U.S. shale gas, LNG firms meet with European countries over supply crisis By Reuters

© Reuters. FILE PHOTO: 3D printed Pure Fuel Pipes are positioned on displayed U.S. and Russian flags on this illustration taken, January 31, 2022. REUTERS/Dado Ruvic/Illustration

By Liz Hampton

(Reuters) – At the very least a dozen U.S. shale fuel executives met on Wednesday with European vitality officers to debate increasing U.S. gas provides to Europe amid a scramble to interchange Russian imports.

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The group met in Houston with international affairs and financial ministers and business consumers trying to scale back their imports of Russian oil, coal and liquefied over its invasion of Ukraine, executives mentioned. The European Union plans to chop its reliance on Russian fuel by two-thirds this 12 months.

Delegations from Latvia and Estonia, diplomats from Bulgaria, Estonia, France, Germany, Hungary, Latvia, and the UK toured the Golden Move LNG export undertaking in Sabine Move, Texas, and later met in Houston with shale fuel producers, mentioned Fred Hutchison, chief govt of commerce group LNG Allies.

Group discussions included high executives from Chesapeake Power (NYSE:), Coterra Power, EOG Sources (NYSE:) and EQT Corp (NYSE:), he mentioned. Particular person conferences are deliberate between U.S. executives and Latvian, Estonian and Slovak business representatives.

“The scenario in Europe is so precarious. All these countries which might be depending on Russian fuel are dedicated to giving it up, in some circumstances fully,” mentioned Hutchison.

Constructing new LNG capability takes years and ample new provides is not going to be accessible till mid-decade. “The capability challenges in 2022 are nice however the alternatives in a number of years are actually terrific,” he mentioned.

The necessity for brand new LNG crops was highlighted at a congressional listening to earlier within the day by Pioneer Pure Sources (NYSE:) Chief Govt Scott Sheffield. He urged Congress to embrace building of latest U.S. crops.

“We have to construct LNG services within the northeast,” Sheffield mentioned.

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