The giddy-up is on for new U.S. LNG export terminal projects and expansions as Europe and China duke it out for long-term supplies. Reese Energy Consulting today is studying a blizzard of activity by both U.S. operators and two large buyers rivaling for shipments as 2023 marks its seventh month and colder seasons draw closer.
The Russian mutiny, which saw European gas prices soar more than 30%, has accelerated the continent’s efforts to sever ties with pipelined gas from Russia. A large buildout of regasification terminals and capacity expansion is well underway as part of Europe’s efforts to explore new energy pathways.
China, meanwhile, is on an LNG shopping crusade to lock up supplies and invest in international export facilities. The nation is on target to be the world’s top LNG importer in 2023. Together, Europe and China have accounted for 40% of total U.S. LNG export volumes over the last two years.
And we can’t produce the stuff fast enough, although Venture Global is out to give it the old college try. The company, whose Phase I of its Plaquemines export terminal is slated to come online next year, has now requested regulatory approval to add 1,300 workers to its current 4,700, and work around the clock, seven days a week, to speed up construction.