Liquefied Natural Gas: Developing and Financing International Energy Projects

Name: Liquefied Natural Gas: Developing and Financing International Energy Projects | Developing and Financing International Energy Projects
Brand: Kluwer Law International
Price: 389.99 EUR
Availability: OnlineOnly

Developing and Financing International Energy Projects

Gerald B. Greenwald(Autor*in)

Kluwer Law International (Verlag)

Erschienen am 1. Oktober 1998

388 Seiten

E-Book

PDF mit Adobe-DRM

Systemvoraussetzungen

978-90-411-7708-7 (ISBN)

389,99 €inkl. 7% MwSt.

Systemvoraussetzungen

für PDF mit Adobe-DRM

E-Book Einzellizenz

Als Download verfügbar

Beschreibung

Weitere Details

Weitere Ausgaben

Inhalt

Cover
Half Title Page
Editorial Board
Title Page
Copyright Page
Table of Contents
Acknowledgements
List of Contributors
Table of Figures
List of Abbreviations
Introduction
Chapter 1 LNG Themes and Variations
1.1 NATURAL GAS INTO LNG
1.2 THE PROCESS OF PROJECT DEVELOPMENT
1.3 PROJECT DEVELOPMENT SCHEDULES
1.4 LNG MARKETS
1.4.1 LNG Market Cycles
1.4.2 Regional Markets
1.4.3 Marketing the Project
1.4.4 Transparency
1.4.4.1 The Role of Japanese Trading Companies
1.4.4.2 Buyers as Project Investors
1.4.4.3 The Indonesian Model
1.5 LNG CHAINS
1.6 TECHNOLOGY, ECONOMY OF SCALE AND TRADE EXPANSION
Chapter 2 LNG Markets: Historical Development and Future Trends
2.1 INTRODUCTION
2.2 HISTORICAL DEVELOPMENT OF THE LNG TRADE
2.2.1 LNG Roots in Europe
2.2.2 The Emergence of the Japanese LNG Trade
2.2.3 New Market Leadership from South Korea and Taiwan
2.2.3.1 South Korea
2.2.3.2 Taiwan
2.3 POTENTIAL NEW ASIAN MARKETS
2.3.1 Thailand
2.3.2 India
2.3.3 China
2.3.4 Philippines
2.3.5 Pakistan
2.3.6 Singapore
2.3.7 Summary
2.4 THE LNG SUPPLIERS
2.4.1 Indonesia
2.4.1.1 Contracts
2.4.1.2 Facilities
2.4.2 Malaysia
2.4.2.1 MLNG
2.4.2.2 MLNG Dua
2.4.3 Australia
2.4.4 Brunei
2.4.5 Abu Dhabi
2.4.6 Alaska
2.4.7 Qatar
2.4.7.1 Qatargas
2.4.7.2 Ras Laffan
2.4.8 Oman
2.5 POSSIBLE FUTURE SUPPLIERS
2.5.1 Indonesia
2.5.1.1 Natuna
2.5.1.2 Wiriagar Deep (Tangguh)
2.5.2 Malaysia
2.5.2.1 MLNG Tiga
2.5.3 Qatar
2.5.3.1 Enron
2.5.4 Australia
2.5.4.1 North-West Shelf Expansion
2.5.4.2 Gorgon
2.5.4.3 Other Australian Projects
2.5.5 Papua New Guinea
2.5.6 Alaska North Slope
2.5.7 Yemen
2.5.8 Sakhalin
2.5.9 Middle East
2.6 ASIAN LNG: MATCHING SUPPLY AND DEMAND
2.6.1 Forecasting Supply and Demand
2.6.2 Asian Supply and Demand
2.7 A NEW ERA OF LNG FOR EUROPE
Chapter 3 LNG Project Feasibility
3.1 INTRODUCTION
3.2 WHY LNG?
3.3 THE LNG CHAIN
3.3.1 Natural Gas Reserves
3.3.2 Feedgas
3.3.3 LNG Plant
3.3.4 Storage and Loading
3.3.5 LNG Plant Design and Construction
3.3.6 LNG Plant Capital and Operating Costs
3.3.7 Transportation
3.4 THE MARKET
3.5 SALE AND PURCHASE AGREEMENT
3.6 GOVERNMENT
3.7 PROJECT STRUCTURE
3.8 FINANCE
3.9 THE ECONOMIC MODEL
3.10 SUMMARY
Chapter 4 The Chain of LNG Project Contracts
4.1 INTRODUCTION
4.1.1 Hallmarks of an LNG Trade
4.1.1.1 Integration
4.1.1.2 Size
4.1.1.3 Cost and Financing
4.1.1.4 Security of Supply
