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Engie to weather LNG oversupply with long-term deals

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LNG Industry,

Reuters are reporting that Engie expects to weather festering oversupply in markets for LNG with long-term deals beginning in the next couple of years.

Production of LNG has been outpacing demand as new supplies come online in Australia and the US, driving down Asian spot prices LNG-AS by more than 70% since 2014.

Engie a few years ago locked in 20-year deals to supply Japanese utility Tohoku Electric Power and Taiwanese state firm CPC Corp from its US Cameron LNG project that will start production in 2018.

The project will add 4 million tpy of US LNG to Engie's global portfolio of 16.4 million tpy.

Engie is in talks to supply gas to Thailand and Myanmar and to build FSRUs that will supply smaller volumes of gas to power plants on Indonesian islands.

Engie in June supplied its first LNG cargo to Indonesia's Pertamina from the local Jangkrik field, its joint venture with Italy's Eni.

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