{"id":18252,"date":"2023-10-05T22:49:59","date_gmt":"2023-10-05T14:49:59","guid":{"rendered":"https:\/\/www.aurexgroup.com\/?p=18252"},"modified":"2025-08-08T10:48:33","modified_gmt":"2025-08-08T02:48:33","slug":"gastech-2023-in-summary","status":"publish","type":"post","link":"https:\/\/www.aurexgroup.com\/insights\/gastech-2023-in-summary\/","title":{"rendered":"Gastech 2023 in Summary"},"content":{"rendered":"<p>Aurex Group attended the landmark event in the energy industry&#8217;s calendar,\u00a0<strong>Gastech 2023<\/strong>, hosting the world&#8217;s largest meeting place for the gas, LNG, hydrogen, low-carbon solutions, and climate technologies industries. The four-day event hosted a record-breaking 40,000 attendees, including 4,000 delegates, and 750 exhibitors, from over 100 countries. Here are a few of our key takeaways from the event:<\/p>\n<ul>\n<li>LNG prices are lower but still high on a historical basis which has created some demand destruction, particularly in parts of Asia. Albeit, positive market sentiment is rebounding, and prices are much lower compared to 2023 which has restored a degree of comfort in the market, said Steve Hill, Executive Vice President\u00a0of Shell Energy.<\/li>\n<li>The theme of trust was echoed by several industry leaders during the event. Honoring LNG contracts highlighted as underpinning security of supply and predictability of prices.<\/li>\n<li>LNG portfolio expansion and diversification are unanimously poised as the key agenda for the leading energy players.<\/li>\n<li>Shell is looking to increase its LNG volumes by 20% to 30% by the end of the decade, said Cederic Cremers, Executive Vice President of Shell&#8217;s LNG business. The company is considering plans for after its current slate of projects and investments \u2014 which include a facility in Canada \u2014 start through 2030, he said.<\/li>\n<li>Venture Global LNG announces a long-term expansion plan to increase production from 70 MTPA to more than 100 MTPA.<\/li>\n<li>By 2027, more than half of PCI\u2019s long-term LNG supply will come from their own equity production. PCI will continue to focus on portfolio diversification and to continue to be agile and resilient, said Yaoyu Zhang, Global Head of LNG &amp; New Energies at PetroChina International.<\/li>\n<li>On PCI\u2019s strategy to expand their trading portfolio, Yaoyu said, emphasized how the importance of honoring contracts will benefit PCI and their customers in the long term, increasing efficiency for operational excellence and development automation and digitalization to make it easy for counterparts to do business, hedging and risk management key to manage business risks, more acquisitions into regasification capacity domestically and internationally to become a reliable supplier.<\/li>\n<li>ENI ambitions 18+ MTPA portfolio by 2026.<\/li>\n<li>Vitol sees 50 MTPA diverted to Europe in 2023.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>In hiring news, we continue to observe sustained demand for LNG front office (physical trading, derivatives trading, marketing &amp; origination) talent across both EMEA &amp; APAC. Trade houses\u00a0<strong>Glencore, Freepoint Commodities<\/strong>, and\u00a0<strong>Gunvor<\/strong>\u00a0have been particularly active over the past quarter, with Majors including\u00a0<strong>BP<\/strong>\u00a0and\u00a0<strong>Chevron\u00a0<\/strong>who have also been bolstering their respective LNG trading &amp; origination teams. Interest for\u00a0<strong>APAC<\/strong>\u00a0<strong>Gas &amp;<\/strong>\u00a0<strong>LNG derivatives trading<\/strong>\u00a0talent is continuing to grow as companies seek to better manage risk exposures, especially after the extreme volatility last year \u2013 a hiring trend we\u2019ve observed primarily with trade houses including\u00a0<strong>Vitol<\/strong>\u00a0who recently hired\u00a0<strong>Alissa Hew<\/strong>\u00a0from\u00a0<strong>Goldman Sachs<\/strong>. A key challenge we\u2019ve observed trade houses experiencing relating to their LNG derivatives hiring processes is the general lack of talent insofar of \u2018pure derivatives traders\u2019 (adept in both hedging and prop) with a demonstrated trading track record, which coupled with the \u2018brain drain\u2019 of derivatives talent due to hedge fund hiring activity particularly amongst\u00a0<strong>Balyasny, \u00a0Bluecrest,<\/strong>\u00a0etc. &#8211; offering some of the most competitive financial premiums for traders \u2013 are leaving the trade houses with limited options. Subsequently, due to the scarcity of seasoned and proven Gas &amp; LNG derivative talent options, we have advised leading trade houses, in certain cases, to re-adjust their high-barrier entry requirements to instead identify and cultivate the \u2018up-and-coming\u2019 talent options, which has proven to be successful.<\/p>\n<p>If you are a client seeking to learn more about the above, please don\u2019t hesitate to reach out to me \u2013 contact details below.<\/p>\n<p>&nbsp;<\/p>\n<h5 style=\"font-weight: 600;\"><img decoding=\"async\" class=\"alignleft\" style=\"height: 250px; max-width: 100%;\" src=\"https:\/\/cdn-01.cms-ap-v2i.applyflow.com\/aurex-group\/wp-content\/uploads\/2023\/07\/1544c289-1689042200961-scaled.jpeg\" alt=\"Sami1 edited.jpg\" \/>Sami Jacobs<\/h5>\n<h6 style=\"font-weight: 600;\">Consultant<\/h6>\n<h6 style=\"font-weight: 600;\">\u200b<\/h6>\n<p style=\"font-weight: 400;\">+65 3165 0710<\/p>\n<p style=\"font-weight: 400;\"><a href=\"mailto:sami@aurexgroup.com\">sami@aurexgroup.com<\/a><\/p>\n<p style=\"font-weight: 400;\">EA 18S9493 | R2092031<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aurex Group attended the landmark event in the energy industry&#8217;s calendar,\u00a0Gastech 2023, hosting the world&#8217;s largest meeting place for the gas, LNG, hydrogen, low-carbon solutions, and climate technologies industries. The four-day event hosted a record-breaking 40,000 attendees, including 4,000 delegates, and 750 exhibitors, from over 100 countries. Here are a few of our key takeaways&hellip;<\/p>\n","protected":false},"author":18,"featured_media":18261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[44,45],"tags":[],"class_list":["post-18252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aurex-insights","category-natural-resources"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/posts\/18252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/comments?post=18252"}],"version-history":[{"count":5,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/posts\/18252\/revisions"}],"predecessor-version":[{"id":18269,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/posts\/18252\/revisions\/18269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/media\/18261"}],"wp:attachment":[{"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/media?parent=18252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/categories?post=18252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aurexgroup.com\/af-api\/wp\/v2\/tags?post=18252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}