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UK-based energy giant BP expects its LNG supply portfolio to increase to more than 25 million tonnes per annum by 2025, beating its previous target, according to CEO Murray Auchincloss.
BP previously set a target of 25 mtpa of LNG by 2025. In 2019, the company’s LNG portfolio was at 15 mtpa and in 2019 it rose to 17 mtpa.
Auchincloss said during the company’s fourth-quarter earnings call on Tuesday that BP’s LNG supply portfolio increased by over 20 percent to around 23 mtpa in 2023, largely driven by Eni’s Coral FLNG project in Mozambique and the Freeport LNG terminal in Texas.
Last year, BP also shipped the first cargo of LNG produced by the new third liquefaction train at the Tangguh LNG facility in Indonesia.
Auchincloss also mentioned that BP, Shell, and Trinidad and Tobago have completed the Atlantic LNG restructuring deal, “enabling the next wave of projects in Trinidad and securing long-term LNG equity offtake.”
BP also signed new offtake agreements with Oman LNG and Woodfibre LNG.
Answering a question regarding BP’s LNG build out, Auchincloss said the company expectsto get additional volumes from Venture Global LNG, Tortue FLNG, and Beach Energy.
“If you go check the numbers, those add up to way more than 25 million tonnes per annum. So that’s why we feel very comfortable with “25-by-25”. I’ll be surprised if we’re not higher than that,” he said.
BP’s Greater Tortue Ahmeyim project offshore Mauritania and Senegal is expected to start LNG production later this year, while BP has a long-term contract with US LNG producer Venture Global for volumes from the latter’s Calcasieu Pass plant.
However, Venture Global has not yet declared commercial operations at the facility and BP, Shell, and others are in dispute with the producer over the launch of commercial operations.
“As far as Venture Global itself, it continues in commercial dispute. I’m not going to get into any details on it other than to say that we will enforce our rights rigorously,” Auchincloss said.
In addition, Auchincloss also said that BP’s target of 28 mtpa of LNG by 2030 “is already underpinned as well by a couple contracts we’ve done in Oman and in Canada at Woodfibre.”
“So you can already see those coming into the portfolio. So you’ve got a bigger LNG portfolio to take advantage of,” he said.
The post BP’s LNG portfolio to grow to more than 25 mtpa by 2025, CEO says appeared first on Energy News Beat.
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