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GLM 11.35 | 10 September 2015 | www.icis.com/energy

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1

Prices & DataNewsMarket Report

GLM 11.35 | 10 September 2015 | Published by ICIS | www.icis.com/energy | 20 Pages

Energy Prices News Analysis

Heren GlobalLNG Markets

Low prices have helped entice KOGAS backto the spot market but excess supply stillresonates across the Asia Pacific basin. IndiasGAIL awarded a 2016 buy tender as Nigeriaoffered a fresh cargo out 2

Indian imports in 22% monthly fallin August 9Eneco extends Gate capacity; focuses onsmall-scale LNG 11Focus 16GLM Comment 19

Shipping costs and netback values 4Charter rates and bunker prices 5Global LNG tenders 6Trades: ex-ship and free on board 7Stocks 13Malaysia as an importer and exporter 18

Singapores state-backed Pavilion Energyhighlighted the strong potential for small-scale LNG in southeast Asia at the 7th LNGAsia Pacific Summit on 9 September.

Pavilion Energy plans to develop small-scale supply solutions for the region and is intalks with several partners in markets such asIndonesia and the Philippines, according to

Seah Moon Ming, the group CEO.The small-scale LNG market is gaining

momentum in southeast Asia because it isconsidered a cost-effective solution for trans-porting natural gas to users not connected topipeline grids or located in remote locations.

It makes sense to use small 10,000cbmvessels carrying 0.05-0.5mtpa of LNG to per-form multi-location deliveries, he said at theCWC conference in Singapore.

Whether transported via land or sea,small-scale LNG solutions can also bring aninitial capital expenditure investment downby 10-25 times as compared to conventionalmethods, he said.

Aside from emerging and prospectivesmall-scale LNG markets in Indonesia and thePhilippines, Pavilion Energy also plans to sellLNG through truck-loading services to down-stream users with no access to pipeline gas

in Singapore. A supplier involved in the dis-cussions with Pavilion Energy confirmed withICIS that both companies see huge potentialfor the LNG truck-delivery market.

However, it will be a tricky process be-cause of Singapores strict safety regulationson delivering inflammable products, thesource said.

Singapores downstream market is hugebecause there are many power generators,large petrochemical factories and manufac-turers in Tuas and Jurong Island that do nothave access LNG, the source told ICIS.

According to Seah, Pavilion Energy cur-rently supplies gas to more than 30% ofindustrial users in the power generation, pet-rochemicals, biotechnology, pharmaceuticaland manufacturing industries.

Pavilion Energy is also working on an LNGbunkering trial and license, as it foreseesSingapore becoming a strategic location forLNG-fuelled vessels to refuel when they headthrough the Straits of Malacca, Seah said.

Over the long term, Seah expects LNGdemand from southeast Asia to rise, whentraditional LNG exporters such as Malaysia andIndonesia become net importers to meet risingdomestic consumption. [email protected]

GNLS negotiating withdrawal

from Uruguays import projectThe consortium formed by European LNGsupplier ENGIE and Japans Marubeni to over-see the development of Uruguays first LNGimport terminal is involved in final discussionswith the Uruguay government to pull out ofthe project.

A formal withdrawal is expected to bereached between the consortium GNL delSur (GNLS) and the government before theend of September, said a spokesperson forGas Sayago, the company overseeing con-struction of the terminal on behalf of theUruguayan state.

This news has plunged the GNL Del Plata

project in uncertainty, just a year before op-erations at the regasification terminal wereset to begin. The Uruguayan government isunderstood to remain committed to the pro-

ject, however, a decision over the next stepshas yet to be taken.

State oil company ANCAP and utility UTE,the main shareholders in Gas Sayago and theLNG projects sole offtakers, are understoodto have already begun evaluating a possiblenew tender for the provision of regasificationinfrastructure.

The companies may also consider a sepa-

rate option involving the formation

Singapores Pavilion Energysees future in small-scale LNG

Page 9

SPOT DES PRICES $/MMBtu

Location Oct '15

Week-on-

week diff Nov '15

Week-on-

week diff

EAX 7.500 -0.219 7.425 -0.244

Japan 7.500 -0.225 7.425 -0.250

India 7.350 -0.150 7.250 -0.300

Spain 6.536 0.067 6.601 0.112

Britain 6.080 -0.031 6.415 -0.077

Argentina 7.350 -0.300 7.490 -0.280

FORWARD GAS MARKETS:UK NBP (ICIS) $/MMBtu

Oct '15 6.333 6.365 -0.032 7.982 -1.648

Nov '15 6.682 6.762 -0.080 9.374 -2.692Dec '15 6.881 6.941 -0.060 9.922 -3.041

Jan '16 6.932 7.024 -0.092 10.111 -3.179

Feb '16 6.960 7.054 -0.094 10.147 -3.187

Mar '16 6.784 6.850 -0.066 9.844 -3.060

09 Sep

15 2 Sep 15Changeon week

09 Sep14

Changeon year

FORWARD GAS MARKETS:US HENRY HUB (NYMEX) $/MMBtu

Oct '15 2.651 2.648 0.003 3.984 -1.333

Nov '15 2.736 2.720 0.016 4.035 -1.299

Dec '15 2.896 2.857 0.039 4.110 -1.214

Jan '16 3.007 2.969 0.038 4.173 -1.166

Feb '16 3.011 2.972 0.039 4.160 -1.149

Mar '16 2.978 2.939 0.039 4.094 -1.116

09 Sep

15 2 Sep 15Changeon week

09 Sep14

Changeon year

CONTRACT GAS MARKETS:(ICIS) $/MMBtu

October '15 10.288 9.542

November '15 10.299 9.888

December '15 10.309 9.125

January '16 10.273 8.462

February '16 10.346 8.247

March '16 10.332 8.231

NW Europe Oil -Indexed

JapanImport
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2GLM 11.35 | 10 September 2015 | www.icis.com/energy

The purchase of a spot free on board (FOB)cargo from KOGAS did little to dampen thewidespread bearish sentiment in Asia Pacific.

Traders have been assessing the repercus-sions of Chinese state-owned buyers, CNOOCand PetroChina, selling excess volumes fromSeptember to November, while heavy rainsin Japan consolidated a gloomy East Asiandemand outlook.

Spot prices in the region are in backwarda-tion with traders expecting deliveries to Japanin the low-$7.00s/MMBtu before the end of

the year as new supply comes online fromGladstone LNG (GLNG) and Australia Pacific(APLNG).

A small delay in the start up of APLNG fromthe first half of September to the first half ofOctober troubled few participants while GLNGis still expected to export first LNG before end-September.

CNOOC has closed a two-cargo tenderfrom Gladstone on 8 September but a five-cargo tender from the same plant remainsopen until 14 September.

The award of a single cargo from Indo-nesias Pertamina to KOGAS at the start ofthe week caused some surprise, signallingthe return of KOGAS to the market. Thestate-owned Korean buyer has been long formuch of this year but is now understood to beseeking up to three winter cargoes. Its mostrecent purchase is understood to have been

made in the low-$7.00s/MMBtu FOB fromBontang - at a similar price to recent FOBtransactions in the Atlantic basin.

A range of recent buy and sell tendersremain open or unawarded in the Atlanticand Pacific. The most recently launched selltender came out on 7 September from Ni-geria LNG for a late September FOB cargo.Among the most recently awarded buy ten-ders, Indias GAIL has purchased 12 cargoesfor 2016 delivery.

The prospect of a sustained forward peri-

od of excess supply has prompted some trad-ers to consider ways of using floor markets inEurope such as the Dutch TTF and British NBPto manage price and volume risk. The 2016GAIL cargoes are said to have been agreedat around 10% of the ICE Brent crude oilbenchmark plus a premium between $1.10-$1.40/MMBtu.

Aside from India, markets further westsuch as Pakistan, Jordan and Egypt all haveoutstanding demand that stretches acrosswinter and beyond. Jordans NEPCO closed itsmid-term tender on 7 September, after the

deadline was initially extended for a week.

KOGAS buys prompt Bontang cargoIndonesias state-owned company Pertaminahas awarded KOGAS a prompt cargo fromBontang on 4-7 September.

KOGAS will lift the cargo in the sec-

Market Report

Low prices have helped entice KOGAS back to the spot market butexcess supply still resonates across the Asia Pacific basin. Indias GAILawarded a 2016 buy tender as Nigeria offered a fresh cargo out

OJOIMAGES/REXFEATURES

October toNovember spot

prices in Asiaare currently inbackwardation

KOGAS is back but LNG length persists


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ond half of September, having said to havewon with a bid in the low-$7.00s/MMBtu

FOB. Pertamina issued the tender on 31 Au-gust following the shutdown of a gas-firedfertiliser plant in Indonesia, according toone market source. The tender closed on 3September.

Separately, Pertamina is reportedly stillevaluating the bids submitted for its four-cargo tender that closed on 27 August.The validity period for this tender is until 23September and it will be awarded on a fixed-priced basis. It was issued on 24 August.

Elsewhere in Indonesia, a tender for singlecargo from Tangguh remains open until 11September. The cargo would load between25 October and 5 November.

Three cargoes from Tannguh are under-stood to have been sold in August for Octoberdelivery. The buyers were said to be Japanesetrading house ITOCHU and UK-based BP inthe high $7.00s/MMBtu on a delivered (DES)basis.

Pockets of Asian demandWhile the KOGAS purchase was largelyunexpected, further small pockets of demandare anticipated. Despite widespread bearishsentiment in Japan, JX Nippon bought aspot cargo for delivery in late October ataround $7.50/MMBtu in the week ending 4September.

