Reuters: As global gas output surges, U.S. seen to rival Russia in Europe
U.S. liquefied natural gas (LNG) by the end of the decade is likely to challenge Russian gas for market share in Europe as the region becomes increasingly dependent on imports, ConocoPhillips' head of LNG trading said.
A surge in production worldwide, driven by new projects in the United States, Australia, East Africa, Russia and Canada, could double LNG output to 600 million tonnes annually from 2018 and provide ample new supply to global markets, industry estimates suggest.
Kicking off the export growth, after years of stagnating supply, will be Exxon Mobil's Papau New Guinea LNG plant in the third-quarter of this year, followed by BG Group's Queensland Curtis project in Australia by year-end.
Most new Australian and east Africa supplies are expected to reach Asia to fill demand, while significant output from the United States and elsewhere is expected to arrive at European terminals.