Page 5 - GLNG Week 08 2023

GLNG COMMENTARY GLNG

The Rio Grande project.

meet current timelines, Europe’s LNG import of 18mn tpy is expected to come online in late
capacity could rise by 20% to reach 250mn tpy 2024.
by the end of 2023. Meanwhile, the first phase of Venture Global
Meanwhile, a strong market for LNG imports LNG’s Plaquemines is anticipated to commence
is also developing in Asia. China’s LNG imports operations in 2024, adding 13.3mn tpy of capac-
are forecast to rise by at least 9% as the country ity, and be fully operational in 2025 with a total
rebounds from Covid-19, while India is seeking capacity of 20mn tpy. Cheniere Energy’s expan-
to raise LNG imports by an additional 12mn tpy sion at its Corpus Christi, Texas facility slated
as it undergoes fuel changing and expands gas for 2025 will add an additional 1.6mn tpy of
distribution networks in cities. supply.
A handful of other Asian nations are also set The additions put the US in top position for
to become new LNG importers. The Philippines global LNG supply additions as far as 2030. It is
is scheduled to bring three terminals online this followed by Qatar, Mozambique and Canada,
year, while a total of seven have been approved according to energy consultancy Tudor Picker-
for construction. ing Holt & Co.
Vietnam is also expected to become an LNG US exports of LNG will also get a boost from
importer this year as it looks to phase out coal- the restart of Freeport LNG, the country’s sec-
fired power. Additionally, Sri Lanka has reached ond-largest terminal, which has been offline
agreement with New York-based New Fortress since June after an explosion and fire. On Feb-
Energy for construction of an LNG import ter- ruary 21, Freeport received approval from fed-
minal near Colombo that is scheduled to com- eral regulators for the partial restart of two of the
mence operations before the end of the year. three gas liquefaction units.
For the US, this meteoric growth in its LNG
Largest global LNG supply additions export industry is remarkable, since the country
planned was an LNG exporter until 2016, when natural
Beyond the addition of the three LNG export gas discoveries and production flow shale turned
terminals in Port Arthur, Lake Charles and Rio it into an exporter.
Grande, the US has a number of other export The US Energy Information Administration
facilities that will come online before 2030. A (EIA) projects the country should ship about
joint venture between QatarEnergy and Exxon- 11.8 bcf (334 mcm) per day in 2023 and 12.6 bcf
Mobil at Golden Pass in Texas with a capacity (357 mcm) per day in 2024. ™

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