Qatar Industrial Complex

Zawya (www.zawya.com)
A surge in liquefied natural gas (LNG) production will sharply boost Qatar’s income in the next two years and this will largely widen its fiscal surplus, a key Saudi bank said yesterday.

Qatar will also be among a few countries to record high real GDP growth this year despite the steep decline in oil prices compared with 2008 and a cut in its crude output in line with an Opec’s collective agreement to trim supplies to bolster prices, the Saudi Arabian Monetary Agency (Samba) said in a new study.

Samba said it was sticking to its previous projections that Qatar’s real gross domestic product would swell by about 9.4 per cent in 2009 and accelerate to 18.1 per cent in 2010 before slowing to 13.3 per cent in 2011.

“Boosted by rising LNG and NGL output and recovering oil prices, government revenues are projected to surge to an average of more than $50 billion (Dh183.5bn) a year,” the study said.

“This will push the fiscal surplus from an estimated two per cent of GDP in 2009/2010 to 7.4 per cent in 2011/2012, despite large projected increases in capital spending directed mainly at construction and infrastructure,” it said.

Samba estimated Qatar’s total oil and gas export earnings at about $44.2bn in 2009 and nearly $64.3bn in 2010. In 2011, the income is projected to climb to its highest level of about $80.8bn, the study said.

Qatar, the world’s third- largest gas power after Russia and Iran, has not announced its 2010-2011 budget as the current fiscal year ends on March 31.

Its present 2009-2010 budget assumed spending at QR94.5bn (Dh95.38bn) and revenues at QR88.7 billion, leaving a nominal deficit of QR5.8bn.

Samba gave no figures on the actual surplus in the 2009-2010 budget but at two per cent, it is estimated at around QR7.2 billion for a GDP of QR362bn.

Official figures showed Qatar’s LNG exports stood at 30 million tonnes in 2008 and are expected to soar to 54 million tonnes in 2009 with the installation of new production trains.

About 20.7 million tonnes were produced by government-controlled RasgasRasgas while the rest were pumped by QatargasQatargas, another key LNG producer owned by the government and foreign partners.

By 2012, RasgasRasgas will be producing nearly 36.2 million tonnes while QatargasQatargas’s output will reach 41 million tonnes per year.

Qatar launched such projects in early 1990s to tap its mammoth offshore North Field, which straddles nearly 6,000 square kilometers of Qatari and Iranian water in the Gulf and is believed to be the world’s largest single reservoir of non-associated gas, with estimated reserves of 902 trillion cubic feet.

According to Qatari National Bank, LNG sales fetched Qatar nearly QR58.8bn in 2008, far higher than the 2004 LNG income of QR19.8bn. The earnings are projected to sharply grow in the coming years after all the projects are completed and Qatar becomes the world’s dominant LNG supplier.

“Bolstered by rising production of LNG and associated natural gas liquids (NGL), the Qatari economy has been able to ride out the global economic storm during 2009 and post real growth,” Samba said.

“GDP growth is estimated at 9.4 percent in 2009. A further acceleration to 18 percent and 13 percent is projected for 2010-2011, respectively, as new LNG trains come on stream and the government’s robust counter-cyclical fiscal policy continues to boost economic activity.”

The report said that with increasing revenue flows from hydrocarbon exports and immediate access to around $10bn in funds raised through sovereign bond issues during 2009, the government is “well placed” to advance its development and diversification agenda during 2010-2011. “Spending on infrastructure, construction and public wages is likely to rise rapidly, stimulating robust growth in the non-hydrocarbons sector,” it said.

“The current account balance is expected to record a similar trend with surpluses rising back to over 20 per cent of GDP in 2010-2011. This will help boost official reserves and other external assets, including those held by the Qatar Investment Authority, ensuring that Qatar maintains a substantial net external creditor position despite recent increases in external debt.”

Turning to inflation, which hit a record high of 15.2 per cent in 2008, Samba said the situation would be reversed in 2009 as the Gulf Opec producer is expected to record an average annual deflation of four per cent. It said the turnaround had been triggered mainly by a sharp drop in rents, which reflects a downturn in the real estate sector.

Woodside said the agreement, signed in 2007, to sell up to three million tonnes of LNG a year from its Western Australia Browse project expired on December 31 without a firm supply agreement.

“Woodside and PetroChina have agreed to keep each other informed of progress in their respective LNG export and LNG import projects,” Woodside said in a statement.

“Woodside remains in ongoing discussions with other Asia-Pacific LNG customers in relation to potential sales from its portfolio of Australian LNG developments, including the Browse project.”

Woodside said a provisional agreement remained current with Taiwan’s CPC Corporation, announced in November 2007, for the potential sale of up to three million tonnes of LNG per year for 15 to 20 years.

“Woodside and CPC continue to negotiate in good faith to progress a detailed LNG supply agreement,” it said, adding that talks were also ongoing with Japan’s Osaka Gas.

Analysts said the deal’s lapse was unsurprising as there were a number of questions surrounding, including where to put the processing plant.

“No one is going to go to a firm agreement on Browse gas, it would be madness at this early stage,” said Goldman Scahs JBWere analyst Aiden Bradley.

The booming LNG industry is key to Woodside’s growth plans, with the Australian firm last month announcing a 2.3 billion US dollar share offer to boost its ambitious push into the sector.

– Dow Jones Newswires contributed to this report –

BEIJING, Aug 19 (Reuters) - State-owned China National Offshore Oil Corporation (CNOOC) has been struggling to find end-users for liquefied natural gas (LNG) to be imported from Qatar because of high import costs, Chinese media said.

The leading LNG importer is scheduled to begin shipping the clean fuel from September under a 2-million-tonnes-per-year (tpy) supply deal.

Most downstream buyers had only signed intention agreements rather than formal contracts with the leading Chinese LNG importer, the official Xinhua news agency reported in a biweekly newsletter.

The LNG, which was priced in accordance with the Japanese Crude Cocktail (JCC), a benchmark for setting LNG prices for Japanese buyers, was estimated to arrive at Chinese terminal Dapeng at around 3 yuan per cubic metre, the report said.

The price would be almost twice as expensive as existing supplies from Australia and would leave minimal margins for city gas distributors that face government-set gas retail prices, and gas-fired power generators facing fixed power tariffs.

CNOOC declined to give details about domestic sales of Qatar LNG, Xinhua said.

Calls to CNOOC were not immediately answered.