An accident last month at TEPCOs Futtsupower plant which will likely keep 1.5GW ofgas-fired capacity offline for the remainder ofthe year, as well as the restart of a nuclearreactor at Kyushu Electrics Sendai powerplant, should prevent both those utilities fromentering the spot market, but smaller buyerssuch as JX Nippon may still be tempted toprofit from low prices to top up inventories.Although buying sentiment is subdued thereare still a few reported outstanding require-ments for November and December in Japan.

In China, despite the length displayed bystate-owned PetroChina and CNOOC, twoindependent buyers who both purchased one

cargo each earlier this year are keen to buymore spot over the fourth quarter or early2016.

Although China is well-supplied fromdomestic pipeline gas and long-term LNG,independent buyers say they can easily ab-sorb extra spot but would seek prices below$7.50/MMBtu. The greater barrier to trade,however, is gaining third-party access toLNG terminals. PetroChina is currently theonly operator that has allowed third partiesto receive LNG at its terminals. While thereis market talk that PetroChina might havea delivery window available for October, in-dependent buyers said internal policies andcomplex approval process could scupper anyspot deal.

Indian subsidies to support demandAside from GAILs 12-cargo award which

came hot on the heels of afive-cargo awardfor October, November and December at

the end of last month, fresh developmentsin India may support further imports from

2015-2017.

The Indian government has issued twotenders for providing the second phase ofsubsidy support to gas-based power plantsthat buy regasified LNG from state gas net-work operator GAIL.

The proposed subsidy would be providedthrough the power system development fundand is targeted at stranded-gas-based powerplants and gas power plants, which havereceived limited domestic gas supplies fromApril 2014 to January 2015. The Ministry ofPower has set a deadline of 11 September for

accepting technical bids and said letters ofaward will be issued on 17 September.

The governments move may lead to anincrease in LNG imports within the next fewmonths, a GAIL official told ICIS. The regasifi-fied LNG (RLNG) limit is set at 1.65 millioncubic metres(mcm)/day for gas-based powerplants and 13.35mcm/day for stranded-gas-based power plants, according to tenderdocuments.

The subsidy support to power plantsfor purchasing cheaper regasified LNG willinclude a customs duty waiver on importedLNG and a waiver of service tax on regasifi-cation and transportation of the e-bid RLNG

and reduction in pipeline tariff charges byGAIL.

GAIL shall reduce the pipeline tariff by50% on e-bid RLNG, the tender documentstated.

GAIL has already purchased five fourthquarter cargoes in August at around $7.50/MMBtu, ICIS understands. Two would be dueto arrive in October, two more in November,and the fifth and final part of the strip deal is

expected in December.

GAIL is reported to have awarded thefive-cargo tender to BG Group and the morerecent 12-cargo tender for 2016 delivery toSpains Gas Natural Fenosa. The forward

price agreed for GAILs 2016 cargoes couldstand as a reference in ongoing tenders in

the Middle East.

Elsewhere in India, LNG buyer GSPC is

reported to be probing the market for a mid-

October spot cargo. Delivery would likely

be expected at Dahej but GSPC also has a

monthly slot at the Hazira terminal. The ICIS

India DES October price was assessed at

$7.35/MMBtu at the close of 10 September.

Nigerias prompt FOB tenderThe launch of a spot cargo tender fromNigeria has seen prospective bidders weighup chartering possibilities from the high$20,000s/day to the low or mid-$30,000s/day.

There are reported to be three cold ves-

sels from separate shipowners that are being

offered, and more warm ships are

Aside fromIndia... Pakistan,

Jordan, Egypt allhave outstandingdemand

Page 5


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Tokyo 0.638 1.208 1.004 0.298 1.251 0.162 0.400 1.448

Pyeong Taek 0.606 1.176 0.975 0.272 1.222 0.201 0.392 1.415Guangdong 0.513 1.081 0.884 0.188 1.130 0.271 0.318 1.320

Yung An 0.536 1.097 0.894 0.193 1.149 0.239 0.322 1.343

Singapore 0.391 0.957 0.769 0.138 1.015 0.383 0.226 1.195

Map Ta Phut 0.454 1.021 0.830 0.166 1.076 0.378 0.283 1.259

Hazira 0.194 0.760 0.733 0.356 1.075 0.604 0.409 0.996

Jebel Ali 0.106 0.737 0.803 0.427 1.053 0.676 0.481 0.974

Mina Al Ahmadi 0.111 0.770 0.835 0.460 1.086 0.709 0.513 1.006

Aliaga 0.660 0.205 0.502 0.917 0.514 1.170 0.971 0.438

Revithoussa 0.661 0.193 0.490 0.919 0.502 1.172 0.973 0.426

Rovigo 0.721 0.209 0.506 0.979 0.518 1.233 1.033 0.442

Huelva 0.784 0.121 0.366 1.043 0.374 1.297 1.098 0.297

Sines 0.794 0.131 0.365 1.053 0.365 1.307 1.108 0.283

Rotterdam 0.889 0.223 0.455 1.150 0.431 1.405 1.205 0.198

Zeebrugge 0.884 0.218 0.450 1.144 0.425 1.399 1.200 0.201

Montoir 0.855 0.189 0.422 1.115 0.403 1.370 1.170 0.239

Isle of Grain 0.883 0.216 0.449 1.143 0.424 1.398 1.198 0.202

Sabine Pass 1.181 0.507 0.605 1.446 0.272 1.430 1.170 0.522

Quintero 1.056 0.771 0.654 0.927 0.655 0.860 0.828 0.932

Guanabara Bay 0.888 0.462 0.375 0.865 0.348 1.100 0.796 0.622

Bahia Blanca 0.928 0.581 0.483 0.899 0.466 0.991 0.830 0.741

Spot Netback Indications

PRODUCING REGIONS TFDE NETBACKS $/MMBtu

0

2

4

6

8

10

AustraliaNortheast AsiaTrinidadFar EastWest AfricaNorth AfricaMiddle East

Huelva Bahia Blanca TokyoHaziraIsle of Grain

TFDE SHIPPING COSTS FOR OCTOBER 2015

Middle East North Africa West Africa Far East Trinidad Northeast Asia Australia N Europe

TFDE NETBACK VALUES FOR OCTOBER 2015

Middle East North Africa West Africa Far East Trinidad Northeast Asia Australia N Europe

Tokyo 6.862 6.292 6.496 7.202 6.249 7.338 7.100 6.052

Pyeong Taek 6.894 6.324 6.525 7.228 6.278 7.299 7.108 6.085

Guangdong 6.987 6.419 6.616 7.312 6.370 7.229 7.182 6.180

Yung An 6.964 6.403 6.606 7.307 6.351 7.261 7.178 6.157

Singapore 7.009 6.443 6.631 7.262 6.385 7.017 7.174 6.205

Map Ta Phut 6.996 6.429 6.620 7.284 6.374 7.072 7.167 6.191

Hazira 7.156 6.590 6.617 6.994 6.275 6.746 6.941 6.354

Jebel Ali 6.814 6.183 6.117 6.493 5.867 6.244 6.439 5.946

Mina Al Ahmadi 6.909 6.250 6.185 6.560 5.934 6.311 6.507 6.014

Aliaga 6.140 6.595 6.298 5.883 6.286 5.630 5.829 6.362

Revithoussa 6.239 6.707 6.410 5.981 6.398 5.728 5.927 6.474

Rovigo 5.399 5.911 5.614 5.141 5.602 4.887 5.087 5.678

Huelva 5.752 6.415 6.170 5.493 6.162 5.239 5.438 6.239

Sines 5.742 6.405 6.171 5.483 6.171 5.229 5.428 6.253

Rotterdam 5.175 5.842 5.609 4.915 5.634 4.659 4.859 5.866

Zeebrugge 5.137 5.803 5.571 4.877 5.595 4.621 4.821 5.820

Montoir 5.162 5.827 5.595 4.902 5.614 4.647 4.846 5.777

Isle of Grain 5.197 5.864 5.631 4.937 5.656 4.682 4.882 5.878

Sabine Pass 5.549 6.223 6.125 5.284 6.458 5.300 5.560 6.208

Quintero 6.374 6.659 6.776 6.503 6.775 6.570 6.602 6.498

Guanabara Bay 6.492 6.918 7.005 6.515 7.032 6.280 6.584 6.758

Bahia Blanca 6.422 6.769 6.867 6.451 6.884 6.359 6.520 6.609

$/MMBtu

$/MMBtu

Blue shade denotes transit through Suez. For further explanation of ICIS Shipping costs see the methodology
https://www.icis.com/compliance/commodities/liquefied-natural-gas/https://www.icis.com/compliance/commodities/liquefied-natural-gas/


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HENRY HUB vs LNG PRICES 2014/2015

SOURCE: NYMEX/US Dept of Energy

$/MMBt

u

Billion

sofcubicfeet

Weighted average LNG import priceSettlement front-month Henry Hub LNG volume

0

4

8

12

16

20

0

4

8

12

16

20

Jun

2015

Apr

2015

Feb

2015

Dec

2014

Oct

2014

Aug

2014

Jun

2014

NBP vs HENRY HUB: OCTOBER '15 CONTRACT $/MMBtu

SOURCE: ICIS, NYMEX

2

3

4

5

6

7

8

1 Sep

2015

3 Aug

2015

1 Jul

2015

1 Jun

2015

1 May

2015

1 Apr

2015

Henry HubNBP

Market ReportContinued from page 3

BUNKERS: SPOT DELIVERED PRICES $/tonne

IFO 380 IFO 180 MDO

IFO 380 IFO 180 MDO

Location 10/09/2015 03/09/2015 Change % 10/09/2015 03/09/2015 Change % 10/09/2015 03/09/2015 Change %

