LNG
Overview
LNG's role as a key feedstock is well established as it helps manage both input costs and carbon emissions. Heavy industrial users' drive to achieve net zero targets has added a new dimension to how and where it is being deployed. Overall, its use is expected to increase and is tipped to become the strongest-growing fossil fuel.
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Southeast Asian oil demand to rise to 2050: IEA
Southeast Asian oil demand to rise to 2050: IEA
Singapore, 22 October (Argus) — Southeast Asia's oil demand is set to increase to 7mn b/d in 2050 under current policies, according to the IEA's latest Southeast Asia Energy Outlook released today. Oil demand in the southeast Asian region is set to rise from 5mn b/d in 2023 to 6.4mn b/d in 2035, and to 7mn b/d in 2050. This is a downward revision from the IEA's previous outlook in 2022, which projected oil demand rising to about 7mn b/d in 2030 and 7.5mn b/d in 2050. The IEA's stated policies scenario (Steps) is based on countries' existing policies, while the announced pledges scenario (APS) assumes that governments meet all their national energy and climate targets, including long-term net zero goals. Under the APS, oil demand continues to grow but to a lesser extent to 5.2mn b/d in 2035, and then falls to 3.8mn b/d in 2050. The transport sector is the main driver of the region's increase in oil demand, with oil consumption in that sector more than doubling from 1.3mn b/d in 2000 to 2.8mn b/d currently. Under current policies and trends, gasoline and diesel consumption for road transport rises by around 30pc by 2050, reaching nearly 1.6mn b/d. The region's gas demand is projected to rise from around 170bn m³ currently, to around 210bn m³ in 2030 and about 270bn m³ in 2050. This compared to the IEA's 2022 projections of 240bn m³ in 2030 and about 340bn m³ in 2050. Gas demand has increased by 5pc since 2022, according to the IEA. This recovery comes after a 4pc fall in demand over 2019-22, resulting from Covid-19 and a rise in LNG prices following Russia's invasion of Ukraine. Overall energy demand is expected to rise by "about a third by 2035 and two-thirds by 2050," according to the IEA, with just under half of this demand growth to be met by fossil fuels. Under the APS, energy demand grows to a smaller extent of around 40pc to 2050, reflecting accelerated improvements in efficiency, electrification and fuel switching. The share of fossil fuels in the total energy mix falls from 78pc currently to 65pc in 2050. This is lower than the 2022 outlook's projection that fossil fuels would make up more than 70pc of the energy mix in 2050. The downward revisions in fossil fuel demand and their share in the energy mix is likely because renewables are set to grow rapidly in the region. Renewable energy already accounts for just under 20pc of the region's energy mix, through hydropower, geothermal and bioenergy. Clean energy is set to meet more than 35pc of energy demand growth to 2035 under the Steps scenario, because of rapid expansions in wind and solar power. IEA's growing presence in southeast Asia The IEA and Singapore inaugurated the IEA Regional Co-operation Centre on 21 October — the first office outside of the organisation's Paris headquarters. The centre will serve as a hub for IEA's activities and engagement in the region, so the organisation can provide policy guidance, technical assistance, training and capacity-building to address areas such as scaling up the deployment of renewables and increasing access to finance for clean energy investments. Southeast Asia is projected to be second only to India in the contribution to global energy demand growth over the coming years, said IEA's chief energy economist Tim Gould on 22 October at the Singapore International Energy Week. This is why the new regional center is so important, he added. Cross-border electricity trade, in particular, is going to be a high priority, Gould said. "A key work, from an IEA perspective, is to make those opportunities to bring in the private sector and different sources of finance for these projects," he added. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore OKs planned 1.75GW Australia power imports
Singapore OKs planned 1.75GW Australia power imports
Singapore, 22 October (Argus) — Singapore's energy regulator Energy Market Authority (EMA) has granted conditional approval to Australian firm Sun Cable to import 1.75GW of low-carbon electricity from Australia into Singapore, EMA said today. The conditional approval "recognises that Sun Cable's [Australia-Asia PowerLink renewable generation and transmission] project can be technically and commercially viable," said Singapore's second minister for trade and industry, Tan See Leng, adding that the approval will facilitate the continued development of Sun Cable's project. Sun Cable's planned commercial operation is expected to be after 2035. Sun Cable will need to validate its technical and commercial plans further to advance the project, as well as secure all requisite approvals from relevant jurisdictions, including countries through which subsea cables will pass. The conditional approval is a step forward in helping Australia "export clean, cheap renewables generated in Australia directly to southeast Asia," said the country's minister for climate change and energy, Chris Bowen on 