Separately, CNOOC and China Merchants Energy Shipping Co Ltd (601872.SS) are considering teaming up with Malaysia International Shipping Corp (MISC.KL) to build a fleet of six LNG carriers to ship the fuel from Malaysia to Shanghai, Xinhua said. (Reporting by Jim Bai and Chen Aizhu; Editing by Chris Lewis)

(Xinhua - www.chinadaily.com)

China National Petroleum Corporation (CNPC), China’s largest oil and gas producer, said Wednesday it has signed an agreement with ExxonMobile to purchase 2.25 million tons of liquefied natural gas (LNG) annually from the Gorgon field in Australia for 20 years.

According to the agreement signed between PetroChina International Co Ltd, the specialized international trade subsidiary of CNPC, and Mobile Australia Resources Company Pty Ltd, the Gorgon field is expected to provide LNG to CNPC after it was put into production in 2014 or 2015.

Martin Ferguson, Australia’s energy and resources minister, said in a statement that the deal is worth an estimated A$50 billion, amounting to $41 billion.

The Gorgon project, in the northwestern sea area of Australia, is one of the world’s largest proposed gas project. With an estimated recoverable reserve of 40 trillion cubic feet of natural gas, the project is expected to produce 15 million tons of LNG after its first-phase three LNG production lines were completed.

The cooperation laid a good basis for the long-term strategic cooperation between the two sides, said CNPC.

The Australian government announced Wednesday the record A$50 billion gas deal with China.

Australian Federal Minister for Trade Simon Crean hailed the agreement as the single biggest trade deal in Australia’s history.

“But it is the great deal from China in terms of a clean-energy source,” he said, adding that Australia had a huge comparative advantage in clean energy.

The Gorgon plant would be “world leading” in terms of carbon capture and storage.

“We’re not just selling the gas, we’re also selling the technology,” Crean added.

“This is another example of the importance of the inter-relationship between Australia and China.”

China’s demand for natural gas has boosted LNG imports. With two LNG terminals under construction in northeast China’s Liaoning province and eastern Jiangsu province, CNPC signed long-term purchase contracts with Shell and Woodside in 2007 for four million tons of LNG annually for 20 years and with Qatargas and Shell for three million tons of LNG annually that would last for 25 years.

The Rio Tinto case would not and should not hurt the trade and economic ties between China and Australia, Vice Minister of Commerce Fu Ziying said last Wednesday.

Stern Hu, head of Rio Tinto’s Shanghai office, was detained by Chinese authorities in early July along with three other staff on charges of spying and stealing state secrets.

The $19.5 billion of bid from Aluminum Corporation of China (Chinalco) failed in June to raise its stake in Rio Tinto. Instead, Chinalco said in early July it had bought $1.5 billion of Rio Tinto shares to cement its 9 percent shareholding in the miner.

(www.energy-business-review.com) By Staff Reporter

Australia has formally begun construction of its first micro liquefied natural gas (LNG) plant at Westbury in Tasmania. The plant will be operated by BOC, a member of the Linde Group. The plant is expected to be fully operational by July 2010. It will have the capacity to produce 50 tonnes a day of LNG which is equivalent to 70,000 liters of conventional diesel. Up to 40 jobs will be created during the construction phase.

By Bloomberg News

Aug. 7 (Bloomberg) — Guangdong Dapeng LNG Corp., operator of one of China’s two liquefied natural gas terminals, will receive two spot cargos from Malaysia and Australia this month, said a Chinese official with knowledge of the purchases.

The Malaysian cargo will arrive in the first half and the shipment from Northwest Shelf in Australia will be delivered later, said the official, who declined to be named because the purchases are confidential. The Dapeng terminal in southeastern China may receive two cargoes on Aug. 8 and Aug. 11, according to transmissions from ships captured by AISLive on Bloomberg.

China bought two spot cargoes in June from Russia and Malaysia and another two in May from Russia and Equatorial Guinea, customs data showed. Falling LNG prices and increased domestic demand prompted the terminal, a venture between China National Offshore Oil Corp. and BP Plc, to resume spot purchases in April after a seven-month halt.

The Australian cargo was purchased under a right set in the 25-year supply accord signed in 2003 with Woodside Petroleum Ltd., the official said. Dapeng has the ability to buy 10 percent more or less than the contracted volume under the term contract in the form of spot purchases, the official said, declining to give details on the price of the shipment.

Dapeng paid $4.3 per million British thermal units, a record low, for the Russian cargo in June, compared with an all- time high of $20.43 for an Algerian spot cargo in September.

China was able to buy spot supplies from the Northwest Shelf project after demand from other Asian buyers, including Japan and Taiwan, fell, according to the official.

A spot LNG cargo typically weighs between 55,000 and 65,000 metric tons. LNG is natural gas chilled to liquid form, reducing it to one-six-hundredth of its original volume at minus 161 degrees Celsius (minus 258 degrees Fahrenheit) for transportation by ships to destinations not connected by pipeline.

(The Chronicle) New Delhi, Aug 1:
State gas utility GAIL India Ltd is scouting for liquefied natural gas (LNG) from overseas suppliers to meet growing domestic fuel demand, company’s new head B C Tripathi said on Saturday.
GAIL, which holds 12.5 per cent stake in nation’s largest LNG importer Petronet LNG Ltd, is looking at independently sourcing the liquefied gas in ships even as it is talking to new domestic gas producers like GSPC for sourcing the fuel.
“We are very aggressively looking at gas sourcing, be it from new domestic fields or LNG,” said Tripathi, who took over as the Chairman and Managing Director of GAIL today.
54-year-old Tripathi, who was previously Director (Marketing), took office upon retirement of U D Choubey.
“Sourcing and securing gas supplies is one of my top most priorities,” he said. GAIL is looking at importing five million tonnes a year of LNG on long-term contract as well as shipping one spot cargo of LNG a month to meet the rising demand for fuel at industries particularly power plants. Tripathi said he would also court new domestic gas producers like Gujarat State Petroleum Corp (GSPC) to buy gas from their fields.
His other priorities included completion of the Rs 28,000 crore worth of pipeline projects in time and within the approved cost as also expanding GAIL’s presence in CNG and piped gas retailing in cities.

By Ben Sharples

July 31 (Bloomberg) — Chevron Corp., the second-largest U.S. oil company, said its Wheatstone liquefied natural gas project in Western Australia is one of just “a handful” of LNG ventures proposed for the Asia-Pacific region that will go ahead.

