The US is estimated to become the world’s top oil producer, likely exceeding Saudi Arabia and Russia, according to the Energy Information Administration (EIA).
In February of this year, crude oil production in the US surpassed that of Saudi Arabia for the first time in over 20 years, while in the months of June and August, the country overtook Russia in terms of crude oil production for the first time since February 1999.
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According to the US Department of Energy (DoE), the Freeport LNG project was issued with a two-year order earlier this month for the export of natural gas as LNG for up to 2.14 billion cubic feet per day (Bcf/d) over a two-year period. This includes both free-trade and non-free trade agreement countries.
Freeport will export the LNG from the Freeport LNG Liquefaction Project. Currently, this project is located at Quintana Island, Texas, and is currently under construction.
The two-year term will become effective on the date of the commencement of the facility’s first export. This is estimated to be in the third quarter of 2019.
LNG exports began in US since 2016, and over 1.3 trillion cubic feet of natural gas has been exported. LNG exports from the US have been shipped to 30 destinations in Europe, Asia, Africa, the Middle East, South America, North America, and the Caribbean.
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By GlobalDataThe EIA expects natural gas exports to grow by 15% to reach an average 9.9 Bcf/d in 2018, from the 2017 levels. The agency also expects natural gas exports to increase by an additional 38% to 13.7 Bcf/d in 2019.
So far, DoE has given approval to 21.35 Bcf/d of long-term exports of natural gas to any country not restricted by US law.
Currently, there are two large-scale LNG export projects in operation, Sabine Pass and Dominion Cove Point, with a total export capacity of around 3.5 Bcf/d.
Freeport is one of four extra large-scale LNG export projects expected to be completed over the next two years.
When these four projects are completed, the country’s LNG export capacity is expected to touch around 11 Bcf/d.
More than a dozen large-scale export projects are under review for approval. These would provide the country with over 20 billion cubic feet per day of additional export capacity if they receive approval, making the US the top oil producer worldwide.