4.1.1.4.1 Role of Governments
4.1.1.4.2 Nature of Sellers and Buyers
4.1.1.4.3 Term
4.1.1.4.4 Volumes
4.1.1.4.5 Scheduling
4.1.1.4.6 Take-or-Pay
4.1.1.4.7 'SMUT'
4.1.2 Future Trends
4.1.3 Paradigm
4.1.4 Legal Perspective
4.2 'CONCESSION' ARRANGEMENTS
4.2.1 Early Concessions
4.2.2 Licences and Leases
4.2.3 Production-Sharing Contracts/Contracts for Work
4.2.4 Development Agreements
4.2.5 Standard (and Not So Standard) Terms
4.2.5.1 Scope
4.2.5.2 Effective Date and Term
4.2.5.3 Licence/Contract Area
4.2.5.4 Operator
4.2.5.5 Fiscal Regime
4.2.5.6 Title
4.2.5.7 'Work' Obligations
4.2.5.8 Use of Local Goods and Services
4.2.5.9 Environmental Requirements
4.2.5.10 Government Obligations
4.2.5.11 Applicable Law and Dispute Resolution
4.2.5.12 Termination
4.3 VENTURE ARRANGEMENTS
4.3.1 Types of Ventures
4.3.2 Common (and Uncommon) Principles
4.3.2.1 Effective Date, Term and Termination
4.3.2.2 Nature of Participating Interests
4.3.2.3 Designation of Operator: Rights, Duties and Obligations
4.3.2.4 Operating Committee or Board of Directors
4.3.2.5 Work Programmes and Budgets
Sole Risk
4.3.2.6 Disposition of Production
4.3.2.7 Abandonment, Surrender, Extension, Renewal
4.3.2.8 Transfers of Interests
4.3.2.9 Withdrawal
4.3.2.10 Relationship of the Parties and Taxes
4.3.2.11 Dispute Resolution and Applicable Law
4.3.2.12 Additional Provisions
4.4 FROM DISCOVERY TO DEVELOPMENT
4.4.1 Data Collection and Analysis
4.4.2 Studies and Other Pre-FEED Activities
4.4.3 The Front End Engineering and Design (FEED) Contract
4.4.3.1 Function of the FEED Contract
4.4.3.2 FEED Contract Terms
4.5 ENGINEERING, PROCUREMENT ANDCONSTRUCTION (EPC) CONTRACTS
4.5.1 Scope
4.5.2 Long-Lead Items
4.5.3 EPC Contractor Selection
4.5.4 EPC Contracts for LNG Plants
4.5.4.1 Contract Price
4.5.4.2 Project Scheduling
4.5.4.3 Completion
4.5.4.4 Testing and Acceptance
4.5.4.5 Provisions Relating to Financing
4.6 THE LNG SALE AND PURCHASE AGREEMENT (SPA)
4.6.1 Marketing
4.6.2 Preliminary Steps
4.6.3 The SPA Terms
4.6.3.1 Term
4.6.3.2 Quantities, Rates of Taking and Adjustments
4.6.3.3 Programmes and Schedules
4.6.3.4 LNG Quality and Other Technical Provisions
4.6.3.5 Price
4.6.3.6 Take-Dr-Pay
4.6.3.7 Invoices and Payment
4.6.3.8 Sources of Supply
4.6.3.9 Transportation
4.6.3.10 Facilities Construction and Co-ordination
4.6.3.11 Conditions Precedent
4.6.3.12 Allocation
4.6.3.13 Governing Law and Dispute Resolution
4.7 TRENDS AND PROSPECTS
4.7.1 New Sources
4.7.2 Emerging Markets and New Buyers
4.7.3 Trends and Prospects
Chapter 5 The LNG Transportation Link
5.1 UNIQUE FEATURES OF LNG TRANSPORTATION
5.1.1 Dedication to the Trade
5.1.2 Extreme Reliability Requirement
5.1.3 Outstanding Safety Record
5.1.4 Custody Transfer System Acceptance
5.2 DESIGN AND CONSTRUCTION OF LNG SHIPS
5.2.1 History of Development
5.2.1.1 Self-Supporting Prismatic Type 'B'
5.2.1.2 Dual Membrane
5.2.1.3 Single Membrane
5.2.1.4 Self-Supporting Spherical Type 'B'
5.2.1.5 Future Size Development