“I just anticipate that some of these other projects are going to fall off, and when they do, Wheatstone will continue to move forward and we’ll be out there in the market,” Roy Krzywosinski, managing director of the second-largest U.S. oil company’s Australian unit, said today on a conference call.

Chevron’s Wheatstone and Gorgon are among more than a dozen LNG projects proposed in Australia and Papua New Guinea by companies seeking to tap a forecast increase in demand in north Asia for cleaner-burning fuels. Chevron awarded a design and engineering contract to Bechtel Group Inc. for the development of two processing plants, or trains, for Wheatstone, it said yesterday, in a further sign that the project is progressing.

“These projects are big, they are complex, they have a lot of stakeholders and there’s just a lot of opportunities for these things to get derailed,” Krzywosinski said today. “Only a handful of these things are going to go forward.”

Natural gas consumption in the Asia Pacific region is expected to almost double by 2030, Krzywosinski said during the call. “We think Wheatstone is going to be a key piece of that whole supply equation.”

A development decision on Wheatstone is expected in 2011, Chevron said in a statement yesterday. First gas exports are targeted for 2016 and the company is actively marketing the fuel to customers, Krzywosinski said today.

Chevron plans to build two processing plants at Ashburton North, on the state’s northwest Pilbara coast, with gas sourced from the neighboring Wheatstone and Iago fields. The project will have capacity to produce 8.6 million tons of LNG a year, the company said.

LNG is natural gas chilled to liquid form for transport by ship to destinations not connected by pipeline.

Poland lacks muscle to diversify gas supplies

Reuters, Wednesday July 1 2009

* Poland must invest to break gas dependence on Russia

* Chemical sector vulnerable to disruption

* LNG diversification a key issue

By Patryk Wasilewski

WARSAW, July 1 (Reuters) - Poland lacks the muscle to break its dependence on Russian gas supplies and will need to invest in new infrastructure to tap alternative routes before diversification can become a reality.

The European Union’s largest ex-communist economy gets two thirds of its natural gas and more than 90 percent of its oil from Russia via pipelines across Ukraine and Belarus. A third of Poland’s gas needs are covered by domestic extraction.

Poland’s negotiating position appears as weak as ever ahead of a final phase of negotiations with Russia to secure delivery of 2.5 billion cubic metres of gas needed to meet annual demand. It now has only deliveries guaranteed until end-September 2009.

Poland and Russia met in March in Warsaw and two months later in Moscow to discuss energy supplies but no fixed date has been set for the concluding round of talks.

An official of Poland’s gas monopoly PGNiG said earlier on Wednesday Poland hoped to sign a deal with Russian gas giant Gazprom by end-August.

If Warsaw does not accept Russia’s terms, it will face the need to limit deliveries for its chemical sector, the biggest gas consumer in Poland.

“At the moment gas supplies to Poland come from a single source and that makes its negotiating position very hard,” said Krzysztof Rozen, a partner at KPMG Advisory in Warsaw.

Poland saw its gas supplies drop by nearly a quarter for more than five months due to a January spat between Russia and Ukraine and reduced supplies to some Polish chemical plants.

The government knows such a scenario could be repeated if it fails to reach a deal with Russia on supplies from 2010.

“It is possible that we will be receiving less gas. That means the chemical sector would have to be shut down, with massive repercussions for the economy,” said Przemyslaw Wipler, general director at the Jagiellonian Institute think-tank.

RUSSIA’S INTERESTS

Russia may choose to raise an array of issues in the talks, ranging from control of the Polish leg of the Yamal pipeline to the controversial Nord Stream pipeline to be built under the Baltic Sea, a project strongly opposed by Poland.

Russia may want to alter gas transit fees for the Polish leg of Yamal, it may seek more control over Yamal operator Europolgaz and also a long-term contract for gas supplies.

“Poland would prefer to conclude a 5-year contract with Gazprom now. However, it could be the case that Gazprom may be unwilling to do so (…) but willing to conclude, say, a 10-year contract instead,” said Katya Yafimava, a researcher at Oxford Institute for Energy Studies.

If Russia demands an extension of the contract, it is unlikely Poland will be able to refuse.

“We just lack arguments to avoid (such a scenario),” said Monika Kalwasinska, an analyst at the PKO BP brokerage.

Increased gas supply levels until 2022 significantly lower the economic viability of Poland’s main diversification plan, construction of a liquefied natural gas terminal.

The Swinoujscie terminal is scheduled to go online in 2014 and will have an initial capacity of 2.5 million tonnes of LNG, more than enough to make up for the 2.5 billion cubic metres of gas not covered by the Yamal contract.

If volumes in the Yamal contract are increased, they would cover almost all Poland’s needs and thus make the LNG terminal, or any other means of gas delivery, very costly or even useless.

“A long-term supply deal would mean that diversification is forfeit,” Wipler said.

Kalwasinska was not so negative, noting a rise in gas usage or a temporary drop in domestic extraction could help accommodate higher imports.

INFRASTRUCTURE KEY

Poland’s next chance to change the supply structure would come sometime ahead of expiration of the Yamal contract in 2022, assuming Poland goes ahead with the needed investments.

This leaves the Swinoujscie terminal as Poland’s only real option, given that plans to build a pipeline joining the Scandinavian gas system with Poland via Denmark failed due to insufficient supply after the Skanled project was suspended.

“The LNG terminal is a strategic investment… Failure (to get a short-term gas deal) should only be an argument for more determination in building the terminal,” Rozen said.

So far the government is pushing the LNG terminal project, but volumes contracted are lower than those analysts see as a proper supply mix for Poland.

“I think a sensible mix of gas supplies for Poland would be one-third from each source - a third from Gazprom, a third domestic and a third LNG,” Oxford Energy’s Katya Yafimava said.

Assuming consumption remains stable at about 13.5-14 billion metres, this would mean some 4.6 billion cubic metres would come through the terminal. So far, PGNiG has a deal to supply some 1 million tonnes per year of LNG starting in 2014.

