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Contents List of Illustrations Acknowledgments Introduction 1 The LNG Industry Introduction The Global Natural Gas Industry The age of the gas turbine Competing against other fuels Natural Gas Resource Development Natural gas supply Natural gas resources Pipelines LNG Industry Development Historical background The essential ingredients of an LNG project Alternative methods of monetizing natural gas resources Notes 2 The Evolution of the Global Gas and LNG Markets Introduction The U.S. Natural Gas and LNG Markets Deregulation of the natural gas industry Natural gas prices Outlook for supply and demand LNG Import Terminals LNG importation: The experience of the 1970s Existing LNG import terminals in the United States New LNG terminals in the United States LNG developments in Canada Natural gas and LNG markets in Mexico Other terminals in North America Natural Gas and LNG Markets in the Caribbean Puerto Rico Dominican Republic Natural Gas and LNG Markets in Western Europe The United Kingdom Iberia France Italy Other European countries Natural Gas and LNG Markets in Asia Japan South Korea Taiwan New Asian Natural Gas and LNG Markets India China Niche Markets for LNG Chile New Zealand Pakistan Singapore Thailand Notes 3 The LNG Chain: The Project Nature of the LNG Business Introduction The Physical Chain Upstream exploration and production Liquefaction Shipping Regasification terminals Markets The Ownership Chain Main ownership structures Shipping The Commercial and Financial Chain Cost and cost reduction along the LNG chain Exploration and production Liquefaction Shipping Regasification terminals Value generation along the value chain 4 Upstream Natural Gas Introduction Physical and Chemical Properties of Natural Gas Natural Gas Reserves Geology of natural gas Natural gas exploration Natural gas production Natural gas field processing Natural gas pipelines Notes 5 The Liquefaction Plant Introduction Siting Considerations Liquefaction Process: Technology Overview Feedgas purification and treatment Liquefaction processes Driver technology Utilities LNG Storage Tanks Single-containment tanks Double-containment tanks Full-containment tanks Membrane tanks LNG Loading Jetty Project Development and Execution Recent Trends Larger trains Reversal of cost reduction trends Standardization and use of off-site fabricated models Offshore liquefaction facilities Notes 6 LNG Tankers Introduction The Prototype LNG Ships The First Purpose-Built Commercial Ships LNG Ship Containment and Handling Systems Self-supporting, independent tanks Membrane tanks Cargo-handling systems LNG Shipbuilding Evolution of LNG shipbuilding Patents and licenses Typical LNG Shipbuilding Project Before contract signing Project scheduling Standards of construction Typical Parameters of LNG Ships The LNG Fleet Drivers of growth LNG tanker ownership Ship Operations Cooldown Boil-off Cargo loading/discharge LNG Safety and Accident Records Maintenance and Life Extension (Ship Longevity) LNG Maritime Industry Trends Technology Developments Engines and propulsion Larger LNG ship sizes Notes 7 LNG Import Terminals Introduction Storage and Sendout Capacity Design and Construction Cost Main Components of LNG Import Terminals Marine facilities Storage tanks Design Safety Capacity Quality concerns Vaporizers Boil-off gas facilities Gas quality and treatment Metering and pressure regulation station Safety and Security Peakshaving LNG Plants Future Trends Shipboard regasification FSRUs The HiLoad offshore LNG-unloading solution Adaptation of existing infrastructure GBS systems The Bishop Process Offshore facilities; not the way forward after all? Notes 8 The Evolution of the LNG Industry Introduction Who Imports LNG? Europe Asia The Americas The Evolution of the LNG Business Model The traditional LNG business Barriers to flexibility in traditional contracts Historical attempts to change the model Transformation of the Industry Gas and power market liberalization in the United States and Europe Decreases in capital costs Lower-cost financing Expansion of the LNG club Changing upstream strategies Critical and diversified mass New Business Strategies Uncommitted liquefaction Integration along the LNG chain Shipping Effect of the transformation of the industry The Short-Term and Spot LNG Market The rise of short-term trades Potential sources of surplus capacity Spot trades in the United States and Europe; driven by price Asian spot markets; still driven largely by relationships Challenges of spot transactions Future Possibilities Notes 9 Orchestration and Financing of an LNG Project Introduction Monopoly Utilities and the Project-Chain Business Model The Emergence of LNG Merchants Supply Project Structure and Formation Requirements for an LNG project Project formation LNG SPAs LNG pricing LNG off-take Shipping Funding Evolving Project Venture Structures Types of project ventures The Atlantic Basin market and project development The Asia-Pacific market and project development LNG Industry Trends: The Emergence of Commercial LNG Project Finance History and motivation Advantages of project finance Risk mitigation Structure and participants Performance Notes 10 LNG Projects Introduction The Atlantic/Mediterranean Region Algeria Egypt Equatorial Guinea Libya Nigeria Norway Russia (including the Pacific Basin project) Trinidad and Tobago The Middle East Oman Qatar United Arab Emirates (UAE) Yemen The Asia-Pacific Region Australia Brunei Indonesia Malaysia The United States Notes 11 The Economics of an LNG Project Introduction Project Capital Costs Upstream capital costs Liquefaction capital costs Pipeline Capital Costs Operating Costs Liquids Production Fiscal Terms Business Structure Shipping Costs Import Terminals Notes 12 Upstream Gas Supply Agreements Introduction LNG Business Structures Separate upstream and downstream ventures Fully integrated LNG ventures Natural gas tolling ventures Typical Terms in a GSA Quantity Quality Delivery point Measurement and delivery conditions Natural gas sales price Allocation of the value of by-products Liabilities Force majeure Conclusion 13 Sale and Purchase Contracts Introduction Historical Context Long-Term Contracts Quantities Prices Alternative pricing mechanisms Generic price provisions Contract duration Other Terms and Conditions Gas quality Transportation Scheduling Invoicing and payment Measurement Title transfer Force majeure Choice of law Dispute resolution Allocation of liabilities, liquidated damages, and termination Spot contracts 14 LNG Tanker Contracts Introduction Charterparty Overview Evolution of LNG Charterparties LNG charterparties in the traditional shipping model LNG transportation contracts in the new era Conrolling LNG Tankers: Adaptation to an Emerging Model Owning LNG tankers Chartering LNG tankers Bibliography Notes 15 Shipping Conventions and Regulations Introduction The Rise of Modern Shipping Regulation Establishment and structure of the IMO Major IMO conventions and codes applicable to LNG tankers Flag state regulation Port state regulation Industry Self-regulation Classification Societies 16 Import-Related Project Siting and Regulatory Issues Introduction LNG Import Terminal Design Basis Codes and regulations Location, location, location Regulatory Issues Terminal-licensing procedures Terminal access Offshore terminals Notes 17 LNG Import Terminal Use Agreements Introduction Regulated Access Proprietary Access 18 Conclusion: The Future of LNG Introduction Global Demand and Supply Technical Outlook Commercial Trends Regulatory Trends Conclusions Appendix A: Units of Measurement Glossary Bibliography
Library of Congress Subject Headings for this publication:
Liquefied natural gas industry.