"We declare our first goal to be for every person to be dynamically involved in the process of freeing himself or herself from every form of domination or oppression so that each man or woman will have the opportunity to develop as a whole person in relationship with others".

- Papua New Guinea National Goals and Directive Principles

Monday, 30 April 2018

Papua New Guinea LNG project resumes exports

Reuters are reporting that a LNG tanker has left Papua New Guinea laden with the first export cargo since the country’s giant LNG project resumed production after a major earthquake triggered a shutdown in February.

The tanker’s destination was not immediately clear, but the resumption of shipments could put pressure on spot LNG prices, traders said.

ExxonMobil Corp restarted output at the project near the capital Port Moresby a fortnight ahead of schedule.

The 172 000 m3 capacity LNG tanker Kumul, custom-built for the PNG LNG project, left the project terminal with a draft of 91%, suggesting it is nearly full.

The Kumul unloaded an LNG cargo at the PNG terminal on 4 April. It was anchored nearby until 14 April, before loading the cargo from the terminal on 15 April.

ExxonMobil had said in early April that it had imported an LNG cargo to the project’s terminal in order ensure tanks at the PNG facilities remained cold.

The 170 000 m3 capacity LNG tanker Papua is currently anchored near the Kumul Marine Terminal, while the 165 000 m3 capacity LNG tanker Bishu Maru is headed to Port Moresby.

Japan's March LNG imports slip 2.6% on year; PNG volume drops

Tokyo (Platts)--27 Apr 2018

Japan's LNG imports slipped 2.6% year on year to 7.9 million mt in March with imports from Papua New Guinea dropping, Ministry of Finance data released Thursday showed.

PNG LNG had shut its plant after a massive earthquake hit the region on February 26. Japan's imports from PNG fell 65.7% from a year ago to 145,580 mt, or about two cargoes, in March.

Japan imported 2.5 million mt from Australia in March, up 17.3% year on year and also accounting for 31% of Japan's overall imports.

Imports from second-largest supplier Malaysia reached 1.3 million mt, down 17.1% from a year ago, and volumes from Qatar, which came in third, rose 12.1% year on year to 1.1 million mt.

Japan also received a cargo from Egypt last month. The Flex Enterprise delivered a cargo from Idku, Egypt to the Oita terminal operated by Kyushu Electric on March 12, according to S&P Global Platts trade flow software cFlow.

The US also sent a couple of cargoes to Japan with the Kita LNG delivering a Sabine Pass cargo to the Futtsu terminal on March 23 and the Creole Spirit delivering another Sabine Pass cargo to the Himeji terminal on March 29, cFlow showed.

The Japan Customs Cleared crude oil price was $66.746/b in March, surging 18.9% from a year earlier but edging down 2.2% from the previous month.

Some of Japan's long-term LNG contracts are linked to the JCC crude price, but with a lag of a few months, so fluctuations in oil prices typically take some time to be reflected in LNG prices.