US shale producers are courting EU buyers looking to replace Russian gas


From a barbecue lunch at an LNG terminal in Texas to trade talks near Capitol Hill, American natural gas companies are making a cross-state push to attract potential European buyers.

Energy ministers, diplomats and gas importers from across Europe met with executives from shale producers Coterra Energy, Devon Energy, EOG Resources, EQT, Hess, Marathon Petroleum, Chesapeake Energy, Ascent Resources, Callon Petroleum, SM Energy. and ConocoPhillips at a Houston hotel this week.

They also met with LNG developers such as Glenfarne and Venture Global LNG.

Europe has emerged as a key global market for supercooled fuel, which is key to replacing Russian gas after the country’s invasion of Ukraine.

With around two-thirds of U.S. LNG shipments going to the continent, Europe is becoming the fastest-growing super-refrigerated fuel market, according to Bank of America.

Germany, Latvia and Estonia, whose delegates attended this week’s sessions, are considering or have already developed new LNG import terminals.

But long-term supply deals needed to fund new US export projects have been elusive, and European nations like France have raised concerns about emissions.

Delegates, who also came from Bulgaria, France, Hungary and the United Kingdom, attended business meetings with LNG developers on the sidelines of the Transatlantic Energy Security Forum in Washington yesterday, followed by a tour of the Golden Pass LNG export terminal in Texas.

More commercial talks took place Thursday at the Houston Petroleum Club, according to trade group LNG Allies, which co-organized the events with the American Exploration & Production Council.

Glenfarne, which plans to build the Magnolia LNG export terminal in Louisiana and Texas LNG near the US-Mexico border, was one of the companies participating in the talks, according to founder Brendan Duval. Duval said he will be traveling to Europe next week to advance discussions.

The Texas LNG project is on track to make a final investment decision by the end of the year.

Russia is the largest gas supplier to the European Union and covers more than 40 percent of its needs.

In response to Moscow’s invasion of Ukraine, the bloc wants to cut Russia’s imports of the fuel by two-thirds this year.

Shipments are likely to increase by 10 percent by 2025, half what Europe needs to meet its target, Bank of America analyst Christopher Kuplent said during a conference call with reporters.

Replacing even a third of the gas flowing out of Russia within a year will prove “very difficult” and spot gas prices in Europe “stay high for longer,” Kuplent said. US shale producers are courting EU buyers looking to replace Russian gas

Fry Electronics Team

Fry is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button