it hadcompleted the acquisition of 50% of Dragon LNG Group Limited. The other 50% of theterminal is owned by Shell. Dragon LNG is VTTI's second announced investment into LNG
regasification terminals, following the announcement of the intention to acquire a 70% equity
stake in Adriatic LNG, Italy made in April 2024, which is expected to be closed by end of
2024.
Netherlands' exploration and production company ONE-Dyas announced on 14
August 2024 that Das Landesamt für Bergbau, Energie und Geologie (LBEG), part of theLower Saxony Ministry for Economy, Transport, Construction and Digitalization, hadgranted ONE-Dyas the permits for the development of the N05-A gas field and surrounding
prospects in the German part of the North Sea. ONE-Dyas now has all approvals in Germany
and the Netherlands for the Dutch-German energy project in the North Sea. ONE-Dyas aims
to supply the first natural gas to Dutch and German households by the end of 2024. The N05A platform was installed in the Dutch part of the North Sea on 6 August. It will be powered
exclusively by CO2-free wind energy from the nearby German offshore wind farm Riffgat.
The U.S. Treasury issued on 23 August 2024 sanctions against seven LNG tankers,
including the vessels suspected to have shipped the first two cargoes from the Arctic LNG 2plant in Russia - the Pioneer and the Asya Energy. The other vessels are Everest Energy,
registered to India-based Ocean Speedstar Solutions as the first two. Novatek-charterednewbuilds North Air, North Mountain, North Sky and North Way, were also included in thelatest sanctions.
Sakhalin Energy Company announced on 5 August 2024 that it had resumed LNG
production at the Sakhalin-2 facility after the completion of maintenance and overhaul ofprocess equipment.
[South America]
Argentina's YPF and Malaysia's Petronas announced on 31 July 2024 that they had
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decided to locate the Argentine LNG export project with a production capacity of 30 million
tonnes per year in the Sierra Grande section of Río Negro province.
McDermott announced on 12 August 2024 that it had been awarded an EPCI
(engineering, procurement, construction, installation), hook up and commissioning contractby Shell Trinidad and Tobago Limited for the Manatee gas field development project, located100 kilometers off the southeast coast of Trinidad and Tobago. The award follows the deliveryof the FEED (front-end engineering design), detailed engineering and long lead procurement
service contracts for the project's initial design and execution planning.
bp announced on 27 August 2024 that bp Trinidad and Tobago (bpTT) and EOG
Resources Trinidad Limited (EOG) had agreed to partner on the Coconut gas development.
Coconut will be a 50/50 joint venture with EOG as operator. The FID (final investment
decision) has been taken by the partners and first gas is expected in 2027. The Coconut field
is located off the southeast coast of Trinidad in the Columbus Basin and was discovered in2005 by bpTT. Coconut is the latest development being delivered through a joint venture
between bpTT and EOG.
Malaysia's PETRONAS announced on 8 August 2024 that the company had achieved
success in Suriname with the Sloanea-2 appraisal well in Block 52 which was drilled in June.
PETRONAS mentioned the possibility of developing a standalone FLNG (Floating LNG)
project at the field.
Contact: report@tky.ieej.or.jp

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