September 2009 - FLEX LNG
September 2009 - FLEX LNG
September 2009 - FLEX LNG
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Strong Long-Term Prospects For <strong>LNG</strong><br />
- The emergence of China and India is changing the landscape<br />
<br />
<br />
<br />
Recent months have seen a number<br />
of <strong>LNG</strong> offtake deals being<br />
concluded<br />
Primary focus on projects in the<br />
Australasia region (Australia, PNG)<br />
which are preferable to the key<br />
offtakers<br />
Chinese companies have secured<br />
nearly 9 MTPA of new <strong>LNG</strong> supply<br />
during the period<br />
Offtake Deals <strong>2009</strong><br />
Project Supplier Offtaker Tenor Volume<br />
Gorgon <strong>LNG</strong> Project ExxonMobil PetroChina 20 yrs 3.25 mtpa<br />
Gorgon <strong>LNG</strong> Project ExxonMobil Petronet 20 yrs 1.5 mtpa<br />
Kitimat <strong>LNG</strong> Kitimat <strong>LNG</strong> Gas Natural 20 yrs 1.6mtpa<br />
PNG <strong>LNG</strong> ExxonMobil Tokyo Electric Power, Long term 4.3mtpa<br />
Osaka Gas, Taiwanese<br />
Power Company<br />
PNG <strong>LNG</strong> ExxonMobil Sinopec Long term 2mtpa<br />
Gladstone <strong>LNG</strong> Project Santos Ltd. Petronas 20 yrs 2mtpa<br />
Queensland Curtis <strong>LNG</strong> BG CNOOC 20yrs 3.6mtpa<br />
<br />
Pricing is generally confidential, however, reported contract value from Gorgon offtake<br />
highlight that transactions are being done at oil price parity:<br />
<br />
<br />
PetroChina: USD 41bn over 20 years (3.25 MTPA) equates to nearly USD 13/MMBTU<br />
Petronet: USD 21bn over 20 years (1.5 MTPA) equates to more than USD 13/MMBTU<br />
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