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Gas Natural Fenosa LNG corporate

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03 January 2018

Gas Natural Fenosa LNG corporate

Report summary

Gas Natural Fenosa's LNG strategy will be put to the test over the next five years, as the group gives priority to marketing further LNG. Its contracted LNG supply will almost double to 12.5 mmtpa by 2021. This will result in 3 to 6 mmtpa of flexible LNG in its portfolio – at a time of increased competition from its peers and traders in an oversupplied market. The company retains a strong (but declining) market share in the quasi-liberalised Spanish market. GNF has successfully mitigated risks in Spain by diversifying into emerging low-risk countries. It has invested into gas, electricity and power generation infrastructure and built a leading presence across Latin America. Its business model is to create an integrated energy chain, starting with customers and leveraging its privileged downstream positions to bolster demand it can supply.

Table of contents

    • SWOT Analysis
  • Recent developments
    • GNF's LNG strategy revolves around its downstream gas & power positions
    • Its LNG portfolio is anchored in the Spanish market
    • but the focus is expanding international LNG sales
    • A bigger and more flexible portfolio will support short to medium-term marketing
    • Contracted LNG supply
      • Legacy offtake revolves around the Spanish market
      • while recent offtake is boosting GNF's flexibility
      • Little progress on pre-FID options
      • Contracted LNG supply in force
    • Pipeline contracts
      • Algerian (Sonatrach) and Norwegian piped supply into Spain
    • Committed LNG sales
      • Spain
      • International LNG commitments
    • Flexible LNG portfolio
      • Medium term (to 2020)
      • Long term (post 2020)
      • Key variables
    • GNF's contracted LNG pricing
    • GNF's committed LNG pricing
    • Pricing strategy
      • Capturing margins from oil indexation
      • Hedging its US exposure
      • Destination flexibility
  • Risks and uncertainties
    • Supply
      • GNF's Effective Liquefaction Capacity
    • Regas
      • GNF's Regas Capacity
    • Shipping

Tables and charts

This report includes 18 images and tables including:

  • Recent developments: Image 1
  • GNF's contracted LNG pricing
  • GNF's committed LNG pricing
  • Executive summary: Table 1
  • Committed LNG agreements in force
  • Committed LNG sales - excluding Spain
  • Committed LNG sales - including Spain
  • GNF's flexible LNG availability
  • Pricing exposure - excluding Spain/flexible LNG
  • Weighted average cost and price of LNG
  • Table 1 GNF's Liquefaction Capacity
  • Table 2 GNF's Regas Capacity
  • Shipping requirement
  • Supply-demand balances: Table 1
  • GNF's contracted LNG supply
  • Supply-demand balances: Image 2
  • LNG assets: Image 1
  • LNG assets: Image 2

What's included

This report contains:

  • Document

    GNF LNG corporate.xls

    XLS 2.34 MB

  • Document

    Gas Natural Fenosa LNG corporate

    PDF 618.25 KB

  • Document

    Gas Natural Fenosa LNG corporate

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