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A Long-Term Trade As Oil Markets Recover

A Long-Term Trade As Oil Markets Recover

Oil market fundamentals are gradually…

U.S. Approves Oregon LNG Project That Could Boost Supply To Asia

The U.S. Department of Energy issued a final long-term order to authorize exports of liquefied natural gas (LNG) from a project in Oregon that they expect will help the U.S. sell gas to the fastest-growing import market, Asia.  

The U.S. Department of Energy authorized exports of up to 1.08 billion cubic feet per day of natural gas from the proposed Jordan Cove LNG Terminal in Coos Bay, Oregon, owned by Canada’s Pembina Pipeline Corporation.

“Today’s issuance to Jordan Cove serves to further expand opportunities for U.S. LNG abroad, particularly in the growing markets of Asia, and encapsulates what the Trump Administration has been working hard on for the past three years – providing reliable, affordable, and cleaner-burning natural gas to our allies around the world,” U.S. Secretary of Energy Dan Brouillette said in a statement.  

Jordan Cove LNG, expected to come online in 2025, is poised to create 6,000 jobs during peak construction and an estimated 8,500 spin-off jobs in sectors like hospitality, retail, tourism, and healthcare, Pembina says.

The project, however, continues to face opposition, including from citizen organizations, Oregon lawmakers, and the state of Oregon, which has yet to issue vital permits for the project.

Jordan Cove is the latest LNG project to receive authorization from the U.S. Administration as several LNG export projects were approved and started operations over the past few years.  

If Jordan Cove LNG obtains Oregon state permits, it could become a key export project for U.S. LNG from the Pacific Coast to the largest LNG importers in the world in Asia—China, Japan, and South Korea.

Earlier this year, the U.S. Federal Energy Regulatory Commission (FERC) approved the construction and operation of the Alaska LNG project estimated at US$43 billion, which has been years in the planning but still lacks investor commitments for its completion.

By Tsvetana Paraskova for Oilprice.com

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  • ROBERT IRONMAN on July 07 2020 said:
    The Jordan Cove LNG project is 100% owned by a Canadian company, and will source at least 75% of its natural gas from Canada. The company also owns 50% of the Ruby pipeline. US gas producers interested in selling their gas via Jordan Cove are required to make binding volume commitments to move gas to Jordan Cove and have it converted to LNG. Few US gas producers can or will do this, so expect nearly all of the gas moved through JC to be Canadian. Think a US company could build an LNG facility on Canadian soil and move nearly all of its gas from US instead of Canada? Not good for US gas producers.

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