LNG exec confident export licenses to resume
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HOUSTON — Venture Global CEO Mike Sabel expects the federal government to resume approving LNG export licenses to major markets.
Why it matters: Venture's big CP2 LNG project is among the proposed terminals affected by the White House pause on new permits, a move fraught with environmental politics during an election year.
The big picture: "The view in the market is that this is going to be a pause and a delay, but that at some point not too long [into] next year that we will be back permitting U.S. liquefaction facilities," Sabel told reporters here Sunday.
- He remains "very confident" in the resumption of approvals.
Friction point: A decision against new licenses would fuel expansions by other exporting nations, he said.
- "You'll see U.S. companies go overseas and participate in non-U.S. projects," Sabel said. That would be an "unfortunate" loss of domestic investment, he adds.
- Venture's project design and systems are "really well matched with non-U.S. opportunities," he said.
Catch up quick: The U.S. last year became the world's largest exporter, with shipments slated to keep growing via projects already permitted, and under construction.
- Biden officials in January announced a breather to weigh economic and climate effects of further approvals.
The intrigue: Venture, which has multiple U.S. projects, yesterday announced it's acquiring nine new LNG vessels. Bloomberg has more.
What's next: Possible updates from Biden officials when they appear at CERAWeek.
