Q1 North America LNG projects update: Paradigm shift

The unfolding crisis in Europe presents a new reality for the global LNG market, in which the potential benefits of US LNG to Europe’s energy security have moved front and centre. US LNG facilities continue to run at their maximum rate and can do little more in the short term to alleviate reduced Russian imports into Europe and tight market conditions globally. Feedgas to the US’ seven LNG export terminals overall is averaging 13 bcfd, close to an annual run rate of 90 mmtpa. More is under construction. Golden Pass, Plaquemines and Corpus Christi Stage 3 are all expected to come online in 2024/25, with some 40 mmtpa in capacity combined. A further 17 mmtpa of additional capacity is under construction on North America’s west coast. LNG Canada and Costa Azul Phase 1 are targeting first LNG by mid-decade, and the small-scale Woodfibre project will move to full construction next year.