Depressed demand and falling prices challenges LNG sector

first_img“Due to the sharp fall in oil prices, spread between oil-indexed long-term LNG contracts and spot contracts have considerably reduced. This can make it challenging for LNG producers to meet their revenue targets. In addition, a rapid decline in gas demand is affecting financing of capital-intensive new liquefaction projects, leading to inordinate delays and capex reductions,” explained Haseeb Ahmed, Oil and Gas analyst at GlobalData.To keep a check on spends, several operators are delaying their upcoming LNG projects. Operators are reducing their expenditures for 2020 as a measure to counter the impacts of Covid-19. Woodside Energy and Exxon Mobil have resorted to downsizing their capex by 60% and 30%, respectively, for 2020. In the meanwhile, British Petroleum has pushed the timeline for its Tortue FLNG project from 2020 to 2023 in response to the Covid-19 impact. Similarly, Qatar Petroleum has also postponed the project timelines of its Ras Laffan North Field LNG terminal development by a year to 2025.“A silver lining amid all the chaos induced by the pandemic outbreak is increased opportunities for new entrants to the LNG sector. Global LNG oversupply, as well as low LNG prices, might encourage new countries and companies to start importing LNG, contributing to LNG industry growth. Sustained low LNG prices will encourage several gas-importing countries to switch from coal and oil to cleaner natural gas,” Ahmed concluded.last_img read more

Monsters’ Cleveland Cavaliers Tribute Night Fun For All Involved

first_imgCLEVELAND, Ohio- Though the outcome on the ice was not what the home crowd at Quicken Loans Arena wanted on Wednesday night, it was still a very fun night for everybody at the game.The Cleveland Monsters honored the Cleveland Cavaliers on Wednesday night during Cleveland Cavaliers Tribute Night. During the event, the Scream Team, Cavs Girls, Moondog, Sir CC and past Cavalier greats all made appearances before the game.Fans had the opportunity to meet and greet past Cavaliers such as Austin Carr, Campy Russell, Larry Nance, Bingo Smith and many others. They also had a chance to talk to the Scream Team and Cavs Girls, all while Moondog was strolling around the Main Concourse on a pair of roller skates. Along with all of that fun, there were stations for sign making, hair painting and so much more.To make the time even more special, the Larry O’Brien Championship Trophy and the Calder Cup were available to take pictures with.During the game, the Scream Team performed and threw t-shirts out to the crowd, Moondog and Sir CC performed with the Monsters Girls and fans used their thundersticks to make noise throughout the night. All while the Monsters rocked their gold jerseys for the first time this season.Cavalier legend Campy Russell put it best when asked about the special night. “Well you know, first of all we both are world champions. And then, it’s always good to be a part of a family. The Monsters are a part of the Cavs’ family and we’re apart of their family as well.”Another Cavalier great Larry Nance spoke on the excitement of the city during one of the best sports years in the city’s history.“It’s a blessing really because the fans are the ones that deserve this. Every player says that their fans are the best, but the Cleveland fans really are the best…They really stick by their teams no matter what. They’re the ones that deserve this and that’s what I’m most happy about.Below are some photos from tonight’s game and festivities. Of course, the Christmas Day game between the Cavs and the Golden State Warriors had to come up.“That was super” said Cavaliers color commentator Austin Carr when asked about the game’s craziness.Campy Russell would add this about the showdown:“Spectacular game. A game that a lot of people will not forget. That’s another great Christmas present.”It was a night filled with good times for Cleveland fans on Wednesday, as they got to celebrate both the Calder Cup Champions and the NBA Champions all in one night. Related TopicsCleveland CavaliersCleveland Cavaliers Tribute NightCleveland Monsters Eli Mooneyham Elijah Mooneyham has been a dedicated sports fan his whole life. Born and raised in Cleveland, he has his best days when his hometown teams are winning. Elijah is currently on-air talent/producer on two shows, The Main Event and The Moon Hour, where you can find on AllSportsCleveland.com. He also has an insane passion for professional wrestling, so catch his opinions on the world of professional wrestling.last_img read more