In Freight News 29/05/2015
Engie, the French utility giant formerly known as GDF Suez SA, plans to raise sales of liquefied natural gas by about a fifth in five years, partly through exports of U.S. shale gas.
“Prospects for gas globally are very favorable,” Chief Executive Officer Gerard Mestrallet told reporters Wednesday at a press conference in Mareil-le-Guyon, France.
The utility plans to add shipments from the Cameron LNG export terminal in Louisiana, and possibly from future projects in Indonesia and the Philippines, to its existing supply contracts.
The operator of Europe’s largest natural-gas network is seeking to expand sales of the fossil fuel, as well as electricity, in faster-growing markets such as Asia and the Middle East.
Gas production is expected to grow in almost all regions except Europe by 2040, the International Energy Agency said in November. LNG exports will almost double, taking market share from pipelines, according to the Paris-based adviser to 29 developed countries.
Engie is looking to raise its annual sales of super-cooled gas shipped by tanker to 20 million metric tons by 2020, from 16.4 million currently, according to a presentation by the company. The utility has 14 tankers and sold 142 cargoes in 2014, making it Europe’s biggest LNG importer and second-biggest terminal operator.
“Liquefied shale from the U.S. will help supply Asia and maybe even Europe one day,” Mestrallet said. The first commercial cargo from Cameron LNG, in which Engie has a 16.6 percent stake, is expected in 2018.
Engie is planning to start producing gas from the Cygnus project offshore U.K. at the end of 2015 and from Touat in Algeria and Jangkrik in Indonesia in 2017, according to the presentation.
