LNG FID Tracker Q3 2022: More than 100 mmtpa of new LNG capacity expected to take FID by the end of 2024

So far this year 28 mmtpa of new LNG capacity has been sanctioned, with at least another 100 mmtpa expected to take FID by the end of 2024. The majority of activity will be on the US Gulf Coast, supported by major contracting activity. The Russian invasion of Ukraine triggered a wholesale review of European energy policy. European buyers are turning to LNG to break dependence on Russian gas resulting in new LNG supply sanctioning rapidly moving forward. Of those projects moving forward this year, 26 mmtpa has been sanctioned in the US. Venture Global’s Plaquemines Phase 1 (13 mmtpa) and Cheniere’s Corpus Christi Stage 3 (>10 mmtpa) were the large scale FIDs. New Fortress Energy has also ordered long lead items for three of its Fast LNG units – one for Congo (1.4 mmtpa) and two for offshore Louisiana (2.8 mmtpa total). Based on recent long-term contracts signed, more than 100 mmtpa of new LNG supply could be sanctioned before 2024, with the majority on the US Gulf Coast.