Oman LNG production rose to a three year high of 8.5mn tons in 2016, but this wasn’t enough to prevent a third consecutive slide in annual revenues to just $1.9bn. Oman LNG’s 2016 Annual Report highlights the extent to which falling LNG prices took the gloss off of the output performance.
South Korea is Oman LNG’s number one buyer, taking around 50% of its output most years. But prices of Omani LNG to South Korea fell some 37% last year to just $7.38/mn BTU, more than $10/mn BTU below 2014 levels. Little wonder that revenues fell nearly $700mn last year to its lowest level since 2004. (CONTINUED - 874 WORDS)
