| 来源类型 | Energy Insight
|
| 规范类型 | 报告
|
| Does the Portfolio Business Model Spell the End of Long-Term Oil-Indexed LNG Contracts? |
| Howard Rogers
|
| 发表日期 | 2017-04-10
|
| 出版年 | 2017
|
| 页码 | 4
|
| 语种 | 英语
|
| 概述 | Historically the cornerstone of the LNG industry has been the long-term oil indexed contract with restrictions on destination flexibility. However, market liberalisation in North America, the UK and Northwest continental Europe, the temptation to make contracts more flexible to capture arbitrage upside and large volumes of destination flexible US LNG under development – have encouraged […] |
| 摘要 | Historically the cornerstone of the LNG industry has been the long-term oil indexed contract with restrictions on destination flexibility. However, market liberalisation in North America, the UK and Northwest continental Europe, the temptation to make contracts more flexible to capture arbitrage upside and large volumes of destination flexible US LNG under development – have encouraged the rise of ‘portfolio players’ applying advanced trading optimisation skills to their ‘webs’ of supply sources and destination markets to derive additional value through supplying non-supply source specific LNG to buyers. LNG traders have also developed a similar, more ‘asset-light’ version of this model.
The paper argues that, despite the challenging period to 2021 with a soft market or ‘glut’ of LNG, the majors amongst the portfolio players are well placed for the next wave of new supply projects in the mid 2020s, due to the synergies from existing positions, advantaged cost of debt and more flexible contracting/sales and pricing strategies.
With the uncertainties concerning future Asian LNG demand growth, the wane of oil indexation as a workable pricing mechanism in Asia and the perhaps more modest scale of the mid 2020s LNG supply growth wave, this could see non-Majors and energy sector banks ‘left on the starting blocks’ if they do not adapt to this transition.
Executive Summary |
| 主题 | Energy Economics
; Finance
; Gas
; Gas Programme
|
| 关键词 | LNG
LNG contracts
LNG trading
Oil-indexation
portfolio player
|
| URL | https://www.oxfordenergy.org/publications/portfolio-business-model-spell-end-long-term-oil-indexed-lng-contracts/
|
| 来源智库 | Oxford Institute for Energy Studies (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/312461
|
推荐引用方式
GB/T 7714 |
Howard Rogers. Does the Portfolio Business Model Spell the End of Long-Term Oil-Indexed LNG Contracts?. 2017.
|
|
文件名：
|
Does-the-Portfolio-Business-Model-Spell-the-End-of-Long-Term-Oil-Indexed-LNG-Contracts-OIES-Energy-Insight.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
