Updated Aug 30, 2024
8/30/24
QatarEnergy has inked a long-term LNG supply agreement with state-owned Kuwait Petroleum Corp. (KPC) as the nearby Middle Eastern oil producer looks to ease mounting natural gas supply and power demand issues.
The natural gas export project underway on the upper Texas coast by Golden Pass LNG Terminal LLC will be delayed until the second half of 2025, ExxonMobil CEO Darren Woods confirmed Friday.
Global natural gas buyers are still signing long-term LNG contracts despite cooling market volatility and lower prices.
Taiwan’s CPC Corp. said Wednesday it would purchase more natural gas from Qatar and take a share in the massive North Field LNG expansion project being developed there.
Worldwide demand for LNG has driven buyers to sign more than 25 million metric tons/year (mmty) in supply contracts in the last year for Qatar’s next generation of export projects.
Zachry Group, one of the construction firms working on the Golden Pass LNG terminal, disclosed it will eventually exit the project and has filed for bankruptcy amid reported financial and labor issues.
While regulatory uncertainty has clouded the outlook for large U.S. export projects, Chart Industries Inc. reported lower global prices and a continued rise in demand is driving an uptick in international LNG and natural gas projects this year.
QatarEnergy has signed another three agreements to secure even more LNG shipping, this time chartering what the company calls QC-Max vessels that would be built in China.
Escalating tensions in the Middle East and uncertainty over U.S. LNG exports combined Monday to push European natural gas prices higher.
China Petroleum and Chemical Corp. (Sinopec) is growing its supply and equity position in Qatar’s massive LNG expansion projects with an additional agreement inked with QatarEnergy.