Liquefied Natural Gas (LNG) Production and Markets. By: Jay Drexler, Dino Kasparis, and Curt Knight

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1 Liquefied Natural Gas (LNG) Production and Markets By: Jay Drexler, Dino Kasparis, and Curt Knight

2 Outline Purpose of the presentation What is Liquefied Natural Gas? (LNG) LNG Operations Brief History of LNG Importers/Exporters LNG Markets & Trade Declining Costs Safety and the Environment Major Accidents Conclusions

3 Purpose of the Presentation This presentation was designed to provide an overview of the LNG industry and markets as well as its environmental and safety implications.

4 LNG Video

5 What is LNG? Liquefied natural gas (LNG) is natural gas that has been cooled to the point that it condenses to a clear, colourless, and odorless liquid. (approx. -265oF or -161oC) Liquefaction reduces the volume by approximately 600 times thus making it more economical to transport throughout the world via specially designed ocean vessels. Source: Center for Energy Economics

6 Where does it come from? Indonesia, Algeria, Malaysia, Qatar and Trinidad are currently the leading exporters of LNG Russia and Iran have the greatest potential for LNG production TABLE 4. Current Regional Natural Gas Status (in tcf) Region Current Production Proved Reserves - R/P Ratio Current Consumption North America South America Europe Former USSR Africa Middle East Asia/Oceania TOTAL WORLD /1 90/1 24/1 80/1 131/1 409/1 54/1 67/

7 Why the interest in LNG? The most important quality that LNG holds is its ability to be distributed throughout the world. Other forms of energy transportation are confined by space, terrain and oceans. (examples:pipelines, electricity lines etc.) This quality of LNG allows countries to tap into global gas markets and to diversify gas supplies. (this is most important to the U.S)

8 LNG Operations In order to make LNG available for use, countries must invest in a number of operations that are highly linked: 1.Exploration to find natural gas (usually found during searches for oil) 2.Liquefaction to convert natural gas into a liquid state so that it can be transported 3.Shipping the LNG in special purpose vessels 4.Storage and Regasification

9 Exploration and Production According to World Oil, for the year 2001 worldwide proven reserves of natural gas were 5919 trillion cubic feet and more reserves continue to be discovered Most natural gas reserves are discovered through oil exploration Many of these reserves are in remote locations of countries who do not need large quantities of additional energy So the issue is getting these reserves to profitable markets- LNG is the answer!

10 Liquefaction The liquefaction process entails cooling the gas by using refrigerants The liquefaction process can be designed to purify LNG to almost 100 percent methane The natural gas is liquefied for shipping (volume is reduced by factor of 600)

11 Transportation Specially designed ships are used to transport LNG to terminals around the world They have double hulls and are constructed of specialized materials that are capable of safely storing LNG at extremely low temperatures The Coast Guard provides security while the LNG vessel is approaching the unloading bay

12 Transportation A typical LNG carrier can transport about 125, , ,000 cubic meters of LNG The LNG shipping market is expanding. According to LNGOneWorld, as of December 2002, there were 136 existing tankers, with 57 on order LNG has economic advantages over the usage of pipelines

13 Storage and Regasification Upon arrival at the receiving terminal, LNG is pumped into a storage tank The return of LNG to a gaseous state, is achieved through a regasification plant LNG is warmed by passing it through heated pipes The vaporized gas is then regulated for pressure and enters the local pipeline system as natural gas.

