The LNG glut is coming. Everyone’s been saying that for years. But how is it actually going to pan out? We already have indications.
So, Chevron is leading three huge LNG projects, costing $54bn for the 15.6mn t/yr Gorgon LNG project and $29bn for the 8.9mn t/yr Wheatstone LNG project — both in Australia — and $10bn for the 5.2mn t/yr Angola LNG. That’s $93bn in total. That’s $93,000,000,000.
And what do you get?
US LNG export capacity under construction is nearly overtaking operational capacity in leading global exporter Qatar. The US surpassing Qatar would mark a complete turnaround in the global gas market.
Argus has three reporters at the World Gas Conference in Paris this week. We could do with 30 to cover all the sessions and speak to all the interesting people.
Yesterday, before the first coffee break on the first conference day, executives from French firms Total and Engie, Qatargas, ExxonMobil, Shell, BP, South Korea’s state-controlled Kogas and Algeria’s state-owned Sonatrach had all spoken on the future of gas and LNG. Later in the day, came Gazprom, Eni, Petronas, Eon, Osaka Gas, Statoil, Iran’s NIGC… the list continues.