Insight
US LNG goes into overdrive: 7 mmtpa of new deals announced and Corpus Christi Stage 3 sanctioned
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Report summary
US LNG was already in the fast lane and is now going into overdrive. Events this week highlight the rapidly growing momentum in US LNG contracting. They also spotlight how critical European buyers are entering the long-term market and the growing role of portfolio players, which can meet initial European demand in the short-to-medium term and Asian demand in the longer term. The final investment decision (FID) at Corpus Christi Stage 3, the second large-scale project sanctioned this year, caps a busy couple of days. Other events include, Chevron signing up for 4 mmtpa of new US LNG supply, an unexpected move for the US Major which has traditionally preferred point-to-point marketing. EnBW agreeing to purchase 1.5 mmtpa under two SPAs from Venture Global. And INEOS entering the LNG market for the first time, signing up for a provisional 1.4 mmtpa offtake deal with Sempra. This is teeing up 2022 to be a record-breaking year for US LNG.
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