He supply of liquefied natural gas US (LNG) it could represent close to 30% of the global total in 2030, according to a forecast presented by a senior executive of ExxonMobil.
The United States gains ground in the global LNG market
The US share of the international LNG market will continue to grow over the next few years, driven by the high North American natural gas production and through the expansion of the country’s export capacity.
During an energy forum held in Bangkok, Peter Clarke, senior vice president of LNG at ExxonMobil Upstream, highlighted the image that the United States has achieved within the international trade of liquefied natural gas.
The United States has emerged as a major supplier of LNG. North America is one of the world’s largest gas-producing regions.
Bangkok, Peter Clarke, senior vice president of LNG at ExxonMobil.
According to the executive’s forecast, US supply could account for around 30% of the global LNG market by the end of the decade.
The estimate reflects the growing weight of the United States as an international supplier and the importance that ExxonMobil attaches to the availability of natural gas resources in North America.
Gas production would allow us to supply the domestic market
Clarke also noted that the region has enough natural gas to meet both domestic market needs and export growth.
This balance will be especially important as production capacity increases and US LNG exports the growth of international shipments will depend on there being sufficient supply to simultaneously meet domestic consumption and the demand from foreign buyers.
North America’s high gas production thus appears as one of the main factors supporting US expansion within the global LNG market.
LNG exports continue to play a crucial role
If ExxonMobil projection is correct, nearly three out of every ten LNG units available on the global market could come from the United States by 2030.
This would consolidate the country as one of the main pillars of the global supply of liquefied natural gas and would strengthen its influence over a market that continues to expand in response to energy demand in different regions.
At the same time, export growth will have to coexist with the needs of the US market, especially during periods of higher natural gas consumption.
Clarke’s forecast suggests that North America’s large production base would allow it to sustain both fronts while the United States continues to increase its share of global LNG supply.
Source: Boe Report
Photo: Shutterstock
