Weak Algerian LNG Production Implies Lower Helium Output

Algerian LNG output in 2022 has been 26% lower YTD (Sept'22). The main contributor is the lower output rate from Arzew, which is down by ~30% YTD. Helium exports also dropped sharply in July '22 which is in line with the lower LNG production. Since the data on the helium exports is lagged, we can imply that based on the lower LNG output, even the helium extracted and exported thereof will be much lower. We would expect the helium export to be in the range of 20-30 mmcf/m for the months of Aug and Sept. We will be tracking these trends closely over the coming months.

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