ROTTERDAM 231.00 239.00 -3.35 255.00 274.50 -7.10 n/a n/a n/a

HOUSTON 238.00 241.00 -1.24 376.00 380.00 -1.05 n/a n/a n/aFUJAIRAH 244.00 250.50 -2.59 264.50 283.50 -6.70 n/a n/a n/a

Location 10/09/2015 03/09/2015 Change % 10/09/2015 03/09/2015 Change % 10/09/2015 03/09/2015 Change %

SINGAPORE 235.00 250.00 -6.00 248.00 259.00 -4.25 441.00 439.00 0.46

NBPEAX

$/MMbtu

EAST ASIA LNG VS NBP FRONT-MONTH HISTORIC CLOSES

SOURCE: ICIS

0

5

10

15

20

25

10 Aug10 Jul10 Jun11 May8 Apr9 Mar6 Feb7 Jan5 Dec6 Nov7 Oct5 Sep

2014

CHARTER RATES $/d

Steam Week on week diff Data used TFDE Week on week diff Data used

Atlantic prompt 21000 0 I 31000 5000 IPacific prompt 21000 0 I 30000 5000 I

Mid-term 17000 0 I 24000 0 I

Long-term 25000 0 I 55000 0 I

also available. The FOB cargo tender, which

opened on 7 September, is due to close on

14 September, with an award later next

week. The scheduled cargo loading is 22-24

September. The short lead-time between the

tender award and lifting date is expected to

limit participation.

Bidders with flexibility in their in-house

shipping fleets, however, can face competi-

tion from others that tap the charter market.

Shipowners Golar, NYK and Cardiff Marine

are all reported to have one cold ship each

that can be used by charterers. Rates for

these would likely fall between $28,000/day

to $35,000/day, according to shipbrokerssurveyed by ICIS.

NYK is reported to be offering a dis-

count to its two rivals to compensate for

the more limited destination flexibility of

its 177,000cbm Grace Dahlia. The vessel

cannot berth at certain South American

and Middle East import terminals due to

compatibility reasons. Warm ships are also

available with nearby Angola LNG tonnage

as well as Chevrons 160,000cbmAsia Vision

near Gibraltar.

Positioning costs will be an important

factor in this for some owners, one shipbro-

ker said, as rates under $30,000/day during

a less than 20-day charter hire period mayprove uneconomic. The number of days it

take to reposition for only a short charter

will put some owners off, the shipbroker

said. Other shipowners, meanwhile, have

confirmed tonnage will be simply unable

to arrive in Nigeria on time. Two cold ves-

sels available in northwest Europe starting

in mid-September are unable to make the

journey in time to lift the Nigerian cargo.


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Tenders

LATEST GLOBAL LNG TENDERS 10 SEPTEMBER 2015

Buy/

sell Tenderer

Shipping

basis Location

No. of

cargoes

Delivery/Lifting

start

Delivery/Lifting

end

Tender

open

Tender

close Status

Information

updated

Buy Pakistan State Oil DES Port Qasim 1 25/12/2015 27/12/2015 16/07/2015 15/10/2015 Open 15/07/2015

Buy Pakistan State Oil DES Port Qasim 1 25/11/2015 27/11/2015 16/07/2015 23/09/2015 Open 15/07/2015

Sell BP DES/FOB Tangguh 1 25/10/2015 05/11/2015 31/08/2015 11/09/2015 Open 04/09/2015

Sell Gladstone LNG DES or FOB Gladstone 5 01/10/2015 31/12/2015 24/08/2015 14/09/2015 Open 25/08/2015

Sell NLNG FOB Bonny 1 22/09/2015 24/09/2015 07/09/2015 14/09/2015 Open 08/09/2015

Buy NEPCO DES Aqaba 76 01/01/2016 31/12/2019 23/07/2015 02/09/2015 Closed 03/09/2015

Buy GAIL DES Dahej/Dabhol 12 01/01/2016 31/12/2016 11/08/2015 26/08/2015 Awarded 09/09/2015

Sell CNOOC DES/FOB Gladstone 2 15/10/2015 15/11/2015 02/09/2015 08/09/2015 Closed 08/09/2015

Buy Pakistan State Oil DES Port Qasim 2 06/10/2015 18/10/2015 16/07/2015 26/08/2015 Closed 27/08/2015

Sell PNG LNG FOB Port Moresby 1 21/09/2015 30/09/2015 24/08/2015 03/09/2015 Closed 03/09/2015

Buy EGAS DES Aqaba 4 01/09/2015 31/10/2015 21/08/2015 25/08/2015 Awarded 03/09/2015Sell Pertamina FOB Bontang 1 15/09/2015 30/09/2015 31/08/2015 03/09/2015 Awarded 08/09/2015

Sell Trinling FOB Point Fortin 1 23/09/2015 23/09/2015 14/08/2015 27/08/2015 Awarded 28/08/2015

Sell ADGAS FOB Das Island 1 18/09/2015 20/09/2015 17/08/2015 24/08/2015 Closed 24/08/2015

Buy ENARSA/YPF DES Escobar 1 01/10/2015 15/10/2015 12/08/2015 20/08/2015 Closed 20/08/2015

Buy ENARSA/YPF DES Bahia Blanca 2 01/10/2015 15/10/2015 12/08/2015 20/08/2015 Awarded 24/08/2015

Sell BHP Billiton FOB Dampier 1 12/10/2015 12/10/2015 12/08/2015 17/08/2015 Awarded 24/08/2015


Sell Pertamina FOB Bontang 4 20/10/2015 30/10/2015 24/08/2015 27/08/2015 Closed 27/08/2015

Sell Sakhalin Energy DES Sakhalin 5 01/10/2015 31/12/2015 14/08/2015 19/08/2015 Closed 19/08/2015

Buy GAIL DES Dahej/Dabhol 5 01/10/2015 31/12/2015 11/08/2015 14/08/2015 Awarded 26/08/2015

Buy EGAS DES Ain Sukhna 45 01/10/2015 06/12/2016 08/07/2015 02/08/2015 Closed 05/08/2015

Sell Galp Energia FOB Bonny 6 01/10/2015 30/09/2016 22/07/2015 28/07/2015 Awarded 28/07/2014

Buy GAIL DESDahej, Dabhol,

Hazira7 01/10/2015 31/12/2016 23/03/2015 27/03/2015 Closed 05/06/2015

SellPoint Fortin LNG

ExportsFOB Point Fortin 1 24/09/2015 24/09/2015 24/08/2015 27/08/2015 Awarded 25/08/2015


SellPoint Fortin LNG

ExportsFOB Point Fortin 1 20/09/2015 20/09/2015 07/08/2015 11/08/2015 Closed 03/08/2015


Buy Israel Electric Corp DES Hadera/Limasol 1 07/09/2015 14/09/2015 10/08/2015 17/08/2015 Awarded 17/08/2015



Sell PNG LNG DES Port Moresby 1 04/09/2015 05/09/2015 06/07/2015 13/07/2015 Closed 28/07/2015

Buy GAIL DES Dahej 3 01/09/2015 31/10/2015 20/07/2015 03/08/2015 Awarded 07/08/2015

Buy CFE DES Altamira 4 01/09/2015 31/12/2015 24/07/2015 28/07/2015 Closed 29/07/2015

Sell Pertamina FOB Bontang 12 01/09/2015 31/12/2015 16/06/2015 18/06/2015 Awarded 07/07/2015


Buy ENARSA/YPF DES Bahia Blanca 5 21/08/2015 26/09/2015 07/07/2015 16/07/2015 Awarded 20/07/2015

Buy ENARSA/YPF DES Escobar 3 18/08/2015 10/09/2015 07/07/2015 16/07/2015 Awarded 31/07/2015


Buy CPC DES Yung An 2 15/08/2015 30/09/2015 20/07/2015 24/07/2015 Closed 20/07/2015

Additional fields and history are available via the ICIS FTP service. These include additional delivery/lifting details and tender participants


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The information in this table is the most accurate obtainable by ICIS at the time of publication. It does not necessarily represent deals confirmed by counterparties. The information may be amended or updated in subsequent issues.

DELIVERED EX-SHIP TRANSACTIONS

Buyer SellerTransaction

date

Delivery

period

Price

$/MMBtuVessel Origin Destination

Information

updated

JX Nippon Oil& Energy

TBC31/08/2015-04/09/2015

15/10/2015-31/10/2015

$7.50-$7.70 TBC TBC Hachinohe 07/09/2015

Petrobras Statoil TBC TBC TBC Golar Glacier Snohvit TBC 04/09/2015

TBC Kyushu 29/08/2015 TBC TBC Echigo Maru Bontang TBC 03/09/2015

IEC BP18/08/2015-25/08/2015

11/09/2015 TBC British Trader Point Fortin Limassol 09/09/2015

GAIL BG Group17/08/2015-21/08/2015

01/10/2015-31/12/2015

$7.50-7.99/MMBtu

TBC TBC Dahej 26/08/2015

ENARSA Statoil 20/08/201501/10/2015-15/10/2015

$7.70-$7.90 TBC TBC Bahia Blanca 24/08/2015

GAIL BG Group TBC03/09/2015-04/09/2015

$7.60-$7.99MethanePrincess

QCLNG Dahej 24/08/2015

ENARSA Gas NaturalFenosa

18/10/2013-22/10/2013

14/09/2015 $7.00-7.50 Iberica Knutsen Point Fortin Escobar 08/09/2015

ENARSAGas Natural

Fenosa18/10/2013-22/10/2013

13/09/2015 $7.00-7.50 Arctic Spirit Point Fortin Escobar 08/09/2015

Petrobras BG Group TBC 12/09/2015 TBCGaslog

SingaporePunta Europa Salvador 08/09/2015

ENARSA Statoil 17/07/2015 12/09/2015 $7.80-$8.00 Arctic Aurora Snohvit Bahia Blanca 24/08/2015

