Natural Gas News – September 20, 2022

Europe’s Scramble For Oil And Gas Is Causing A Tanker Shortage

As Europe looks for oil, gas, and fuels from anywhere but Russia, a shortage is developing on the tanker market, Bloomberg has reported, as vessels carrying fossil fuels for Europe have to travel longer distances and fewer voyages. As a result, freight costs are elevated, too, with the cost of sending a tanker of U.S. liquefied natural gas to China at the highest level since 2020, the report notes. The LNG market is suffering the most, according to industry executives, because the fleet of LNG carriers is already quite limited. Also, these vessels have already been booked for the winter as shippers anticipate a spike in demand for LNG during peak demand season. They are also preparing for the restart of Freeport LNG, scheduled for November. On top of all this, traders are putting more crude and fuels in floating… For more info go to https://bit.ly/3Sbf38M

Mozambique Set To Export First LNG

Mozambique is finally joining the ranks of liquefied natural gas (LNG) exporting countries, with the first shipments from ENI’s Coral-Sul 3.4m tonnes/year (t/y) floating LNG project due imminently. But any celebrations over that landmark will be tempered by continuing uncertainties over the future of much larger onshore LNG projects, whose development have been disrupted by violent unrest. Coral-Sul, located safely offshore with its production facility brought in pre-built from South Korea, was supposed to be the low-risk precursor to two more ambitious onshore projects planned for the Afungi peninsula in northern Mozambique. The region is adjacent to the country’s substantial offshore gas reserves, which are estimated at some 100 trillion cubic feet, the third largest in Africa after… For more info go to https://bit.ly/3S2X9oQ