(Editing by Keiron Henderson)

]]> http://www.lngpedia.com/poland-lacks-muscle-to-diversify-gas-supplies/feed/ http://www.lngpedia.com/govt-set-to-finalise-second-lng-project-deal/ http://www.lngpedia.com/govt-set-to-finalise-second-lng-project-deal/#comments Tue, 07 Jul 2009 05:57:33 +0000 Yoga http://www.lngpedia.com/?p=3522

PNG Govt set to finalise second LNG deal

The Post Courier - Papua New Guinea, 30 June 2009, By NEHEMIAH ISAAC

THE National Government is “days away” from finalising a project agreement for Papua New Guinea’s second liquefied natural gas (LNG) project.

The Post-Courier was reliably informed yesterday that a draft agreement is being prepared for Cabinet approval later this week.

Prime Minister Sir Michael Somare is understood to have instructed the Ministerial Oil and Gas Committee last Friday to finalise the draft agreement by tomorrow. The State is entitled to 20.5 per cent equity in the proposed multi-billion-kina project under the Oil and Gas Act. It has been offered an additional 10 per cent equity in the LNG process plant by project operator InterOil Corporation.

InterOil and the State-owned Petromin PNG Holdings Ltd are the current partners in the project. Negotiations are underway to seek additional upstream partners. Gas from the Elk/Antelope fields in the Gulf Province hinterland is expected to feed the project.

The Government officially declared the Antelope 1 area a project site in March. It also renewed InterOil’s original Petroleum Prospecting Licences 236, 237 and 238 for a second term of five years. The Antelope field has been described as one of the largest gas reservoirs to be discovered in the Southern Hemisphere.

The declaration of location and the extension of the licence areas also paved the way for the project participants to commercialise the project. InterOil has proposed developing the fields initially for their liquids content, before supplying gas to an LNG export project adjacent to the company’s oil refinery at Napa Napa, near Port Moresby.

The LNG plant is proposed with a 3.5 – 5.0 million tonne per annum processing train, with options to add further trains if sufficient reserves are proven. The fields are currently licensed to InterOil (79.5 per cent) and Petromin (20.5 per cent).

The LNG plant would be owned and operated by Liquid Niugini, a joint venture between InterOil and Clarian Finanz. Merrill Lynch initially held a one third equity position in Liquid Niugini and the offtake rights for all LNG, but sold its interests in February, following a dispute with InterOil over the exclusive lifting rights of LNG.

InterOil initially planned to fast-track the LNG project to a Final Investment Decision (FID) this year and first LNG in early 2014. Meanwhile, InterOil plans to significantly increase capital investment in PNG.

Company president Bill Jasper made the announcement yesterday following the closing of a recent $US70 million (K195.5 million) direct stock offering.

“We believe we are now in the best financial position in our history. The company is on track to achieve a robust and vibrant future,” he said.

“We intend to take advantages created by the current global downturn in industry activity to accelerate our upstream (exploration) activities.”

Mr Jasper said InterOil planned to buy an additional rig to use in its exploration program. He said the company also planned to acquire additional seismic data to delineate the Elk/Antelope structure and to prioritise a number of adjacent prospects.

“This increased activity should accelerate our growth plans and position us to develop and derive greater value from our asset base,” Mr Jasper said.

“This multi-billion-kina project is expected to make a major contribution to the nation via increased jobs, additional government revenues and strengthening the balance of payments situation.”

]]> http://www.lngpedia.com/govt-set-to-finalise-second-lng-project-deal/feed/ http://www.lngpedia.com/gas-producers-fret-over-demand-agree-on-little/ http://www.lngpedia.com/gas-producers-fret-over-demand-agree-on-little/#comments Tue, 07 Jul 2009 05:49:09 +0000 Yoga http://www.lngpedia.com/?p=3520

Gas producers fret over demand, agree on little

Reuters, Tuesday June 30 2009

* Gas exporters rue U.S. lost gas appetite

* No agreement on leader of gas group

(Adds comment from Russian energy minister, background)

By Simon Webb and Luke Pachymuthu

DOHA, June 30 (Reuters) - The club of major gas producers fretted over sagging demand and prices at talks on Tuesday, but the loose grouping is far from having the power and collective will to do anything to tighten the market.

Ministers from the Gas Exporting Countries Forum (GECF), whose members control more than three quarters of the world’s gas reserves, failed to agree on a leader, one of the modest aims the group set itself for the meeting.

Facing the first fall in global gas demand for more than half a century, U.S. self-sufficiency, and a big surge in production over the next few years, the club agreed on the need to improve cooperation to stabilise the market some day. “We have a challenge now. We never had a challenge before. We could sell the gas,” Algerian Energy and Mines Minister Chakib Khelil said at the meeting in Qatar.

“You have some short-term problems and some long-term problems. The forum is going to be important in how to address the long-term challenges.”

Gas exporters already reeling from a fall in demand for gas in Europe and parts of Asia because of the recession also discussed a sudden loss of appetite in the United States for imported gas because of its growing ability to meet its own needs.

“It might come back in 10-15 years but that’s not part of the global market any more,” Khelil said.

GAS OPEC?

Previous GECF gatherings have stoked fears among consumers the group may develop the same influence over gas markets as the Organization of the Petroleum Exporting Countries (OPEC) has over oil but analysts say it could be years before the group gets organised.

OPEC was formed in 1960 and took around a decade to become a force in global oil markets. The GECF is at a similar stage of development as OPEC was at inception, analysts say.

Because most gas is still delivered through pipelines that physically tie suppliers to their customers, influencing prices on a global scale would be trickier than with oil, which is sold globally on tankers to the highest bidder, they say.

A spot market for liquefied natural gas (LNG) is growing and has formed a stronger link between regions, but the current potential for any concerted action to change global gas market fundamentals is limited.

EUROPE FOCUS

European consumers will be especially wary of the group’s apparent focus on them after comments from Russia, the world’s largest gas exporter and the Europe’s biggest external supplier.

“I am sure our cooperation will have influence on the gas market and on the stabilisation of the gas market,” Russian Energy Minister Sergei Shmatko said, adding the group would try to maximise income for members.

Rafael Ramirez, energy minister for major oil producer and would-be LNG exporter Venezuela, said the group had no plans, yet, to coordinate supply cuts to support prices.

But Europe looked likely to be the focus for any coordinated action.

“The European market stands out as the most mature,” Ramirez said.

“It receives supply from different countries that are part of our forum. We can start putting together some answers there.”

The GECF said in a statement after their ministerial meeting increased cooperation between producers should ensure future supplies of gas and a stable market for the mutual benefit of producers and consumers.

The gas exporters, who until now have often competed with each other to supply consumers, plan to avoid overlapping investments, which would force them to compete in the same market, Algeria’s Khelil said.

