A glut of natural gas, which has its roots in the U.S., is starting to have political as well as economic consequences as far away as Asia. In Papua New Guinea plans by ExxonMobil and partners to expand a liquefied natural gas (LNG) project have collapsed after a breakdown of talk with the PNG Government. None of the companies involved is in a rush to sink capital into an expanded LNG project at a time of record low prices for the super-chilled gas. According to the Reuters news service one of China’s biggest LNG buyers, the China National Offshore Oil Corporation (CNOOC) has already declared force majeure on some short-term (or prompt) deliveries. A security guard outside the China National Offshore Oil Corp. (CNOOC) Ltd., headquarters in ... [+] Beijing.

Source: Forbes February 09, 2020 07:18 UTC