Petroleum Economist: North American Gas’ Reversal of Fortune

“Over the past 10 years, the global liquefied natural gas (LNG) market has passed through three significant turning points. The first came with a surge in demand from what were non-traditional LNG users – including parts of Europe, North America, China and India. They began building import terminals, banking on a forecast LNG supply surplus that never materialised. Today, given the high cost of export projects, the likelihood of large amounts of surplus, long-term LNG looking for a home seems extremely unlikely. . . . Poten & Partners, a US consulting firm, listed 22 possible liquefaction projects in February 2008, totalling 112m tonnes a year (t/y) of new capacity.“