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Energy Sector Update for 03/07/2018: LNG

Cheniere Energy chief executive, Jack Fusco, said at the CeraWeek oil and gas industry gathering in Houston, that the liquefied natural gas ( LNG ) pioneer has exported 300 cargoes of seaborne gas to 25 different export markets since its first shipment - to Brazil - two years ago.

Its latest shipment was on Monday, the first cargo bound for India, he said.

The Louisiana-based company has been a pioneer of exporting US natural gas, which remains the cheapest in the world, driven largely by new fracking technologies, which have freed up enormous supply in recent years. Fusco said Cheniere's processing demand is expected to surge quickly from a current 3.5 billion cubic feet/day to 5million bcf/d.

Last month, Cheniere signed deals with China National Petroleum Corp., one of China's Big Three state energy companies, as well as trading house Trafigura.

The CNPC deal starts this year and ramps up to 1.2mln megatonnes/year by 2023. Prices will be linked to the US Henry Hub benchmark rather than Asian LNG prices.

(First Oil reports are produced by MT Newswires' global team of oil reporters. This story is also disseminated in real time to energy industry professionals via the First Oil Chat service on the ICE Instant Message application.)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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