26 December 2014: BG Group’s Methane Rita Andrea loads LNG for the first time at Queensland Curtis LNG, Australia. Image (c) BG Group
By Sarah McFarlane
LONDON, March 4 (Reuters) – A smooth start to operations at BG Group’s Australian project in Queensland is expected to help the British company to roughly double its liquefied natural gas (LNG) supplies in 2015/16, it said on Wednesday.
Seven cargoes have been shipped since December from the Queensland Curtis LNG facility, said Steve Hill, BG Group’s head of global energy marketing and shipping.
The plant is expected to stop operations for about a week of maintenance in the near term before ramping up to full capacity, allowing it to ship about one cargo a week.
In the United States, BG Group has signed a purchase agreement for Cheniere Energy’s Sabine Pass LNG terminal, with first deliveries due in December.
Eventually BG Group expects total volumes of 8 million tonnes from Queensland Curtis LNG and 5.5 million tonnes from Sabine Pass.
The company predicts that growth in global LNG supply will increase price volatility because new projects can cause a jump in supply while demand growth remains gradual.
Atlantic natural gas markets are already experiencing some of the biggest price swings in years as volatile European trade, freezing U.S. weather and Brazilian demand leave tankers torn over where to sail.
New supplies coming on stream have put pressure on the market, with leading consumer Asia’s LNG prices slipping to a four-year low this year.
BG Group said it expects to take delivery of the U.S. Sabine Pass cargoes on which it has purchase agreements, rather than a worst-case scenario of paying fees but leaving the LNG unshipped, possible in a bear market.
The company has said that a final investment decision for its United States-based Lake Charles LNG project has been delayed until 2016 from 2015. (Editing by David Goodman)
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1528
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.