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Cheniere clears 'hurdle' for US LNG industry; China could bring new LNG deals

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Cheniere clears 'hurdle' for US LNG industry; China could bring new LNG deals

Cheniere's expansion decision clears 'sentimental hurdle' for US LNG industry

Cheniere Energy Inc.'s commitment to expand its Corpus Christi LNG terminal may be the first of several announcements in 2018 that see U.S. LNG developers committing to a so-called second wave of natural gas export projects. Cheniere said May 22 that it had reached a final investment decision on a third 4.5 million-tonne-per-annum liquefaction train at its Corpus Christi LNG export facility, marking the first FID for new U.S. LNG export capacity since 2015.

Trade talks with China could bring wave of new LNG investment

A warming trade relationship between the U.S. and China, with talks and a suspension of tariffs on imported Chinese goods, could spur a wave of investment desired by the American LNG industry. The U.S. and China said in a joint statement May 19 that both countries had agreed on "meaningful increases" in American agriculture and energy exports as a way to lower the U.S. trade deficit with China.

Cheniere cleared to start service on pipeline serving Corpus Christi LNG plant

The Federal Energy Regulatory Commission granted Cheniere Energy Inc. permission to start service on a 23-mile, 48-inch-diameter pipeline to serve the Corpus Christi LNG export project under construction in Texas. The Cheniere Corpus Christi Pipeline LP project will transport gas bidirectionally between the LNG terminal and interstate and intrastate natural gas pipeline systems. Two liquefaction trains are expected to enter service in March 2019 and September 2019, and Cheniere announced May 22 that it is moving forward on a third train at the facility.

Venture Global signs LNG contract with BP, its 2nd binding deal in May

Venture Global LNG signed a 20-year sales and purchase agreement with BP PLC for volumes from its proposed Calcasieu Pass LNG export terminal in Louisiana, which is now 60% contracted. Under the agreement, BP would buy 2 million tonnes per annum on a free-on-board basis for a 20-year term once the export facility begins commercial service, which Venture Global expects in 2022.

Freeport applies for DOE authorization to export LNG from expansion unit

The developer of the Freeport LNG export project under construction in Texas asked federal regulators for permission to export to countries with which the U.S. does not have a free trade agreement from a proposed expansion unit. A notice in the Federal Register on May 23 said the U.S. Department of Energy received an application from Freeport to export 0.72 Bcf/d of natural gas in the form of LNG from a fourth liquefaction train at its Texas terminal. The license would allow Freeport to ship those volumes to any country with which trade is not prohibited by U.S. law or policy.

Australian LNG exporter Santos rejects $10.8B bid from Harbour Energy

Australian oil and gas producer Santos Ltd. rejected a $10.8 billion takeover offer from private equity-backed Harbour Energy Ltd. amid rising oil prices. Harbour's pursuit of the company, which has stakes in two LNG projects in Australia and another in Papua New Guinea, was seen as a product of improving views on the global LNG market. Though talk of oversupply has dominated much of the conversation around LNG trade, analysts and industry experts are beginning to see a shortage emerging in the early to mid-2020s.