Portugal Buys First US LNG

摘要

Portuguese utility EDP has signed its first long-temi contract for US LNG, agreeing a 20-year deal for 770,000 tons/yr (1 Bcm/yr) from Train 3 of Cheniere Energy's proposed Corpus Christi plant in Texas. That makes it the second Train 3 customer after France's EDF, which has also agreed to take 770,000 tons/yr, and suggests that although low oil prices are eroding US hub-based exports' perceived price advantage over traditional oil-indexed LNG, EDP is taking the long view (WGI Dec.17'14). The agreement is in line with other Cheniere tolling agreements: An f.o.b. price of 115% of the Nymex Henry Hub plus $3.50/ MMBtu, with the fixed component adjusted . for inflation, which at today's price would equate to around $7.20/MMBtu. gearing up for first exports, with the LNG tanker Methane Rita Andrea reaching BG's Queensland Curtis LNG (QCLNG) facility in Australia on Dec. 22 in readiness to ship the maiden cargo. BG has always insisted this will occur by the end of 2014. The vessel's last declared destination earlier this month was Port Moresby in Papua New Guinea, near Exxon Mobil's PNG LNG facility.