5.2.2 Role of International Maritime Organisation (IMO) and Classification Societies
5.2.2.1 International Maritime Organisation
5.2.2.2 Classification Societies
5.2.3 Role of Licensors
5.2.4 Construction Time Required
5.2.5 Establishing Ship Requirements
5.2.6 Preliminary Cost Estimates
5.3 UNIQUE FEATURES OF THE LNG SHIP
5.3.1 LNG Cargo Systems
5.3.2 Instrumentation
5.3.2.1 Liquid Level Gauges
5.3.2.2 High and Low Level Alarm and Shutdown Systems
5.3.2.3 Pressure and Temperature Gauges
5.3.2.4 Gas Detection System
5.3.3 Nitrogen/Inert Gas
5.3.4 Ship-Shore Interface and Emergency Shutdown Systems (ESD)
5.3.5 Heel
5.3.6 Firefighting
5.3.6.1 Water Fire Extinguishing System
5.3.6.2 Dry Powder System
5.3.6.3 CO2 System
5.3.6.4 Water Spray and Water Curtain Systems
5.4 LNG TRANSPORTATION CONTRACTS
5.4.1 Ship Characteristics and Classification
5.4.2 Hire and Off-Hire
5.4.3 Penalties for Non-Performance
5.4.4 Exceptions
5.5 LNG SHIP OPERATIONS
5.5.1 Crewing
5.5.2 Crew Training
5.5.3 International Safety Management and Standards for Training, Certification and Watchkeeping
5.5.3.1 International Safety Management Code 1994 (ISM)
5.5.3.2 International Convention on Standards for Training, Certification and Watchkeeping for Seafarers (STCW) 1978 (revised 1995)
5.5.4 Port Requirements
5.5.5 Insurance
5.6 EXTENDED SHIP LIFE AND EXISTING SHIP AVAILABIILTY
5.7 FUTURE DEVELOPMENT PROSPECTS
5.7.1 Steam Turbine plus Reliquefaction
5.7.2 Diesel Electric Propulsion plus Reliquefaction
Chapter 6 LNG Project Finance: Sharing Riskswith Project Lenders
6.1 FINANCING A PROJECT IN SEGMENTS
6.1.1 Upstream Development of Gas Supply
6.1.1.1 Unified Ownership
6.1.1.2 Production-Sharing Contract
6.1.1.3 Upstream Separation
6.1.1.4 Upstream Ownership
6.1.1.5 Separate Finance
6.1.2 Financing Downstream Development of Liquefaction, Storage and Loading
6.1.3 LNG Transportation
6.2 EXTENDING THE LNG CHAIN TO THE ELECTRICITY GRID
6.3 THE ECONOMIC FEASIBILITY OF LNG PROJECTS
6.3.1 Capital Cost and Lead Time
6.3.2 Payout Periods and Leverage
6.3.3 Borrowing Costs and Equity Returns
6.3.4 Take-or-Pay Quantity and Energy Price
6.4 THE FINANCING PAST WILL NOT BE PROLOGUE
6.4.1 Japanese Import Finance
6.4.1.1 Brunei LNG Project
6.4.1.2 Abu Dhabi LNG Project
6.4.1.3 Indonesia LNG Project
6.4.1.4 Malaysia LNG Project
6.4.1.5 Australia North-West Shelf LNG Project
6.4.2 Balance Sheet Finance
6.4.3 Sharing Risk with Project Lenders
6.5 NEW PRIORITIES FOR LNG PROJECT FINANCING
6.5.1 National Export Credit Agencies
6.5.1.1 The United States Export-Import Bank
6.5.1.2 Export-Import Bank of Japan
6.5.2 The Multilateral Institutions
6.5.2.1 International Bank for Reconstruction and Development
6.5.2.2 International Finance Corporation of World Bank Group
6.5.2.3 European Bank for Reconstruction and Development
6.5.2.4 Asian Development Bank
6.5.3 Capital MarketsAs LNG projects confront the
6.5.4. Commercial Banks
6.6 THE PROJECT FINANCIAL PLAN
6.6.1 Estimating Capital Costs
6.6.1.1 Natural Gas Production
6.6.1.2 Onshore Facilities
6.6.1.3 Interest During Construction
