The cargo marks the start of fresh LNG projects in the U.S. that are set on serving growing demand for the fuel, which pushed global prices to record highs last year. Top LNG importers have been scrambling for supplies of the super-chilled fuel after winter weather drained stockpiles, and Russia’s invasion of Ukraine threatens to send prices even higher.
The Calcasieu Pass project “has great significance for easing the supply-demand balance of LNG amid the tight global market situation,” said Kazunori Kasai, chief executive officer of Jera Global Markets.
Once Calcasieu Pass LNG is in full service, the seven U.S. LNG export terminals in operation will be able to draw as much as 13.9 billion cubic feet of natural gas per day, solidifying America’s lead over Qatar and Australia as the world’s top supplier of the power plant fuel, figures from U.S. Energy Information Administration show.
Venture Global is also constructing or developing an additional 60 million tons a year of production capacity in Louisiana.