US approves enormous new LNG projects

It’s something to behold, via Bloomie:

Tellurian Inc.’s proposed $28 billion Driftwood terminal in Louisiana and Sempra Energy’s Port Arthur LNG project in Texas were cleared by the Federal Energy Regulatory Commission in a 3-1 vote in Washington, with Democratic Commissioner Richard Glick dissenting.

The approvals followed a breakthrough at the commission, which had been divided 2-2 along partisan lines over how much climate change should be factored into pipeline and LNG projects. That resulted in Venture Global LNG Inc. getting the go-ahead for its $5 billion Calcasieu Pass LNG export terminal in Louisiana in February.

Tellurian and Sempra will face fierce competition as global gas supplies soar, however. New terminals in Australia, Russia and Qatar are sending cargoes across the world, and three more U.S. projects may start up by the end of the year, putting the nation on course to challenge Qatar as the second-largest exporter. LNG prices have plunged, calling into question the economics of new plants.

That’s…wait for it…43mtpa in new capacity approved for export, almost three Gorgons!

The US currently has 40mtpa of operating export capacity and another 50mtpa under construction.

Following the new approvals, there is another 105mpta in projects moving towards final investment decision as we speak. Plus another 123mtpa in pending export applications.

What we are looking at here is the answer to Cold War 2.0.

Comments

  1. Sorry, please elaborate on Cold War 2.0. The relevance of all this new capacity .. aside from the fact that it should markedly lower gas prices for all. Thanks

      • Pecunia Nervus Belli

        US powers Chinese energy and carbon transition for thirty years.

        Nope.

        China already has its contracts and energy in place for decades – will do nothing of the sort.

        Either way – this literally spells catastrophic wipe out of humanity in one fell swoop. We need to reduce carbon emissions by NET ZERO within 12 years or humanity dies.

        And gas is a complete and utter disaster of epic proportions

        https://www.theguardian.com/commentisfree/2018/apr/17/dont-believe-the-hype-on-natural-gas-its-a-fossil-fuel-just-like-coal

        These projects literally just signed humanities death certificate- lets cheer.

      • nexus789MEMBER

        China connects to the Russian gas pipeline network ($55billion project) and Russia is on target to supply gas in December. Geopolitically I can’t see China taking the risk on an unreliable and perfidious supplier (competitor) like the US. Also much of the LPG industry in the US, as I understand, has been financed by massive amounts of debt – they need customers and prices not to fall.

      • Pecunia Nervus Belli

        We are installing solar at such a high rate now that the only people left paying energy prices are renters.

      • Somehow??? No mystery, the current LNP will find a way to mike this happen, just like they already have but they say they have lowered prices! LOL