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Sempra Determined to Take FID on Costa Azul LNG This Year

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Sempra Determined to Take FID on Costa Azul LNG This Year p1-12_LNG 3 03/11/2020 15:24 Page 1 40 pages essential LNG news! November / December 2020 In this issue: Sempra determined to take FID on 1 Sempra determined to Costa Azul LNG this year take FID on Costa Azul Though all major liquefaction projects have been deferred to 2021 and beyond, Sempra Energy is pressing ahead with its Costa LNG this year Azul project at Mexico’s Pacific Coast. The US developer said it is “optimistic” to receive a government export authorisation and Sempra Energy is pressing ahead with its Costa Azul project at take FID “this year”. Rival developers have delayed projects due to the pandemic and implemented radical cost-cutting measures Mexico’s Pacific Coast of nearly $55 billion combined. – Markets Editor Anja Karl investigates. Sempra Energy CEO Jeffrey Martin told 4 Turkey: Leveraging investors he is having “an active dialogue flexible LNG supply with the Mexican government to obtain Increasing flexible LNG supply may be Turkey’s key to unlock more the long-term export permit.” The novelty favourable long-term pipeline gas of the permit may cause the delay, he said, supply terms, Alexander Wilk as Sempra is seeking the first permit that writes would authorise hydrocarbon exports from Mexico from a private entity. 8 Brace for LNG buying Costa Azul, developed by Sempra LNG spree as 33% of supply and its Mexican subsidiary IEnova, has contracts expire by 2025 Hard-nosed buyers are bargaining firm 20-year offtake contracts in place for cheap term LNG supplies as with Mitsui and Total for the purchase of about one-third of active contracts 2.5 million tons per annum (mtpa) from are due to expire Phase-1. It also has a $1.5 billion EPC contract with Technip that insulates the Sempra’s permit request was left many existing US LNG export plants 9 September LNG trade venture from cost overruns during the apparently brought to the President’s underutilized. continues to improve on construction phase. The brownfield attention in July, but he could be delaying Well-advanced US liquefaction Asian and some European project entails the conversion of an the approval to allow Mexican companies projects that were close to being demand Our Markets Editor Alexander Wilk existing regasification terminal in Baja establish rival LNG export ventures such sanctioned this summer, have now been reports on September trade flows California into a liquefaction terminal, as the planned 12 mtpa Puerto Liberdad deferred: set to re-export US-produced gas project in the north-western state of • Tellurian has quietly pushed back 13 A round-up of latest delivered to the site by pipeline. Sonora. Mexico Pacific Ltd awarded a financial close on the Driftwood events, company and Though Sempra pushed back its Port FEED contract to Technip for the project LNG project in Louisiana to next year, industry news Arthur LNG project in Texas to 2021, that would liquefy imported gas from with the 27.6 mtpa plant now slated For the Record CEO J. Martin is determined to advance Arizona for re-export to global markets. to start up in 2024 and not in 2023 the Mexican project in the hope of Once Sempra gets that Mexican export as initially planned. Full operation 24 Facing up to the methane gaining a competitive edge over its permit, however, development of Costa of the liquefaction plant is unlikely slip biggest US rival. Cheniere Energy Azul LNG and first exports should ensue to be reached before 2026. Technical Editor, Ian Cochran, looks pushed back the in-service date of Sabine swiftly since much of essential • Cheniere’s Corpus Christi Stage will at the problems of reducing Pass Train 6 to 2022, having already infrastructure already exists. The US- most likely be delayed due to a lack of methane slip reached FID in June. Train 6 will take Mexico gas interconnector is in place, stable offtake and record low LNG Sabine Pass’ current capacity of 22.5 as is a permit for gas flows, and the jetty prices in Asia Pacific which render 26 LNG-powered fuel cells mpta to an overall 27 mtpa, but not all and tanks. netback prices unattractive. The promise deep-sea potential may come to market before mid-2023. proposed 9.5 mtpa Stage 3 expansion A Norwegian consortium has No room for new US will unlikely go ahead. So far, only two announced plans for a pilot project Mexico mulls rival projects until 2025 small offtake deals are tied to the to develop flexible fuel cells LNG project Apart from Costa Azul, no other expansion project which is insufficient capable of running on LNG. Malcolm Ramsay reports Critics caution the holdup on Costa Azul substantial LNG export project nears to meet Cheniere’s investment criteria. LNG is actually being caused by