US Shale Gas And LNG Businesses Meet With European Nations

The group met in Houston with foreign and economic ministries, as well as commercial purchasers seeking to restrict their imports of Russian oil, coal, and liquefied natural gas in response to Russia's invasion of Ukraine, according to executives. This year, the European Union intends to reduce its dependency on Russian gas by two-thirds.

Delegations from Latvia and Estonia, as well as diplomats from Bulgaria, Estonia, France, Germany, Hungary, Latvia, and the United Kingdom, paid a visit to the Golden Pass LNG export project in Sabine Pass, Texas, and later met with shale gas producers in Houston, according to Fred Hutchison, CEO of trade group LNG Allies.

Top executives from Chesapeake Energy (NYSE:CHK), Coterra Energy, EOG Resources (NYSE:EOG), and EQT Corp (NYSE:EQT) participated in the group talks, he claimed. Individual meetings between US CEOs and commercial representatives from Latvia, Estonia, and Slovakia are scheduled.

"Europe's condition is fragile. All of these nations that rely on Russian gas are determined to entirely abandon it, in certain situations "Hutchison said.

It takes years to build additional LNG capacity, and substantial fresh supplies will not be accessible until the mid-decade. "The capacity constraints in 2022 are significant, but the prospects in the next three years are quite remarkable," he added.

Pioneer Natural Resources' (NYSE:PXD) Chief Executive Scott Sheffield underlined the need for additional LNG projects earlier in the day at a congressional hearing. He encouraged Congress to support the development of additional facilities in the United States.

"In the northeast, we need to develop LNG plants," Sheffield added.