July 23, 2024 Woodside Looks to Build ‘Dream Team of LNG’ at US Plant
Exports
Woodside Looks to Build ‘Dream Team of LNG’ at Acquired US Plant - Bloomberg
Golden Pass LNG construction could return to normal speed after settlement - Reuters
Europe Still Vies With China as Top Market for Russia’s Pipeline Gas - Bloomberg
Oman LNG contracts restructured in keeping with energy transition trends - Zawya
New Manchin Permitting Bill Sets Deadline to Approve LNG Exports - Bloomberg
Militia interference disrupts LNG province's electrification - South African Freight News
Cheniere’s Corpus Christi LNG expansion project 62.4 percent complete - LNG Prime
Woodside ups cost of mega Scarborough LNG project - The West Australian (Subscription)
Tellurian deal: Woodside's purchase could boost Driftwood project - Houston Business Journal (Subscription)
Woodside busts the budget at Scarborough, capex now stands at $12.5 billion - Upstream Online (Subscription)
Woodside aims to build ‘dream team’ for its global LNG ambitions - Financial Times (Subscription)
Production
Energean Final Investment Decision for the Katlan development project in Israel - Press Release
Fuel-Marine
Carnival Corp orders its biggest ships yet as it sticks with LNG fuel - TradeWinds (Subscription)
Price
Prices little changed on flat demand, Freeport LNG resumption - Reuters
Storage
Less natural gas consumption in Europe is keeping storage full - U.S. EIA
Mergers and Acquisitions
Woodside to acquire Tellurian transcript - Woodside Energy Group Limited investor call - Press Release
Imports
Polish LNG terminal celebrates 300th gas delivery - Warsaw Business Journal
Personnel
NextDecade Announces the Appointment of Tarik Skeik as Chief Operating Officer - Press Release
LNG July 22-23, 2024 LNG Export Report
1. Project Developments and Financial Updates
Golden Pass LNG Construction Resumes
The QatarEnergy and Exxon Mobil $11 billion LNG project in Texas could accelerate after a settlement agreement with Zachry Holdings, which filed for Chapter 11 bankruptcy. This settlement allows the joint venture to choose a new contractor and is expected to resolve the standoff that delayed the project. First LNG output is now expected in 2025.
Read More: Reuters, San Antonio Express
Woodside's Scarborough LNG Project Over Budget
Woodside Energy’s Scarborough LNG project in Australia now requires an additional $500 million, bringing the total to $12.5 billion. Despite the cost increase, the project remains on track for its first LNG cargo in 2026. Woodside also secured a $1 billion loan to fund the project and acquired US LNG player Tellurian for approximately $900 million.
Read More: Upstream Online (Subscription), The West Australian
2. Strategic Investments and Acquisitions
Woodside's Acquisition of Tellurian
Woodside Energy's $900 million acquisition of Tellurian aims to support the Driftwood LNG project in Louisiana. This strategic move provides Woodside better access to financial resources necessary to advance the project.
Read More: Houston Business Journal (Subscription)
Woodside's Global LNG Expansion
Woodside Energy is building a "dream team" of investors for its US LNG expansion, following its $1.2 billion takeover of Tellurian. The company aims to leverage recent stake sales in its Scarborough project to attract partners for the $25 billion Driftwood project.
Read More: Financial Times (Subscription), Bloomberg
3. Contract Restructuring and Market Adjustments
Oman LNG Contracts Aligned with Energy Transition
Oman has restructured 13 LNG contracts to align with energy transition trends, moving from long-term contracts to shorter terms of 5 to 10 years. These new agreements are expected to reduce capital costs and leverage lessons learned from previous contracts.
Read More: Zawya
4. Operational Resumptions and Milestones
Freeport LNG Resumes Exports Post-Hurricane
Freeport LNG resumed shipments after shutting operations due to Hurricane Beryl. Processing is on track to reach about half its capacity, with gas flows rising steadily.
Read More: Reuters
Cheniere’s Corpus Christi LNG Expansion Progress
Cheniere's Corpus Christi LNG expansion project is 62.4% complete. The project, valued at approximately $8 billion, involves constructing seven midscale trains with initial LNG deliveries expected by the end of 2024.
Read More: LNG Prime
5. Regional and Geopolitical Impacts
Militia Interference in Mozambique
Islamic rebels in Mozambique's Cabo Delgado province are disrupting rural electrification efforts critical for LNG export operations. Despite these challenges, Engie Energy Access continues its commitment to universal energy access by 2030.
Read More: South African Freight News
Europe and China Compete for Russian Gas
Europe and China continue to vie for the position of top buyer of Gazprom's pipeline gas. Despite geopolitical tensions, Russia has managed to supply significant volumes of gas to select European countries, while also expanding sales to China.
Read More: Bloomberg
6. Regulatory and Policy Changes
New Manchin Permitting Bill for LNG Exports
Senator Joe Manchin has introduced a bill to expedite LNG export project approvals, requiring decisions within 90 days. The bill faces significant political hurdles but could influence future legislative efforts.
Read More: Bloomberg
7. Technological Innovations
Argent LNG Partners with GTT for Tank Technology
Argent LNG selected GTT Onshore Tank Technology for its liquefaction facility at Port Fourchon, Louisiana. GTT's cryogenic membrane containment system will enhance Argent LNG's storage capacity and operational efficiency.
Read More: Press Release
Chart Industries’ Technology in New Fortress Energy’s Fast LNG Project
Chart Industries’ IPSMR® process technology delivered the first LNG at New Fortress Energy's Fast LNG project offshore Altamira, Mexico. This milestone establishes Fast LNG as the fastest large-scale LNG project ever developed.
Read More: Press Release