Energy Week Takeaway: South Korea Eyes U.S. LNG Development
As President Donald Trump calls for a new era of U.S. energy dominance, South Korea energy companies have announced a slew of memorandum of understanding (MOU) agreements to promote the development and export of U.S. liquefied natural gas (LNG).
As part of the administration’s Energy Week events, Trump said the “golden era of American energy” is under way. “We will be dominant. We will export American energy all around the world, all around the globe.”
According to the Department of Energy (DOE), gains in U.S. natural gas production are expected to continue, with the U.S. Energy Information Administration’s latest Short Term Energy Outlook projecting an average dry natural gas production rate of 73.3 billion cubic feet per day (Bcf/d) in 2017, the second highest on record. As a result, the U.S. is transitioning to become a net exporter of natural gas, according to the DOE. The department has authorized 21.33 Bcf/d of natural gas exports from planned facilities in Texas, Louisiana, Florida, Georgia, Maryland and the Gulf of Mexico.
In keeping with the Energy Week festivities, Korea Gas Corporation (KOGAS) (Seoul, South Korea) announced a memorandum of understanding (MOU) to study the feasibility of joint participation with the developers of the Lake Charles LNG Liquefaction project in Louisiana. KOGAS announced similar MOUs for other U.S. projects.
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