Page 11 - GLNG Week 44

GLNG
NEWS IN BRIEF
GLNG
AFRICA
Angola forms LNG
consortium with
international players
Angola has formed a consortium with five international oil companies (IOCs) to develop the planned Soyo LNG terminal, the newly formed national oil, gas and biofuels agency, ANGP, said this week.
An ANGP spokesman told Reuters on the sidelines of the Africa Oil Week conference in Cape Town, South Africa, that Soyo LNG would have an initial cost of $2bn, with production anticipated in 2022.
Italy’s Eni will be the operator of the project with a 25.6%, Chevron will have a 31% interest, state-owned Sonangol will own 19.8% in the project, and France’s Total and UK- listed BP will each own 11.8%.
The members of the consortium will share the project’s costs according to their participation.
The Soyo LNG plant will have the capacity to process 1.1bn cubic feet per day of gas and produce 5.2mn tonnes per year (tpy) of LNG.
AMERICAS
Cheniere moves start-up
date forward for Corpus
Christi Train 3
Cheniere Energy said the third train at its Corpus Christi LNG terminal on the
Texas Gulf Coast is now expected to reach substantial completion in the first half of 2021, several months earlier than its original target.
“There are over 2,000 workers currently on site for Train 3, and the project is over two- thirds complete as of the end of September,” Cheniere’s CEO, Jack Fusco, said in the company’s third-quarter earnings call.
Train 3 construction activities are focused on structural steel, above-ground piping installations and mechanical and instrumentation activities, Fusco said.
In addition, the concrete roof has been completed on the third LNG storage tank at the terminal.
Train 2 at the project reached substantial completion in August and is expected to begin commercial deliveries in May 2020.
Cheniere reports third- quarter 2019 results, reconfirms full year 2019 guidance, and provides 2020 guidance
Cheniere Energy reported a net loss of $318mn, or $1.25 per share (basic and diluted), for the three months ended September 30, 2019, compared to net income of $65mn, or $0.26 per share (basic and diluted), for the comparable 2018 period. Net loss increased during the three months ended September 30, 2019 as compared to the comparable 2018 period primarily due
to (i) increased total operating costs and expenses primarily as a result of additional Trains in operation and certain maintenance
and related activities at the SPL project,
(ii) net losses from changes in fair value
of commodity and foreign exchange (FX) derivatives, (iii) increased interest expense, (iv) increased net derivative loss related to interest rate derivatives, (v) increased other expense primarily related to an impairment of our equity method investment in Midship Holdings, and (vi) decreased margins per MMBtu of LNG recognised in income primarily due to decreased pricing on LNG sold by our marketing affiliate, partially offset by (vii) increased volumes of LNG recognised in income and (viii) decreased net income attributable to non-controlling interest.
Cheniere reported a net loss of $291mn, or $1.13 per share (basic and diluted) for the nine months ended September 30, 2019, compared to net income1 of $404mn, or $1.67 per share - basic and $1.65 per share - diluted, for the comparable 2018 period. Net loss increased during the nine months ended September 30, 2019 as compared to the comparable 2018 period primarily due to (i) increased total operating costs and expenses primarily as a result of additional Trains in operation and certain maintenance and related activities at the SPL project, (ii) increased interest expense, (iii) increased net derivative loss related to interest rate derivatives, (iv) increased other expense primarily related to an impairment
of our equity method investment in Midship Holdings, LLC, and (v) decreased margins
per MMBtu of LNG recognized in income primarily due to decreased pricing on LNG sold by our marketing affiliate, partially offset by (vi) increased volumes of LNG recognised in income, (vii) increased net gains from changes in fair value of commodity and FX derivatives, and (viii) decreased net income attributable to non-controlling interest. CHENIERE ENERGY, November 01, 2019
ASIA
Chinese wind power firm plans LNG terminal
Chinese wind power producer and piped gas distributor Suntien Green Energyhas unveiled plans to build a $1bn LNG receiving terminal in northern China by the end of 2022. Reuters cited a company official as saying Suntien investment plans had won state approval.
In a Hong Kong stock exchange filing on October 31, Suntien said the Chinese central government had approved its plan to build a gas terminal in the city of Tangshan with an eventual handling capacity of 12mn tonnes per year (tpy).
Week 44 07•November•2019
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