Bloomberg
Hundreds of billions of dollars pumped into new gas plants in recent years will likely delay the shift away from fossil fuels.
A huge wave of liquefied natural gas is about to flood a world that’s supposed to be transitioning away from fossil fuels.
More than $235 billion has been plowed into the next slate of projects for the super-chilled fuel since 2019. The first of those plants will come online later this year, and a further $55 billion may be invested through 2025, Rystad Energy forecasts show.
That will help drive an historic 70% jump in LNG export capacity by the end of the decade, according to Baker Hughes.
The industry is essentially betting the world will need a lot more of the fuel as Europe rushes to replace piped Russian gas and Asia — particularly China — shifts away from coal.
Just today, US producer Chesapeake Energy Corp. agreed to snap up a key rival, capitalizing on demand for shipments from the Gulf Coast.
Massive export projects from the US to Qatar will cement LNG in the global energy mix for decades, especially with some purchasing contracts going into the 2050s — beyond targets set by many nations to become carbon-neutral.
Share This:
