Report: US emerges as largest LNG exporter in 2023
Report: US emerges as largest LNG exporter in 2023 - Offshore Energy
Report: US emerges as largest LNG exporter in 2023
According to news agency Reuters, U.S. liquefied natural gas (LNG) exports have hit monthly and annual record highs in December, with analysts saying it has positioned the U.S. to become the largest exporter of LNG in 2023.
“The U.S. was the stand out in global LNG supply growth in 2023,” Alex Munton, Director of global gas and LNG research at consulting firm Rapidan Energy Group, was reported as saying.
“U.S. record production was driven by two factors: the return of Freeport LNG to full service, which added 6 MT, and the full-year output of Venture Global LNG’s Calcasieu Pass facility that added 3 MT more than in 2022.”
According to LSEG data, Europe remained the main destination for U.S. LNG exports in December, with Asia taking the second place. U.S. exports to Latin America were half a million metric tons or just under 6% of total exports.
Natural gas flows to the seven big U.S. LNG export plants have climbed an average of 14.9 billion cubic feet per day (bcfd) so far in January, up from a monthly record of 14.7 bcfd in December, the data showed.
To note, as per U.S. government data, Qatar was the largest LNG exporter in 2022 and Australia the second-largest.
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Related Knowledge Center: Liquefied natural gas
Driven by plentiful natural gas produced from shale plays, the United States began exporting liquefied natural gas in 2016 when the Sabine Pass terminal in Louisiana opened and shipped its first cargo. Since then, additional capacity, or trains, have been added to Sabine Pass, and terminals have become operational in Cameron Parish, La.; Hackberry, La.; Cove Point, Md.; and Corpus Christi, Texas. The Energy Information Administration projects that U.S. LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making it the third largest in the world, behind Australia and Qatar. The tariff war with China has the potential to impact some final investment decisions for additional terminals in the coming months.