ENARSA Statoil 17/07/2015 05/09/2015 $7.75-$8.00 Arctic Princess Snohvit Bahia Blanca 24/08/2015

CFE Trafigura 23/01/201514/09/2015-30/09/2015

TBCLNG River

OrashiBonny Manzanillo 24/08/2015

CFE Trafigura 23/01/201509/09/2015-15/09/2015

TBC Gaslog Seattle Point Fortin Manzanillo 24/08/2015

CFE Trafigura 23/01/201502/09/2015-15/09/2015

TBC Sevilla Knutsen Point Fortin Manzanillo 24/08/2015

ENARSAGas Natural

Fenosa18/10/2013-22/10/2013

31/08/2015 $7.00-7.50Castillo De

VillalbaPoint Fortin Escobar 24/08/2015

CFE Trafigura 23/01/2015 29/08/2015 7.80-8.00 Gallina Point Fortin Manzanillo 24/08/2015

Petronet RasGas TBC 28/08/2015 $7.73-7.75Maran GasAsclepius

Ras Laffan Dahej 03/09/2015

RelianceIndustries

Oman LNG/Union Fenosa

GasTBC 27/08/2015 $6.39-6.40 Ibra LNG Qalhat Hazira 03/09/2015

Petrobras BG Group TBC 27/08/2015 TBCGaslog

ShanghaiBonny Salvador 28/08/2015

ENARSAGas Natural

Fenosa18/10/2013-22/10/2013

27/08/2015 $7.00-7.50 Polar Spirit Point Fortin Escobar 24/08/2015

Petronet RasGas TBC 19/08/2015 $7.24-$7.30 Al Sahla Ras Laffan Dahej 04/09/2015

Petronet RasGas TBC 17/08/2015 $7.58-$8.00 Al Marrouna Ras Laffan Dahej 04/09/2015

Petronet RasGas TBC 17/08/2015 $7.60-$7.70 Murwab Ras Laffan Dahej 04/09/2015

Petronet RasGas TBC 04/08/2015 $7.38-$7.40 Al Sahla Ras Laffan Dahej 04/09/2015

KyushuElectric

BG Group TBC 19/07/2015 $7.48 Galog Savannah Punta Europa Oita 02/09/2015


8/20

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FREE ON BOARD TRANSACTIONS

Buyer SellerTransaction

dateLifting period

Price

$/MMBtuVessel Load Port

Information

updated

The information in these tables is the most accurate obtainable by ICIS at the time of publication. It does not necessarily represent deals confirmed by counterparties. The information may be amended or updated in subsequent issues.

KOGAS Pertamina04/09/2015-07/09/2015

15/09/2015-30/09/2015

$7.00-$7.40 TBC Bontang 09/09/2015

Gas NaturalFenosa

Trinling 27/08/2015 23/09/2015 $7.00-$7.40 TBC Point Fortin 28/08/2015

Mitsui BHP Billiton 24/08/2015 12/10/2015 TBCGasLogChelsea

North West Shelf 09/09/2015

Shell PFLE 14/08/2015 20/09/2015 $7.40-$7.60 Golar Snow Point Fortin 19/08/2015

Petrobras TBC 06/09/2015 TBC Esshu Maru Ras Laffan 08/09/2015

Vitol EconGas TBC 14/08/2015 $7.20-$7.50 Asia Vision Rotterdam 10/08/2015

Shell EconGas TBC06/08/2015-07/08/2015

$7.20-$7.50 SCF Melampus Rotterdam 05/08/2015

BG Group BHP Billiton 05/06/201505/08/2015-06/08/2015 $7.00

MethaneMickie Harper North West Shelf 05/08/2015

Total Pertamina TBC07/07/2015-10/07/2015

$7.40 -$7.60 Seri Balhaf Bontang 05/08/2015

Trafigura NLNG TBC 08/11/2015 TBCLNG PortHarcourt

Bonny 19/08/2015

Trafigura TBC TBC 08/06/2015 TBC SCF Melampus Gate 19/08/2015

Petrobras TBC TBC 02/08/2015 TBC Golar Celsius Sines 19/08/2015

Trafigura Shell TBC 30/07/2015 TBC Gallina Point Fortin 19/08/2015

Trafigura NLNG TBC 19/07/2015 TBC LNG Lagos Bonny 19/08/2015

Trafigura EconGas TBC 19/07/2015 TBC Galicia Spirit Rotterdam 30/07/2015

Petrobras TBC TBC 16/07/2015 TBC Cool Runner Ras Laffan 03/08/2015

Trafigura NLNG TBC 15/07/2015 TBC Madrid Spirit Bonny 19/08/2015

Petrobras TBC TBC 15/07/2015 TBC Grace Dahlia Ras Laffan 06/08/2015

Trafigura BG Group TBC 11/07/2015 TBCMaran GasCoronis

Punta Europa 20/08/2015

Trafigura Centrica TBC04/07/2015-12/07/2015

TBC Magellan Spirit Isle of Grain 30/07/2015

PetroChina ConocoPhillips 05/06/201530/06/2015-01/07/2015

$7.00-$7.10 Clean Planet Darwin 08/06/2015

Gunvor TBC TBC28/06/2015-30/06/2015

TBC WilPride Huelva 30/07/2015

Pakistan StateOil

Qatargas TBC 03/07/2015 TBC Exquisite Ras Laffan 09/07/2015

Trafigura TBC TBC 30/06/2015 TBC Golar Seal Ras Laffan 03/07/2015

Trafigura Pavilion 01/05/2015-08/05/2015

30/06/2015 $7.50 Yari LNG Dampier 03/07/2015

Petrobras TBC TBC 27/06/2015 TBC Excelsior Ras Laffan 30/06/2015

Trafigura NLNG TBC 26/06/2015 TBC LNG Edo Bonny 19/08/2015

Trafigura NLNG TBC 21/06/2015 TBC Hispania Spirit Bonny 06/07/2015

Trafigura TBC TBC 19/06/2015 TBC Golar Bear Ras Laffan 19/06/2015

Petrobras TBC TBC 16/06/2015 TBC Grace Dahlia Ras Laffan 17/06/2015

Trafigura NLNG 04/06/2015 15/06/2015 TBC Excelerate Bonny 17/06/2015


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Continued from page 1

GNLS negotiating withdrawal from Uruguaysimport project

of a private-public partnership with an inves-tor in order to expedite the project withoutgoing through a formal tender process, thespokesperson added.

A decision is not expected before the endof year, while start-up of the project will almostinevitably be delayed beyond the end of 2016deadline put in place by GNLS earlier this year.

The GNLS consortiums departure from theproject first emerged at the end of August,when Japanese conglomerate Marubeni is-sued a statement informing shareholders of itsdecision to approve withdrawal plans drawnup by the consortium. In the statement, re-

leased 28 August, Marubeni announced thatit would post an extraordinary loss of yen 23bn($192m) for the financial year ended March2016 following this decision.

The project has been mired in problems sincethe start of this year, when one of the subcontrac-tors developing the project entered bankruptcy.

Brazilian engineering company OAS wascontracted to construct onshore infrastruc-ture for the Uruguayan facility. The com-panys insolvency earlier this year had forcedthe original July 2015 deadline for the projectto be pushed back.

Work was then further delayed by labourissues related to the collapse of OAS. Rela-tions between GNLS and Uruguays govern-ment have also been soured by a disputesurrounding financial guarantees paid by theconsortiums members.

Spokespersons at ENGIE and GNLS de-

clined to comment on the projects status andthe continued involvement of the consor-tiums stakeholders when contacted by ICIS.

ENGIE was selected to be the providerand operator of the Uruguay project througha tender organised by Gas Sayago whichconcluded in 2013. Total investment in theproject was expected to reach $1.1bn, afigure which included a $14m monthly rentalpayment to GNLS for the 20-year subcharterof the floating storage and regasification unit(FSRU) provided for the project.

ENGIE had lined up a newbuild263,000cbm FSRU for the GNL del Plata pro-

ject from Tokyo-based shipbuilder Mitsui. Thevessel will remain under charter to ENGIE, theGas Sayago spokesman added.

Local assets of the project such as a 12kmgas pipeline linking the regasification site toonshore networks and offshore breakwaterswill be transferred to Gas Sayago.

[email protected]

The new ICIS Mexico Energy Reportis the first English-language productfocused exclusively on Mexicos

energy landscape, with news,commentary and analysis on thisdynamic emerging market.Find out more by visiting the MexicoEnergy Report page

Mexico Energy Report

INPEX revises plansfor Abadi LNG after

bigger gas findJapan-based oil and gas company INPEXhas revised its development plan for the Ab-adi LNG project in Indonesia, after higher gasvolumes were found than initially estimated,the company has said.

The company submitted its revised planof development (POD) to the IndonesianSpecial Task Force for Upstream Oil and GasBusiness Activities (SKK Migas) on 3 Septem-ber, after the find.

The revised plan includes the creation of a big-ger floating LNG (FLNG) plant with a processingcapacity of 7.5 million tonnes per annum (mtpa).

The initial plan was for an FLNG with 2.5mtpa.INPEX will consider the construction of

a new FLNG vessel upon the results of thefront end engineering design (FEED) work, aspokesperson said.

INPEX has been mulling the increase inoutput since April.

