Page 12 - AsianOil Week 46 2022

AsianOil NEWS IN BRIEF AsianOil

Woodside CEO O'Neill becomes southeast Maluku islands. with a capacity addition of 390 bcf by 2026.
Pertamina has conducted data room
To be operated by H-Energy, the terminal is
APPEA chair study and is due to submit a nonbinding expected to start operations in 2025.
offer to Inpex and Shell this month,

The Australian Petroleum Production & Soetjipto added.
Exploration Association (APPEA) has Inpex is expected to submit a revised Asian LNG importers seek cargo
appointed Woodside's CEO of Meg O’Neill development plan on the project to include
as Chair, and Beach Energy's CEO Morné a carbon capture installation in their deferrals as storage terminals
Engelbrecht as Vice-Chair following investment in December.
APPEA’s annual general meeting in Perth The project had previously been expected report tank tops
on Wednesday. to cost around $20 billion.
O’Neill was elected to the APPEA Board "It is hoped that in line with (Inpex's Asian LNG importers are experiencing high
in 2019 and has served as Vice-Chair for the new plan), the new partners could also have inventory levels and tank-tops, which refers
past year. She has held the position of Chief been decided. Because it is impossible for to storage terminals reaching full capacity,
Executive Officer and Managing Director of Inpex to revise without knowing who its on the back of a mild start to the winter
Woodside Energy since 2021. new partner is," Soetjipto said. season that has slowed downstream natural
Engelbrecht was elected to the Board gas consumption, according to several
in 2021 and has held the position of Chief traders and market participants, Platts has
Executive Officer of Beach Energy since India and China to drive Asia reported.
May this year. The tank-top situation is expected to be
APPEA also welcomeed two new LNG regasification capacity bearish for spot LNG prices and is resulting
Directors: Dan Clark of ConocoPhillips in LNG importers taking measures to delay
Australia Pty Ltd and Joel Riddle of additions through 2026, says shipments by extending the waiting time
Tamboran Resources Limited. for LNG carriers or asking suppliers to push
Outgoing APPEA Chair Ian Davies, GlobalData delivery dates further out until terminal
Chief Executive Officer Senex Energy, was capacity is available.
first elected to the APPEA Board in 2017 India and China will drive the liquefied Asian spot LNG prices have eased from
and has also served as Vice-Chair. natural gas (LNG) regasification capacity recent highs when it was trading at over
"As Chair, Mr Davies has helped lead additions in Asia between 2022 and 2026, $50/MMBtu in August. Platts assessed JKM
APPEA through significant challenges – as the two countries step up imports of for December at $24.330/MMBtu Nov. 10.
from global pressures to public activism natural gas to reduce carbon emissions. While it is still elevated, it’s dropping to
against the industry. He also oversaw Together, the two countries will account for a range where more importers could be
substantial organisational changes, 55% of the region’s total capacity additions incentivized to boost procurement.
including recruiting new Chief Executive by 2026 through new build and expansion South Korea’s key LNG importer Kogas
Samantha McCulloch, and the development projects, says GlobalData, a leading data is facing tank-top, market sources in
and implementation of APPEA’s new and analytics company. the country said. If the weather remains
Constitution," APPEA said. GlobalData’s report, “LNG Industry warmer than usual in Asia and demand in
(Liquefaction and Regasification) Capacity Europe does not pick up soon, the vessel
and CapEx Forecast by Region and congestions could get worse, they added.
Petronas wants to join Abadi Countries, All Active Plants, Planned and delivery window or rent other terminals
Some entities may need to defer the
Announced Projects, 2022-2026,” reveals
LNG project: Indonesian that Asia is expected to witness the highest to receive the term volumes in the event
of a tank-top, a South Korean market
regasification capacity additions of 19.6
regulator trillion cubic feet (tcf) from new build participant said.
and expansion projects during the outlook
At least one Japanese power utility said
Malaysian state oil and gas company period. Of this, 16.8 tcf capacity is expected that it has chosen a later delivery window
Petronas has expressed interest in to come from new build projects and for its December delivery cargo because
participating in Indonesia's takeover of the remaining from the expansion of the there’s a high chance that high inventory
Shell's stake in the Abadi LNG project, existing projects. levels will continue into next month. A
Indonesia's upstream oil and gas regulator Himani Pant Pandey, Oil and Gas second Japanese utility confirmed that its
told a parliamentary hearing on Wednesday. Analyst at GlobalData, comments: “Among supplier had agreed to its request to delay
The Indonesian government has said the fossil fuels, natural gas emerged as the the delivery of its cargo until December
a consortium of state-owned energy firm bright spot as it is seen as a relatively clean as downstream demand has not been that
Pertamina, the Indonesia Investment option and can act as a bridge fuel to lead strong so far.
Authority (INA) - the country's sovereign the energy transition. Therefore, countries Japanese month-end LNG stocks have
wealth fund - and other companies could such as China and India are increasingly been hovering above both year-on-year and
take Shell's 35% stake in the Abadi liquefied importing LNG to meet their carbon- the five-year average since May, according
petroleum gas project after the energy neutral goals and reduce emissions.” to the Ministry of Economy, Trade and
company signaled its intention to withdraw. Tangshan II is the largest upcoming Industry and latest data showed that
"Petronas is also interested to join and, regasification terminal in China. Expected Japanese power utilities had 2.53 million
if possible, work together with Pertamina to commence operations in 2022 with an mt LNG stock at the end of October,
in terms of replacing Shell," chairman of initial regasification capacity of 341 billion compared with 2.66 million mt at the end of
regulator SKK Migas, Dwi Soetjipto, said. cubic feet (bcf), the terminal is likely September.
Petronas said it could not immediately increase its capacity to 584 bcf by 2026. “We have a cargo discharging in late
comment on the matter. Caofeidian Xintian LNG is the operator of December, but a buyer is requesting to have
Japanese energy company Inpex Corp the terminal. it delivered in January instead,” a Japanese
controls 65% of the project, also known In India, Jaigarh Port terminal is the trader said separately.
as the Masela gas project, in Indonesia's largest upcoming LNG regasification project

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