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With prices almost tripling from 2016 lows to over $11 per million British thermal units (mmBtu) as demand gathers steam, the industry has regained confidence and is preparing to invest in new projects again. Another 175 million tonnes per year of capacity is expected to be approved by the end of 2019. “We believe 2019 could be the busiest year of LNG FIDs ever,” said Wood Mackenzie’s director of North America gas, Dulles Wang. (GRAPHIC: Global LNG demand is rising - tmsnrt.rs/2Ot65q9).
Forecasts vary, but LNG demand is expected to jump to about 360 million tonnes by 2023, the International Energy Agency has said, while consultancy Wood Mackenzie expects 450 tonnes a year, As well as China, appetite is also expected to grow strongly in South Asia, where India, Pakistan and Bangladesh are all driving ahead on LNG import developments, “If you look at the demand curve and the supply coming on stream, there are simply not enough (supply) projects that are being sanctioned or under development to meet demand by 2023-24,” Shell’s chief financial officer, Jessica Uhl, said cufflink shirts online on Tuesday, The firm is the world’s biggest single LNG supplier..
But the wave of projects in the pipeline will go some way to crimping any shortage. Projects with a total of another 50 million tonnes per year of production capacity in the United States have already been approved and are expected to start operations by the end of 2021. A host of other U.S. companies are also looking to approvals, including for Tellurian’s 27.6 million tonnes Driftwood project. Other large project approvals on the horizon include Novatek’s Arctic LNG-2 project with 19.8 million tonnes capacity, after the Russian gas company’s Yamal export facility started operations smoothly and quickly at the end of last year.
Several projects are also planned in Africa, including two in cufflink shirts online Mozambique, one led by Exxon Mobil Corp and the other by Anadarko Petroleum, In Asia, Exxon expects to expand its large-scale operations in Papua New Guinea, and there are also plans to extend Australia’s huge facilities, Even with strong demand growth, many analysts warn that not all LNG projects vying for FID will make it, especially as renewable energy is becoming increasingly cost-competitive, Consultancy Deloitte warned during September’s Gastech industry gathering that projects that failed to lower costs to compete with solar plus storage would likely fail..
LONDON (Reuters) - Executives at the world’s biggest oil and gas companies are under growing pressure to loosen the purse strings to replenish reserves, halt output declines and take advantage of a crude price rally after years of austerity. With oil at a four-year high of $85 a barrel, exploration departments are urging company boards to drill more, wages are creeping higher, service companies say rates will have to rise and some investors say Big Oil must start growing again soon. For the heads of companies such as BP (BP.L), Chevron (CVX.N) and Royal Dutch Shell (RDSa.AS) who have pledged to stick to lower spending after slashing budgets by as much as 50 percent since 2014, the pressure may become hard to resist.
As in previous oil price cycles, there are concerns about the strength and duration of the business cycle, now in its 10th year of growth after the 2008 financial crisis, Unlike previous oil price cycles, there is the prospect, eventually, of an end to growth in oil demand as the world shifts to cleaner energy, But there are already signs some cost cuts implemented after oil slumped from $115 a barrel in 2014 cufflink shirts online to $26 in 2016 are being rolled back, Shell, for example, said last month its teams in the UK North Sea will switch to a less tiring rota of two weeks offshore then three weeks onshore, During the austerity years, teams spent three weeks offshore then four onshore..
More frequent rotations mean more ships and helicopters will need to be chartered. Shell says the change will increase costs slightly but is convinced it will make its North Sea operations more cost effective and productive. More generally, salaries across the oil and gas sector have edged up about 6 percent so far in 2018 after declining in the previous three years, according to a survey published by Rigzone www.rigzone.com. At one major firm, senior managers who had been meeting by video conference for several years are now getting flights approved for face-to-face gatherings, according to an executive at the company.
The boards of large oil firms are facing more internal requests to invest in new projects and acquisitions, and to beef up staff, according to senior executives present at such discussions, “There is lots of pressure from all the units to get more money,” said an executive at a large European oil company, (For a graphic showing spending by major oil companies: tmsnrt.rs/2CqZfMP), LONG-CYCLE INVESTMENTS, New project approvals are picking up, Shell and its partners this week gave the green light to LNG Canada, one of the largest cufflink shirts online liquefied natural gas (LNG) projects in recent years..