BAKU, Azerbaijan, March 9. The US is expected to increase liquified natural gas (LNG) exports by 14 percent in 2023, as compared to 2022 and bring the volume of supplies to 12 Bcf/d, Trend reports with reference to the Energy Information Administration (EIA).
EIA predicts that the country will further increase LNG supplies by 5 percent next year. The growth in expected to be driven by the re-launch of the Freeport LNG export terminal and ongoing LNG export projects that will come online by the end of 2024.
“The Freeport LNG terminal can produce more than 2.1 Bcf/d of LNG for export on a peak day, and exports from Freeport averaged 1.9 Bcf/d from January 2021 through May 2022, prior to the full shutdown of the facility in June 2022, according to our Natural Gas Monthly. Because of the Freeport shutdown, U.S. LNG exports averaged 10.0 Bcf/d from June 2022 through December 2022, after peaking at 11.7 Bcf/d in March,” said the latest EIA report.
The new Calcasieu Pass LNG export facility partially offset the decline in exports from Freeport LNG, with exports from Calcasieu Pass averaging 1.2 Bcf/d since June 2022. This year, once all three trains at Freeport LNG return to service, we forecast U.S. LNG exports to exceed 12 Bcf/d in most months for the rest of the forecast period. We forecast that U.S. LNG exports will increase to 14 Bcf/d by December 2024 because new LNG export capacity from three major projects under construction are scheduled to come online.