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Record Number Of LNG Tankers Set For UK

Britain is importing more liquified natural gas (LNG) than would normally be expected at this time year. Bloomberg recently revealed that the country was expected to see a record number of LNG tankers landing on its shores in April.

With so much LNG continuing to be imported over the summer months, prices of the fuel are expected to remain low. That’s good news for businesses and consumers alike, the news provider noted.

The reason the UK is attracting more LNG tankers is because the country, along with others in north-west Europe, has the capacity to absorb any global surplus of supplies.

Coupled with this is the fact that there’s something of an LNG production boom occurring around the world. Many producers on the Atlantic basin, predominantly the US and countries in West Africa, are sending more of their gas to Europe than Asia, because it is the closer of the two markets.

The majority of the UK’s shipments come from Qatar, Nigeria and Norway, although the US is increasing the amount of the fuel it sends to the country and this is predicted to rise in the coming years.

Murray Douglas, a research director for European gas at Wood Mackenzie Ltd, told the news provider there is likely to be “significant pressure on prices” this summer.

“The global LNG market is strong, we still have lots of LNG turning from the Asian to the European markets and we still see lots of LNG deals and approvals for new projects,” he commented.

One such project is a large-scale venture on the Grand Tortue/Ahmeyim gas field, which stretches across the Senegal-Mauritania border. Earlier in April, it was announced that commissioning for the floating LNG project on the field is expected to be completed by 2022.  

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