EU's Ambitious LNG Pact with ExxonMobil: A Decades-Long Commitment
ExxonMobil foresees the European Union signing long-term U.S. gas contracts under its commitment to purchase $750 billion in American energy by 2028, driven by the expansion of Europe's LNG infrastructure. The U.S. accounted for 50% of EU's 2024 LNG imports, highlighting its vital market position.
The European Union is poised to enter into long-term gas contracts with ExxonMobil, as part of its commitment to acquiring $750 billion in American energy by 2028. This initiative forms part of a broad trade agreement with the United States.
Peter Clarke, Exxon's senior vice president for its liquefied natural gas (LNG) division, emphasized the strategic importance of Europe's growing LNG infrastructure to facilitate this commitment. He pointed out that Exxon currently distributes about 80% of its LNG under long-term contracts, underscoring the significance of Europe as a prime market.
The U.S. supplied half of the EU's LNG imports in 2024, along with substantial portions of oil and coal. Despite a notable 20% year-on-year rise in LNG imports from the U.S., the trend suggests further expansion, reinforcing America's role as the world's leading LNG exporter.
(With inputs from agencies.)
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