French oil giant Total reported on Thursday an increase of 24 percent in liquefied natural gas (LNG) sales in the first half of 2020 compared to the same period of 2019
MOSCOW (Pakistan Point News / Sputnik - 30th July, 2020) French oil giant Total reported on Thursday an increase of 24 percent in liquefied natural gas (LNG) sales in the first half of 2020 compared to the same period of 2019.
"Total LNG sales increased by 22 percent in the second quarter compared to last year, notably due to an increase in trading activities. For the first half, total sales increased by 24 percent year-on-year for the same reason and thanks to the ramp-up of Yamal LNG and Ichthys plus the start-up of the first two Cameron LNG trains in the US," the statement from Total, one of the world's largest oil and gas companies of French origin, said.
Yamal LNG, one of the largest LNG projects in the world, leverages the onshore gas resources of Russia's Yamal Peninsula. The Total company is partnered on the project with Russia's Novatek, China's CNPC and Silk Road Fund.� Ichthys LNG is a major oil and gas project in Australia, jointly managed by Japanese INPEX group companies, Total, the Australian subsidiaries of CPC Corporation Taiwan, and Japan's Tokyo Gas, Osaka Gas, Kansai Electric Power, JERA and Toho Gas.
Total also said it anticipates significant deferred liftings in the LNG trades in the third quarter of 2020. Moreover, the fall in oil prices, which have prevailed in the second quarter, will affect long-term LNG contract prices in the next two quarters.
Cameron LNG is jointly owned by Total, affiliates of Sempra LNG, Mitsui & Co., and Japan LNG Investment. It includes the creation of three liquefaction trains to safely process and load LNG supplies onto ships.