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European LNG imports reach all time high

LNG Industry,

Waterborne, the global leader in monitoring and analysing LNG markets, announced today that during the month of November 2010, European LNG import volumes set a new, unprecedented record high.

According to Steve Johnson, president of Houston-based Waterborne, Europe imported a staggering 302 billion ft3: some 52 billion ft3 more than the previous record volumes imported just two months earlier. 

“Europe’s appetite for LNG has exploded,” says Johnson. “We believe this is partly due to the unusually cold weather setting in. In addition, the US simply is not importing as much LNG as was expected due to the high level of shale gas being produced. Europe is simply snapping up a lot of this uncommitted gas.”

UK imports were the most significant contributor to Europe’s huge import month, says Johnson, bringing in 73 billion ft3. This level also set a record for the largest single import month ever for the United Kingdom. The UK is also seeing a decline in the level of productivity from its North Sea reserves, and it’s accepted wisdom that the reserves have reached peak production. Unless the UK can plug the gap in its energy generation plans with either offshore wind or nuclear power, it is likely to be the heaviest user of imported LNG in Europe for some time.

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