The United States will continue to lead the global increase in LNG liquefaction capacity
2023/8/22
According to the latest report released by GlobalData titled 'LNG Terminal Capacity and Capital Expenditure (CapEx) 2023-2027', the United States is expected to add 158.4 million tons of new LNG liquefaction capacity annually by 2027. It is estimated that the United States will increase its LNG production capacity by 58.2 million tons annually through expansion projects.
Global Data oil and gas analyst Hemani Pandey commented, "The abundant shale gas and strong demand for liquefied natural gas in Asia and Europe have mainly encouraged investment in LNG liquefaction projects in the United States. Due to geopolitical conflicts, Europe plans to stop importing pipeline natural gas from major producing countries, which further drives LNG liquefaction projects in the United States
The CP2 LNG project is one of the upcoming key LNG liquefaction projects in the United States, fully owned by Venture Global Partners, LLC, which is the proposed operator. This project is expected to begin operation in 2026, with an annual production capacity of 10 million tons, which may double to 20 million tons by 2027.
In July of this year, the CP2 LNG project received environmental approval from the Federal Energy Regulatory Commission and may reach a final investment decision (FID) later this year. ExxonMobil, Chevron, and Japan's JERA have signed agreements to purchase LNG from the project.
The Prackmin project is another key project of Venture Global LNG, which has obtained FID and is currently in the construction phase. It is expected to start operation in 2024, with an annual production capacity of 13.2 million tons.
Pandey added, "In March of this year, Venture Global LNG also announced the final investment decision for the second phase of the Prackmin LNG export factory and obtained $7.8 billion in financing. By 2026, the second phase of this project may increase the annual liquefaction capacity of the Prackmin project to 19.8 million tons
Venture Global LNG has secured buyers such as Chevron, Excel Energy, ExxonMobil, and Baden Wurttemberg Energy for the second phase of the Prackmin project.
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