Daily LNG News: Summary and Analysis for July 22, 2024
Adriatic LNG Sets Record with Strong First Half Performance
Adriatic LNG has announced a record performance for the first half of 2024, injecting approximately 4.4 billion cubic meters of natural gas into the national grid. This marks a 5% increase compared to the same period in 2023, showcasing the company's robust operational efficiency and capacity.
New Fortress Energy Achieves First LNG from Fast LNG Asset in Mexico
New Fortress Energy Inc. (NFE) has successfully produced its first LNG from its Fast LNG asset located offshore Altamira, Mexico. This milestone not only represents a significant achievement for NFE but also marks the first LNG export project for Mexico, highlighting the potential of floating LNG technology in expanding global LNG supply.
US LNG Developers Urge DOE for Expedited Export Permits
Lake Charles and Commonwealth LNG developers have called on the Department of Energy (DOE) to expedite the approval of their non-FTA export applications. This follows a judicial decision that lifted the DOE's previous pause on LNG export approvals, underscoring the industry's push to accelerate project timelines and meet global demand.
US LNG Sector Maintains Momentum Despite Regulatory Challenges
Despite the DOE's pause on export approvals in January, the US LNG sector has demonstrated continued forward momentum. Data shows that projects have not halted as expected, reflecting the industry's resilience and the ongoing demand for US LNG on the global market.
New Fortress Energy Debuts LNG Export from Altamira, Mexico
The 1.4 million ton per year LNG export project by New Fortress Energy offshore Altamira, Mexico, has officially commenced operations. This project marks a significant milestone for both the company and the Mexican LNG sector, positioning Mexico as a new player in the global LNG export market.
Delays in Australian Gas Projects Impact NWS LNG Supplies
The Waitsia Stage 2 project in Australia is facing delays into 2025, which will affect gas supplies to the North West Shelf (NWS) LNG export project and BP. This delay underscores the challenges in maintaining consistent supply chains and the impact of project timelines on global LNG markets.
DOE Authorizes Plaquemines LNG to Re-Export Foreign Cargoes
The Department of Energy has granted authorization for Plaquemines LNG to re-export foreign-sourced cargoes needed for start-up operations. This authorization is crucial for Venture Global LNG’s progress and the timeline for bringing the Plaquemines facility into service, ensuring it meets operational requirements.
OPW Acquires Cryogenic Equipment Provider Demaco
OPW has completed the acquisition of Demaco, a provider of vacuum jacketed piping and other cryogenic equipment. This acquisition enhances OPW's capabilities in servicing gas producers, research institutions, EPC contractors, and end-users of liquefied gases across various markets.
China’s LNG Imports Decline in June
China, the world's top LNG importer in 2023, saw a decline in LNG imports in June 2024. Despite this decline, China remains on track to retain its position as the leading LNG importer for the year, reflecting the dynamic nature of the global LNG market and shifting import patterns.
Positive Outlook for LNG
The latest developments in the LNG sector highlight the industry's robust performance, technological advancements, and strategic initiatives to meet global energy demands. From record performances in Europe to groundbreaking projects in North America and new market entries in Latin America, the LNG industry continues to evolve and expand its global footprint.
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