Course 01 of 20 · LNG Desk Academy

LNG Business & Global Value Chain

Stage A, Market and cargo fundamentals. Level 1 of 10.

The structure of the LNG industry from project to buyer: who the participants are, how a cargo chain is assembled, and why LNG trades as a set of linked projects rather than a continuous market.

125 chapters · 12 modules · every chapter one 8 to 10 minute explainer · builds on: nothing: this is the entry point

Enrol or enquire See the 125 chapters
How a chapter is sized

One chapter is one idea taken to the point of use

Each chapter is a single self-contained explainer of 8 to 10 narrated minutes, covering one idea to the point where you can use it.

Chapters run in order. Each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

12 modules · 125 chapters

Open any module for its full chapter list, in teaching order.

M0 What LNG Is and Why Anyone Bothers Ch 1-10
  1. Why a Gas Is Turned Into a Liquid
  2. What the Cold Liquid Actually Is
  3. Boil-Off: The Cargo That Heats Itself
  4. Why the Vocabulary Says Cargo and Not Flow
  5. The Words Used Daily on an LNG Desk
  6. What LNG Competes With When It Lands
  7. Who Buys LNG and What They Do With It
  8. Why a Buyer's Alternative Sits on Another Continent
  9. The Scale of a Single Project
  10. A Set of Linked Projects, Not a Market
M1 The Chain from Reservoir to Burner Ch 11-20
  1. The Five Links in One Picture
  2. Why Every Junction Needs Its Own Contract
  3. Where the Chain Can Break
  4. Integrated, Tolling and Merchant Chains
  5. Title, Risk and Physical Control Along the Chain
  6. Reading the Chain as a Cost Stack
  7. Why the Chain Is Built Backwards
  8. Basins, Routes and the Shape of Trade
  9. What Makes a New Importing Country Possible
  10. Stranded Gas and the Reason Projects Exist
M2 Upstream Gas and the Feedgas Problem Ch 21-29
  1. Where the Feedgas Comes From
  2. Reserves as the Licence to Build
  3. What the Plant Will and Will Not Accept
  4. Heavier Molecules and What Leaves as Liquid
  5. Feedgas Nominations and Upstream Coordination
  6. Why an Upstream Outage Reaches the Buyer
  7. Domestic Market Obligation and the Competing Claim
  8. The Host Government as Partner and Rule-Maker
  9. Reading an Upstream Position as a Supply Signal
M3 Liquefaction: The Plant That Defines the Business Ch 30-40
  1. What a Liquefaction Train Actually Is
  2. Refrigeration in Plain Terms
  3. Shrinkage: Why Less Comes Out Than Goes In
  4. Storage Tanks and the Loading Jetty
  5. Why Tank Space Dictates the Schedule
  6. Nameplate, Debottlenecking and What a Plant Really Produces
  7. Turnarounds and Unplanned Trips
  8. Greenfield, Brownfield and Expansion Trains
  9. Floating Liquefaction and Modular Builds
  10. Tolling: Selling Capacity Instead of Gas
  11. Why a Train Runs Flat Out or Not at All
M4 Ships and the Voyage, in Orientation Ch 41-48
  1. What an LNG Carrier Is
  2. Owning, Chartering and Taking a Single Voyage
  3. The Voyage as a Clock and a Cost
  4. Canals, Chokepoints and Route Choice
  5. Why the Ship Is Part of the Product
  6. Laycan, Berth and the Arrival Window
  7. Freight as a Market of Its Own
  8. Where Shipping Method Is Taught Properly
M5 The Receiving End Ch 49-58
  1. What an Import Terminal Does
  2. Unloading a Cargo
  3. Regasification and Send-Out
  4. Why Tank Heel and Cooldown Matter Commercially
  5. Floating Import Units
  6. Terminal Access as a Rationed Right
  7. What Happens Downstream of the Terminal Gate