The Abadi gas field, located in the MaselaBlock of Indonesias Arafura Sea, is being de-veloped by INPEXs subsidiary, INPEX Masela to-gether with Anglo-Dutch oil and gas major Shell.

INPEX Masela holds a 65% stake, withthe remaining 35% held by Shell, based on aproduction sharing contract (PSC) controlledby Indonesias SKK Migas.

The Abadi gas field is expected to containsufficient reserves to produce 7.5mtpa ofLNG for a period of about 20 years, as well as24,000bbl of condensates per day, accordingto INPEX. [email protected]

Indian imports in 22% monthly fall in AugustIndian buyers received approximately1.17m tonnes of LNG in August, a fall of22% compared with July.

The August 15 intake represented thebiggest month on month drop in imports sofar this year and a drop of 14% compared tothe same period in 2014, according to datacompiled by ICIS.

Ample availability of cheap coal and fueloil for power generation, in addition to plen-tiful monsoon rains during July and Augustled to the decrease in imports. Like previousmonths, Qatar continued to provide most ofthe volumes with Indian LNG buyer Petronetreceiving the bulk of those at its 10mtpa Da-

hej LNG terminal.

Steady flow of spot volumesThree terminals received 19 LNG shipmentsin August, of which 11 are consideredas procured through long and mid-termcontracts while seven are thought to havebeen secured on a spot or short-term basis.The Dahej terminal received the most with15 cargoes, of which 5 were spot, while the

Kochi terminal received the least with only asingle cargo from BG Group.

In July, Kochi did not receive any ship-ments but the monthly national intake washigher with 23 shipments recorded at Dahejand Hazira terminals, of which 14 were pro-cured on a long and mid-term basis and eighton a spot and short-term basis.

Last year the majority of volumes weresecured by Petronet through a long-term7.5mtpa contract with Qatars RasGas. Fol-lowing a renegotiation earlier this year, vol-umes received at the contractual price werereduced by 30% - or 2.25mtpa - allowing forthis amount to be imported from RasGas on

a spot or short-term basis.

Decrease in average pricesThe average price of all LNG deliveries intoIndia has seen a reduction of around 33%to $9.15-$9.30/MMBtu during Augustcompared to the same period last year,according to ICIS data. The Hazira terminalreceived three cargoes in August at an averageprice of around $7.00/MMBtu compared to

an average price of $7.50-$7.70/MMBtu inJuly for six deliveries, according to ICIS data.

Reliance is understood to be the recipientof two deliveries at Hazira and GSPC, whichhas one monthly slot at the terminal receiveda Qatari delivery at around $7.25-7.30/MMB-tu. The Dahej terminal received five cargoesin the $7.30-7.70/MMBtu range last monthon a spot or short-term basis.

Flurry of BG deliveriesBG Group increased its deliveries to India lastmonth by delivering three shipments. Twocargoes from Australias Queensland CurtisLNG (QCLNG) were sent to Dahej capacity

holders, GSPC and IndianOil. The deliveryfor GSPC is understood to be the first froma 1.25mtpa long-term contract agreed bythe two companies in 2013. BG Groupalso delivered a Trinidad cargo to Kochi forPetronet, ICIS understands. While Kochi canre-export, the volumes are expected to beregasified and used by domestic industry,in spite of limited pipeline [email protected]
http://-/?-http://-/?-http://-/?-http://-/?-


10/20

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Excelerate formallywithdraws floatingLNG project

US-based LNG shipping and transporta-tion provider Excelerate Energy has formallynotified federal regulators of its intent towithdraw plans for a floating LNG exportproject.

The filing was made on 2 September toUS Federal Energy Regulatory Commission(FERC) that Excelerate was no longer pursu-ing the proposed two-train, Port Lavacafloating liquefaction project and associatedpipeline in Texas.

Excelerate was once seeking to export

up to 10mtpa under a 20-year licence fromthe US Department of Energy (DOE) to sellto countries that do not have a free tradeagreement with the US, which are known asnon-FTA nations.

Having a non-FTA export licence is key inorder to sell to major LNG importers such asJapan and countries in Europe.

However, Excelerate also stated in its 2September filing that the company will pro-vide a notice to withdraw separately to theDOE.

The filing is a formal procedure that fol-lows the initial suspension made in December2014, once Excelerate informed FERC that

the project was being postponed due touncertain economic conditions, particularlygiven the plunge in crude oil commodity pric-ing and how that has changed the perspec-tive of prospective buyers.

The Lavaca Bay project is one of severalUS LNG projects expected to fall off from thepermitting process.

UK-based BG Group announced itsintent to defer making a final investmentdecision (FID) on the brownfield expansionof the proposed 15mtpa Lake Charles exportproject. US-based Energy Transfer is devel-oping Lake Charles.

First LNG exports are expected to start

up by the end of this year or early next yearfrom the first four-train, 18mtpa phase ofUS-based Chenieres Sabine Pass liquefactionplant in Louisiana, which is currently underconstruction.

Four other US brownfield export projectsare currently under construction: FreeportLNG, Cameron LNG, Cove Point, andChenieres second complex, Corpus ChristiLNG. [email protected]

Woodside in acquisition bid

for Oil SearchPerth-headquartered LNG exporter,

Woodside announced its bid to acquire Austral-ia-listed producer Oil Search on 8 September.

The offer to Oil Search shareholders ofone Woodside share for every four of OilSearch valued the latter at about $8bn at theclosing share price listed the Australian StockExchange on 7 September.

Oil Search which is focused on LNGproduction and development in Papua NewGuinea has said it is reviewing the non-bind-ing proposal and has appointed US-based

bank, Morgan Stanley as its financial adviser.Crude and LNG prices at cyclically low

levels are said to be encouraging merger andacquisition activity.

With oil prices at current levels, Austral-ian energy companies like Woodside maysee the feasibility in acquiring a profitablecompany like Oil Search, especially with itsPNG LNG already producing cargoes, Singa-pore-based gas analyst at Wood Mackenzie,Chong Zhi Xin said.

However, if the amount offered is notattractive enough, the proposal may berejected, or possibly spark interest from com-petitors, Zhi Xin added.

Oil Search reported a net profit after taxof $227.5m for the first half of 2015, a 49%increase compared to the same period in2014. The improvement has been attributedto the Exxon-led PNG LNG plant which only

began ramping up from April 2014. Thecompany has a 29% stake in the plant andreported LNG production has risen almostthree times higher over the first half of thisyear compared to last in its more recent earn-ings report.

Annualised production from PNG LNGduring the first half of this year is closer to7.1mpta than its nameplate 6.9mpta, OilSearch reported. While this has improved thecompanys cashflow it also has a number ofLNG assets under development including a

third train at PNG LNG and a 23% stake inthe Total-led Papua LNG project.

Paris-based major, Total is targeting a finalinvestment decision on Papua LNG by early2017 but only expects final upstream apprais-als to be completed by the end of 2015 withcertification of reserves to come in early 2016.There have been indications that a first phasemay involve two trains with third-party re-search showing the potential to build up to fivetrains and produce over 17mtpa on the backof discoveries in adjacent upstream blocks (seeGLM 13 January 2015). Both projects in PapuaNew Guinea are said to have low developmentcosts in contrast to the estimated costs of un-

sanctioned Australian projects.Woodside is being advised by American

bank, Merrill Lynch and international legalfirm, Herbert Smith [email protected]
http://www.icisconference.com/europeangas?cmpid=ILC|CONF|00000-2015-0812-EURO-gasreports


11/20

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Eneco extends Gatecapacity; focuses onsmall-scale LNG

Dutch utility Eneco has extended itscapacity at the Gate terminal for a furtherfour years from 1 September but will nowdedicate this to the small-scale LNG marketas opposed to the conventional regasifiedmarkets.

Although focusing on small scale andlowering its regasification capacity from theprevious 1 billion cubic metre (bcm)/year,Eneco will continue to use regasification, butthe new capacity is tailor-made for Enecosambitions in the small scale market.

A fresh LNG supply agreement from anew supplier has also come into effect replac-ing Enecos previous mid-term 0.5bcm/yearLNG procurement contract which expired on1 September.

Enecos small scale re-export contractwith Swedens AGA Gas has also expiredbut the company has small-scale agreementsfor truckloads to Prima LNG as well as to amarine LNG buyer.

The Eneco extension comes amid variouscapacity changes at the Netherlands Gateterminal. Enecos initial four-year capacity wasderived from the release of DONG Energy butthe Danish company has now recovered this

to expand its current position from 2bcm/yearback to 3bcm/year.

From 1 October, the terminal will countAnglo-Dutch major Shell as a new capacityholder which, like Eneco, will also focus onthe small-scale market.

Shell has contracted to take 2bcm/year byeffectively replacing RWE as a primary capac-ity holder at Gate. RWE, however, will still beable to receive volumes at the terminal and isunderstood to have an agreement with Shellequivalent for about 1bcm/year of receivingslots.

Shell has taken capacity in order to feedits position as the anchor customer for the

break-bulk facility that will open in 2016.Breaking bulk involves breaking up a

larger LNG cargo to distribute in smallerlots, such as through the small-scale truck orbarge sector or for use as a marine fuel.

German E.ON and Austrian Econgas arealso capacity holders at [email protected]

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12/20

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LNG-fuelled heavy truck sales weaken in 2015 on economic downturn

Apparent gas-consumption rises by 2.9% in Jan-Jul 2015: NBS

Datang International shelves gas-fuelled CHP project expansion plan

China and Russia enhance oil and gas cooperation on Sep state visit

CNG Energy Service wins subsidy for Hutubi biogas project

Find out more about our China gas market coverage atwww.icis.com/energy

or get in touch with our sales team

LATEST ICIS CHINA GAS NEWS

Gazprom expects auction gas prices to be above long term

Russian producer Gazprom expects pricesin its current 3.24 billion cubic metre (bcm)/year gas auction to be above its long-termEuropean contract prices, the company saidon Tuesday.

