Liquefied natural gas : developing and financing international energy projects

목차 (Table of Contents)

• CONTENTS
• Acknowldgement = xv
• List of Contributors = xvii
• Table of Figures = xxi
• List of Abbreviations = xxv
• Introduction = xxix
• Chapter 1 LNG THEMES AND VARIATIONS / Gerald B. Greenwald
• 1.1 Natural Gas into LNG = 1
• 1.2 The Process of Project Development = 3
• 1.3 Project Development Schedules = 4
• 1.4 LNG Markets = 5
• 1.4.1 LNG Market Cycles = 5
• 1.4.2 Regional Markets = 5
• 1.4.3 Marketing the Project = 6
• 1.4.4 Transparency = 7
• 1.4.4.1 The Role of Japanese Trading Companies = 8
• 1.4.4.2 Buyers as Project Investors = 8
• 1.4.4.3 The Indonesian Model = 9
• 1.5 LNG Chains = 10
• 1.6 Technology, Economy of Scale and Trade Expansion = 10
• Chapter 2 LNG MARKETS : HISTORICAL DEVELOPMENT AND FUTURE TRENDS / Robert J. E. Jones
• 2.1 Introduction = 13
• 2.2 Historical Development of the LNG Trade = 16
• 2.2.1 LNG Roots in Europe = 16
• 2.2.2 The Emergence of the Japanese LNG Trade = 18
• 2.2.3 New Market Leadership from South Korea and Taiwan = 21
• 2.2.3.1 South Korea = 21
• 2.2.3.2 Taiwan = 23
• 2.3 Potential New Asian Markets = 26
• 2.3.1 Thailand = 27
• 2.3.2 India = 35
• 2.3.3 China = 36
• 2.3.4 Philippines = 39
• 2.3.5 Pakistan = 41
• 2.3.6 Singapore = 42
• 2.3.7 Summary = 42
• 2.4 The LNG Suppliers = 43
• 2.4.1 Indonesia = 43
• 2.4.1.1 Contracts = 44
• 2.4.1.2 Facilities = 46
• 2.4.2 Malaysia = 46
• 2.4.2.1 MLNG = 47
• 2.4.2.2 MLNG Dua = 47
• 2.4.3 Austraila = 49
• 2.4.4 Brunei = 49
• 2.4.5 Abu Dhabi = 51
• 2.4.6 Alaska = 52
• 2.4.7 Qatar = 52
• 2.4.7.1 Qatargas = 52
• 2.4.7.2 Ras Laffan = 54
• 2.4.8 Oman = 54
• 2.5 Possible Future Suppliers = 54
• 2.5.1 Indonesia = 55
• 2.5.1.1 Natuna = 55
• 2.5.1.2 Wiriagar Deep(Tangguh) = 57
• 2.5.2 Malaysia = 59
• 2.5.2.1 MLNG Tiga = 59
• 2.5.3 Qatar = 59
• 2.5.3.1 Enron = 59
• 2.5.4 Australia = 60
• 2.5.4.1 North-West Shelf Expansion = 60
• 2.5.4.2 Gorgon = 60
• 2.5.4.3 Other Australian Projects = 62
• 2.5.5 Papua New Guinea = 63
• 2.5.6 Alaska North Slope = 65
• 2.5.7 Yemen = 65
• 2.5.8 Sakhalin = 66
• 2.5.9 Middle East = 66
• 2.6 Asian LNG : Matching Supply and Demand = 66
• 2.6.1 Forecasting Supply and Demand = 66
• 2.6.2 Asian Supply and Demand = 68
• 2.7 A New Era of LNG for Europe = 71
• Chapter 3 LNG PROJECT FEASIBILITY / Andrew R. Flower
• 3.1 Introduction = 73
• 3.2 Why LNG = 75
• 3.3 The LNG Chain = 77
• 3.3.1 Natural Gas Reserves = 79
• 3.3.2 Feedgas = 81
• 3.3.3 LNG Plant = 83
• 3.3.4 Storage and Loading = 88
• 3.3.5 LNG Plant Design and Construction = 90
• 3.3.6 LNG Plant Capital and Operating Costs = 94
• 3.3.7 Transportation = 96
• 3.4 The Market = 102
• 3.5 Sale and Purchase Agreement = 105
• 3.6 Government = 109
• 3.7 Project Structure = 113
• 3.8 Finance = 118
• 3.9 The Economic Model = 119