14 History of LNG Key Points Natural gas liquefaction was first experimented with by a British chemist/physicist named Michael Faraday in the 19 th century The first practical compressor refrigeration machine was built by a German named Karl Von Linde in Munich in 1873 The first LNG plant was built in West Virginia in 1912 The first commercial liquefaction plant was built in Cleveland, Ohio in 1941 The first LNG tanker was introduced in 1959(a converted WW2 liberty freighter) This first tanker carried LNG cargo from Lake Charles Louisiana to Canvey Island, U.K -demonstrating that large quantities of LNG could be transported safely across the ocean

15 History of LNG Key points After the concept was shown to work in the UK (not until late 60 s) additional liquefaction plants and import terminals began to be constructed around the world Four terminals were constructed in the U.S between After reaching a peak volume of 253 BCF (billion cubic feet) in 1979, LNG imports began to decline due to a gas surplus in North America and price disputes occurring with Algeria (a major provider of LNG to the US) The first exports of LNG from the US to Asia occurred in 1969 when Alaska LNG was sent to Japan The LNG market has continued to grow worldwide especially in Europe, Asia and North America

16

17 Major LNG Exporters, 2002 Country ( million tonnes) Indonesia 23.0 Algeria 19.6 Malaysia 15.6 Qatar 14.9 Nigeria 8.2 Australia 7.7 Oman 7.3 Brunei-Darussalam 7.2 UAE 7.2 Russia 4.8 Trinadad & Tobago 4.0 USA 1.4

18 Major LNG Importers, 2002 Country ( million tonnes) Japan South Korea 40.7 France 10.7 Taiwan 7.5 Britain 7.3 USA 4.8 Turkey 4.6 Portugal 3.3 Spain 2.7 Belgium 2.6 Italy 2.6 India 2.5

19 LNG Trade LNG prices in North America are pegged to the Henry Hub, which is the pricing point for natural gas future contracts traded on the New York Mercantile Exchange (NYMEX).

20 LNG Trade LNG prices in Asia are pegged to crude oil prices based on the Japan Crude Cocktail (JCC).

21 LNG Trading During the mid 20 th century, buyers and sellers of LNG would engage in a Delivery Ex shipping agreement which costs included the costs of goods and freight insurance. The seller would be liable for the transportation.

22 LNG Trading Now since transportation and regasification costs have decreased and to ensure a secure and steady supply for buyers, LNG contracts are negotiated on a FOB shipping point. Buyers are now liable for transportation.

23 LNG Trading LNG contracts are based on a Take or Pay structure, which buyers enter a long term and inflexible in pricing and volume. There is a trend towards giving short term contracts to buyers in the 21 st century.

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25 LNG Niche Markets & Opportunities Possibilities for future market applications: Vehicle fuels Alternative to propane Used by isolated industrial complexes Eg.. Mining and forestry companies Economic incentives are administered in tax breaks as LNG constitutes as an alternative fuel source.

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32 Short Term Supply Barriers Availability of skilled workers Availability of equipment Permitting and well development Weather and delivery disruption

33 General Barriers to Increasing Supply Land infrastructure Pipeline infrastructure The financial environment

34 Declining LNG Costs New technologies and innovations Construction costs of LNG plants, vessels, and receiving terminals Higher demand More competition 30% reduction of costs in the past 20 years

35 Declining LNG Costs Tankers Longer operating lives Improved fuel efficiency Increased carrying capacity Plant costs Economies of scale Competing technologies

36 Is LNG flammable? Contact with warm air creates vapor cloud Only flammable if it s s 5%-15% of the air content Only explosive within the flammable range

37 Security Shipping Storage Terrorism

38 Major Accidents Cleveland, Ohio, 1944 Result of poor tank construction, 128 deaths Staten Island, New York, 1973 Re-construction mishap, 40 deaths Cove Point, Maryland, 1979 $3 Million in damage, 1 death Skikda,, Algeria, 2004 Explosion from a tank leak, 27 deaths

39 Cleveland 1944

40 Algeria 2004

41 Alternative arguments Residential LNG facilities and pipelines Private ownership with no public concern Environmental concerns Rapid Phase Transition Industry corruption

42 Is LNG a Safe Fuel? Compared to refineries and other petrochemical plants Environmental impact and residential safety More stringent operational and safety regulations are in place since early incidents

43 Conclusions LNG industry markets Quality alternative fuel source Growing industry with large reserve base Environmental Clean burning & harmless in most cases of spillage and leakage Safety Implications Only combustible in specific circumstances

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