Gazprom has recently engaged moreclosely with European companies to selladditional gas and boost cooperation overinfrastructure projects.

However, the company would not confirmto ICIS reports that no gas at al l had been soldin Mondays auction or discuss the situationon Tuesday, saying it would comment onceall the auctions were over.

Between 7-9 September Gazprom Export

is auctioning 3.24bcm of gas for winter de-livery in Europe in what it calls an attempt totest a new mechanism for gas sales. Lastweek Gazprom said 39 firms had registeredto participate.

The current average long-term contractprice of Russian gas has been falling becauseoil-indexation in the pricing formula reflectsdropping oil prices.

It is currently around $230 per thousandcubic metres (kcm, $6.40/MMBtu), accordingto Gazprom, slightly below the GASPOOLGerman hub price for Winter 16, accordingto ICIS data.

However, the average Russian contract

price also includes contracts lower than $230/kcm, so Gazproms expectation of the auctionprice may mean a price that is lower than theaverage.

The reduction in long-term contractprices, with some at a discount to spot, cre-ates an additional floor price as competitionfor potential LNG imports over the winter.

Whether Gazprom repeats the auction ifthere is little interest from European buyersremains to be seen.

Some sources doubt the market needs allthe gas in the first place and believe Gazpromwill not sell significantly under contract price.

Nord Stream II agreement signedGazprom has also signed a shareholdersagreement on the implementation of theNord Stream II pipeline project with severalEuropean partners.

The Nord Stream II project will see twooffshore pipelines built from Russia to Ger-many through the Baltic Sea with annualcapacity of 55bcm, German partner BASFsaid in a statement.

The project will be developed by a newcompany dubbed New European Pipeline.

Gazprom will own a 51% share in NewEuropean Pipeline, while E.ON, Shell, OMVand BASF/Wintershall will each own 10%.Frances ENGIE will hold 9%.

Nord Stream II will double the throughputof Gazproms direct supply route via the BalticSea, according to Gazprom CEO Alexey Miller.

It is important that those are mostly the

new gas volumes, which will be sought for inEurope due to the continuous decline in itsdomestic production, Miller said.

Financial details of the agreement werenot disclosed.

Gazprom has recently been active inpursuing deals to boost its role within theGerman storage and trading sector.

[email protected] and

[email protected]
http://www.icis.com/energymailto:energysales%40icis.com?subject=mailto:energysales%40icis.com?subject=http://www.icis.com/energy


13/20

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Stocks

EUROPEAN STOCKS

ICIS STOCKS (MILLION CUBIC METRES)

Hub Area

Current Week Week 37 Previous Week Week 36 Week-on-weekChange

Week-on-week %Change

MaximumTechnicalCapacity*

Year on year

StockLevel

% FullStockLevel

% Full % Fullness1 year ago

Year on Year% Full diff

Austria 2,477 61.35 2,407 59.62 70 2.91 4,037 97.78 -36.43

Belgium -Zeebrugge 371 44.44 354 42.43 17 4.72 835 86.57 -42.13

Czech Republic 2,508 85.56 2,417 82.46 91 3.77 2,931 97.96 -12.40

Denmark 760 72.11 733 69.57 27 3.64 1,054 90.79 -18.68

France - PEG Nord 5,209 82.98 5,012 79.84 197 3.93 6,277 81.43 1.55

France - TRS 4,799 77.26 4,654 74.92 146 3.13 6,212 92.68 -15.42

Germany - NCG 7,395 72.08 7,211 70.28 184 2.55 10,260 91.62 -19.54

Germany - Gaspool 9,660 67.61 9,365 65.55 294 3.14 14,287 94.47 -26.86

Hungary 1,388 27.06 1,252 24.40 137 10.91 5,130 42.91 -15.85

Italy 10,346 86.67 10,035 84.06 311 3.10 11,938 92.92 -6.25

Netherlands - TTF 1,276 69.27 1,273 69.11 3 0.23 1,842 84.97 -15.70

Poland 1,729 86.84 1,651 82.92 78 4.72 1,991 93.87 -7.03

Portugal 0 0.00 0 0.00 0 0 38.92 0.00 0.00

Slovakia 2,047 61.03 1,963 58.55 84 4.26 3,354 99.69 -38.66

Spain 520 39.54 483 36.76 37 7.56 1,314 88.26 -48.72

Great Britain - NBP 3,815 68.59 3,750 67.43 65 1.73 5,561 91.98 -23.39

Total 54,299 70.46 52,560 68.21 1,739 2.26 77,062 88.90 -18.44

*excluding strategic stocks

Injections slump as day-ahead premium persistsInjections into European natural gas stor-age sites slumped in the week to Tuesday, asmaintenance and short systems reduced theamount of gas available for injections andkept day-ahead contracts at a premium tofront months at a number of hubs.

Shippers injected 1.74 billion cubic metres(bcm) of gas into storage during the week,down from 2.19bcm over the precedingseven days.

Day-ahead held its premium at hubs in-cluding the German NCG, where Day-ahead

closed 0.075/MWh above October 15 onMonday according to ICIS assessments, andGermanys GASPOOL hub, where Day-aheadsettled at a 0.175/MWh premium to thefront month.

Day-ahead contracts at many of the ma-

jor gas hubs have traded above their frontmonth equivalents for much of the summerdue to expectations of cheaper oil-indexedgas arriving later in the summer. However,it is unusual for October to be priced belowthe day-ahead, as it is the first month of thegas winter and heating demand would usu-ally be expected to increase due to coolertemperatures.

German traders last week expected thispremium to decline over the next week or so,which should encourage larger quantities of

storage injections. In the week to Tuesday,German shippers injected 478 million cubicmetres (mcm) of gas into stocks, while theother two major storage providers, Franceand Italy, recorded injections of 343mcm and311mcm respectively.

Sites across Europe ended the week justover 70% full, a significant amount less thanon the same date last year, when they werealmost 90% full. There are now just overthree weeks remaining until the beginning ofthe gas winter, when withdrawals tradition-ally begin, although injections can continueinto October and sometimes even early No-vember depending on weather conditions.

[email protected]

Storage levels do not include strategic stocks

in Hungary, Italy, Poland, Portugal and Spain.All data refers to the start of the gas day on

Tuesday, with the exception of Britain where

data refers to the start of the gas day on

Monday. The data is aggregated at a national

level and market area level by ICIS.


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Stocks

US STOCKS

WORKING GAS IN US UNDERGROUND STORAGE (BILLION CUBIC FEET)

Region Week 35 Week 34Change

%Year ago

weekChange

%5-Year

AverageChange

%

East 1,630 1,581 3.10 1,513 7.70 1,667 -2.20

West 487 482 1.04 436 11.70 469 3.80

Producing 1,144 1,130 1.24 838 36.50 997 14.70

Total 3,261 3,193 2.13 2,788 17.00 3,134 4.10

Source: US Department of Energy EIA

US natural gas storage levels continuedto rise over the week ended 4 Septemberdespite expectations that US production willbegin to slow in the face of falling oil prices.

Storage stocks increased by 68 billion cubicfeet (bcf) - 1.9bcm - over the week ended 4September, the Energy Information Administra-tion (EIA) reported in its weekly gas storagereport released on 10 September.

The injection was 28% lower than theprevious week, largely on the back of lowerstorage injections in the producing and east-

ern regions. By historical comparison, theinjection came in 26% lower than the year-ago week; however the rate remains abovethe 61bcf five-year average.

Total gas in storage now sits at 3.3 tril-lion cubic feet, equivalent to 84% of nationalstorage capacity and the highest level sincemid-December 2014.

With two months remaining of the injec-tion season, inventories appear on course tohit maximum capacity before the start of thewinter demand period, although the EIA haswarned that falling crude oil prices may causeassociated natural gas production to fall in thecoming [email protected]

US LOWER 48 GAS STOCKS

SOURCE: US DOE BA

Percentage of working capacity 20152 01 4 Fi ve-year average (2 01 0- 20 14 )2015

Billionc

ubicfeet

Percentagefullness

Weeks

0

10

20

30

40

50

60

70

80

90

400

800

1200

1600

2000

2400

2800

3200

3600

4000

5045403530252015105

Stock growth above average despite oil fears


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News Briefs

Chubu underpins MOL,NYK newbuild ordersNagoya-based utility Chubu Electric has agreedfour long-term time charters underpinning fournewbuild LNG carriers that will lift LNG fromFreeport LNG on the US gulf coast.

Japanese shipowners MOL and NYK an-nounced the agreements with Chubu andthe associated orders at various Japaneseshipyards on 9 September. Chubu Electric is toown 50% in each vessel and will take deliveryunder 20-year charters from the scheduled2018 shipyard delivery. Chubu has a 20-year,2.2mtpa tolling agreement from Freeport LNGfrom 2018 and is sharing the offtake withcompatriot utility, Osaka Gas.

MOL and NYK will take the remaining 50%in the ownership structure of two vessels. Each

joint venture has ordered one 180,000 cubicmetre (cbm) newbuild from MI LNG and one177,000cbm newbuild from Kawasaki HeavyIndustries (KHI).

Both 177,000cbm carriers from KHIwill have dual fuel diesel electric propulsionwhile the larger MOL-owned carrier will havereheating steam turbines and the equivalentNYK-owned carrier will have steam turbineand gas engines.