• 3.10 Summary = 122
• Chapter 4 THE CHAIN OF LNG PROJECT CONTRACTS / Peter P. Miller
• 4.1 Introduction = 125
• 4.1.1 Hallmarks of an LNG Trade = 126
• 4.1.1.1 Integration = 128
• 4.1.1.2 Size = 129
• 4.1.1.3 Cost and Financing = 129
• 4.1.1.4 Security of Supply = 130
• 4.1.1.4.1 Role of Governments = 130
• 4.1.1.4.2 Nature of Sellers and Buyers = 131
• 4.1.1.4.3 Term = 131
• 4.1.1.4.4 Volumes = 131
• 4.1.1.4.5 Scheduling = 132
• 4.1.1.4.6 Take-or-Pay = 132
• 4.1.1.4.7 'SMUT' = 132
• 4.1.2 Future Trends = 133
• 4.1.3 Paradigm = 133
• 4.1.4 Legal Perspective = 134
• 4.2 'Concession'Arrangements = 135
• 4.2.1 Early Concessions = 135
• 4.2.2 Licences and Leases = 136
• 4.2.3 Production-Sharing Contracts／Contracts for Work = 137
• 4.2.4 Development Agreements = 137
• 4.2.5 Standard(and Not So Standard) Terms = 138
• 4.2.5.1 Scope = 138
• 4.2.5.2 Effective Date and Term = 139
• 4.2.5.3 Licence／Contract Area = 139
• 4.2.5.4 Operator = 140
• 4.2.5.5 Fiscal Regime = 141
• 4.2.5.6 Title = 142
• 4.2.5.7 'Work' Obligations = 143
• 4.2.5.8 Use of Local Goods and Services = 144
• 4.2.5.9 Environmental Requirements = 145
• 4.2.5.10 Government Obligations = 145
• 4.2.5.11 Applicable Law and Dispute Resolution = 146
• 4.2.5.12 Termination = 146
• 4.3 Venture Arrangements = 147
• 4.3.1 Types of Ventures = 147
• 4.3.2 Common(and Uncommon) Principles = 148
• 4.3.2.1 Effective Date, Term and Termination = 148
• 4.3.2.2 Nature of Participating Interests = 148
• 4.3.2.3 Designation of Operator : Rights, Duties and Obligations = 149
• 4.3.2.4 Operating Committee or Board of Directors = 150
• 4.3.2.5 Work Programmes and Budgets ; Sole Risk = 150
• 4.3.2.6 Disposition of Production = 151
• 4.3.2.7 Abandonment, Surrender, Extension, Renewal = 151
• 4.3.2.8 Transfers of Interests = 152
• 4.3.2.9 Withdrawal = 152
• 4.3.2.10 Relationship of the Parties and Taxes = 153
• 4.3.2.11 Dispute Resolution and Applicable Law = 153
• 4.3.2.12 Additional Provisions = 153
• 4.4 From Discovery to Development = 154
• 4.4.1 Data Collection and Analysis = 154
• 4.4.2 Studies and Other Pre-FEED Activities = 155
• 4.4.3 The Front End Engineering and Design(FEED) Contract = 155
• 4.4.3.1 Function of the FEED Contract = 155
• 4.4.3.2 FEED Contract Terms = 156
• 4.5 Engeneering, Procurement and Construction(EPC) Contracts = 158
• 4.5.1 Scope = 158
• 4.5.2 Long-Lead Items = 159
• 4.5.3 EPC Contractor Selection = 160
• 4.5.4 EPC Contracts for LNG Plants = 161
• 4.5.4.1 Contract Price = 162
• 4.5.4.2 Project Scheduling = 162
• 4.5.4.3 Completion = 163
• 4.5.4.4 Testing and Acceptance = 163
• 4.5.4.5 Provisions Relating to Financing = 164
• 4.6 The LNG Sale and Purchase Agreement(SPA) = 165
• 4.6.1 Marketing = 165
• 4.6.2 Preliminary Steps = 165
• 4.6.3 The SPA Terms = 166
• 4.6.3.1 Term = 166
• 4.6.3.2 Quantities, Rates of Taking and Adjustment = 167
