Natural Gas Daily: July 9th, 2020

Total Secures $15.8bn for Mozambique LNG Project: Press

France's Total has secured $15.8bn in financing for its LNG export project in northern Mozambique, the local division of South African bank FirstRand, FNB Mozambique, was quoted as saying by Reuters.

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• The $20bn project is due on stream by 2024, and will produce 13mn mt/yr of LNG at full capacity.
  

• ExxonMobil and Italy's Eni are developing a 15.2mn mt/yr LNG export plant in the country, but have delayed taking a final investment decision until 2021.

Japanese June LNG Spot Price Drops

The average price of spot LNG imports into Japan contracted in June was $3.8/mn Btu, sharply down from $5.5/mn Btu in the same month a year earlier, the country's trade ministry (Meti) said. The price was, however, up 73% compared with May.

• Japan’s LNG imports in May saw a steep decline as the coronavirus outbreak hit demand for the commodity.
  

BP, China's ENN Ink Gas Deal

BP said it has signed a gas supply agreement with China’s ENN group. The UK major will provide ENN with 300,000 metric tons/year of pipeline gas regasified from LNG for two years from January 1, 2021 in Guangdong.

• “As China progresses the coal to gas switch and advances the energy transition, BP is committed to being a trusted and valued partner, bringing smart and low carbon solutions to contribute to a net zero future,” added Simon Yang, BP China president.

'Renewable' Energy Costs the Earth: Report

The environmental side-effects of abandoning hydrocarbons in favour of renewable energy will be huge, according to a report published by the Manhattan Institute.

• "Oil, natural gas, and coal are needed to produce the concrete, steel, plastics, and purified minerals used to build green machines. The energy equivalent of 100 barrels of oil is used in the processes to fabricate a single battery that can store the equivalent of one barrel of oil," he writes.