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CNOOC storing LNG offshore South Korea

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LNG Industry,

Reuters is reporting that China’s CNOOC is currently storing LNG offshore South Korea, as warmer than average weather impacts spot demand.

Last year China faced a severe winter fuel shortage as millions of households made the switch to natural gas from coal. This led to Chinese energy companies securing plentiful winter supplies ahead of time to meet this year’s demand.

However, so far this winter has been different in that warmer than average temperatures have persisted, leading to a decline in spot demand. This has consequently left suppliers with high levels of surplus inventory.

CNOOC is storing its excess supplies onboard the Neo Energy, an LNG tanker with a 150 000 m3 capacity. The tanker loaded a full cargo from Indonesia’s Bontang facility in mid-November 2018. The cargo has been floated since its arrival at Jisepo, South Korea.

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