The US is expected to lead the global LNG liquefaction capacity additions, contributing 57% of the total LNG liquefaction capacity additions between 2022 - 2026, says GlobalData.
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 million tpy by 2026, while expansion projects account for the rest with 30.3 million tpy.
Himani Pant Pandey, Oil and Gas Analyst at GlobalData, comments: “LNG developers in the US are incentivised 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 million tpy. Venture Global Partners, LLC has the entire equity in the project while Venture Global LNG is the operator. Venture Global LNG has recently announced Final 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, GlobalData explains.
Venture Global LNG also plans to develop another project, CP2, with the same capacity of 20.0 million tpy. The project is expected to start operations in 2025 with Venture Global LNG being the operator while Venture Global Partners, LLC has the entire equity. CP2 would be adjacent to Venture Global’s first LNG terminal in Louisiana, Calcasieu Pass in Cameron Parish, GlobalData states. Venture Global LNG already has long-term agreements in place with New Fortress Energy and Exxon Mobil for the CP2 project, according to GlobalData.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06062022/globaldata-us-continues-to-spearhead-global-lng-liquefaction-capacity-additions-through-2026/