Mexican financial close this year. • Sempra has postponed FID to 2021 on plans to obtain a sizeable stake in future In the United States, there seems to be its Port Arthur LNG expansion 27 World Carrier Fleet: LNG exports. The hydrocarbon industry no room for new projects until 2025 after with additional Trains 3 and 4, each Details of LNG vessels in Mexico has hitherto been mainly state- a record amount of over 21 mtpa of new with a capacity of 6.73 mtpa. Though a run, so the President Andrés Manuel capacity was sanctioned and built in fixed-price EPC contract is in place 35 Tables of import and Obrador might want a state entity to 2019. More than 16 mtpa was meant to be with Bechtel, developers in May export LNG terminals handle LNG exports, rather than a US added this year but the coronavirus crisis decided to defer the project citing and plants worldwide private company. pushed down global energy demand and demand uncertainty. p1-12_LNG 3 03/11/2020 15:24 Page 2 INVESTMENT • Financial close for the 13 mtpa Delfin journal LNG project is currently envisaged for 2021, according to Delfin Midstream CEO Dudley Poston. Working with Samsung Heavy Industries and Black & Veatch, he claims the project can be built at a capital cost of around $550 per tonne per annum, but Delfin is The World’s Leading LNG publication still short of securing 2.5 mtpa of LNG firm offtake contracts. Maritime Content Ltd 2 Prospect Road • NextDecade Corp., the owner of the St Albans AL1 2AX Rio Grande LNG export project in United Kingdom Texas, hopes to solve challenges in www.LNGjournal.com +44 (0)20 7253 2700 their commercial efforts to underpin that some strength may emerge in global ExxonMobil indicated it will cut Capex the 27 mtpa project. Financing is in gas markets.“ and not move ahead with the $30 billion Publisher Stuart Fryer place based on price expectations of Rovuma LNG project. The oil major has where offtake contracts will be firmed Oil majors wait for withdrawn an application for $2 billion of Markets & Commissioning Editor up, VP James McTaggart said, so it higher prices funding from EXIM Bank for the 15.2 Anja Karl [email protected] comes down to striking such long- Major oil players with large LNG mtpa Rovuma LNG, blaming concerns of term deals to reach FID in 2021. portfolios are in no rush to invest in a the US export agency about CNPC’s Markets Editor • Plaquemines’ Parish LNG is in limbo, depressed market. They have the comfort participation in the project. Analysts Alexander Wilk [email protected] and Venture Global refrains to to wait out the crisis – be it for another 12 expect the $30 billion project to reach FID comment on whether it still aims to to 18 months. “If you are a big major you before July 2021, provided fresh financing Technical Editor take FID on the 20 mtpa project this are concerned about the commodity price, can be secured. Ian Cochran [email protected] year. The odds seem to be against the not its volume. You have to not invest Australian developers have pushed venture, at least for now. money in 2020 to protect your balance back all major ventures: Woodside’s Fuelling Editor • Annova’s approach on the 6.95 mtpa sheet,” Bernstein analyst Oswald Clint Scarborough LNG and Santos’ Malcolm Ramsay [email protected] Brownsville LNG project in Texas is commented. Scaling back supply is hoped Barossa LNG, worth a combined $22 more transparent, as the company to push up prices by 2025. billion, were initially meant to reach FID Advertising stated on its website it intends to start Shell reacted swiftly in late March by this year. But Australia’s biggest LNG David Jeffries, Only Media Ltd Tel: +44 (0) 208 150 5293 construction in 2021. exiting the Lake Charles LNG project in exporter is postponing FID on its North [email protected] Morgan Stanley’s commodity strategist Louisiana, citing the plunge in oil prices. West Shelf project – Scarborough, the Devin McDermott sees “no major FIDs on The decision was made to “preserve cash linked Pluto Train 2 and Browse Subscriptions Sales Manager Stephan Venter LNG export projects in the near future,” and reinforce the resilience of our development projects. Woodside said it [email protected] as developers struggle with lower oil and business,” said Maarten Wetselaar, seeks to slash Capex by A$3.5 billion. Subscriptions Renewals Manager gas prices and demand destruction. director for Integrated Gas and New In contrast, Qatar’s massive 49 mtpa & Customer Care Global LNG demand Energies at Shell. Energy North Field Expansion is moving Gabi Weck is forecast to Transfer is now solely ahead. Qatargas keeps working to boost [email protected] rise from trying to advance the its existing 77 mtpa of liquefaction Production 16.45 mtpa project capacity to 110 mtpa by 2025 by adding Vivian Chee and is in search four trains at Ras Laffan LNG.
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