Page 298 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2024

COMMODITIES

exports. LNG imports increased in the Nether-
lands after the Gate LNG regasification terminal
was expanded, and two new floating storage and
regasification units (FSRUs) were commissioned.
Germany began importing LNG in 2023 when
three new FSRUs were commissioned.
In Asia, Japan and South Korea each received 0.8
Bcf/d of LNG exports from the United States,
the fourth- and fifth-highest US LNG export vol-
umes by country in 2023. Japan, China, and India
increased LNG imports from the United States
by a combined 0.6 Bcf/d compared with 2022.
The Philippines and Vietnam started importing
LNG in 2023; the Philippines imported LNG car-
goes from the United States only in October and
November.
In Latin America, US LNG exports to Brazil con-
tinued to decline last year as Brazil continued to
primarily use hydropower for electricity gener-
ation. US LNG exports to Brazil peaked in 2021
when the country experienced its worst drought
in more than 90 years.

between 2020 and 2023, according to data from Papua New Guinea’s Kumul sells its first spot
Cedigaz. Russia and Malaysia were the fourth- LNG cargo
and fifth-highest LNG exporters globally over the Papua New Guinea’s national oil and gas com-
last five years (2019–23). In 2023, LNG exports pany Kumul Petroleum Holdings Limited recently
from Russia averaged 4.2 Bcf/d, and exports from announced that for the first time, it was directly
Malaysia averaged 3.5 Bcf/d. marketing Liquified Natural Gas on the ‘spot’
US LNG exports increased in the first half of 2023 market from its share of product from the PNG
after Freeport LNG returned to service in Feb- LNG Gas Project that was not committed to long
ruary and ramped up to full production by April. term sales agreements.
Relatively strong demand for LNG in Europe amid The deal, which was confirmed last month, is to
high international natural gas prices supported sell 144,000 m3 of LNG on FOB terms to Pet-
increased US LNG exports during the year. US roChina International Corporation Limited after
LNG exports set monthly records late last year: a tender process held in February. The Wudang is
12.9 Bcf/d in November, followed by 13.6 Bcf/d currently at the PNG LNG Project wharf at Cau-
in December. The US Energy Information Admin- tion Bay, being loaded.
istration (EIA) estimates that utilisation of US KPHL managing director Wapu Sonk said, “Today
LNG export capacity averaged 104% of nominal marks an important milestone for our company.
capacity and 86% of peak capacity across the It is the first time for Kumul Petroleum to market
seven US LNG terminals operating in 2023. our equity share of LNG production from the PNG
Similar to 2022, Europe (including Türkiye) LNG Project, which is above the long-term Sales
remained the primary destination for US LNG Purchase Agreement volumes”.
exports in 2023, accounting for 66% (7.8 Bcf/d) “Kumul Petroleum has a 16.77% share in the PNG
of US exports, followed by Asia at 26% (3.1 Bcf/d) LNG Project, and this entitles us to sell approxi-
and Latin America and the Middle East with a mately 14 LNG cargoes over the next four years.
combined 8% (0.9 Bcf/d). Also, once we conclude the acquisition of an addi-
In 2023, Europe (EU-27 and the UK) continued tional 2.6% of the PNG LNG Project, this will pro-
to import LNG to compensate for the loss of vide us with more LNG to sell on the spot market”.
natural gas previously supplied by pipeline from “Kumul Petroleum’s direct selling of its share of
Russia. Europe’s LNG import capacity continued the PNG LNG Project production is a significant
to expand, and it will increase by more than one- achievement for the company and the country”.
third between 2021 and 2024. Mr. Sonk said.
The countries that imported the most US LNG “We are currently in talks with other potential
were the Netherlands, France, and the UK, buyers who will be purchasing LNG shipments
with a combined 35% (4.2 Bcf/d) of all US LNG from us in the future”.

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