Natural Gas News – July 31, 2018

Natural Gas News – July 31, 2018

$40 Billion LNG Project Finally Starts Up

Oil Price reported: Japan’s largest exploration and production company, Inpex, said on Monday that it had started producing gas at the Ichthys liquefied natural gas (LNG) project, which has cost US$40 billion and has faced delays in its development. Inpex, the operator of the project with a 62.245-percent operating interest, expects first shipment of products from the project toward the end of the first half of its current fiscal year—April to September. The produced gas will be gathered within the Central Processing Facility (Ichthys Explorer) where it will be separated into gases and liquids. Then the liquids will be piped to the nearby Floating Production, Storage and Offloading (FPSO) facility— Ichthys Venturer—while the gases will be transported via the 890- kilometer (553-mile) long Gas Export Pipeline (GEP) to the onshore gas liquefaction plant at Darwin in Australia’s Northern Territory. For more on this story visit oilprice.com or click https:// bit.ly/2Ox4D2V

The Oil And Gas Boom Sends U.S. GDP Soaring

Oil Price reported: Higher oil prices this year boosted U.S. oil production, and the U.S. oil industry played a large part in America’s impressive second quarter economic growth—the fastest growth since the third quarter of 2014. Real U.S. gross domestic product (GDP) rose at an annual rate of 4.1 percent in the second quarter of 2018, according to the ‘advance’ estimate released by the Bureau of Economic Analysis (BEA) on Friday. The first quarter of this year, by comparison, saw real GDP increase by 2.2 percent. The increase in real GDP in the second quarter of 2018 reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment and residential fixed investment, BEA said. For more on this story visit oilprice.com  or click https://bit.ly/2LC2022

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