With low prices and possible oversupply a pressing concern, the group agreed to meet again in Qatar on Dec. 9, 2009. It let 20 months pass between its April 2007 and December 2008 ministerial meetings.

For more stories on the GECF meeting click here:

(Writing by Daniel Fineren; editing by Barbara Lewis)

]]> http://www.lngpedia.com/gas-producers-fret-over-demand-agree-on-little/feed/ http://www.lngpedia.com/indonesia-oil-and-gas-report-q1-2009-companies-and-markets-new-analysis/ http://www.lngpedia.com/indonesia-oil-and-gas-report-q1-2009-companies-and-markets-new-analysis/#comments Tue, 07 Jul 2009 05:35:23 +0000 Yoga http://www.lngpedia.com/?p=3516

Indonesia Oil and Gas Report Q1 2009 - Companies and Markets New Analysis

companiesandmarkets.com, 01.07.2009 19:45:03

The latest Indonesia Oil & Gas Report from BMI forecasts that the country will account for 4.32% of Asia Pacific regional oil demand by 2013, while providing 10.91% of supply.

Asia Pacific regional oil use of 21.40 mn b/d in 2001 reached 25.68 mn b/d in 2007. It should average 26.32 mn b/d in 2008, and then rise to around 29.65 mn b/d by 2013. In terms of natural gas, in 2007 the region consumed 421 bcm, with demand of 595bcm targeted for 2013. Production of 336 bcm in 2007 should reach 483 bcm in 2013, but implies net imports rising from 85 bcm per annum in 2007 to 111 bcm in 2012. This is in spite of many Asian gas producers being major exporters.

Indonesia’s share of gas consumption in 2007 was 8.04%, while its share of production was 19.87%. By 2012 its share of gas consumption is forecast to be 7.47%, with the country accounting for 18.00% of supply.

In Q308, we estimate that the OPEC basket price averaged US$113.60 per barrel – down around 3.4% from the Q208 level. The OPEC basket price averaged US$112.41 in August and US$97.16/bbl in September.

In October, we are assuming an average of around US$113.30. The estimated Q308 average prices for the main marker blends are now US$115.67 for Brent, US$117.22 for WTI and US$113.43/bbl for Russian Urals (Mediterranean delivery). Our projections for 2008 as a whole are unchanged from the last oil market report. We are still assuming an OPEC basket price average of US$110 per barrel for 2008. Based on recent price differentials, this implies Brent at US$113.33, WTI averaging US$114.58/bbl, and Urals at US$110.36/bbl. Our central view is that the OPEC basket price will fall from US$110/bbl in 2008 to US$96 in 2009, before settling around US$90/bbl in 2010 onwards.

In terms of our refined products forecasts, the BMI composite (Rotterdam, Singapore and New York) global indicator price for unleaded gasoline is expected to average approximately US$117.50/bbl during 2008. Our jet forecast for 2008 is just under US$141/bbl, up from US$89 in 2007. The 60% annual increase represents the second biggest for the key refined products. With gasoil, BMI is assuming a similar gain in 2008, to an average US$137/bbl. Naphtha is expected to exhibit more modest growth, rising from US$75 to US$106/bbl (+41%).

During 2009, we are expecting products prices to follow the underlying crude trend lower, but to prove more resilient than the feedstock – implying a recovery in refining margins. Gasoline in 2009 is estimated at US$103/bbl, with jet falling to US$127. Gasoil is expected to average US$122, with naphtha slipping to US$91/bbl.

Indonesian real GDP growth is forecast by BMI at 6.1% for 2008, down from 6.3% in 2007. We foresee 5.0% growth in 2009, 5.2% in 2010, 5.0% in 2011, followed by 5.1% in 2012 and 5.5% in 2013.

Efforts are being made by the Indonesian authorities to encourage investment in new oil and gas supply, in order to stem the decline in production. Numerous international oil companies (IOCs) work in partnership with national oil company Pertamina and the state. We are estimating oil and gas liquids production of no more than 930,000b/d by 2013, although the country is expected to pump 975,000b/d in 2008.

Consumption is forecast to increase by around 2.5% per annum to 2013. Our estimates imply demand of 1.28mn b/d by the end of the forecast period. The import requirement would therefore be approximately 350,000b/d by 2013. Gas production rising to an estimated 87 bcm by 2013 should provide end-period export potential of 43 bcm, with supply risk on the downside.

Between 2007 and 2018 we are forecasting a reduction in Indonesian oil production of 17.5%, with crude volumes falling steadily to 800,000b/d in 2018. Oil consumption between 2007 and 2018 is set to increase by 22.1%, with growth slowing to an assumed 2.0% per annum towards the end of the period and the country using 1.41mn b/d by 2018.

Gas production is expected to rise from around 67bcm in 2007 to a possible 92 bcm by 2018 (+38%). With demand growth of 49%, this provides an export capability peaking at almost 48 bcm in 2012, before falling to 42bcm by 2018, largely in the form of liquefied natural gas (LNG). Details of the new BMI 10-year forecasts can be found in the appendix to this report, which provides global, regional and country-specific projections.

Indonesia still ranks ninth in BMI’s updated Upstream Business Environment rating, with a relatively strong resource position offset by poor output growth prospects, a deteriorating reserves-to-production ratio and extensive state involvement.

The country sits just comfortably ahead of Japan and just behind China, with little risk from any of the countries below.

The country now ranks equal sixth with South Korea in BMI’s updated Downstream Business Environment rating, reflecting its low level of retail site intensity, refinery capacity expansion plans and reasonable oil and gas demand growth outlook. It is just ahead of Thailand and Pakistan, but has the longer-term potential to move higher.

Author: Mike King, e-mail

Recent reports reveal shifting LNG trends in 2009

Oil & Gas Journal, Warren R. True, OGJ Chief Technology Editor-LNG/Gas Processing

HOUSTON, July 1 – At mid-2009, prospects for global LNG demand “remain bleak,” according to a research report issued at the end of June by Barclays Capital. The LNG market in 2009 is proving itself “truly global,” as supply-demand fundamentals for the first 6 months forced regional prices to converge, says the report.

With demand deteriorating sharply in Asia, spot prices in most of the Pacific Basin collapsed to below those in Europe and the US.

Major Asian economies that import LNG—Japan and South Korea, primarily—continue to struggle, and “emerging market participants”—mainly China—are only partially offsetting the slowing demand, says the report.