• 4.6.3.3 Programmes and Schedules = 170
• 4.6.3.4 LNG Quality and Other Technical Provisions = 171
• 4.6.3.5 Price = 172
• 4.6.3.6 Take-or-Pay = 176
• 4.6.3.7 Invoices and Payment = 177
• 4.6.3.8 Sources of Supply = 178
• 4.6.3.9 Transportation = 179
• 4.6.3.10 Facilities Construction and Co-ordination = 182
• 4.6.3.11 Conditions Precedent = 183
• 4.6.3.12 Allocation = 185
• 4.6.3.13 Governing Law and Dispute Resolution = 186
• 4.7 Trends and Prospects = 187
• 4.7.1 New Sources = 187
• 4.7.2 Emerging Markets and New Buyers = 188
• 4.7.3 Trends and Prospects = 189
• Chapter 5 THE LNG TRANSPORTATION LINK / Richard G. Eddy
• 5.1 Unique Features of LNG Transportation = 191
• 5.1.1 Dedication to the Trade = 191
• 5.1.2 Extreme Reliability Rcquirement = 192
• 5.1.3 Outstanding Safety Record = 192
• 5.1.4 Custody Transfer System Acceptance = 193
• 5.2 Design and Construction of LNG Ships = 193
• 5.2.1 History of Development = 193
• 5.2.1.1 Self-Supporting Prismatic Type 'B' = 194
• 5.2.1.2 Dual Membrane = 196
• 5.2.1.3 Single Membrane = 197
• 5.2.1.4 Self-Supporting Spherical Type 'B' = 199
• 5.2.1.5 Future Size Development = 199
• 5.2.2 Role of International Maritime Organisation(IMO) and Classification Societies = 202
• 5.2.2.1 International Maritime Organisation = 202
• 5.2.2.2 Classification Societies = 203
• 5.2.3 Role of Licensors = 203
• 5.2.4 Construction Time Required = 204
• 5.2.5 Establishing Ship Requirements = 206
• 5.2.6 Preliminary Lost Estimates = 209
• 5.3 Unique Features of the LNG Ship = 211
• 5.3.1 LNG Cargo Systems = 212
• 5.3.2 Instrumentation = 214
• 5.3.2.1 Liquid Level Gauges = 214
• 5.3.2.2 High and Low Level Alarm and Shutdown Systems = 215
• 5.3.2.3 Pressure and Temperature Gauges = 215
• 5.3.2.4 Gas Detection System = 215
• 5.3.3 Nitrogen／Inert Gas = 216
• 5.3.4 Ship-Shore Interface and Emergency Shutdown Systems(ESD) = 217
• 5.3.5 Heel = 218
• 5.3.6 Firefighting = 218
• 5.3.6.1 Water Fire Extinguishing System = 218
• 5.3.6.2 Dry Powder System = 219
• 5.3.6.3 CO₂System = 219
• 5.3.6.4 Water Spray and Water Curtain Systems = 219
• 5.4 LNG Transportation Contracts = 220
• 5.4.1 Ship Characterisation and Classification = 220
• 5.4.2 Hire and Off-Hire = 221
• 5.4.3 Penalties for Non-Performance = 222
• 5.4.4 Exceptions = 223
• 5.5 LNG Ship Operations = 224
• 5.5.1 Crewing = 225
• 5.5.2 Crew Training = 226
• 5.5.3 International Safety Management and Standards for Training, Certification and Watchkeeping = 226
• 5.5.3.1 International Safety Management Code 1994(ISM) = 226
• 5.5.3.2 International Convention on Standards for Training, Certification and Watchkeeping for Seafarers(STCW) 1978(revised 1995) = 227
• 5.5.4 Port Requirements = 228
• 5.5.5 Insurance = 229
• 5.6 Extended Ship Life and Existing Ship Availability = 230