  8. Reloading and the Cargo That Goes Back Out
  9. Why Import Demand Is Seasonal and Lumpy
  10. The Terminal Owner as a Business
M6 The Capital Logic Ch 59-68
  1. Why Each Link Costs Billions
  2. The Final Investment Decision
  3. Construction Risk and the Contractor
  4. The Long Payback and What It Demands
  5. Sunk Cost and the Behaviour It Produces
  6. Equity Sponsors and Why They Form Joint Ventures
  7. Capacity Comes in Lumps, Demand Arrives in Trickles
  8. The Build Cycle and the Price Cycle
  9. Why an Asset Cannot Simply Be Moved
  10. Reading a Project Announcement Honestly
M7 Project Finance and Its Shadow Ch 69-78
  1. What Project Finance Means Here
  2. Why Lenders Insist on Bankable Offtake
  3. Debt Service and the Cash That Cannot Be Missed
  4. Covenants, Reserve Accounts and Restricted Cash
  5. Buyer Credit as a Financing Input
  6. Export Credit Agencies and Political Risk Cover
  7. Destination Restrictions and Where They Came From
  8. Take-or-Pay as a Lender's Instrument
  9. Financing the Buyer's Side
  10. How Finance Explains the Contracts You Will Read
M8 The Participants and What Each Wants Ch 79-90
  1. The Cast and Their Objectives
  2. Resource Holders and National Companies
  3. Project Sponsors and Equity Lifters
  4. Portfolio Players and Aggregators
  5. Utility Buyers and the Obligation to Supply
  6. Power Generators and Industrial Offtakers
  7. Traders and Where They Actually Add Value
  8. Shipowners, Charterers and Tonnage Providers
  9. Terminal Owners and Capacity Holders
  10. Banks, Insurers and Rating Agencies
  11. Price Reporting Agencies and Market Information
  12. Governments, Regulators and Sanctions
M9 Why Long Contracts Dominated, and What Changed Ch 91-101
  1. The Original Bargain
  2. Why Prices Were Linked to Oil
  3. Volume Obligations Both Ways
  4. Twenty Years Is a Long Time to Be Right
  5. Where the Spot Market Came From
  6. The Arrival of Flexible Supply
  7. Why a Hub Price Needed Liquidity First
  8. Term and Spot Side by Side
  9. Why Contracts Got Shorter and Smaller
  10. What a Tender Is and Who Uses It
  11. The Market as It Now Works
M10 A Cargo Transaction in Outline Ch 102-113
  1. What a Cargo Deal Agrees
  2. Loaded or Delivered: The Basic Choice
  3. Opening a Cargo Negotiation
  4. The Paperwork Behind One Shipload
  5. Pricing Bases in Outline
  6. The Operational Sequence Around a Lifting
  7. Measurement, Certificates and the Invoice
  8. The Cash Timeline of One Cargo
  9. Credit and Why It Decides the Deal
  10. A Worked Cargo, Part One: Agreeing the Trade
  11. A Worked Cargo, Part Two: Loading and the Voyage
  12. A Worked Cargo, Part Three: Discharge, Invoice and Settlement
M11 Why Price and Risk Exist, and Where to Go Next Ch 114-125
  1. Why LNG Has a Price at All
  2. Why Two Continents Pay Different Prices
  3. Why Timing Changes What a Cargo Is Worth
  4. Exposure in a Cargo Book
  5. Price Risk on a Cargo Commitment
  6. Volume, Schedule and Delivery Risk
  7. Counterparty Risk When Replacement Takes Weeks
  8. Why Hedging Exists and What It Cannot Fix
  9. What a Trading Organisation Is For
  10. The Cargo That Had Nowhere to Go
  11. The Limits of an Orientation
  12. The Pathway and What Each Course Owns

The brochure gives each of these 125 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 1 of twenty

It stands alone, and it is also the entry point to the LNG Desk Academy pathway.

Enrol or enquire See the whole pathway