The MI LNG group building the larger car-riers is a joint venture established in April 2013by Mitsubishi Heavy Industries and ImabariShipbuilding.

Japan August importprices rise - METIJapanese LNG consumers bought cargoes inAugust for $8.10/MMBtu, down by 29% fromthe same month the year before, according tothe countrys Ministry of Economy, Trade andIndustry (METI).

The price was up $0.20/MMBtu from Julyin line with an increase in imported oil pricesfor the month. LNG consumption is alsothought to have risen amid a heat wave thatstruck the country in August. Utility ChubuElectric said its thermal power output rose by1.6% year on year, a rare increase as Japaneseelectricity consumption has been in a steadydecline.

LNG arriving into Japanese ports during

August cost an average of $7.70/MMBtu, METInumbers showed. That was down 38% fromthe year before. METI did not have an averagearrival price for July because too few cargoesarrived.

METI calculates the pricing by averaging allthe spot LNG contracts Japans utilities signedduring the month. METI polls 15 LNG endusers every month, asking Tokyo Electric Powerand others to voluntarily divulge the price data.

METI only releases prices if more than twoLNG end-users have concluded deals duringthe month. The agency does not ask tradinghouses for price information.

First Polish LNG cargo setto arrive by years endPolands first LNG terminal will receive itsinaugural cargo by the end of this year, state-owned terminal operator Polskie LNG said in a

statement on Wednesday. The operator, and aconsortium led by Italian oil and gas contrac-

tor Sajpem in charge of the construction ofthe Polish terminal in the seaside town ofSwinoujscie, have sealed a deal under whichthey committed to the first delivery, to bebrought in for testing purposes, before the endof December.

The second LNG cargo, also for testing, isset to arrive in Poland in the first quarter ofnext year.

The statement also confirmed that theterminal will be commercially operational bythe second quarter of next year, confirmingrecent comments on the matter from treasuryminister Andrzej Czerwinski.

Once operational, Swinoujscie will becapable of importing 3.9mtpa.

Israel accepts Jordanpipeline, Leviathan planIsraels government has approved plans tobuild a natural gas pipeline to Jordan, aspokeswoman from the finance ministry con-firmed on Wednesday.

The countrys national planning and con-struction committee gave the green light onTuesday for a 15.5km pipeline to be construct-ed near the southern end of the Dead Sea.

The news comes as the Israel parliamentagreed to allow the development of the 22 tril-lion cubic feet (tcf) natural gas field Leviathanand two smaller sites to go ahead, a source

close to the market has said.However, for development work to start,

parliament needs to overrule the competitionauthorities opposition to the developmentplans. This would mean giving power to theeconomy ministry to override the regulatoryauthorities.

The major concern among the countrysauthorities was that a small group of compa-nies would control the bulk of offshore gasassets. The major shareholders in Leviathan areUS company Noble Energy and Israeli Delek.They also own the 10tcf Tamar field that isalready in production, and smaller fields Karishand Tanin.

The news comes shortly after the confirma-tion of the massive Zohr gas field discovery inEgypt which could remove Egypt as a potential

buyer of Israeli gas.

Arbitration looms asTurkStream stallsTurkeys natural gas incumbent BOTAS iswaiting for approval from the government toinitiate arbitration proceedings against RussiasGazprom following a nine-month delay inreaching an agreement over this years importprice.

The paperwork is ready for arbitration.They [BOTAS] are just waiting for the greenlight from the government, a source close tothe discussions has told ICIS.

The current political uncertainty in Turkeyhowever, means that no decision is likely to betaken until a new government is formed afterelections in November.

A spokeswoman at Gazprom Export,the

company overseeing gas exports to Turkey,said Gazprom had not been formally warned

of any arbitration procedures initiated byBOTAS. She said both sides had agreed on adiscount, but this had not been formalised yet.The spokeswoman, however, could not clarifyan exact discount percentage that the partieshad agreed on. BOTASs request for a 15%discount for its Russian gas imports has so farbeen unsuccessful.

Turkeys reluctance to advance talks onTurkStream, a 63 billion cubic metre/year pipe-line designed to carry Russian gas to Turkeyand Europe, has also blocked progress on theprice discount front.

Speculation in the Turkish press that Turk-Stream would be cancelled were dismissed byGazproms deputy chairman Aleksandr Medve-dev at a press conference on 7 September.

Venture Global filesapplication for US projectThe US-based firm Venture Global has pro-gressed in its regulatory permitting with theFederal Energy Regulatory Commission (FERC)for the proposed Calcasieu Pass LNG project,the company stated.

The project has submitted its FERC jointapplication with the TransCameron Pipeline,two proposed natural gas pipelines that wouldconnect the planned export project to the gasgrid.

The proposed 10mtpa project wouldinclude construction of an on-shore liquefac-

tion project, two LNG storage tanks and acombined-cycle gas turbine power plant.

FERC will release either a draft environ-mental impact statement or an environmentalstatement, which is available for public com-ment, before finalising that document andissuing a final notice to proceed.

According to Venture Globals 8 Septemberstatement, construction could begin in late2016, pending approval from FERC.

First LNG could start by late 2019.

Netherlands ready forGroningen hearingA Dutch court will hear public objections to

the governments Groningen gas productionstrategy in a procedure beginning at 11:00Amsterdam time on 10 September.

Public safety concerns have increased in re-cent years, following an rise in the frequency ofearth tremors resulting from gas extraction fromthe Groningen field. This in turn has forced thegovernment to revise down production caps ona number of occasions.

The Council of State the Netherlandshighest general administrative court organ-ised the hearing earlier this year followingobjections from 40 parties against the govern-ments December 2014 decision to cut the2015 production limit from 42.5 billion cubicmetres (bcm) to 39.4bcm.

Since then, the Dutch government has

lowered the annual cap again to 30bcm forthe 2015 calendar year and 33bcm for the2015 Gas Year.

In August 2015, Groningen output fell to afour-year low.


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In the run up to additional LNG productioncoming online in Australia and the US, GLMwill look at the potential impact on variousregions and key markets. This week, Europeshistorically largest LNG importer - and re-loader - Spain.

For many markets in Europe, the implica-

tion of a global gas oversupply is likely tobe felt in terms of the greater availability ofcompetitive LNG, pressurising hub pricestraditionally supplied more with pipeline gas.Liquid hubs with LNG import capacity, suchas the Dutch TTF, British NBP and BelgiumsZeebrugge may be obvious ports of call shouldother markets prove unable to absorb length.

But in the case of shippers in Spain andPortugal, the arrival of new, cheap spot LNGis not the issue at least, not a direct one.Rather it is the prospect of Spain receivingmore of what it is already contracted to re-ceive under long-term take-or-pay contracts.

A sustained period of high LNG spotprices in recent years allowed Iberian shippersto optimise unwanted LNG by taking advan-tage of clauses in their contracts that allowedthem to divert cargoes to global spot mar-kets, rather than actually taking delivery into

Spain or Portugal. It has also kept unwantedgas off the hub, keeping hub prices opaque.

One example of this is Portuguese incum-bent Galp Energia, which recently signed adeal to supply a strip of LNG from its offtakeposition with Nigeria LNG (NLNG) to othermarkets. Deals like that may now become a

lot harder to achieve. And should there be noalternative but to take delivery of contractedLNG, Spain and Portugal could become longvery quickly, sources say.

There may not be such a need for LNGthese coming months [globally]; LNG thatwas being diverted elsewhere will now come[to Spain], one trader told ICIS.

I dont expect there to be many [diver-sions or] reloads: The gas will come [to Iberia]no matter what.

Over the last few years the majority ofSpains divertible volumes have been diverted.This would now likely change, the sourcesaid, which in principle would then pressureprices at the AOC.

Some Omani cargoes were being ex-ported to Kuwait, for example. So we mightsee Omani cargoes coming to Spain [if theycannot be sold elsewhere].

Focus

Shippers used totake advantage of

diversion clausesaway from Spainand Portugal

DENKOUIMAGES/REXFEATURES

The Spanish AOC has long been a premium market in Europe but thechances of a rise in LNG imports amid a global oversupply could bringit closer in line in price with even Europes most liquid traded hubs

Spains market comes in from the cold


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Focus

Limited pipeline export optionsBut not only is Iberia as a whole unable to

consume all of the gas it is committed to take;it is also unable to transport this gas easilyvia pipelines to more liquid markets north ofthe border, should prices fall low enough toencourage that direction of travel.

Spain is unique in Europe in that its markethas been very much designed around LNGimports. With no indigenous gas, the countrysdiversified portfolio of LNG accounts for ap-proximately half of all Spanish imports.

For a long time this has ensured a degreeof separateness from the rest of continentalEurope, and this is evident to this day in theshape of the countrys extremely limited levelof interconnection with the rest of mainland

Europe, excluding Portugal.As a ball park figure, EU nations should

have a level of interconnection with theirneighbours of at least 10% of total demand,according to guidelines set by the EuropeanCommission. Yet while national marketsin the most liquid northwest Europe (NWE)area frequently enjoy well in excess of this,in Spain it stands at around half this targetfigure.

That will change slightly this year, when anupgrade boosting the transmission capacitybetween Spain and France by 29%, launcheson schedule on 1 December. However, evenwith the increase, Spain will still have only

have 225GWh/day of export capacity lessthan 20 millin cubic metres/day.

Spain will get overloaded with LNG inits own market. They cannot really exportthrough pipelines [to Europe] as there isntenough capacity, Edward Stock, Independ-ent Consultant at Artaois Ltd told ICIS.