• 5.7 Future Developments Prospects = 232
• 5.7.1 Steam Turbine Plus Reliquefaction = 232
• 5.7.2 Diesel Electric Propulsion plus Reliquefaction = 234
• Chapter 6 LNG PROJECTS FINANCE : SHARING RISKS WITH PROJECTS LENDERS / Gerald B. Greenwald
• 6.1 Financing a Project in Segments = 238
• 6.1.1. Upstream Developments of Gas Supply = 239
• 6.1.1.1 Unified Ownership = 240
• 6.1.1.2 Production-Sharing Contract = 240
• 6.1.1.3 Upstream Separation = 240
• 6.1.1.4 Upstream Ownership = 240
• 6.1.1.5 Separate Finance = 240
• 6.1.2 Financing Downstream Development of Liquefaction Storage and Loading = 241
• 6.1.3 LNG Transportation = 241
• 6.2 Extending the LNG Chain to the Electricity Grid = 244
• 6.3 The Economic Feasibility of LNG Projects = 245
• 6.3.1 Capital Cost and Lead Time = 246
• 6.3.2 Payout Periods and Leverage = 246
• 6.3.3 Borrowing Costs and Equity Returns = 246
• 6.3.4 Take-or-Pay Quantity and Energy Price = 247
• 6.4 The Financing Past Will Not Be Prologue = 248
• 6.4.1 Japanese Import Finance = 248
• 6.4.1.1 Brunei LNG Project = 249
• 6.4.1.2 Abu Dhabi LNG Project = 250
• 6.4.1.3 Indonesia LNG Project = 250
• 6.4.1.4 Malaysia LNG Project = 251
• 6.4.1.5 Australia North-West Shelf LNG Project = 252
• 6.4.2 Balance Sheet Finance = 252
• 6.4.3 Sharing Risk with Project Lenders = 253
• 6.5 New Priorities for LNG Project Financing = 256
• 6.5.1 National Export Credit Agencies = 257
• 6.5.1.1 The United States Export-Import Bank = 259
• 6.5.1.2 Export-Import Bank of Japan = 260
• 6.5.2 The Multilateral Institutions = 261
• 6.5.2.1 International Bank for Reconstruction and Development = 262
• 6.5.2.2 International Finance Corporation of World Bank Group = 264
• 6.5.2.3 European Bank for Reconstruction and Development = 265
• 6.5.2.4 Asian Development Bank = 265
• 6.5.3 Capital Markets = 266
• 6.5.4 Commercial Banks = 269
• 6.6 The Project Financial Plan = 270
• 6.6.1 Estimating Capital Costs = 270
• 6.6.1.1 Natural Gas Production = 270
• 6.6.1.2 Onshore Facilities = 271
• 6.6.1.3 Interest During Construction = 271
• 6.6.1.4 Development Costs = 271
• 6.6.1.5 Marine Transportation = 271
• 6.6.2 Financial Analysis = 272
• 6.7 Approaching Finance Markets = 273
• 6.7.1 Financial Information Memorandum = 274
• 6.7.1.1 The LNG Project = 274
• 6.7.1.2 LNG Markets = 274
• 6.7.1.3 Natural Gas Reserves and Supplies = 274
• 6.7.1.4 Facilities and Technology = 275
• 6.7.1.5 Storage, Loading and Shipping = 275
• 6.7.1.6 Environmental Impact = 275
• 6.7.1.7 Insurance Coverage = 275
• 6.7.1.8 The Host State = 276
• 6.7.1.9 Contractual Framework = 276
• 6.7.1.10 Financial Presentation = 276
• 6.8 The Lender's Analysis = 276
• 6.8.1 Risk Mitigation = 277
• 6.8.1.1 Sponsors' Experience = 277
• 6.8.1.2 Proven Reserves = 277
• 6.8.1.3 Proven Technology = 278
• 6.8.1.4 LNG Buyer Experience = 278
