Adriatic LNG mulls open season for capacity (Clarification)
(Clarifies that the open season is not yet launched)
The operator of the 8bn m³/yr Adriatic LNG import terminal in northeast Italy said September 6 that it is expecting to launch this month an open season for new tranches of capacity. At present, 6.4bn m³/yr is booked until November 2034 and 1.6bn m³/yr is currently available.
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The company, owned by Qatar Petroleum, US ExxonMobil and Italian network operator Snam, also plans to debottleneck the terminal, allowing another 145,000 m³ tanker to unload each month, adding 0.5bn m³/yr. This is dependent on demand from the open season.
Adriatic LNG intends to allocate all the available regasification capacity and to-be-built capacity for a total duration of 25 years, starting, for example, in January 2022. The to-be-built capacity could become available within three years of being allocated in the open season.
Adriatic LNG says it has been granted a waiver from a full environmental impact assessment and it expects to secure all required approvals prior to the beginning of the binding portion of the open season.
The capacity products contemplated are subdivided into three blocks based on their respective durations: 2022-2046; 2022-2034; and 2035-2046. Some products overlap in order to offer bidders choices in terms of both duration and size of capacity booked.
With global spot gas prices at record levels, even before winter has started there are few spot cargoes arriving in Europe this summer. So buyers are viewing long-term contracts in a more favourable light, owing to the rare discount of oil indexation contracts to spot.