03 Jun 2022
Posted in Oil & Gas
US continues to spearhead global LNG liquefaction capacity additions through 2026, says GlobalData
The US is expected to lead the global LNG liquefaction capacity additions, contributing 57% of the total LNG liquefaction capacity additions between 2022 and 2026, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘LNG Liquefaction Terminals Capacity and Capital Expenditure (CapEx) Forecast by Region, Countries and Companies including details of New Build and Expansion (Announcements and Cancellations) Projects, 2022-2026‘Global Capacity and Capital Expenditure Outlook for LNG Liquefaction Terminals, 2022–2026’, reveals that the US is expected to add a new build LNG liquefaction capacity of 220.3 mtpa (million tonnes per annum) by 2026, while expansion projects account for the rest with 30.3 mtpa.
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “LNG developers in the US are incentivized by ever-growing demand for natural gas worldwide, especially in the Asian and European regions. The plans of several European countries and Japan to reduce their dependency on Russian gas post Ukraine invasion would further boost liquefaction developments in the US.”
Plaquemines is one of the key LNG liquefaction projects in the US with a capacity of 20.0 mtpa. Venture Global Partners, LLC has the entire equity in the project while Venture Global LNG is the operator. Venture Global LNG has recently announced financial investment decision (FID) for the initial phase of the project as well as for the related Gator Express Pipeline. Venture Global LNG has already several long-term contracts in place with companies such as Shell and China National Offshore Oil for the LNG to be produced from the Plaquemines project.
Venture Global LNG also plans to develop another project, CP2, with the same capacity of 20.0 mtpa. The project is expected to start operations in 2025 with Venture Global LNG being the operator while Venture Global Partners; LLC having the entire equity. CP2 would be adjacent to Venture Global’s first LNG terminal in Louisiana, Calcasieu Pass in Cameron Parish. The company already has long-term agreements in place with New Fortress Energy and Exxon Mobil for the CP2 project.