API Director of Upstream and Industry Operations, Erik Milito, has welcomed the recent US Department of Energy (DOE) approval of LNG exports from the Cameron LNG project to non-FTA countries. Milito has now urged the agency to quickly process the remaining applications.
Milito commented: "It's a positive sign for the US economy that the Department of Energy has continued to work through these export applications. The faster these terminals are approved, the faster Americans can enjoy the full benefits of the US energy revolution brought about by advancements in hydraulic fracturing and horizontal drilling. LNG exports represent an immediate opportunity to create thousands of jobs, grow the economy, and reduce our trade deficit. This facility alone promises a potential investment of over US$ 4 billion, and each export approval strengthens our competitive position in the international market. We urge Energy Secretary Moniz to ensure that 2014 is the year we lock down America's trade advantage as the world's leading producer of natural gas."
New export opportunities
Milito noted that the DOE's analysis used the latest projections from the US Energy Information Administration (EIA), which show that expectations for US LNG exports have increased by 160% since last year. According to the EIA's 2014 Early Release Annual Energy Outlook, the US will be a net exporter of LNG in 2016, as rising production creates new export opportunities while keeping domestic prices low.
Milito also cited a recent study of US job gains and economic growth associated with future exports of LNG. According to the report, released by ICF International, the economic benefits of LNG exports will extend far beyond natural gas-producing states, driving national job growth and increasing demand for US steel, cement, equipment, and other goods.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/12022014/api_urges_swift_approval_of_remaining_lng_export_applications_153/