Page 226 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024

COMMODITIES

OPEC: “No peak in oil demand on the horizon” terminal and South-North “Vertical Corridor” will
OPEC appears optimistic about the medium- and be essential to enhancing Central and Eastern
long-term outlook for the oil market, amid a veil European energy security by providing a new
of uncertainty for the short-term outlook. route to bring alternative supplies of natural gas
In particular, according to Reuters, global oil into the region. Critical energy infrastructure proj-
demand is expected to reach 111 million barrels ects in Greece have been supported in part by
per day in 2028 and 112.3 million barrels per day European co-funding as well as the United States
in 2029. It is worth noting that OPEC’s estimate Government through the Development Finance
for 2029 is 6 million barrels higher than that of Corporation (DFC).
the International Energy Agency (IEA).
Meanwhile, looking even further ahead, OPEC Woodside and JERA sign a long-term supply
estimates that demand in 2045 will reach 118.9 agreement
million barrels per day and 120.1 million barrels Woodside has signed a sale and purchase agree-
per day in 2050. “There is no peak in oil demand ment (SPA) with JERA for the long-term supply
on the horizon”, noted OPEC Secretary General of LNG to Japan.
Haitham Al Ghais. Under the SPA, Woodside will supply approxi-
This estimate is reportedly based on growth in mately 0.4 million tonnes (six cargoes) of LNG
India, Africa, and the Middle East, but also on a per year over 10 years on a delivered basis, com-
slower-than-expected shift to electric cars. By mencing in April 2026.
2050, there will be 2.9 billion electric vehicles on LNG delivered to JERA under the SPA will be
the roads, compared to 1.2 billion today. In any sourced from volumes across Woodside’s global
case, vehicles with internal combustion engines portfolio. The execution follows the announce-
will account for more than 70% of the total. ment in February, whereby Woodside reached an
agreement for the sale to JERA of a 15.1% non-op-
Venezuelan oil exports at a four-year high erating participating interest in the Scarborough
Venezuelan oil exports reached their highest levels Joint Venture.
in more than four years last August, as the imposi-
tion of new US sanctions looks increasingly likely.
In particular, the US is “allowing” (i.e. not sanc-
tioning) certain Venezuelan companies to export
oil. But this may soon change, given the recent
turmoil following the elections in Venezuela.
Last August, the country’s state oil company
(PDVSA) and its joint ventures with Chevron and
Repsol exported a cumulative average of 885,000
barrels of oil per day. A large volume of the total
of 51 shipments ended up in China, the US, and
Europe.

LIQUIFIED NATURAL GAS (LNG)

Alexandroupolis LNG terminal attracts global
energy companies
Venture Global recently announced the execution
of a binding long-term terminal use agreement
(TUA) with GASTRADE S.A., enabling the regas-
ification and sale of LNG from Venture Global’s
terminals in Louisiana to markets in Central and
Eastern Europe. Under the agreement, Venture
Global has secured approximately 1 million tonnes
per annum (MTPA) of LNG regasification capac-
ity at the new Alexandroupolis LNG receiving
terminal in Greece for five years, beginning in
2025. Venture Global’s capacity will account for
approximately 25% of the total terminal capacity,
or approximately 12 cargoes annually.
The new Alexandroupolis LNG FSRU receiving

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