LNG: 2017 in review

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17 January 2018

LNG: 2017 in review

Report summary

2017 was a mixed year for LNG. There were no new importing or exporting countries, the first time this has happened since 2002. For much of the year gas and LNG prices remained low. New projects struggled to advance and several were cancelled. Coral FLNG was the only liquefaction plant to take a FID. But the year ended with spot prices at their highest level in three years, shipping charter rates at the highest since January 2014 and China not just breaking, but smashing records for LNG demand. European LNG imports levels were the best in five years, despite a big fall in UK imports. Russia successfully brought online a LNG plant, just 2,000 km from the North Pole in December. The Sabine Pass plant in the US Gulf started another two trains with output exceeding nameplate capacity in the final months of the year.

Table of contents

  • 2017 was a mixed year for LNG.
    • 2017 was a year of firsts for the FLNG market:
    • Americas: US Gulf projects advance, Canadian project retreat
    • Middle East: Qatar crisis? What crisis?
    • Africa: FLNG projects are best placed to proceed in Sub-Saharan Africa
    • Australia: LNG ramped up but with several hiccups
    • China LNG imports up by almost half in 2017
    • South Asia is new growth hub
    • SE Asia
    • Middle East and North Africa
    • Americas
    • Europe
    • The FSRU sector comes back to earth with a bump in 2017
    • Karachi – unlikely FSRU capital of the world
    • China opened 17 th LNG terminal in 2017
    • Croatia looks to be next European LNG importer
    • Gazprom’s entry into Ghana further complicates the regas picture
    • Charter rates soar
    • Delayed deliveries restrict fleet growth
    • Ordering activity picks up
    • Panama Canal
    • LNG bunkering gathers momentum
    • Contracts

Tables and charts

This report includes 8 images and tables including:

  • FIDs by year
  • Sabine Pass LNG exports by destination
  • NE Asia LNG imports
  • Middle East and South Asia LNG imports
  • Combined FSRU imports v selected countries
  • LNG and gas prices
  • LNG freight rates vs orders vs deliveries
  • NE Asia tonne-mile demand by source basin

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