The United States, the world's top natural gas producer, is in talks with major energy-producing countries and companies over a potential diversion of liquefied natural gas (LNG) to Europe if Russia invades Ukraine, senior Biden administration officials said on Tuesday.
There is not enough LNG to substitute for a large disruption in supply from Russia, the primary exporter to Europe via pipeline.It would be difficult because the world's largest LNG exporters are already producing as much as they can of the gas that is super-cooled into a liquid form for transportation. Such an effort would have to involve rerouting vessels already on the water or ready for departure.
A White House official said the Biden administration is trying to identify additional volumes of non-Russian natural gas from various areas of the world. If prices jump in one part of the world, like what happened in Europe in December, LNG buyers can easily send spot cargoes to the area, and in some cases can divert long-term deals if contracts with customers allow for such diversions.Exporting gas on vessels is not as easy as filling a tanker with crude oil. Building new gas liquefaction facilities generally takes two to four years.
For 2022, the United States, is expected to export an average of around 11.5 bcfd, about 12% of the country's expected record gas production of over 96 bcfd, according to EIA projections.Global prices are trading about seven times higher than the U.S. gas benchmark , with European futures at more than $30 per million British thermal unit , compared with just $4 in the United States.
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