In its latest report, offshore company Wood Mackenzie (WoodMac) said rising global, especially European, demand for liquefied natural gas (LNG) will nearly triple US LNG exports in the next decade, as customers seek diversification and reliable supply but low cost. ..
According to the data analysis firm, US exports will increase from the current value of about 11 billion cubic feet per day to 29 billion cubic feet per day (821 million cubic meters; 1 cubic meter = 35,315 cubic feet) by 2033.
Europe is turning to safer sources of supply, customers around the world are looking for reliable, low-cost supplies, and North America is poised to oversupply.
said Dolis Wang, director of U.S. gas and LNG research at WoodMac
Strong European demand, higher natural gas prices and increased export capacity made the United States the world’s largest exporter of LNG in the first half of 2022, and this trend will continue next year.
– the US Energy Information Administration (EIA) announced in July.
In June, for the first time, the European Union imported more LNG from the United States than Russian pipeline natural gas, which was partly caused by U.S. expansion and partly because of Moscow’s export cuts.
Most US LNG exports now go to the European Union and the United Kingdom, which together account for about 70 percent of all US shipments. Where are the years when the insatiable Asian demand sucked up most of the LNG coming from the New World?
Although European storage stocks are now largely full, large volumes of LNG will still be needed in the coming months to maintain adequate winter supplies after Russia largely halted pipeline exports to Europe.
The office announced at the beginning of the month.
Increasing LNG export capacity to the United States until 2025, where construction has recently begun on three projects, Golden Pass, Plaquemines, and Corpus Christi III. Section. After completing the three projects, US LNG export capacity will increase by 5.7 cubic feet by 2025, the EIA noted in September.
“We expect LNG demand to continue to grow beyond 2027 and is expected to reach 28 cubic feet per day by 2030. Taking into account the current situation in Europe, the proportion of long-term contracts may also increase rapidly, and Asian use will continue.” , So
The hyper-growth scenario appears to be well founded
Rich Kinder, CEO of Kinder Morgan, said on the pipeline operator’s earnings call last month.
That’s a significant increase, and most of it will come from Texas and Louisiana
he added.
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