Noting that the United States is in the midst of an energy transformation, a new nonprofit launched by industry and business groups, Our Energy Moment (OEM), is hitting the streets to advocate for increased shale resource exploration, as well as U.S. liquefied natural gas (LNG) exports.
Through a confluence of events in the oil and natural gas industry, the group said the time is right to support LNG exports because technological breakthroughs plus more efficient production "have created Our Energy Moment."
Citing a recent NERA Economic Consulting study, the organization pointed out that the exportation of LNG would generate as much as $47 billion in net benefits to the U.S. economy. Borrowing data from a separate IHS Global Insight report, OEM said natural gas development could generate more than 2.4 million American jobs by 2035.
OEM, which is comprised of companies that include Sempra LNG, Cheniere, and Heritage Energy Co., as well as associations including the Louisiana Oil & Gas Association and the Committee of 100 for Economic Development, is doing outreach to keep the public informed.
"America has a historic opportunity to drive global energy through expanded markets for U.S. natural gas," OEM said. "Our goal is to provide facts about this transformative moment in America's energy history and the many benefits and opportunities created by expanded LNG export markets.
On the organization's website (www.ourenergymoment.org), OEM urges the the U.S. Department of Energy (DOE) to act quickly on LNG export applications, noting that the longest pending LNG export application to countries without free trade agreements (FTA) with the United States currently sits at 674 days and counting.
Earlier this week the DOE granted long-term, multi-contract authorization to Venture Global LNG LLC to export gas to FTA countries from a proposed terminal in Cameron Parish, LA (see Daily GPI, Oct. 22).
Receiving export approval to other countries is proving a little trickier. The DOE in early September conditionally authorized Dominion Cove Point LNG LP to export domestically produced LNG from the Cove Point LNG Terminal in Calvert County, MD, to countries without U.S. FTAs (see Daily GPI, Sept. 12). This was the fourth such approval issued by DOE and follows the August approval for Lake Charles Exports LLC to export up to 2 Bcf/d. DOE has now authorized up to 6.37 Bcf/d of LNG exports to non-FTA countries.