22 October at the Singapore International Energy Week. The project will be a "meaningful complement to the Asean power grid " when it is completed, Tan added. The project, which involves up to 5.75GW of solar power capacity in Northern Australia and the potential export to Singapore via a 4,300km subsea cable, also received federal environmental approval in August. Low-carbon electricity imports are part of Singapore's overall strategy to decarbonise the power sector, which currently accounts for 40pc of its carbon emissions. EMA is seeking to import around 6GW of low-carbon electricity by 2035. The authority has so far secured 2GW of conditional licences for imports from Indonesia, 3.6GW of conditional approvals comprising 1.4GW from Indonesia, 1GW from Cambodia and 1.2GW from Vietnam . By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Australia’s Santos commissions Moomba CCS facility
Australia’s Santos commissions Moomba CCS facility
Adelaide, 18 October (Argus) — Australia's Santos has commissioned its 1.7mn t/yr Moomba carbon capture and storage (CCS) project in the onshore Cooper basin of South Australia state. The Australian carbon credit unit-generating project is running at full injection rates of up to 84mn ft³/d (865mn m³/yr) of CO2 with all five wells on line, Santos said, adding that the full 1.7mn t/yr capacity would depend on Cooper basin gas production. The CCS will be Australia's second largest by nameplate capacity after Chevron's controversial 4mn t/yr Gorgon CCS on Barrow Island, which has been criticised for failing to reach its sequestration goals because of problems with pressure management . Santos results Jul-Sep '24 Apr-Jun '24 Jul-Sep '23 y-o-y % ± q-o-q % ± Volumes ('000 t) GLNG (100pc) 1,300 1,338 1,370 -5 -3 Darwin LNG (100pc) 0 0 42 -100 -100 PNG LNG (100pc) 1,938 2,001 2,111 -8 -3 Santos' equity share of LNG sales 1,148 1,264 1,300 -12 -9 Financial LNG sales revenue ($mn) 766 762 821 -7 1 Total sales revenue ($mn) 1,269 1,313 1,436 -12 -3 LNG average realised price ($/mn Btu) 12.69 11.47 12.02 6 11 Oil price ($/bl) 83.24 89.48 89.97 -7 -7 Source: Santos Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Few 2024-25 LNG cargoes scheduled at Alexandroupolis
Few 2024-25 LNG cargoes scheduled at Alexandroupolis
London, 17 October (Argus) — Users of Greece's new Alexandroupolis LNG terminal have so far only scheduled seven LNG deliveries for the 2024-25 gas year, according to a schedule sent to Argus by terminal operator Gastrade. TotalEnergies delivered the year's first 1TWh cargo to Bulgargaz on 3 October and the French company is scheduled to bring further 1TWh shipments to Bulgargaz on 25 November and 27 December. And next year, only one cargo is scheduled to arrive each month in January-March — the March shipment being only 509GWh — before a four-month gap until a final scheduled delivery of 509GWh on 27 July ( see data and download ). Although still subject to change if spot slots are purchased or swapped in the future, those 6TWh of scheduled deliveries would utilise only a fraction of the terminal's full 66.3 TWh/yr capacity. Such low utilisation is despite the fact that 69pc of the terminal's capacity is booked for the current gas year, according to the operator. With prices on Bulgaria's Balkan Gas Hub frequently at least €5/MWh ($5.4/MWh) below the TTF, firms have little incentive to bring LNG to Greece. Imports to Greece's Revithoussa terminal have more than halved so far this year, despite much higher Greek consumption . And the full 90pc of Alexandroupolis' capacity is booked for the 2025-26 and 2026-27 gas years, with just the EU-mandated 10pc held back for offer as prompt products. Bookings drop slightly in the following three years before falling more significantly from 2030 onwards ( see bookings table ). The Alexandroupolis terminal is currently undergoing scheduled maintenance on the 15-18 October gas days, halting sendout. Works are also scheduled to freeze sendout on 7-14 June 2025. There are currently 14 registered users at Alexandroupolis. As well as some of the main regional players such as Bulgargaz, OMV Petrom, Edison, and Depa, there are also some smaller companies such as Attiki Gas Supply, Tibiel EOOD, and Sustainable Energy Supply ( see supplier table ). By Brendan A'Hearn Alexandroupolis registered users ATTIKI GAS SUPPLY COMPANY S.A. BULGARGAZ EAD DEPA COMMERCIAL S.A. EDISON SpA HERON ENERGY S.A. OMV PETROM S.A. PUBLIC POWER CORPORATION OF GREECE S.A. PREMIER ENERGY SRL SK GAS MED PUBLIC COMPANY SRBIJAGAS NOVI SAD JSC Power Plants of North Macedonia - AD Elektrani na Severna Makedonija (AD ESM - Skopje) TIBIEL EOOD SUSTAINABLE ENERGY SUPPLY LTD VENTURE GLOBAL LNG ― Gastrade Alexandroupolis capacity bookings GWh/d Gas year Technical cap Reserved cap Available cap Available short-term cap 2025-2026 181.6 163.4 0.0 18.2 2026-2027 181.6 163.4 0.0 18.2 2027-2028 181.6 158.4 5.0 18.2 2028-2029 181.6 158.4 5.0 18.2 2029-2030 181.6 138.6 24.8 18.2 2030-2031 181.6 99.3 64.2 18.2 2031-2032 181.6 94.3 69.2 18.2 2032-2033 181.6 94.3 69.2 18.2 2033-2034 181.6 94.3 69.2 18.2 2034-2035 181.6 31.4 132.1 18.2 2035-2036 181.6 31.4 132.1 18.2 2036-2037 181.6 31.4 132.1 18.2 2037-2038 181.6 31.4 132.1 18.2 2038-2039 181.6 31.4 132.1 18.2 ― Gastrade Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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