Congo Beats Canada to LNG Exports
The Republic of the Congo, also known as Congo Brazzaville, has surpassed Canada in liquefied natural gas (LNG) exports. The African nation began exporting LNG for the first time in February 2024, following the completion of the first phase of a two-phase floating LNG (FLNG) project operated by Italian energy company Eni.
The Tango FLNG facility, which has a production capacity of 29 billion cubic feet per year, exported its first LNG cargo at the end of February 2024. A second, larger facility with a production capacity of about 115 billion cubic feet per year is currently under construction and is expected to begin operating in 2025.
Congo, which previously either flared or reinjected natural gas into oil wells due to a lack of export infrastructure, held an estimated 10 trillion cubic feet of proved natural gas reserves at the start of the year according to the Oil & Gas Journal.
In contrast, Canada currently does not have any major LNG export facilities in operation, despite having several projects in various stages of consideration or construction. The largest and most advanced project, LNG Canada’s Phase 1, is scheduled for completion in 2025, while other projects are expected to come online by or around 2030.
There has been growing global interest in Canadian LNG as an alternative energy source, with countries like Greece, Germany, and Japan voicing their desires. In late March, however, Energy and Natural Resources Minister Jonathan Wilkinson said the private sector must assess the business case and finance any new LNG projects.
Information for this story was found via EIA, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
