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UPDATE 1-Indonesia sees 116 Tangguh LNG cargoes in 2010
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JAKARTA Dec 24 (Reuters) - Indonesia's BP (BP.L)-led Tangguh project in Papua is expected to export about 116 cargoes of liquefied natural gas (LNG) in 2010, an official from the country's oil and gas watchdog, BPMIGAS, said on Thursday.
The target is more than double an earlier estimate by BPMIGAS head Priyono in October that 50 cargoes would be shipped from Tangguh in 2010, against 16 cargoes in 2009.
"Based on volume of contracts, Tangguh's will export about 116 LNG cargoes. The exports will include to China and South Korea," Budi Indianto, the deputy head of BPMIGAS, told Reuters.
The Tangguh LNG plant has a capacity to produce 7.6 million tonnes per year via two trains.
Demand for LNG in the Pacific Basin market has fallen this year as the global economic recession took a toll, leading many buyers to use flexibility in their long-term contracts to cut back on shipments.
Global LNG prices will remain under pressure next year as new supply comes online and demand remains weak, the head of Qatargas Operating Co said at the World Gas conference last week. [ID:nN07349922]
Indonesia is the world's third-biggest LNG exporter after Qatar and Malaysia.
(Reporting by Muklis Ali; Editing by Ed Davies)
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