CNOOC’s LNG imports delayed; near-term supply may be affected

15 January 2013 09:16  [Source: ICIS news]

SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) was heard to have rescheduled the arrival dates for two liquefied natural gas (LNG) imports at Dapeng LNG terminal in Guangdong province, a south China-based trader said on Tuesday.

CNOOC was expected to receive three LNG term cargoes from Australia on 10, 12 and 18 January respectively, ICIS C1 Energy shipping data showed.

However, only one shipment arrived as scheduled on 10 January, while the two remaining cargoes were rescheduled for arrivals on 14 and 20 January instead, according to the trader.

The upstream suppliers at the North West Shelf gas fields in western Australia had been unable to load their LNG shipments as Tropical Cyclone Narelle disrupted production earlier in the week, the trader explained.

LNG inventories at Dapeng are also likely to decline, because of the delay in the cargoes' arrival, according to several traders in south China.

As a result, CNOOC may limit its LNG supplies from Dapeng to its downstream users to maintain its LNG storage at the terminal at a suitable level, the trader said.

However, end-users may have to buy additional LNG volumes from other suppliers, the trader added.

The domestic LNG supply is expected to increase once the two delayed cargoes for CNOOC arrive, the trader added.

By: Ricki Wang
+65 6780 4359

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