In the Atlantic Basin market, relative weakness in US gas prices compared with European benchmarks is “proving to be a limiting factor for US LNG imports.” Europe, however, continues to unload record LNG cargoes, its natural gas prices maintaining relative strength.

Given these global supply-demand trends, LNG imports to the US will grow only modestly for the rest of the year, averaging 1.6 bcfd for all of 2009. Barclays said European storage levels and transatlantic price differentials are the leading indicators for US LNG import trends.

Asian patterns
Earlier in June, Houston-based Waterborne reported that continuing recession and decline in demand for natural gas had pulled down Asian LNG imports by more than 12% in May from levels of May 2008.

It was the fifth consecutive month in 2009 that imports had fallen below those of 2008, said Waterborne Pres. Steve Johnson. And it explains why US LNG imports at that point in 2009 were up 36%.

Johnson said, “There is very limited capacity for LNG storage in the global market today besides the US, and we have yet to feel the effect of incremental supply.”
According to Waterborne, decreased demand and recession had depressed May LNG imports for Japan and South Korea, compared with 2008. Japan’s LNG imports dropped 11%; South Korea’s 17%.

Taiwan, on the other hand, imported 5% more LNG in May, said the Waterborne report. China, taking advantage of relatively low spot prices, imported a record 576,000 tonnes of LNG, pushing up its May imports by 59% over 2008.

Contact Warren R. True at warrent@ogjonline.com.

Source: Oil & Gas Journal

]]> http://www.lngpedia.com/recent-reports-reveal-shifting-lng-trends-in-2009/feed/ http://www.lngpedia.com/cedigaz-global-recession-to-offset-gas-supply-gains/ http://www.lngpedia.com/cedigaz-global-recession-to-offset-gas-supply-gains/#comments Tue, 07 Jul 2009 05:10:23 +0000 Yoga http://www.lngpedia.com/?p=3552

Cedigaz: Global recession to offset gas supply gains

Oil & Gas Journal, Doris Leblond , OGJ Correspondent

PARIS, July 1 – The 4% increase in global natural gas supplies in 2008 to 3.06 trillion cu m will “practically be wiped out” in 2009 because of the economic recession, according to the latest production trends report by Cedigaz, the Paris-based international gas association.

Last year, the global industry posted a record performance worldwide, partially offset by the sharp economic slowdown starting in second half 2008.

Declining production from mature fields in a number of areas and hurricanes that cut Gulf of Mexico production 16% also offset the record performance. The economic recession continues reducing global gas production in 2009, with the largest cuts evident in Russia, the North Sea Basin countries, and North America.

It was in these areas that production was especially high last year. In North America, output rose 4.2% and accounted for 26.1% of the world’s gas market share. In the US, first half 2008 production rose 7.8% to 582.2 billion cu m (bcm) spurred by unconventional gas, namely shale gas in Texas, accounting for 51% of total US output.

Russia

While the former Soviet Union’s market share last year dipped to 26.7% from 27.1% with a gas output that increased 2.4% with robust production growth in Caspian countries, this year’s production is expected to fall sharply at a rate of 15% due to lower domestic sales and export cuts.

Natural gas production is expected to drop sharply in 2009 in Uzbekistan and Turkmenistan, due to massively lower exports to Russia, partly because of a pipeline explosion in Turkmenistan. This is in sharp contrast to last year when Turkmenistan’s production rose 2.3%, Uzbekistan’s 3.6%, and Kazakhstan’s by 12.9%.

Europe gas production

Following record growth in 2008 of European gas production, which maintained a 9.8% global market share, a drop is expected in the North Sea over this year with a double-digit decline likely in the UK due to natural depletion, declining domestic consumption, and record low prices particularly impacting dry gas production that accounted last year for over 40% of domestic output.

For the first time since the early 1990s, Europe posted a gas production growth rate of 4.2% to 301 bcm in 2008, said Cedigaz. This was due to the UK’s dry gas production, development of new fields in Norway, and enhanced production from the Groningen field in the Netherlands.

In Norway, net production soared from 89.7 bcm in 2007 to 99.2 bcm in 2008 by additional production from recent fields outside the North Sea, such as Ormen Lange and Snohvit, also on Njord and Stratjord fields. Mature fields like Kvitebjorn and Oseberg also recorded higher volumes after temporarily reduced volumes in 2007; These gains largely compensated for Troll’s decline from 35.8 bcm to 29.7 bcm.

In Denmark, production increased from 9.2 to 10.1 bcm while structural production decline in Germany, Italy, and France continued. In Romania, production fell rapidly by almost 1 bcm.

Middle East market

Middle East natural gas recorded the largest production growth last year for a 12.4% share of world output, up from 12.2% in 2007. Expansion should continue in 2009, even if growth is driven by a few countries like Qatar and Yemen in line with increasing LNG exports, as well as Iran where gas shortages in the residential sector have been eased by South Pars Phases 9 and 10.

However, a decline in gas production by Saudi Arabia and Abu Dhabi is expected this year, reversing the steady growth posted over the last decade. Cedigaz cited two reasons: reduced production of associated gas as oil is shut in and low prices for dry gas.

Asia

The gas bubble in Asia where production increased last year by 5.3% is expected to expand further in 2009 through a drastic cut in LNG exports and excess supply from the start-up of high profile upstream projects, especially in India with its Krishna Godavari-D6 gas field; Indonesia, where production rose last year by 2.1% to just over 70 bcm but where the volume of flared gas jumped 16.8% to 3.2 bcm; and Malaysia, where production increased 3.2% in 2008 to 57.3 bcm boosted by first gas from Tabu field off Sarawak.

Adding to the bubble is the fact that China last year, posted its largest absolute growth in marketed gas production, up 12.3% to 71.1 bcm. The bubble caused record low spot prices this year in Asia, causing massive LNG diversions to China and India where gas has become competitive. The exception is Myanmar, where gas production fell dramatically last year by more than 8%, impacting pipeline exports to Thailand.

Latin America

Cedigaz notes Latin America gas production in 2009 is expected to fall faster in the second half of 2009 than in 2008 through the first half of 2009 when average growth fell 2.7% and the region’s share of the world gas market dipped from 5% in 2007 to 4.9%. This is due to competitive inflows of LNG and declining industrial consumption in Argentina and Brazil.

