Diversion of LNG cargoes destined for one market place to a higher priced market, such as the diversion of LNG from Oman destined for the Spanish market and shipped instead to the higher paying Asian market. Under certain circumstances the original consumer has even been approached with a request to agree to forfeit their deal and split the extra profit from the Asia deal with the supplier >
A market in which selling or buying can be accomplished with minimal price change. A market is said to be ‘liquid’ when it has a high level of trading activity and open interest
Sedimentary rock consisting of at least 50% calcium carbonate. The term limestone is applied to any sedimentary rock consisting essentially of carbonates. The 2 most important constituents are calcite and dolomite, but small amounts of iron-bearing carbonates might also occur. The oil reservoirs of the Middle East and North Africa contain some 70% of the world’s known oil reserves and about 50% of the world’s natural gas reserves. Most of these are contained in high-energy carbonate platform sediments, or in fractured limestones of large, doubly plunging anticlines
Libya, a member of the Organization of Petroleum Exporting Countries (OPEC), holds the largest proven oil reserves in Africa, followed by Nigeria and Algeria. Libya had total proven oil reserves of 41.5 billion barrels as of January 2007
LOGIC (Leading Oil and Gas Industry Competitiveness) was created in 1999 by the Government’s Oil and Gas Industry Task Force to improve competitiveness in the UKCS by targeting efficiencies in the supply chain
Import capacity is the maximum amount of natural gas that can be produced, transported, stored, distributed or utilized in any given period of time under design conditions
In this case the buyer of the LNG is responsible for arranging the shipping and the title to the cargo transfers on loading
