Natural Gas Daily: July 9th, 2020
France's Total has secured $15.8bn in financing for its LNG export project in northern Mozambique, the local division of South African bank FirstRand, FNB Mozambique, was quoted as saying by Reuters.
- The $20bn project is due on stream by 2024, and will produce 13mn mt/yr of LNG at full capacity.
- ExxonMobil and Italy's Eni are developing a 15.2mn mt/yr LNG export plant in the country, but have delayed taking a final investment decision until 2021.
The average price of spot LNG imports into Japan contracted in June was $3.8/mn Btu, sharply down from $5.5/mn Btu in the same month a year earlier, the country's trade ministry (Meti) said. The price was, however, up 73% compared with May.
Japan’s LNG imports in May saw a steep decline as the coronavirus outbreak hit demand for the commodity.
BP said it has signed a gas supply agreement with China’s ENN group. The UK major will provide ENN with 300,000 metric tons/year of pipeline gas regasified from LNG for two years from January 1, 2021 in Guangdong.
“As China progresses the coal to gas switch and advances the energy transition, BP is committed to being a trusted and valued partner, bringing smart and low carbon solutions to contribute to a net zero future,” added Simon Yang, BP China president.
The environmental side-effects of abandoning hydrocarbons in favour of renewable energy will be huge, according to a report published by the Manhattan Institute.
"Oil, natural gas, and coal are needed to produce the concrete, steel, plastics, and purified minerals used to build green machines. The energy equivalent of 100 barrels of oil is used in the processes to fabricate a single battery that can store the equivalent of one barrel of oil," he writes.
Libya's head of the Government of National Accord Fayez al-Sarraj and the chairman of the National Oil Company (NOC) Mustafa Sanalla met the CEO of Italian Eni Claudio Descalzi for a meeting July 8 in the capital Tripoli.
Eni is the main international hydrocarbon producer in Libya, where it produces 170,000 barrels of oil equivalent/day.
Hoping to encourage industry to move forward on a projected C$30bn (US$22bn) investment potential natural gas value chain petrochemical projects, the Alberta government announced the Alberta Petrochemicals Incentive Program (APIP).
Over the last 10 years, Nally said, petrochemical investment in the US reached US$250bn; over the same decade, only three projects, representing investment of less than US$25bn, have moved forward in Alberta. APIP, he said, will help Alberta attract that so-far missed potential.