Guangzhou. August 29. INTERFAX-CHINA - Chinese state-owned energy companies are close to finalizing two long-term liquefied natural gas (LNG) deals as early as next month and are in active talks to secure supply sources for another two new import terminals amid continuously high global gas prices, according to an industry insider who attended the Asia-Pacific Economic Cooperation natural gas utilization workshop in Guangdong Province's capital city of Guangzhou.
China's dominant LNG project developer, the China National Offshore Oil Corp. (CNOOC), may sign a gas agreement with Australia's Gorgon LNG project next month to import 3 million tons of the fuel through its terminal in Zhejiang Province's Ningbo City, the source, who wished to remain anonymous, said yesterday.
The deal, if finalized, will come more than two years after its original plan when big price differences led to a decision by U.S.-based Chevron, the major stakeholder in the project, to divert its LNG sales away from CNOOC to three Japanese utilities companies.
The Gorgon gas project off the coast of Western Australia is the largest known gasfield in Australia, with a reserve of about 40 trillion cubic feet of gas. However, it has experienced development delays in recent years due to stringent environmental assessments in Australia with regard to carbon dioxide emissions during gas production and liquefaction as well as very high operational costs.
PetroChina, the country's largest oil and gas producer, is also expected to ink a long-term gas-supply deal with Australia's Woodside Petroleum Ltd. next month, according to the source. Woodside Petroleum Ltd. has been supplying China's only operational LNG terminal in the city of Shenzhen in southern China's Guangdong Province since September last year. The Dapeng LNG terminal in Shenzhen is slated 3.7 million tons a year of LNG from Australia's North West Shelf.
It has not yet been made clear which terminal is to receive the new LNG imports, said the source, though the Wall Street Journal reported late last week that the target terminal for the Australian gas is PetroChina's Rudong terminal in eastern China's Jiangsu Province. The Rudong terminal is scheduled to begin commercial operations in the first quarter of 2011 with a capacity of 3.5 million tons of LNG in its first phase.
PetroChina's two other planned terminals are located in Tangshan, near Caofeidian Port in Hebei Province, and Dalian in Liaoning Province.
Chinese President Hu Jintao will pay a state visit to Australia during the 15th Economic Leaders' Informal Meeting of APEC from Sept. 3 to Sept. 9.
Meanwhile, operators of two other LNG terminals that are under planning are actively seeking suppliers in order to get the projects on track.
The Zhuhai LNG terminal, led by Guangdong Yudean Group, the largest state-owned power generator in Guangdong and CNOOC, has completed its feasibility study and is now seeking gas supply sources in order to get the final go-ahead from the central government. The company is aiming to land a gas deal by the end of the year, said an official with the project.
The China Petroleum & Chemical Corp. (Sinopec), which is building its first LNG terminal, also in Zhuhai, may consider purchasing Iranian LNG from Zhuhai Zhenrong, a state-owned company specializing in energy product import and export, according to the industry source.
China, the world's second largest energy consumer, is on a mission to boost the proportion of natural gas used in its overall energy mix in order to cut greenhouse gas emissions and reduce the country's dependency on oil. Market expectations that demand will soar in China have significantly boosted gas prices on the international market.
With a plan to bring up to five LNG terminals online by the end of 2010, CNOOC said that by 2020, it will need to import 60 million tons of the fuel per year, up from 3.7 million tons at present.
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