Posted on 06/21/2022 9:27:37 AM PDT by BeauBo
Iraq has entered the market for liquefied natural gas, with its first shipment ever taking place this week.
In a statement, the Iraqi Oil Ministry said that the first shipment was an achievement and quoted the managing director of Basra Gas Company, Malcolm Mayes, as saying it was a "historic moment".
The international LNG market has heated up in the past few months as Europe, a major importer of gas, seeks to reduce and eventually eliminate its reliance on Russian pipeline gas.
LNG has emerged as the most convenient replacement, and the United States as the biggest supplier so far. Europe has become the top destination for U.S. liquefied natural gas, but the recent explosion at Freeport LNG has compromised the security of future volumes.
Looking for diversification, the European Union also recently sealed a deal with Israel for LNG that will be produced in Israel and liquefied in Egypt before getting shipped to Europe...
Meanwhile, in more good news for LNG importers, Italy's Eni has introduced the first feed gas into its Mozambique LNG facility, the Coral South floating LNG plant. First liquefied gas from the plant is scheduled for the second half of the year.
Qatar, the world's largest exporter until recently, is also working on boosting its liquefaction capacity.
(Excerpt) Read more at oilprice.com ...
Everyone else on Earth who can, is scrambling to grab a piece of that market share. There are fortunes to made.
Qatar recently signed massive development deals with French TotalEnergies and Italian Eni for the expansion of the world’s biggest LNG project (their North Field), as well a huge supply contract with Germany.
how’s abbott’s wall building going these days?
personally liked policy to check incoming trucks prior to admission to US.
Qatar has the third largest natural gas reserves in the world:
https://www.worldometers.info/gas/gas-reserves-by-country/
Be a shame if an L.A. Class Fast Attack accidentally launched a torpedo.
Who cares about the wall, dude, we need to STICK IT TO PUTIN!!!!
Gasoline prices to plummet-—————— Oh, wrong gas.
“how’s abbott’s wall building going these days?”
About 40 miles of bollards, and an additional 18 miles of concertina.
I don’t hear much about it.
Any border barrier construction that gets into the news will likely get hammered by this Administration, so everything probably has to try to stay under the radar.
FedGov is doing some small projects, like completing the installation of a few dozen gates in the gaps left for them, and some work where flood control is an issue. But not much, in the big picture. The Texas effort seems to be bigger than the Federal Program now.
that’s progress.
thanx for the update.
Henry Hub at $7/mmbtu, whereas TTF [Netherlands] was at $36/mmbtu today.
“Europeeings is costing you and I money in our natgas bills.”
Not as I see it. The limitation on natural gas exports is LNG terminal capacity. With Freeport going pop, we lost the ability to export enough gas to run 4 to 5 large (1 gigawatt) power plants. The gas stays here, hence the much lower price at Henry Hub.
Europeans are the ones who suffer due to our loss of exporting capability - so I’m happy!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.