• 6.8.1.5 LNG Buyer Credit worthiness = 278
• 6.8.1.6 Marine Transporter Experience = 279
• 6.8.1.7 Host State Commitment = 279
• 6.8.1.8 Host State Stability = 281
• 6.8.2 Financial Coverage Ratios = 281
• 6.8.3 The Security Package = 282
• 6.9 New Policies for LNG Project Financing = 285
• 6.9.1 Gas Exports and Gas Imports for Economic Development = 285
• 6.9.1.1 Multiateral Development Institutions = 285
• 6.9.1.2 Regional Import Finance Initiatives = 286
• 6.9.1.3 Government Support = 287
• 6.9.2 Shared Security = 287
• Chapter 7 LNG : THE STRATEGIC PLANNING ISSUES / Kimball C. Chen
• 7.1 Introduction = 289
• 7.2 The Structure of the Industry and the Motivations of the Key Players = 290
• 7.2.1 Sellers = 292
• 7.2.2 Buyers = 294
• 7.2.3 Energy Majors and Trading Companies = 295
• 7.2.4 Governments of Buyers = 295
• 7.2.5 Vendors and Engineering Service Providers = 296
• 7.2.6 Financing Sources = 297
• 7.2.7 Who Does What = 297
• 7.2.8 Who Gets What - Host Government and Foreign Partners = 298
• 7.2.9 What Technical Choices? = 299
• 7.2.10 Commercial Strategies = 299
• 7.2.11 Monopoly, Monopsony, Oligopoly = 300
• 7.3 The Nature of Value = 301
• 7.4 Important Externalities and Their Trends = 303
• 7.4.1 Macro-economics Issues = 303
• 7.4.2 Industrial Policy = 305
• 7.4.3 Geopolitical Considerations = 306
• 7.4.3.1 Contract Dependence = 308
• 7.4.3.2 Transit Risk = 309
• 7.4.3.3 Form Dependence = 309
• 7.4.4 Financial Market Capacity = 310
• 7.5 Competition, Cooperation and Comparative Advantage = 311
• 7.5.1 Complementing Other Fuels = 312
• 7.5.2 Competition with Energy Conservation = 313
• 7.5.3 Choosing Not to Compete = 313
• 7.5.4 Comparative Advantage = 314
• 7.5.5 Horizontal Integration = 314
• 7.5.6 Vertical Integration = 315
• 7.5.7 Technology = 315
• 7.5.8 Financial Integration = 316
• 7.5.9 Cooperation(Even Between Competitors) = 316
• 7.5.10 Cooperation and Competition within an LNG Export Project = 317
• 7.6 Possibilities for Creating Change = 318
• 7.6.1 The Importance of Time and Timing = 318
• 7.6.2 The Creation of Markets = 319
• 7.6.3 The Effect of New Entrants = 320
• 7.6.4 The Economic Impact of Technology = 321
• 7.7 Case studies = 321
• 7.7.1 Policy Formation as Condition Precedent : China = 321
• 7.7.2 Finance Strategy : Mobil Corporation and the Financing of the Gas Laffan Project in Qatar = 324
• 7.7.3 Geopolitics of Gas : Turkey = 327
• 7.7.4 Emerging Markets : Pakistan = 328
• 7.7.5 Growth in a Developed Market : Italy = 330
• 7.7.6 Creation of Markets : Enron and the Dabhol Project in India = 331
• 7.7.7 LNG Project Feasibility : Alaska North Slope = 332
• 7.7.8 Equipment Vendors and Industrial Policy : The Example of Shipbuilding and Ship Operations = 334
• 7.7.9 Comparative Advantage and Comparative Disadvantage : The Natuna Project in Indonesia = 335
• Index = 337