Shell has just been cleared by Australia's regulator to restart its giant Prelude LNG export plant 🇦🇺👌
👍 NOPSEMA said Shell fulfilled a required direction order
⚡ Prelude closed in early-Dec. due to a power failure
🚢 The facility will provide much-needed supply to the market
Background:
More than 100 non-essential staff were evacuated in early December from Prelude after an outage left workers without ventilation, potable water services and a sewage treatment system
An inspection by Australia’s offshore petroleum regulator found that Shell didnt "have a sufficient understanding of the risks of the power system on the facility, including failure mechanisms, interdependencies and recovery"
Shell couldn't restart until the regulator gave an OK
The development will provide much-needed supply to the Asian LNG market
Spot prices skyrocketed to a record earlier this month as the war in Ukraine triggered fears of supply disruptions from Russia
Following the invasion, Chinese buyers, and the lenders that finance their purchases, have largely shunned Russian shipments of coal and LNG, as well as crude
While it likely temporary, it reflects companies’ deeper concerns about becoming ensnared in sanctions
Energy (2) ⚡️
China will likely expand imports of Russian LNG
But coal is different. Russian supply is a tiny fraction of what China consumes, and Beijing’s plan to raise the capacity of its coal industry suggests may be doing away with imports entirely
Nuclear energy gaining popularity on surging fossil fuel prices ☢️
All this in the last 2 weeks:
🇧🇪 Belgium delays nuclear exit by 10 years
🇰🇷 South Korea elects pro-nuclear president
🇯🇵 Japan policymakers call for faster reactor restarts
🇨🇿 Czech opens tender for atomic plant
Reaching net zero emissions by 2050 won’t be easy
BNEF developed a scenario where nuclear plays a bigger role in global decarbonisation. The forecast sees atomic energy increasing *17-fold* over the next three decades
🇬🇧 U.K. Prime Minister Boris Johnson is set to meet with the nuclear industry on Monday to discuss how quickly plans to build new capacity can be rolled out, as the nation seeks energy self-sufficiency in the wake of Russia’s invasion of Ukraine
Germany is backing the construction of LNG import facilities to reduce dependence on Russian pipeline imports, but the country needs “more liquefied natural gas in the short term,” said Economy Minister Robert Habeck
Korea supplied the reactors for the Barakah Nuclear Power Plant in the UAE. The nation has gained a strong reputation in the nuclear sector as France/US projects struggle with delays
🏭 More than 6 gigawatts worth of coal/gas-fired power shut. Restart timing unclear
💡 Over 30k without power in Tohoku. Power restored to Tokyo
☢️ No abnormalities at nuclear plants