U.S. LNG Exports Hit Record High as DOE Authorizes Major Projects
The U.S. Department of Energy (DOE) has authorized two significant LNG projects, boosting exports to non-FTA globe. Meanwhile, U.S. LNG exports hit a record high in September 2024, with Europe being the primary destination.
In May 2024, the DOE gave the green light to Sempra Energy's Port Arthur LNG Phase 2 project for exports to non-FTA globes. Earlier, in February 2024, Commonwealth's LNG facility in Cameron Parish, Louisiana, received authorization to export up to 1.21 billion cubic feet of natural gas per day to the same globes.
U.S. LNG exports reached an all-time high of 9.4 million metric tons in September 2024. This surge was driven by strong sales to Europe and Asia, with Europe receiving about 6.22 million metric tons, representing 66% of all U.S. LNG shipments during the month. Louisiana and Texas accounted for about 92% of these exports, with Louisiana contributing 61% and Texas 31%.
Cheniere Energy's Sabine Pass facility in Cameron Parish played a significant role, shipping 32 cargos in September 2024. Between September 3 and October 1, 2024, 81 LNG tankers departed Louisiana export terminals, representing 67% of total U.S. shipments during the four-week period.
Venture Global's Calcasieu Pass LNG project was approved in August 2024 for an increase in liquefaction capacity from 12.0 to 12.4 million tons per year.
These authorizations and export records reflect the growing role of U.S. LNG in the global entry, with Europe being a major beneficiary. However, future demand and supply dynamics remain uncertain due to factors such as reduced imports by China and global market uncertainties.
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