CAMEL plant (Algeria) starts up with the first deliveries of LNG to Britain’s Canvey Island LNG Terminal 0.1 0.7 1.2 2.3 3.7 6.1 10.6 24.7 22.8 34.7 37.9 41.6 44.8 47.8 53.4 59.5 65.1 82.3 84.8 92.2 101.5 106.4 111.6 125.1 131.8 143.3 158.8 172.3 171.9 181.3 220.8 237.3 238 238 . . . Discovery of North Sea Gas Deliveries of CAMEL LNG to France begin Start of LNG exports from Kenai in Alaska to Japan Start of LNG exports from Brunei to Japan Libya begins to export LNG to Spain and Italy First US LNG importing terminal in Evere, MA, USA First crude oil price shock - Brunei starts renegotiations for first crude oil indexed LNG contract Gas Strategies begins; several founders of the LNG business in its ranks, its LNG understanding rooted in the foundations of the industry Qatargas 2: First to anchor 100% of supply to UK NBP traded hub Atlantic LNG Trains 2 & 3 and Nigerian LNG Trains 4 & 5 see sales to aggregators Gulf Gateway Energy Bridge Deepwater Port opened proving Floating LNG regas Excelerate Teesside Gas Port opens era of dockside LNG FSRU use Introduction of the 14.85% indexation to crude oil prices South Korean market opens with LNG from Arun LNG gets delivered from Indonesia to Boston - world’s longest haul and US’ only import in 1986 MARKET BASED CRUDE OIL PRICE <$10/BBL CRASHES BUT OGSP STAYS ABOVE $20/BBL OFFICIAL GOVERNMENT SHARE PRICES (OGSP) ABANDONED Indonesian and Algerian expansions Belgium begins LNG imports Start of LNG exports from Malaysia (Satu) to Japan Indonesian ‘Super deals’ - sales of string of cargoes - first of its kind, seles ‘overpayment mountain’ Abu Dhabi’s Adgas project introduces ‘S’-Curve type formulae in long term contracts Start of LNG exports from North West Shelf (Australia) to Japan OIL PRICE CRASH WORLD STOCK MARKET CRASH BERLIN WALL FALLS US MARINES DISPATCHED TO VIETNAM NEIL ARMSTRONG BECOMES THE FIRST MAN ON THE MOON VIETNAM WAR ENDS IN 1975 ARGENTINA INVADES THE FALKLAND ISLANDS IRAQ INVADES KUWAIT “MarAd saga” - Nigeria LNG buys spare vessels on the market Taiwan LNG market opens - Yungan - with initial supplies from Indonesia UK stops importing LNG Henry Hub futures contract first available on Nymex Spot LNG delivered from NWS, Australia to Spain Qatar QGPC and Mobil set up JV Ras Laffan Liquefied Natural Gas Company US gas bubble - Algerian LNG sales stop Start of LNG exports from Indonesia (Arun) to Japan Indonesia: The birth of limited-recourse LNG financing Start of LNG exports to Japan from Indonesia (Bontang), and Abu Dhabi (Adgas) Turkey begins LNG imports RasGas launches world’s first all Korean fleet for FOB sales anchored to Korean market BG acquires 100% capacity at Lake Charles Price out of range or POR negotiations: Crude oil price levels “out of range” bringing into play the “meet and discuss” provisions of the contracts Start of LNG exports from Atlantic LNG (Trinidad) just ahead of start up of RasGas Nigeria LNG start up Annual LNG trade exceeds 100 mtpa Greece imports first LNG China signs first deals with North West Shelf and Tangguh Portugal first LNG imports UK resumes LNG imports First import of LNG to UK in 20 years as North Sea production declines Chinese LNG market opens - Guangdong I Qatar becomes number 1 LNG exporter in the world LNG imports to USA highest ever at 3.1Bcf/d.Compared to 2006 average of 1.6Bcf/d Pipeline gas exports to Europe from Russia distrupted due to dispute with Ukraine Middle Eastern LNG market opens - Kuwait GasPort Chile imports first LNG Australia overtakes Qatar as world’s largest LNG producer First FLNG production begins Shale gas boom in the US starts Cheniere signs first US Gulf Coast export deals with BG with indexation to Henry Hub prices SEGAS LNG plant in Egypt is mothballed Qatar capacity reaches 77 mtpa Nigeria LNG Train 5 starts up JULY: OIL AT $147/BBL DECEMBER: OIL AT $35/BBL First US re-export from Sabine Pass Annual LNG trade exceeds 220mtpa Israel, Singapore and Malaysia become LNG importers Ice-bound Yamal LNG takes FID US lower-48 LNG exports begin CSG-LNG projects begin production in Queensland India begins LNG imports Atlantic LNG negotiates first destination flexible contract UK traded gas hub, NBP gas contract first available on IPE Qatar enters the LNG world, with equity liſting on LNG volumes KYOTO AGREEMENT PROPOSES TO LIMIT GREENHOUSE GASES ASIAN FINANCIAL CRISIS EURO LAUNCHED HURRICANE KATRINA END OF THE IRAN/IRAQ WAR 1962-64 1965 1969 1970-1971 1972 1973 1974-77 1978-80 1981-1982 1983 - 1985 1986 1987 1988 1989 1990 1991 - 1993 1994 - 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 THE FUTURE EVENTS THAT HAD AND CONTINUE TO HAVE A SIGNIFICANT IMPACT ON THE SHAPE OF THE GLOBAL LNG TRADE Industry key events Oil price ($/bbl) LNG trade (mtpa) LNG Projects and market openings Macro - economic and other external factors FOUNDING YEAR CERN MAKES WORLD WIDE WEB PUBLIC OR FREELY USABLE ENRON BANKRUPT HENRY HUB REACHES $10/MMBTU IN WINTER EXXON ACQUIRES MOBIL FOR $75.4 BILLION BP ACQUIRES AMOCO FOR $110 BILLION THE GREAT EAST JAPAN (FUKUSHIMA) EARTHQUAKE AND TSUNAMI GREAT RECESSION: GLOBAL ECONOMY CONTRACTS FOR THE FIRST TIME SINCE WWII HENRY HUB DROPS TO BELOW $2/MMBTU CHINA OVERTAKES US AS WORLD’S LARGEST ECONOMY 1.8 1.8 1.6 1.8 2.0 3.5 12.5 22.9 35.9 28.8 14.3 18.3 14.9 18.2 23.7 18.8 15.8 19.1 12.7 17.9 28.4 24.5 25 28.8 38.2 54.4 65.1 72.5 97 61.5 79.5 111.3 111.6 108.6 . . . 700 1969 MTPA 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 600 500 400 300 200 100 0 PLANT START UP TERMINAL START UP LANT START UP ERMINAL START UP TE PL 9 71 3 5 77 9 81 3 5 7 9 91 3 5 7 9 01 3 5 7 9 1 3 5 7 7 7 9 5 7 9