In 2008 gas production growth patterns showed wide disparities among countries that could continue this year. Production soared in Brazil by 28.4% to 12.6 bcm as two new projects came on stream: the Peroa offshore dry-gas field in the Espirito Santo basin and the Martin Leste FPU associated-gas field in November.

In Peru, gas production increased from 2.7 bcm in 2007 to 3.4 bcm. In Columbia, production increased by 18% to 9 bcm, including 8 bcm from Ecopetrol SA and associates. Ecopetrol boosted production from 4.20 bcm to 4.96 bcm, gaining 58% market share at year end.

In Trinidad and Tobago, gas production rose slightly by 0.8% to satisfy higher domestic needs and more reliable operation of the Atlantic LNG train 4 in first half of the year. But in Venezuela gross gas production fell 1.7% to 70.6 bcm, while in Bolivia it increased by 1.2%.

In Chile, domestic production fell 5.7% to 1.65 bcm while Argentina, which accounted for over 29% of regional production, posted a marketed drop of 1.7% to 44.1 bcm.

Africa

Thierry Rouard, who replaced Marie-Francoise Chabrelie as Sec.-Gen. of Cedigaz, told OGJ it has been difficult both to assess Africa’s gas production last year and even more difficult to provide trends for this year. However, he indicated gas production increased 4.5% in 2008, but the economic downturn would touch Egypt and Libya this year.

Last year, production increased in Egypt by 3.9% to 48.3 bcm and in Libya by 4% to 15.9 bcm. Algeria’s production fell slightly from 86.3 bcm in 2007 to 84.8 bcm.

Source: Oil & Gas Journal

]]> http://www.lngpedia.com/cedigaz-global-recession-to-offset-gas-supply-gains/feed/ http://www.lngpedia.com/woodsides-browse-lng-plant-suffers-cost-blowout/ http://www.lngpedia.com/woodsides-browse-lng-plant-suffers-cost-blowout/#comments Tue, 07 Jul 2009 05:03:08 +0000 Yoga http://www.lngpedia.com/?p=3510

Woodside’s Browse LNG plant suffers cost blowout

The Business Spectator - Australia, 3:38 AM, 2 Jul 2009

The costs for Woodside Petroleum Ltd’s proposed liquified natural gas (LNG) plant in the Kimberley have blown out to $50 billion, and discord between the project’s partners is growing, according to The Australian newspaper.

An informed source told the paper costs for the standalone plant, which would process gas from Woodside’s Browse fields, have blown out to $50 billion, which puts the project’s costs on par with those at Chevron Corp’s Gorgon LNG project, which has almost three times the gas reserves.

The paper said Woodside’s partners, which include BP, Chevron, Shell, and BHP Billiton Ltd, are refusing to fall in line with Woodside’s preference to build an LNG plant in the Kimberley.

Some of the partners instead would prefer that the gas be processed at the existing North West Shelf plant at Karratha, which Woodside operates.

All partners told the paper more evaluation of Browse was needed, but they did not confirm their preference for the processing to occur at Karratha.

Analysts have said the competing commercial interests of the joint venture partners and their differing strategic agendas could doom the project.

]]> http://www.lngpedia.com/woodsides-browse-lng-plant-suffers-cost-blowout/feed/ http://www.lngpedia.com/lng-energy-to-participate-in-polish-shale-gas-exploration-project/ http://www.lngpedia.com/lng-energy-to-participate-in-polish-shale-gas-exploration-project/#comments Mon, 06 Jul 2009 19:16:17 +0000 Yoga http://www.lngpedia.com/?p=3506

LNG Energy to participate in Polish shale gas exploration project

Wed. July 01, 2009; Posted: 08:31 AM, Jul 01, 2009 (Datamonitor via COMTEX)

Canada-based LNG Energy has decided to exercise its option to participate for up to a 12% net interest in a new exploration project with BNK Petroleum in Poland.

LNG Energy has acquired its option through its 60% ownership of a private company, which has an option to participate for up to a 20% interest at BKX’s proportional cost.

BKX has announced that its Polish subsidiary, Saponis Investments, has been awarded three oil and gas exploration concessions in Poland by the country’s ministry of environment.

The three concessions, Starogard, Slupsk and Slawno, are located in northern Poland and total about 720,000 acres. BNK has an 80% working interest in each concession, assuming a previously granted right to participate is exercised by the private company now owned by LNG Energy.

BNK believes that the preliminary data it has analyzed, indicates that the makeup of some of the shales within its Polish concessions are silica rich and appear to have thermal maturities and total organic carbon in a range that could make them successful shale gas projects.

Over the coming months, BNK intends to do further work by analyzing cores from previously drilled wells to determine the first well location. BNK intends to drill its first well in 2010. Each concession requires the spudding of a well within 18 months of the concession award date. BNK is seeking partnerships for the exploration phase of this project.

http://www.datamonitor.com

]]> http://www.lngpedia.com/lng-energy-to-participate-in-polish-shale-gas-exploration-project/feed/ http://www.lngpedia.com/factbox-global-oil-gas-projects-delayed-in-2009/ http://www.lngpedia.com/factbox-global-oil-gas-projects-delayed-in-2009/#comments Mon, 06 Jul 2009 18:38:26 +0000 Yoga http://www.lngpedia.com/?p=3502

FACTBOX - Global oil, gas projects delayed in 2009

Reuters, Thursday July 02, 2009 06:46:09 AM GMT

ENERGY-PROJECTS/ (FACTBOX)

July 1 (Reuters) - Following is a list of oil and gas projects and oil refinery expansion plans that have been delayed or cancelled so far in 2009.

The global financial crisis, falling oil demand, a slide in prices and poor general market conditions have prompted many in the industry to scale back spending and delay projects.

