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First Look - Golden Pass LNG seeks FERC nod for 3-year deadline extension to November 2029

Oil is up nearly $1 as Libyan supply issues continue
- The length of the supply disruption in Libya could impact OPEC’s decision to bring barrels back onto the market, with ING saying in a note, "A prolonged shutdown from Libya will give OPEC+ a bit more comfort in increasing supply in 4Q24 as currently planned,"
Asian crude imports stage modest recovery (Reuters)
- Asian imports have risen from a two-year low in July as top importers China, India, South Korea, and Japan purchased additional barrels
- Total imports for August are expected to top 27.74 MMBbl/d, up from 24.56 MMBbl/d in July
- Despite this, the August numbers are only the fifth highest of the eight months of 2024 so far
Exxon restores Guyanese production (PGJ)
- ExxonMobile has fully restored its production in Guyana after the completion of a natural gas pipeline tie-in, returning production to previous levels
- Output had sunk to between 400 and 500 MBbl/d in July, compared to 669 MBbl/d in June before the planned shutdown
- Guyana will continue to be an area of non-OPEC supply growth as more offshore projects come online

October ’24 gas trades lower ahead of storage data
- Prompt gas was 3.8c lower to $2.059/MMBtu (As of 7:45 AM)
- Winter ‘24/’25 strip is down 4.8c to $2.989, and the Summer ’25 strip is down 3.5c to $3.037
- Today's European Ensemble showed a slight cooling trend for the Lower 48, with a notable temperature drop of -6.1 degrees, except for the West, which warmed by +12.1 degrees, mainly affecting the 11-15 day period (Criterion)
Golden Pass LNG seeks FERC nod for 3-year deadline extension to November 2029 (Criterion)
- Golden Pass LNG requested FERC approval to extend its in-service deadline from November 30, 2026, to November 30, 2029, due to delays from Zachry Industrial’s bankruptcy and the transition to a new contractor, CB&I
- The extension would provide time to rehire over 4,000 workers and account for potential weather delays, with current progress at 83% for Train 1, 46% for Train 2, and 31% for Train 3
- Golden Pass also sought a DOE extension on its Non-FTA and FTA export authorizations to delay initial commercial operations by 18 months to March 31, 2027, to accommodate construction schedule uncertainties
- Meanwhile, train 1 is expected to start service in December 2025, but this can be refined as the pace of construction under CB&I becomes clearer