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Commissioning of the Floating LNG Regasification Unit Delivered by TotalEnergies to Lubmin Terminal in Germany
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
TotalEnergies (TTE) has inaugurated the Deutsche Ostsee LNG import terminal in Germany, addressing the ongoing gas supply crisis in Europe. The terminal is operated by Deutsche Regas and features a floating storage and regasification unit (FSRU) delivered by TotalEnergies, with a capacity of 5 billion cubic meters per year. TotalEnergies is set to increase its LNG imports to over 20 Mt/y, contributing significantly to Germany's gas supply. The company aims to raise the share of natural gas in its portfolio to 50% by 2030, amidst challenges from reduced Russian gas flows.
Positive
Inauguration of the Deutsche Ostsee LNG terminal enhances TotalEnergies' position as a main LNG supplier in Germany.
The terminal allows for LNG imports to exceed 20 Mt/y, covering about 15% of Europe's regasification capacity.
TotalEnergies' integrated LNG portfolio and flexible supply strategy support European energy security.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces the start-up of the Deutsche Ostsee LNG import terminal for liquefied natural gas (LNG). Operated by Deutsche ReGas and located in Lubmin on the German Baltic Sea coast, the site’s official inauguration will take place tomorrow, attended by German Federal Chancellor Olaf Scholz. This project, to which TotalEnergies is contributing a floating storage and regasification unit (FSRU) and supplying LNG, will make the Company one of Germany’s main LNG suppliers.
In December 2022, TotalEnergies delivered the Neptune – one of the Company's two floating storage and regasification units) – to Deutsche Regas. The vessel has an annual regasification capacity of 5 billion cubic meters of gas, enough to cover about 5% of German demand.
Following Deutsche Regas’s open season procedure, in October 2022, TotalEnergies also contracted regasification capacity of 2.6 billion cubic meters of gas per year and began to deliver LNG from its global integrated portfolio to the Lubmin terminal.
“Europe is facing a historic gas supply crisis caused by the sharp drop in flows from Russia. Since the beginning of this crisis, TotalEnergies has mobilized its LNG portfolio, which is broad and flexible, to send available LNG to Europe and to use its 18 Mt/y regasification capacity. Thanks to the start-up of the Lubmin terminal, TotalEnergies will be able to add to this effort and increase its imports to Europe to over 20 Mt/y, or about 15% of the continent’s regasification capacity. We are pleased to support this project, which will allow Germany and Europe to further secure gas supply,” said Stéphane Michel, President Gas, Renewables & Power at TotalEnergies.
TotalEnergies, the world’s third largest LNG and Europe’s leading regasification player
TotalEnergies is the world’s third largest LNG player with a market share of around 10% and a global portfolio of about 40 Mt/y thanks to its interests in liquefaction plants in all geographies. The Company benefits from an integrated position across the LNG value chain, including production, transportation, access to more than 20 Mt/y of regasification capacity in Europe, trading, and LNG bunkering. TotalEnergies’ ambition is to increase the share of natural gas in its sales mix to 50% by 2030, to reduce carbon emissions and eliminate methane emissions associated with the gas value chain, and to work with local partners to promote the transition from coal to natural gas.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
What is the significance of the Deutsche Ostsee LNG terminal for TotalEnergies (TTE)?
The Deutsche Ostsee LNG terminal positions TotalEnergies as a key LNG supplier in Germany, enhancing its market share and supporting European energy security.
How much LNG capacity does TotalEnergies (TTE) provide at the Lubmin terminal?
TotalEnergies provides a floating storage and regasification unit with an annual regasification capacity of 5 billion cubic meters at the Lubmin terminal.
When was the Deutsche Ostsee LNG terminal officially inaugurated?
The official inauguration of the Deutsche Ostsee LNG terminal took place on the day following the press release, attended by German Federal Chancellor Olaf Scholz.
How does TotalEnergies (TTE) plan to increase its LNG supply in the future?
TotalEnergies aims to raise its LNG imports to over 20 Mt/y, leveraging its integrated portfolio to meet European gas demands amid reduced Russian supply.