* Jun 30 - The Singapore government will take over development of its first $1 billion liquefied natural gas (LNG) terminal from a consortium to avoid more delays, and will defer its completion by a year to 2013. [ID:nLU779428]

* May 22 - Jurong Aromatics Corp (JAC) said it has delayed the start-up of its $2.4 billion aromatics project in Singapore until early 2013 from 2011, as it struggles to obtain funding in the current credit crunch. [ID:nSP477329]

* May 14 - Singapore industrial landlord JTC Corp scrapped the operational tender for the city-state’s underground rock cavern oil storage and re-issue it three years later. [ID:nSP124882]

* May 12 - SP Chemicals, which makes chemicals in China, has scrapped a $1.5 billion naphtha cracker project in Vietnam due to poor economic conditions and as it aims to lean on growing Chinese petrochemical feedstock supply. [ID:nSP444323]

* April 13 - Saudi Aramco defers plans to expand capacity at its Ras Tanura refinery. [ID:nLD657309]

* March 24 - Qatar delays plans to build the 250,000 bpd Shaheen refinery by one year. [ID:nLO329588]

* March 21 - Qatar and ExxonMobil delay development of the $5 billion Barzan gas field joint venture, primarily to cut costs. [ID:nLL517983]

* March 20 - Kuwait said it scrapped a tender to build a $15 billion refinery project, the second multibillion-dollar major deal to be cancelled in three months after facing opposition in parliament. [ID:nN20516815]

* March 17 - Royal Dutch Shell Plc said start-up of the Perdido platform in the Gulf of Mexico had been pushed back to the beginning of next year from this November.

The Forcados Yokri and Bonga North West projects in Nigeria which were due to come onstream sometime during 2010 or 2011 will now come onstream in 2012 or later. Bonga North West is being re-tendered.

The Motiva Port Arthur refinery expansion is now expected to be completed in 2012 or later, rather than 2010 as earlier planned.

The Pearl GTL plant in Qatar could also be delayed. Shell said it was expected onstream “at the very end of 2010 or early 2011″ rather than late 2010 as earlier targeted.

* Feb 3 - Marathon said it would delay the completion of a 15,000 barrel per day expansion at its Detroit refinery to mid-2012 in an effort to cut spending. The project had been scheduled for completion in late 2010. [ID:nN03505778]

* Jan 28 - ConocoPhillips said it would defer refinery upgrade projects at two of its plants to reduce capital spending, but did not identify which projects.

* Jan 27 - Leading U.S. refiner Valero Energy Corp said it was cutting capital spending in 2009 by $800 million by delaying construction of a diesel hydrotreater and aromatics unit at its Norco refinery in Louisiana and the upgrade of an FCC at its Memphis refinery in Tennessee. [ID:nN27455546]

* Jan 22 - Peru’s state-owned energy company Petroperu S.A. has placed under review a $1 billion plan to modernize its Talara refinery because of low crude oil prices, Peru’s mining and energy minister said.

* Jan 20 - Suncor Energy Inc , Canada’s No. 2 oil sands producer, halts construction of its C$20.6 billion oil sands expansion called Voyageur, including the planned upgrader and new stages of its steam-assisted production operation known as Firebag.

* Jan 19 - The $2.2 billion Al Dur power and water project in Bahrain is delayed. The Al Dur project is 50 percent owned by the Gulf Investment Corp, with France’s GDF Suez owning the other 50 percent.

* Jan 17 - Canada’s Enbridge Inc shelves plans for a C$346 million ($277 million) pipeline reversal that would have shipped 170,000 barrels per day of oil sands crude from Sarnia, Ontario, to a tanker port in the state of Maine, supplying refineries in Montreal en route and replacing the imported oil the line now carries.

* Jan 13- Russian oil pipeline monopoly Transneft [TRPRO.UL] said contractor problems caused by the global financial crisis pose a threat to its launch of a major oil route to China this year.

* Jan 9 - Suncor delays a C$120 million expansion of its St. Clair ethanol plant at Sarnia, Ontario, scheduling completion for 2011 instead of late 2009.

* Jan 8 - Ecuador plans to delay some gas and oil projects while it seeks loans and investment to boost its key sector.

* Jan 8 - South Korea’s Honam Petrochemical said its $2.6 billion joint venture with Qatar Petroleum will be delayed by a year to early 2013 due to slump in oil demand. [ID:nSEO95236]

* Jan 5 - North Sea gas pipeline operator Gassco says the 10 billion crown ($1.81 billion) Skanled gas pipeline project to Scandinavia could be delayed from its planned 2012 launch, partly due to worries over investment plans by British chemicals group Ineos, a key client.

]]> http://www.lngpedia.com/factbox-global-oil-gas-projects-delayed-in-2009/feed/ http://www.lngpedia.com/equatorial-guinea-nears-second-lng-train/ http://www.lngpedia.com/equatorial-guinea-nears-second-lng-train/#comments Mon, 06 Jul 2009 18:25:36 +0000 Yoga http://www.lngpedia.com/?p=3500

Equatorial Guinea nears second LNG train

Upstream Online, By Damon Evans, Wednesday, 01 July, 2009, 20:50 GMT

Flex eyes first gas from Timor Sea

Upstream Online, Wednesday, 01 July, 2009, 20:50 GMT

S. Korea’s major shipyards suffer severe slump in new orders

Yonhap News Agency - Korea, 2009-07-02(Thursday), By Park Sang-soo

SEOUL, July 1 (Yonhap) — Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, and its local rivals saw a major drop in orders in the first half of the year due to a protracted global economic slump, industry sources said Wednesday.

The country’s “Big 3″ shipyards, including Samsung Heavy Industries Co. and Daewoo Shipbuilding and Marine Engineering Co., received a combined US$1.23 billion worth of orders in the first six months of the year, a sharp drop from $34.1 billion a year earlier.

Hyundai Heavy has not received a shipbuilding order in the past six months, though it has just won a $250 million order to build an offshore platform.

Daewoo Shipbuilding won $300 million worth of orders in the January-June period, while Samsung Heavy won a $680 million order to build an LNG storage facility.

Orders for new vessels have sunk since the third quarter of last year as the credit crisis and the subsequent global recession prodded companies to postpone delivery dates or cancel orders.

South Korea, home to seven of the world’s top 10 shipyards, has clinched record-high orders in the past few years because of strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.

But hit by the global economic crisis, demand for new ships fell 52 percent worldwide last year. Orders won by South Korean shipbuilders also fell 47 percent last year.

“We can cautiously expect new orders to be placed in the second half of the year,” said Ahn Ji-hyun, an analyst at NH Investment & Securities. “But a meaningful recovery will not be possible until next year or 2011 because of overcapacity.”

In an effort to quench the dry spell, local shipyards are bidding on contracts to build drill ships, semi-submersibles and other offshore platforms.

Hyundai Heavy and two other South Korean shipyards are bidding for contracts to construct Royal Dutch Shell Plc’s floating liquefied natural gas production and storage unit, which will be the world’s biggest and could be worth about $3 billion.

sam@yna.co.kr