The rise of Energies Media, based on the foundation of combined content from Oilman, Oilwoman, and Energies Magazine, only further highlights the current evolution into the all-inclusive energy industry. As a result, industry professionals are growing in their acceptance of the possibilities associated with all forms of energy production. Industry professionals appear more willing to listen, reason, and then make an educated decision.
This ability to listen and consider the possibilities has only fueled the acceptance of liquid natural gas (LNG) as a viable energy source and resulted in a hotbed of activity. Between 2017 and 2022, domestic LNG exports experienced a 450 percent growth rate. Today, the United States reigns as the largest LNG exporter globally. The writing is on the wall with Australia, Qatar and Russia as prominent players. LNG is in demand; many populations need it, and many countries want to produce it.
The U.S. Gulf Coast has opened its arms to the LNG revolution. Staples like the Freeport, Texas, LNG facility and the Cameron LNG Terminal in Hackberry, Louisiana, anchored the industry’s placement on the Gulf Coast. Still, all contributed to the United States exporting 86 million tons of LNG last year. Current LNG projects under construction only guarantee those numbers will grow parallel to the demand.
With the LNG sector propped up for growth and expected to flourish, one might be waiting for the proverbial “other shoe to drop.” Are there obstacles threatening to derail progress? Anyone who has survived the ups and downs of oil and gas prices, tightening regulations, and cost-cutting knows the answer to such a question.
Earlier in the year, we witnessed the DOE’s wish to study the need for increased LNG exports, so the approval process for export licenses was paused. That caused concern and disruption, although the pause was ruled unlawful later in the year. Some have speculated that decarbonization efforts could also impact LNG’s future. Global tensions like the Russia-Ukraine War influence supply and demand.
As we near the year’s close, we have critical factors to watch as each influences the future of LNG. First and foremost, the presidential election of 2024 is days away. The energy industry as a whole will feel an impact no matter which candidate is elected. Russia’s pursuit of Ukraine’s domination will continue to influence the market. Israel’s defense of its nation also marks uncertainty. Adding to the global tensions and fear factor, both North Korea and China have not been “friendly” with their immediate neighbors and seem to hint at imminent major events. Each of these factors carries weight and can predict the future of LNG. While we near 2025, we wait, we watch, and we will see.
Nick Vaccaro is a freelance writer and photographer. In addition to providing technical writing services, he is an HSE consultant in the oil and gas industry with twelve years of experience. Vaccaro also contributes to SHALE Oil and Gas Business Magazine, American Oil and Gas Investor, Oil and Gas Investor, Energies Magazine and Louisiana Sportsman Magazine. He has a BA in photojournalism from Loyola University and resides in the New Orleans area. Vaccaro can be reached at 985-966-0957 or nav@vaccarogroupllc.com.
- Nick Vaccarohttps://energiesmedia.com/author/nick-vaccaro/
- Nick Vaccarohttps://energiesmedia.com/author/nick-vaccaro/
- Nick Vaccarohttps://energiesmedia.com/author/nick-vaccaro/
- Nick Vaccarohttps://energiesmedia.com/author/nick-vaccaro/
- Nick Vaccarohttps://energiesmedia.com/author/nick-vaccaro/
- Nick Vaccarohttps://energiesmedia.com/author/nick-vaccaro/
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