Page 227 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024

Woodside Executive Vice President and Chief Thanks to this agreement, TotalEnergies
Commercial Officer Mark Abbotsford said the strengthens its long-term position in the growing
execution of the SPA strengthened the com- Chinese market. In China, natural gas serves as a
mitment to explore business opportunities crucial transition energy, mitigating the intermit-
alongside JERA. “This LNG offtake agreement tency of renewable energy sources and reducing
is Woodside’s first long-term sale to JERA from emissions when used as a substitute for coal in
our global portfolio and delivers on one of the electricity generation.
core elements of our strategic relationship out- “We are pleased to strengthen our ties with
lined earlier this year”. CNOOC, a key partner for the Company in the
“We understand the demand from our custom- world’s largest LNG importing country. This
ers in the Asian region for reliable energy. LNG agreement allows us to continue securing long-
continues to be an important energy source term sales in Asia and reduce our exposure to
for Japan, one which can support the country’s spot market gas prices”, said Gregory Joffroy,
efforts to decarbonise”. Senior Vice President, LNG at TotalEnergies.
Woodside expects the Scarborough equity
sale to JERA to be completed before the end Chinese LNG imports from Russia on the rise
of 2024. Chinese imports of Russian LNG are on the rise,
with Russia remaining the fourth leading exporter
TotalEnergies: Α 5-year extension of its sales of the fossil fuel to China, after Australia, Qatar,
and purchase agreement (SPA) with CNOOC and Malaysia.
In line with its strategy to grow its long-term In particular, according to TASS, China imported
liquefied natural gas (LNG) sales, TotalEnergies 872,000 tonnes of Russian LNG in August, lev-
announced a 5-year extension of its sales and els that represent a monthly increase of 32.9%.
Credit: ATHENS - purchase agreement (SPA) with CNOOC, for However, during the January-August 2024 period,
MACEDONIAN NEWS AGENCY / the delivery of 1.25 million tonnes of LNG per China imported 5.04 million tonnes of Russian
DIMITRIS ALEXOUDIS
year to China until 2034. LNG, down 7.4% compared to the same period
in 2023.
This year’s exports of Russian LNG to China have
reportedly generated $2.94 billion in revenue for
Moscow.

Trafigura: An optimistic outlook for the LNG
market
Richard Holtum, Global Head of Gas, Power and
Renewables at Trafigura took part in an engaging
discussion about the LNG market at the Gastech
2024 conference in Houston in mid-September.
Mr Holtum shared an optimistic outlook for the
market while also emphasising the importance
of addressing methane slip within the industry.
“Fundamentally, we are bullish about gas and
LNG for the remainder of the decade, and for
good reasons. As renewable power continues to
expand, the need for gas-fired power generation
grows as well. Flexible generation is crucial to
provide power when the sun is not shining and
the wind is not blowing”.
“However, there is one important issue we, as
an industry, must address: methane slip. Meth-
ane can escape throughout the process, from
extraction to shipping and regasification. For-
tunately, there are various solutions available to
tackle this, particularly in shipping. As an indus-
try, we need to keep this front of mind. Because,
in response to the question, “Are we better than
coal?” Absolutely. But we must remain vigilant
about methane slip”.

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