ANL 34.52 Increased By ▲ 0.67 (1.98%)
ASC 15.16 Increased By ▲ 0.26 (1.74%)
ASL 24.83 Increased By ▲ 0.32 (1.31%)
AVN 95.00 Increased By ▲ 3.86 (4.24%)
BOP 7.87 Decreased By ▼ -0.07 (-0.88%)
BYCO 10.31 Increased By ▲ 0.53 (5.42%)
DGKC 126.60 Increased By ▲ 1.85 (1.48%)
EPCL 57.16 Increased By ▲ 1.91 (3.46%)
FCCL 24.50 Increased By ▲ 0.09 (0.37%)
FFBL 27.96 Increased By ▲ 0.01 (0.04%)
FFL 16.04 Increased By ▲ 1.14 (7.65%)
HASCOL 10.02 Increased By ▲ 0.28 (2.87%)
HUBC 80.00 Increased By ▲ 0.83 (1.05%)
HUMNL 6.45 Increased By ▲ 0.21 (3.37%)
JSCL 20.41 Increased By ▲ 0.50 (2.51%)
KAPCO 40.94 Increased By ▲ 0.69 (1.71%)
KEL 3.87 Increased By ▲ 0.02 (0.52%)
LOTCHEM 17.24 Increased By ▲ 0.54 (3.23%)
MLCF 46.91 Increased By ▲ 1.17 (2.56%)
PAEL 36.17 Increased By ▲ 2.69 (8.03%)
PIBTL 10.49 Increased By ▲ 0.19 (1.84%)
POWER 9.35 Increased By ▲ 0.15 (1.63%)
PPL 85.74 Increased By ▲ 0.16 (0.19%)
PRL 25.71 Increased By ▲ 1.21 (4.94%)
PTC 9.45 No Change ▼ 0.00 (0%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 39.36 Increased By ▲ 0.10 (0.25%)
TRG 159.61 Increased By ▲ 11.13 (7.5%)
UNITY 30.75 Increased By ▲ 1.12 (3.78%)
WTL 1.43 Increased By ▲ 0.23 (19.17%)
BR100 4,852 Increased By ▲ 65.72 (1.37%)
BR30 25,671 Increased By ▲ 690.82 (2.77%)
KSE100 45,186 Increased By ▲ 445.12 (0.99%)
KSE30 18,485 Increased By ▲ 152.7 (0.83%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,443
11424hr
Pakistan Cases
721,018
505024hr
Sindh
268,750
Punjab
248,438
Balochistan
20,241
Islamabad
65,700
KPK
98,301

SINGAPORE: A tanker carrying liquefied natural gas (LNG) has been floating off Australian waters for nearly two weeks as production at Ichthys project ramps up, industry sources told Reuters.

The tanker 'Symphonic Breeze' has been moored at Darwin anchorage since April 17 after loading a cargo from the recently launched Ichthys LNG facility, shipping data from Refinitiv Eikon showed.

The LNG cargo has already been sold to a North Asian buyer, who chose to lift it at a later date due to high inventory in its tanks, an industry source familiar with the matter said.

The "floating cargo" situation has been partly created due to ample global supply with several new projects expected to launch LNG exports this year, including Royal Dutch Shell's Prelude floating terminal that started production late last year in Australia, and as demand remained largely stable, industry sources said.

The delivery period for the cargo was quite wide, the source added.

Production from Ichthys in western Australia has also been ramping up and adding to the glut, the sources added.

"Ichthys production is very strong, which is causing a bit of headache for the market given the current situation," the first source added.

A spokesman from Japanese firm Inpex, the operator of the project, told Reuters that Ichthys is ramping up output, but did not specify the production level.

LNG exports from Ichthys are expected to reach a record high of up to 680,000 tonnes in April, the equivalent of about 91 percent of the nameplate capacity, said Madeleine Overgaard, an LNG market analyst with data intelligence firm Kpler.

The $40 billion Ichthys project shipped its first condensate and LNG cargoes in October last year after several delays and cost overruns.

At full operation, Ichthys is expected to produce 8.9 million tonnes of LNG a year, along with 1.7 million tonnes of LPG and about 100,000 barrels per day of condensate, an ultra-light form of crude oil.

Inpex has said it will take about two to three years to reach full production.

The Ichthys LNG project is a joint venture between Inpex, oil major Total, Taiwan's CPC Corp and the Australian subsidiaries of Japan's Tokyo Gas, Osaka Gas , Kansai Electric Power, JERA and Toho Gas.

Copyright Reuters, 2019