I think net physical flows from Spainto France will happen. However, with175GWh/day, [rising to 225GWh/day whenthe new link is expanded in December, it wasdoubtful that there would be enough exportcapacity, Stock said.

Currently, prices in Spain remain, on thenear curve at least, above those north of the

border in France, although that is now chang-ing.

But even without a clear Spanish discount,there has been interest in flowing from Spainto France, with nominations having risen toan average of 28GWh/day throughout thissummer, after many years of being at zero.This hints at what could be about to come,some traders believe, with a trickle becominga flood if Spain is overrun with LNG.

ReloadsAside from its LNG diversions, the number ofwhich are hard to quantify as the informationtends to be confidential, Spain and to a

lesser degree Portugal have made a namefor themselves as the go-to markets for LNGreloads. Spain alone exported around 4.4million tonnes of LNG in 2014: a figure thatqualified the country as the biggest exporterof LNG in Europe that year.

However, this option is likely to be difficult

for much the same reason that apply to LNGdiversions with limited demand in receivingmarkets and increasing new production inboth Atlantic and Pacific basins.

I dont think reloads are viable at themoment, another trader said.

Looking beyond the spot market, as acountry in which practically all of the gas im-ported is under long-term contracts indexedto oil, Spain has been a beneficiary of lowergas prices in recent months.

However, many of the markets to whichSpanish shippers had reloaded when supplieswere tight and prices high Asian marketssuch as Japan and South Korea were also

linked to oil and so have enjoyed similar ad-vantage.

As a result, they would presumably utilisecontract flexibility themselves first beforeresorting to the spot market, the trader ar-gued, further reducing potential markets forIberian shippers with long-term take-or-paycontracts.

The market is potentially very long, hesaid. I would expect that in Summer 2016we will see a lot of LNG coming to Europe.

This theory is borne out by the currentsituation on the Spanish gas price curve, datafrom ICIS shows.

After many of years of Spain being amongthe most expensive markets in Europe, prices

entailing 2016 delivery have come downconsiderably.

With AOC Calendar Year 16 below 20/MWh ($6.5/MMBtu), it is currently cheaperthan all but the most liquid traded gas mar-kets in Europe the likes of the TTF, NBP andthe German gas markets are around 0.1-0.3/MWh cheaper than AOC, ICIS data shows.

However, north of the border in Francessouthern TRS zone, as well as in Italys PSVand the markets of Eastern Europe, the AOCis now looking cheap. But further price reduc-tions are likely, traders say.

Theres still a big mismatch betweenSpanish prices and LNG prices at the mo-

ment, the first trader commented. AOCprices would have to come down if they wereto prove attractive enough to encourageflows to other markets.

I expect that in Summer 2016 we willsee quite a lot of LNG volume coming intoEurope, another trader said. And if youvegot this view that LNGs coming to Europe,the markets youd sell are AOC and TRS, heconcluded.

Almost inevitably, the effect of extra LNGcoming to Spain and Portugal would be todepress prices within the country, he said.

I think people are doing spreads on TTF,PEG Nord or whatever We need a shift

down at the AOC.Spain is already seeing an uptick in curve

activity the like of which it has never experi-enced as some shippers attempt to hedge outsome of their length.

Many traders active in Spain now expectthe ensuing supply imbalance to force Span-ish hub prices lower, potentially boostingliquidity as shippers struggle to contend withmore and more gas.

Spain now faces the prospect of beingthe canary in the mineshaft a barometerfor the increasingly likely effects of rising LNGsupply on Europe. [email protected]

Nominated gas

flows from Spainto France have

increased and arelikely to go higher

SOURCE: ICIS

$/MMBtu

Dutch TTF Italian PSV Spanish AOC

SPANISH AOCS FRONT QUARTER PREMIUM NARROWS

4

8

12

16

20

Sep2015

Jul2015

May2015

Mar2015

Jan2015

Nov2014

Sep2014

Jul2014

May2014

Mar2014

Jan2014


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Malaysia has long been an LNGexporter but has also been importingsince 2013.

The 3.8mtpa Malacca importterminal has received shipmentsfrom 12 different countries over the12 months to September. The mostrecent was sourced as far away asEquatorial Guinea.

Two-to-three shipments have ar-rived every month this year except inAugust and May with just one cargo.

In the last 12 months, Malaysiasstate-owned energy company PETRO-

NAS, which both exports from Bintuluand imports at Malacca, has only sentone domestic cargo to Malacca.

Algeria has been the largestsource of imports on the back ofa mid-term supply agreement withParis-based GDF SUEZ. NorwaysStatoil also supplies contractual LNG.

ExportsMore than 60% of Malaysias exportshead to Japan, underpinned by long-term contracts.

Up until May, the remainder hasgone exclusively to China, Taiwanand South Korea. Between May andJuly, Kuwait, Singapore, Thailand,and India all received Bintulu-sourcedcargoes. These are considered asspot, sold either through FOB or DESagreements. Year on year, Bintulushipments recorded their largest fallsin April, June and August.

Fewer shipments from Bintulu havecoincided with more spot exports but therange of importers is still greater

Malaysia as an exporter and importer

1Only one cargo toMalacca has been

domestically sourced inthe last 12 months

Number of shipments

SOURCE: ICIS LNG Edge

2015

2014

0

5

10

15

20

25

30

35

AprilMayJuneJulyAugust

2015 VERSUS 2014 VESSELS LOADED FROM BINTULU


MALACCA IMPORT SOURCES, SEP '14TO DATE (TOTAL SHIPPED CAPACITY)

Algeria

27%

Australia

8%

Brunei

7%

Egypt4%

EquatorialGuinea

4%

France

4%

Malaysia

4%

Nigeria

15%

Norway

7%

Oman

8%

Qatar

8%

Yem

en4%


BINTULU EXPORT DESTINATIONS,SEP'14 TO DATE

China

12%

Japan

61%

Kuwait


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Open land and shale gas in south Texas have

attracted LNG export developers but theoutlook for greenfield sites is still mutedFour LNG export projects have filed forUS Department of Energy (DOE) regulatoryapproval to export from sites in Brownsville,south Texas, but these greenfield projectsface a long road ahead in overcoming localapprovals, securing feedgas and marketing todownstream customers.

The projects include the proposed 7mtpaAnnova LNG, 4mtpa Texas LNG and a pairby the same developer known as EOS andBarca LNG - each of 2mtpa and submitted

under one application - with a fourth ventureknown as Rio Grande LNG. Freeport LNGCEO Michael Smith also has a site in Browns-ville but has not moved ahead on permittingor developing it.

The Brownsville projects are in nascentdevelopment, particularly compared withthe five liquefaction complexes in the UScurrently under construction, all of which areexisting import LNG terminals and are con-sidered to have a greater brownfield cost ad-vantage. The south Texas projects proposedin Brownsville are also facing a far greaterpublic backlash from local residents than theUS Gulf-based projects.

On 1 September, the Laguna Vista TownCouncil and South Padre City Council, twoof the area communities, adopted resolutionsto oppose LNG export project constructionalong the Brownsville Ship Channel, wherethe projects are proposed.

In eastern Texas and western Louisiana,where there is an influx of petrochemical,refinery and industrial users, the developmentof LNG export plants did not draw as manychallenges from local communities from thesanctioned projects under construction.

All of the LNG export projects have beenopposed by US-based environmental groupssuch as the Sierra Club on the grounds that they

increase hydraulic fracturing in gas production.

While the Federal Energy Regulatory Com-mission (FERC) approved construction permitsfor Sabine Pass and the four other brownfieldprojects in the Gulf, the Brownsville projectshave received more mixed feedback from thelocal residents who have commented directlyto FERC - part of the public scoping process.Those in support foresee economic develop-ment in the Rio Grande Valley while otherswant to protect the tourism industry andkeep wildlife and natural areas preserved,

particularly around Port Isabel and SouthPadre Island.

The Brownsville projects have all soughtfor approval to export to non-free tradeagreement (non-FTA) nations, which includekey importers such as Japan, China and India.

The DOE has determined that LNG exportproject applications for non-FTA licences willnot be granted until a project receives itsFERC permitting first.

FERC permitting typically can takeanywhere from 18 months to more than twoyears and is considered a more accurate ba-rometer of a projects stamina and committedinvestment, considering the time, expertise

and capital required to develop front-end en-gineering and design (FEED) for the projectsto be approved by FERC.

Of the Brownsville projects, only AnnovaLNG, Texas LNG and Rio Grande LNG havestarted the FERC process. Both Annova LNGand Texas LNG were eyeing potential finalinvestment in 2017. But this is expected toslip back.

With more than 60mtpa in long-termcontracts already in place with the forerunnerexport projects, further sales and purchaseagreements with long-term buyers in theUS have been difficult to sign given the sizeand scope of some of the prospective buyers.

[email protected]

GLM Comment

Global LNG Markets is published weekly by ICIS, 110 High Holborn, London WC1V 6EU, United Kingdom. ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission orcopying of Global LNG Markets in either its electronic or hard copy format is illegal. Should you require a licence or additional copies, please email us at [email protected] 1747-8499. 2015 ICIS

US greenfieldexport projectsface greater

opposition than

brownfield sites

Heren GlobalLNG Markets

110 High Holborn,London WC1V 6EU, UKWebsite: www.icis.com/energyEmail: [email protected]

ICIS Customer Support+65 6588 3955 (Asia & Middle East)+44 20 8652 3335 (Europe & Africa)+1 888 525 3255 (toll free US & Canada)or +1 713 525 2613 (Americas)

[email protected] Compliance and Methodologywww.icis.com/compliance

Editor, GLMEdward Cox +44 20 7911 1772

[email protected]

Head of GasBen We

global lng markets 2015

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