Introduction

For the past half decade, LNG volumes in the Atlantic have been tight as expansions in receiving capacity have outstripped liquefaction more than two to one. At times, U.S. import capacity has sat woefully idle with as little as 30% utilization. The first years for some new terminals, such as Excelerate Energy's Gulf Gateway, have been so slow that utilization has fallen below 5%.

This is set to change, however, as new liquefaction opens up in Norway, Nigeria, Equatorial Guinea, Algeria, Libya and possibly Angola, Russia and Venezuela/Trinidad. Moreover, as Sakhalin, Tangguh and Train 5 of the North West Shelf Venture come onstream in the Pacific, Qatari, Omani and Yemeni volumes may begin to flow westward through the Suez to Southern Europe, the U.K. and ultimately the U.S. Gulf Coast.

Does this mean the tables will shift in the Atlantic from a seller's to a buyer's market? Certainly the overhang of excess receiving capacity will diminish. Investors are adding shipping capacity to transport LNG cargos in all directions as new receiving terminals on Canada's East Coast, offshore Boston and Florida, in the Gulf of Mexico, the Caribbean and Brazil as well as all around Europe from the North Adriatic to Milford Haven, UK, open. Additional docks, tanks, vaporizers and downstream pipelines are being added to many existing terminals as well.

So, how will increased liquidity affect Atlantic markets? Are the golden years of arbitrage drawing to a close? Could peace in Nigeria swamp the market with more than 4.0 billion cubic feet per day (40 bcmy) of new supplies? Will fast-track offshore regasification vessels further extend delivery opportunities and flatten seasonal premiums? These are some of the questions to be addressed during this conference.

November 8-9, Zeus is hosting "Atlantic Basin LNG: The Next Decade" to identify the key issues before the LNG industry as the Atlantic marketplace enters its second decade of trade. Join us for what promises to be an exciting and thought-provoking forum.