Q3 2023 Activities and Opportunities

• Global natural gas and LNG storage capacity in import markets is expected to expand by 10%, or 45 billion cu m (bcm), during the 2023-2028 period, largely supported by projects in China, Europe,and Eurasia, the International Energy Agency (IEA) said in its latest Quarterly Gas Market Report. (Oil & Gas Journal, 30 August 2023).

• On 18 July 2023 ADNOC announced it had entered into a deal with state-owned Indian Oil Corp. Ltd. (IOCL) for the supply of up to 1.2 million metric tons LNG to India. The agreement is valued in the range of $7-9 billion and is for a 14-year term. (Rigzone, 21 August 2023).

• On 17 August 2023 ADNOC announced it had signed a five-year agreement with Japan Petroleum Exploration Co. Ltd (JAPEX) for the supply of liquefied natural gas (LNG). ADNOC said the deal is worth $450-500 million, but did not specify the contracted volume. (Rigzone, 21 August 2023).

• In the past few weeks, US LNG exporter Cheniere signed a 15-year deal to supply Norway’s Equinor, and a contract for more than 20 years with China’s ENN. In addition, rival Venture Global LNG inked a 20-year deal with Germany’s Securing Energy for Europe (SEFE), while France’s TotalEnergies bought a $US219 million ($328 million) stake in a Texas terminal to transport LNG, which is being developed by Houston-based energy group NextDecade. On Asia, Anatoly Feygin, the chief commercial officer of US LNG exporter Cheniere, said the economic growth and the ‘‘energy evolution’’ of the region would ‘‘underpin decades of growth in LNG demand driving the need for substantial investment in new liquefaction capacity’’. (Australian Financial Review, 5 July 2023).

See past activities and opportunities for companies like Gulf Energy below: