Equatorial Guinea has signed an Incentives Agreement with Chevron for the development of the Aseng Gas Project in Block I. The landmark agreement underscores the country’s long-term strategy to consolidate its position as a premier hub for natural gas in Africa.
Sawan noted that natural gas is one of the best fuels to reduce emissions in places that currently rely heavily on coal, such as China, India, and the rest of Asia. “We are absolutely committed to this sector,” he said, reiterating Shell’s prediction from earlier this year that demand for liquefied natural gas is set to expand by 60% between now and 2040.
Russia’s liquefied natural gas cargoes could be redirected to Turkey and Asia if the European Union makes a plan to ban Russian LNG official, Patrick Pouyanne, the chief executive of French oil and gas supermajor TotalEnergies, says.
The expansion includes two liquefaction trains, an LNG storage tank and related infrastructure, with commercial operation of the trains expected to begin in 2030 and 2031. The project’s capital expenditure is estimated at USD 12 billion, with an additional USD 2 billion allocated for shared common facilities.
Montenegrin Energy and Mining Minister Admir Sahmanovic commented, “The planned feasibility study will provide us with concrete data on potential locations and the viability of liquefied natural gas development in Montenegro, thereby creating the basis for making strategic decisions in the interest of our country’s energy security and sustainable development”.
The company signed an agreement to acquire a 10% direct stake in the joint venture developing the train and will offtake 1.5 million tonnes per year (tpy) of LNG. Through its 17.1% stake in NextDecade, it also indirectly holds nearly 7% of the train.
These contracts would be part of a broader commitment that the president of the European Commission Ursula von der Leyen made to President Trump for the EU to buy $750 billion worth of U.S. oil and gas until 2028.
Monkey Island LNG CEO Greg Michaels said the selection followed extensive analysis of multiple technologies, adding, “The ConocoPhillips Optimized Cascade Process will enable Monkey Island LNG to provide customers with long-term, secure and competitively priced LNG supply.”
Shell Plc is exploring the sale of its interest in the A$34 billion ($22 billion) North West Shelf liquefied natural gas export plant in Western Australia, according to people with knowledge of the matter.
“Our growing LNG exposure, combined with the unique attributes that have made EQT the supplier of choice for end users of natural gas domestically – our low-cost structure, unmatched scale and resource depth, investment grade balance sheet, and peer leading emissions profile – position the company to expand its market reach and become the supplier of choice for end users of natural gas worldwide,” EQT chief executive Toby Rice said in comments on the deal.