ExxonMobil and EU: Forging Multi-Decade U.S. Gas Contracts
ExxonMobil anticipates the EU to sign long-term U.S. gas contracts as part of a $750 billion energy trade deal with Washington. The EU's expanding LNG infrastructure supports long-term supply, with the U.S. supplying 50% of their LNG imports in 2024. Europe becomes a crucial market for U.S. LNG exports.
ExxonMobil is optimistic about securing multi-decade gas contracts with the European Union, following an agreement for the EU to purchase billions of dollars of U.S. energy by 2028, reports the Financial Times. This has been outlined as part of a sweeping trade pact with Washington.
The Financial Times quoted Peter Clarke, senior vice president of Exxon's LNG business, emphasizing Europe's readiness for long-term supply due to its expanding LNG infrastructure. Clarke highlighted that 80% of Exxon's LNG sales are already based on long-term contracts, making this move strategic for the European market.
The U.S. accounted for a significant portion of Europe's LNG imports in 2024, with the continent emerging as the top market for American LNG exports. As data shows a 20% year-on-year increase in LNG imports to Europe, the foundation is set for extended agreements, further enhancing trade between the two regions.
(With inputs from agencies.)
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