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Webber Research: LNG Weekly 09.02.2022
Webber Research: Qatar LNG NFE Expansion – Q322 Project Update
Access Full Report: Qatar LNG Q322 – Project Update
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Webber Research: Golden Pass LNG (XOM, QP) Project Update & Cost Analysis – Q222
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W|EPC: Qatar LNG North Field Expansion – Baseline Report Q221
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W|EPC: Golden Pass LNG (XOM, QP) – Project Update & On-Site Satellite Image Analysis – Q320
Golden Pass LNG: Our Delay & Contingency Fund Estimates Continue to Ramp
Key Takeaways:
• Chiyoda’s Engineering Delays Continue. We believe engineering delays have eroded a significant portion of the EPC risk, contingency, and profit, with the likelihood of ramping balance sheet exposure. (Pages 4 & 11)
• Our updated project timeline (delay) and contingency fund estimates are now material, sitting at….(continued)
• Our estimates point to Golden Pass project progress sitting closer to ~10% vs Chyioda’s report figure of 16% (Q2) based on both our satellite image review and….(continued)
• Sabine Pass Comparison. 18-Months after FID Sabine Pass LNG Trains 1 & 2 were 57.1% complete, vs our estimated range for Golden Pass LNG (~10-16%). (Page 8)
Table Of Contents
- Golden Pass Q320 Update – Key Takeaways (page 2)
- Revised Cost & Schedule Forecasts (page 3)
- Cost Forecast (page 4)
- Project Milestones (page 5)
- Progress Analysis (page 6)
- Analysis – Chiyoda’s 16% Reported Progress (page 7)
- Putting It All Together – W|EPC Updated Contingency fund and project delay estimates
- 18-Months After FID, Sabine Pass vs. Golden Pass LNG (page 8)
- Joint Venture Analysis (page 9)
- Change Order Analysis vs. JV Structure (page 10)
- Possible Impacts to Chiyoda (page 11)
- Satellite Image Analysis (page 12)
- Disclosures (page 17)
Golden Pass LNG Satellite Image Overview (page 13)
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W|EPC: Golden Pass LNG – Delay & Contingency Fund Estimates Continue To Ramp – Updated Project & Satellite Image ReviewRead More