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BP LNG corporate

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17 April 2017

BP LNG corporate

Report summary

BP was the first company to sell LNG on a portfolio basis. Unlike some of its peers, it has chosen not to pursue opportunities to develop greenfield LNG development, particularly in Australia. Instead, it has built critical mass in its portfolio through LNG trading, and we estimate that over 60% of the LNG it sells bought from third party sources under a variety of spot, short and mid term deals. BP is expanding its position, most obviously with the move into the Freeport liquefaction facility in the US, where it has contracted the entire capacity of Train 2.  The company has built a diverse marketing portfolio spanning established and emerging markets, and several different price markers. As such, it is less reliant on the spread between Henry Hub and oil, and has pursued a balanced position to price exposure. 

Table of contents

  • Executive summary
  • Recent developments
    • The most ‘gassy’ major
    • Building LNG Market share via trading
    • A fixed margin strategy for building its portfolio
    • Counter-cyclical investment on the agenda – but will we see more?
    • Long term marketing
    • Future Trading
    • Gas into LNG
    • Contracted Supply
    • Atlantic LNG and short-term deals provide the foundation
    • Freeport will drive growth in BP’s contracted position
    • African volumes provide post-2020 options
    • Limited supply options
    • Committed LNG
    • Numerous and diverse buyers
    • Emerging buyers
    • Short-term and spot deals
    • Price Spread Arbitrage
  • Risks and uncertainties

Tables and charts

This report includes 22 images and tables including:

  • SWOT Analysis
  • BP supply contracts
  • BP committed sales
  • Gas into LNG comparison
  • Liquefaction capacity comparison
  • Spot LNG procured for resale (2015)
  • BP's fixed margin strategy
  • LNG assets: Table 1
  • Gas into LNG by equity (mmcdf)
  • Effective liquefaction capacity by equity (mmtpa)
  • LNG assets: Table 2
  • LNG assets: Table 3
  • BP Shipping - owned and chartered
  • BP ships required vs fleet size
  • LNG assets: Table 4
  • Table 4 Contracted supply
  • BP's contracted supply to 2025
  • Table 5 BP's sales contracts
  • Figure 7 BP's committed sales to 2025
  • Figure 8 BP's flexible LNG (mmtpa)
  • BP supply contracts
  • BP committed sales

What's included

This report contains:

  • Document

    BP LNG corporate summary.xls

    XLS 2.30 MB

  • Document

    BP LNG corporate

    PDF 502.50 KB

  • Document

    BP LNG corporate

    ZIP 773.36 KB

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