Q3 North America LNG projects update: Wave of FIDs expected during 2023 & 2024

Interest in North American LNG has continued throughout the third quarter of 2022. Fast-to-market North American projects are well placed to meet the rising European demand as buyers look to wean off Russian gas. This heightened interest has led to a raft of commercial success at various projects across the continent, and many projects have now reached (or are approaching) the offtake thresholds required for raising debts. As such, we could see a wave of FIDs in 2023 and 2024. So far in 2022, three projects have been sanctioned across North America, totalling 26 mmtpa of new capacity – 13.3 mmtpa at Plaquemines Phase 1, two 1.4 mmtpa Fast LNG units in Louisiana, and 10+ mmtpa at Corpus Christi Stage 3. Based on recent long-term contracts signed, there is potential for over 80 mmtpa of North American liquefaction capacity to be sanctioned before the end of 2024. And so, attention is turning to which projects are best placed to be part of the next wave of project sanctioning.