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Vol 23 No 5 May/June 2018

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Drafting Commercial Agreements

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LNG Markets in Transition: The Great Reconfiguration

ISBN13: 9780198783268
Published: September 2016
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £55.00

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The present situation in the LNG market should be seen as a 'crossroads' for the industry. The LNG industry has not been static over the past 5 decades and has already experienced many changes, but still the model of long-term contracts prevails and the majority of LNG is still bought at oil-indexed gas prices.

There have however been considerable changes: an increase in short-term trading of LNG, buyer contractual flexibility and FOB contracts which have lead to around a quarter of the LNG is being traded under spot and short-term contracts, with aggregators play a far more significant role. All these factors have influenced project business structures.

The industry has now embarked on a period of further change, with 180 bcm of new LNG export capacity (equivalent to more than 50% of LNG trade in 2014) under construction at a time when the assumed rapid LNG demand growth in Asia appears to be slowing. The absorption of this new supply will affect, not only trade-flow patterns, but also pricing dynamics, competition with other gas supply channels and (in the power sector) potentially other fuels.

Key to this change is US LNG, with buyers becoming more selective about the price and delivery terms they are ready to accept. Sellers however are facing high costs and are reluctant to abandon a business model in which they have confidence. Oil indexation is under further attack with US LNG selling at HH indexed prices (plus costs), and other sellers and buyers have been pressured to adopt different pricing policies and secure more contractual flexibility.

This volume examines the development of the LNG business over the past 50 years and examines how the industry will change over the coming 15 years, faced by unprecedented challenges to its historic business model.

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1: Introduction, Anne-Sophie Corbeau
2: Looking back at history: the dynamics of supply and demand Pioneers up to 2000, Jonathan Stern and Ken Koyama
3: How the LNG industry evolved since since 2000, Jonathan Stern, Andy Flower, and Anne-Sophie Corbeau
4: The changing commercial structure of the upstream and midstream LNG business, David Ledesma
5: Changes in the LNG shipping and downstream business, Anne-Sophie Corbeau, James T. Jensen, and Chris Le Fevre
6: Looking ahead: who will be the main potential main LNG suppliers?, James Henderson, Anne-Sophie Corbeau, and James T. Jensen
7: Divergent views on the LNG demand potential, Anne-Sophie Corbeau, Howard V. Rogers, Sylvie D'Apote, Chris Le Fevre, and Anouk Honore
8: Contracts and shipping: reconfiguring the current business models?, Anne-Sophie Corbeau
9: Prices and Costs: the current challenges, Anne-Sophie Corbeau, Jonathan Stern, Howard V. Rogers, and Brian Songhurst
10: Conclusions, Anne-Sophie Corbeau
Appendix - Technology Overview, Christopher Caswell