NEW CRITICISM OF LNG EXPORT BOOM: The war in Ukraine and its fallout triggered immense new commercial interest in U.S. potential to export additional liquefied natural gas, so much so that U.S. suppliers have inked more than four dozen long-term contracts and contract expansions since the war in Ukraine began.
More on the numbers: The FOE-Public Citizen joint report itemizes 45 long-term contracts and contract expansions to supply LNG entered into since the war began last February, although a few of the contracts involving Tellurian have been canceled. The count is up from 14 in 2021. “LNG exports are a ploy to prolong the era of fossil fuels. If Big Oil’s export agenda remains a blindspot for the Biden administration, then the President’s climate legacy is at risk,” said Lukas Ross of Friends of the Earth, a co-author of the report, which dismisses the expansion of gas infrastructure tied to these long-term contracts as a permanent solution to short-term volatility.
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Global oil consumption is now expected to rise by around 1.9 million bpd in 2023 compared to the previous forecast of 1.4 million bpd. Moreover, it said that 75% of emissions from the oil and gas sector could be reduced with cheap, existing technologies that would account for less than 3% of income accrued by oil and gas companies in 2022.
SOUTH AFRICA OFFERS SUBSIDIES TO ADDRESS ENERGY CRISIS: South Africa is offering $710 million in tax incentives to businesses and individuals in an effort to boost investments in renewable energy projects as the country experiences its worst electricity crisis to date. The effort comes as South African President Cyril Ramaphosa has declared a state of disaster over the power crisis, which has triggered rolling blackouts across the country and left some without power for as long as 10 hours at a time.
How it started: When the export terminal closed following an explosion last summer, U.S. natural gas futures were trading at close to $9 per MMBtu. In Europe, where an increasing share of U.S. LNG volumes were heading, including Freeport’s, benchmark futures were above $90 per megawatt-hour, and buyers couldn’t wait for Freeport’s gas to come back.
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