Australia has ambitious plans to unseat Qatar as the world’s leading supplier of Liquefied Natural Gas (LNG) but internationally renowned oil and gas consulting firm Wood Mackenzie warns we Aussies should be looking in the rear view mirror. The Yanks are coming.
At the dawn of the 21st Century natural gas prices in the US were high and domestic gas production was in decline. Major international oil and gas companies stood ready to invest in import terminals for foreign LNG to fill the void. Then the discovery of several massive shale formations filled with trapped gas changed all that.
The twin technologies of horizontal drilling and hydraulic fracking allowed the trapped gas to be freed and brought to the surface. The end result is the US is on the verge of becoming an exporter of natural gas. Companies like Cheniere Energy and Conoco Philips are making plans to convert those import terminals into export terminals.
thebull.com.au
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