6.6.1.4 Development Costs
6.6.1.5 Marine Transportation
6.6.2 Financial Analysis
6.7 APPROACHING FINANCE MARKETS
6.7.1 Financial Information Memorandum
6.7.1.1 The LNG Project
6.7.1.2 LNG Markets
6.7.1.3 Natural Gas Reserves and Supplies
6.7.1.4 Facilities and Technology
6.7.1.5 Storage, Loading and Shipping
6.7.1.6 Environmental Impact
6.7.1.7 Insurance Coverage
6.7.1.8 The Host State
6.7.1.9 Contractual Framework
6.7.1.10 Financial Presentation
6.8 THE LENDER'S ANALYSIS
6.8.1 Risk Mitigation
6.8.1.1 Sponsors' Experience
6.8.1.2 Proven Reserves
6.8.1.3 Proven Technology
6.8.1.4 LNG Buyer Experience
6.8.1.5 LNG Buyer Creditworthiness
6.8.1.6 Marine Transporter Experience
6.1.8.7 Host State Commitment
6.S.1.8 Host State Stability
6.8.2 Financial Coverage Ratios
6.8.3 The Security Package
6.9 NEW POLICIES FOR LNG PROJECT FINANCING
6.9.1 Gas Exports and Gas Imports for Economic Development
6.9.1.1 Multilateral Development Institutions
6.9.1.2 Regional Import Finance Initiatives
6.9.1.3 Government Support
6.9.2 Shared Security
Chapter 7 LNG: The Strategic Planning Issues
7.1 INTRODUCTION
7.2 THE STRUCTURE OF THE INDUSTRY AND THE MOTIVATIONS OF THE KEY PLAYERS
7.2.1 Sellers
7.2.2 Buyers
7.2.3 Energy Majors and Trading Companies
7.2.4 Governments of Buyers
7.2.5 Vendors and Engineering Service Providers
7.2.6 Financing Sources
7.2.7 Who Does What
7.2.8 Who Gets What-Host Government and Foreign Partners
7.2.9 What Technical Choices?
7.2.10 Commercial Strategies
7.2.11 Monopoly, Monopsony, Oligopoly
7.3 THE NATURE OF VALUE
7.4 IMPORTANT EXTERNALITIES AND THEIR TRENDS
7.4.1 Macro-economic Issues
7.4.2 Industrial Policy
7.4.3 Geopolitical Considerations
7.4.3.1 Contract Dependence
7.4.3.2 Transit Risk
7.4.3.3 Form Dependence
7.4.4 Financial Market Capacity
7.5 COMPETITION, COOPERATION AND COMPARATIVE ADVANTAGE
7.5.1 Complementing Other Fuels
7.5.2 Competition with Energy Conservation
7.5.3 Choosing Not to Compete
7.5.4 Comparative Advantage
7.5.5 Horizontal Integration
7.5.6 Vertical Integration
7.5.7 Technology
7.5.8 Financial Integration
7.5.9 Cooperation (Even Between Competitors)
7.5.10 Cooperation and Competition within an LNG Export Proj ect
7.6 POSSIBILITIES FOR CREATING CHANGE
7.6.1 The Importance of Time and Timing
7.6.2 The Creation of Markets
7.6.3 The Effect of New Entrants
7.6.4 The Economic Impact of Technology
7.7 CASE STUDIES
7.7.1 Policy Formation as Condition Precedent: China
7.7.2 Finance Strategy: Mobil Corporation and the Financing of the Ras Laffan Project in Qatar
7.7.3 Geopolitics of Gas: Turkey
7.7.4 Emerging Markets: Pakistan
7.7.5 Growth in a Developed Market: Italy
7.7.6 Creation of Markets: Enron and the Dabhol Project in India
7.7.7 LNG Project Feasibility: Alaska North Slope
7.7.8 Equipment Vendors and Industrial Policy: The Example of Shipbuilding and Ship Operations
7.7.9 Comparative Advantage and Comparative Disadvantage: The Natuna Project in Indonesia
Index
Back Cover

Systemvoraussetzungen

Als PDF speichern Als Link merken