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US-EU deal looks to add 50 bcm/year of US LNG through 2030
A deal agreed between US President Joe Biden and EU Commission President Ursula von der Leyen aimed at reducing the EU’s intake of Russian gas promises an extra 15 billion cubic metres (bcm) of US cargoes to Europe in 2022
The US and EU have set up a joint task force for energy security chaired by staff from the White House and the presidency of the EU Commission.
The task force "will work to ensure energy security for Ukraine and the EU in preparation for next winter and the following one while supporting the EU’s goal to end its dependence on Russian fossil fuels," according to a White House briefing.
The two primary goals outlined by the announcement are to diversify the EU’s LNG supplies and to reduce its demand for natural gas.
"The United States will work with international partners and strive to ensure additional LNG volumes for the EU market of at least 15 bcm in 2022, with expected increases going forward," the White House said.
The European Commission has agreed to work with EU member states to push for approximately 50 bcm per year of additional US LNG until at least 2030.
Working to the net-zero greenhouse gas (GHG) reduction targets that both the US and EU have announced, the deal said it would aim to reduce the GHG intensity of all new LNG infrastructure and pipelines, "including through using clean energy to power onsite operations, reducing methane leakage, and building clean and renewable hydrogen-ready infrastructure".
The European Commission will prepare an upgraded regulatory framework for energy security of supply and storage, and work with EU member states to accelerate regulatory procedures to review and determine approvals for LNG import infrastructure. The United States will maintain its regulatory environment with an emphasis on supporting this emergency energy security objective and the REPowerEU goals.
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